Latest news with #DangoteRefinery
Business Insider
4 hours ago
- Business
- Business Insider
Top 10 richest African billionaires mid-way into 2025
The net worth of African billionaires has, as expected, fluctuated all year round due to a combination of strategic moves, currency devaluations, and economic adjustments. Business Insider Africa presents the top 10 richest African billionaires mid-way into 2025. This list is courtesy of Forbes. Aliko Dangote ranks number 1 on the list. There have been major declines for certain magnates, while others have experienced significant advances. For context, Aliko Dangote, Nigeria's industrial giant, has seen a significant gain in fortune. Following the start-up of the Dangote Refinery in early 2024, his net worth increased to $23.9 billion by March 2025, up from $13.9 billion the previous year. This increase reaffirmed his status as Africa's richest individual. In a similar vein, Johann Rupert, South Africa's luxury goods entrepreneur, has also seen tremendous expansion. His net worth increased to $14 billion as a result of Compagnie Financière Richemont's good performance, which owns well-known brands like as Cartier and Montblanc. More accurately, however, is the fluctuation in the South African billionaire's fortune; for example, by April, the man had added a billion dollars to his net worth. His net worth rose dramatically from $13.7 billion at the start of the year to $15.3 billion in April, While a focus on the net-worth growth of Africa's richest individuals engenders entrepreneurial aspirations, it is also important to look at the net-worth decline of Africa's richest individuals and what brought about the dip. One key factor all year round has been the devaluation of local currencies, notably the Nigerian naira, which has significantly impacted the fortunes of the country's billionaires. Simply put, the net-worth fluctuations among African billionaires are not just a reflection of personal financial gain or loss; they serve as a mirror to the continent's broader economic, political, and industrial conditions. Additionally, fluctuations also underscore the importance of diversification. Billionaires whose wealth is spread across multiple sectors or countries tend to weather economic downturns more effectively. Changes in billionaires' net worth are more than simply news stories in Africa, where they can have a big impact on national economies. They are also signs of policy, investment, and economic activity. With that said, here are the richest Africans currently as per data from Forbes. Top 10 richest African billionaires mid-way into 2025 Rank Name Net worth mid-2025 Country Global rank Net worth at the start of 2025 1. Aliko Dangote $23.3 billion Nigeria 88th $11.5 billion 2. Johann Rupert & family $14.1 billion South Africa 171st $11.1 billion 3. Nicky Oppenheimer & family $10.4 billion South Africa 271st $9.5 billion 4. Nassef Sawiris $9.4 billion Egypt 324th $7.7 billion 5. Nathan Kirsh $7.7 billion Eswatini 422nd $7.3 billion 6. Mike Adenuga $6.2 billion Nigeria 571st $6.8 billion 7. Naguib Sawiris $5.0 billion Egypt 749th $3.8 billion 8. Abdulsamad Rabiu $4.9 billion Nigeria 763rd $4.9 billion 9. Koos Bekker $3.5 billion South Africa 1081st $2.9 billion 10. Patrice Motsepe $3.2 billion South Africa 1190th $2.7 billion
Business Insider
3 days ago
- Business
- Business Insider
Dangote refinery extends U.S. crude buying spree into July
Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The Dangote Refinery plans to import 5 million barrels of U.S. WTI crude oil in July 2023. The refinery has secured its July deliveries through tenders awarded to Vitol, Socar, and Glencore. The refinery's challenges include securing sufficient local crude supplies, supplemented by international imports. Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The massive refinery, with a capacity of 650,000 barrels per day, is set to import around 161,000 barrels per day (bpd) of WTI crude in July after awarding tenders in recent days, the sources said. This comes after a record 300,000 bpd was booked in its June tenders. Commodity trader Vitol secured two million barrels for July delivery in the latest Dangote tender, Azerbaijan's state-owned Socar provided another two million barrels, and miner and trader Glencore sold the remaining one million barrels, Reuters reported. The sellers of the nine million barrels Dangote planned to import for June, according to an earlier tender, were not confirmed, as tender details are not publicly disclosed. Africa's largest refinery, the $20 billion Dangote Petroleum Refinery, has been sourcing crude oil from international suppliers to supplement its domestic deliveries as it continues to scale up operations. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, according to data from global shipping analytics firm Kpler. Despite its massive capacity, making it larger than Europe's ten biggest refineries, Dangote Refinery has struggled to secure adequate crude supplies locally. To address this, founder Aliko Dangote announced that the company would source crude from other African-producing nations to maintain production levels. Dangote Petroleum Refinery and the state-owned Nigerian National Petroleum Company Limited (NNPC) have had disagreements, particularly regarding the naira for crude deal. However, in March, NNPC confirmed ongoing negotiations for a new naira-for-crude deal with Dangote Petroleum Refinery.
Reuters
4 days ago
- Business
- Reuters
Nigeria's Dangote refinery continues WTI buying spree in July
LONDON, May 30 (Reuters) - Nigeria's Dangote oil refinery will import at least five million barrels of U.S. WTI crude oil in July, three trading sources told Reuters, continuing its buying spree after a potential record tally in June. The giant new 650,000 barrel per day (bpd) capacity oil refinery is set to import around 161,000 barrels bpd of WTI in July after awarding tenders in recent days, the sources said, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases. The buying spree highlights the increasing competition oil exporters face as the OPEC+ producer group increases output, with U.S. crudes struggling to compete in Asia against six-month low in spot premiums for UAE Murban crude, traders said. Commodity trader Vitol supplied a two million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another two million barrels, and miner and trader Glencore (GLEN.L), opens new tab sold the remaining one million barrels, the sources said. The Dangote refinery, Vitol and Socar did not immediately respond to Reuters' request for comment on the tender result, while Glencore declined to comment. The sellers of the nine million barrels Dangote was heard to have bought for June arrival in an earlier tender were not confirmed by Reuters. Tender details are not made public. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, data from global shipping analytics firm Kpler show. The Dangote refinery's crude diet comprises mainly Nigerian grades, though it has been purchasing semi-regularly WTI since March 2024 according to Kpler. In 2025 it has also bought spot cargoes from Angola, Equatorial Guinea, Algeria, and Brazil, the data show. The refinery is expected to operate at reduced rates through to October due to a series of issues in recent months, according to industry monitor IIR. The refinery is now ramping up towards 85% operating capacity, a spokesperson for the refinery told Reuters. It had been running at around 80% since mid-March, IIR said.
Business Insider
5 days ago
- Business
- Business Insider
South Africa now Africa's biggest petrol importer, dethroning Nigeria
South Africa has surpassed Nigeria to become Africa's largest importer of petrol, signaling a major shift in the continent's energy trade dynamics. South Africa has overtaken Nigeria as Africa's largest petrol importer, reflecting key energy market changes. Nigeria has reduced its petrol imports due to expansions in domestic refining capacity including the Dangote Refinery. South Africa's increasing petrol imports stem from domestic refining challenges and rising fuel demand. This development marks a turning point for Nigeria, which for years ranked as the top petrol importer in Africa despite being one of the continent's largest crude oil producers. The transition from heavy import dependence to near self-sufficiency has been attributed to recent reforms in Nigeria's petroleum sector, most notably the commencement of operations at the Dangote Refinery, Africa's largest as well as the establishment of several modular refineries across the country. These facilities have significantly boosted Nigeria's domestic refining capacity in recent months, reducing the nation's reliance on imported fuel. Despite its oil wealth, Nigeria has long grappled with underperforming refineries and inefficient fuel subsidy systems, both of which have disrupted local supply chains and forced the country to import most of its refined petroleum products. The recent reforms aim to reverse this trend by strengthening local refining output and improving energy self-sufficiency. Meanwhile, South Africa's rising import levels are being driven by consistent fuel demand coupled with ongoing constraints in its domestic refining sector. The shutdown of key refineries and delays in upgrading facilities have limited local production, making imports essential to meet demand. The contrasting trajectories of the two countries highlight broader shifts in Africa's energy landscape, where investment in refining infrastructure and policy reforms are beginning to redefine long-standing trade patterns. The report The new report by energy consultancy CITAC reveals that Nigeria's fuel import volumes have dropped sharply in the first quarter of 2025, highlighting the transformative impact of the Dangote Refinery. According to the study, Nigeria imported 3.1 million tonnes of refined petroleum products during the first three months of the year—a significant decline compared to previous years. In contrast, South Africa imported 4.2 million tonnes during the same period, officially surpassing Nigeria as sub-Saharan Africa's largest fuel importer. These changes have been directly linked to the operational gains of the Dangote Refinery. Since the refinery commenced operations in September 2024, Nigeria's dependence on imported petrol has decreased substantially, due to steady output from the facility. ' Nigerian imports are dropping as a result of the continued operation of Dangote,' said Elitsa Georgieva, Executive Director at CITAC. ' Since the beginning of this year, South African imports have been consistently the highest in sub-Saharan Africa.' The report also notes that crude throughput across sub-Saharan African refineries surged by 77.8% year-on-year in 2024. Average daily output increased from 382,500 barrels per day in 2023 to 680,100 barrels in 2024—an expansion driven almost entirely by the Dangote Refinery. With a nameplate capacity of 650,000 barrels per day, the refinery ramped up to 550,000 barrels per day by January 2025 and now supplies approximately 60% of Nigeria's petrol demand. CITAC projects that Nigeria's total refined fuel imports for 2025 will fall to 6.4 million tonnes—less than half of South Africa's projected 15.5 million tonnes. This marks a pivotal shift in regional energy dynamics, placing Nigeria on a path toward greater energy independence. The Nigerian Economic Summit Group also forecasts that the Dangote Refinery could save the country up to $10 billion in foreign exchange this year, largely by cutting down on costly petrol imports. South Africa, meanwhile, continues to grapple with persistent challenges in its petroleum sector. Nearly 49% of the country's refining capacity remains idle, with total capacity slashed by half over the past five years due to a mix of industrial accidents and chronic underinvestment. As a result, South Africa now depends on imports to meet more than 60% of its fuel needs, according to Transnet SOC Ltd., the state-owned logistics company. Key facilities remain offline, including Sapref—the country's largest refinery, now owned by the Central Energy Fund—which has taken 180,000 barrels per day out of production. Similarly, Engen's 120,000-barrel-per-day plant, now under Vitol's ownership, is also shut down.
Zawya
22-05-2025
- Business
- Zawya
Nigeria's Olu Verheijen Joins African Energy Week (AEW) 2025 as Nigeria Strives for Energy Investment and Reform
Nigeria's Special Advisor to President Bola Tinubu on Energy, Olu Verheijen, has joined the 2025 edition of African Energy Week (AEW): Invest in African Energies - taking place from September 29 to October 3 in Cape Town – as a speaker. With Nigeria making significant strides in refining capacity, oil production and electrification, Verheijen's presence at AEW: Invest in African Energies 2025 is set to spotlight the country's role in shaping the continent's energy future and driving industrial transformation across Africa. Under the current administration, Nigeria has achieved major milestones in the energy sector, including securing three of Africa's four Final Investment Decisions (FIDs) valued at over $5.5 billion and commencing petroleum production at Africa's largest refinery – the Dangote Refinery. On the back of these milestones, Verheijen is expected to emphasize how Nigeria's energy reforms and growing capacity are not only booting national development but also strengthening regional energy security, supporting intra-African trade and laying the groundwork for sustainable job creation and economic diversification. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. As one of Africa's biggest oil and gas producers, Nigeria seeks to incentivize greater spending across the hydrocarbon industry. This month, energy major ExxonMobil announced it will invest $1.5 billion in revitalizing its Usan deepwater oilfield on offshore block OML 138 in Nigeria, with FID expected by Q3, 2025. The investment, spanning 2025 to 2027, aligns with Nigeria's production target of 2.5 million barrels per day by year-end and falls under the Nigerian Upstream Petroleum Regulatory Commission's Project 1 Million Barrels initiative. Meanwhile, in 2024, the country's energy sector attracted $6.7 billion in investments in 2024, with $5.5 billion directed toward oil and gas asset acquisitions – including major deals by Seplat, Chappal Energies and Oando – and an additional $1.1 billion allocated to the Presidential Metering Initiative and clean energy programs. The government also secured landmark investments such as Shell subsidiary SNEPCo's $5 billion Conga North project and a $550 million non-associated gas project by TotalEnergies and the Nigerian National Petroleum Company. These developments, driven by strategic reforms and tax incentives, underscore Nigeria's ambition to unlock $30 billion in oil and $5 billion in gas investments by 2029, positioning the country as a key driver of Africa's energy transition and industrial growth. In the downstream sector, the UAE recently joined a group of international financiers backing the estimated $25-billion Nigeria-Morocco gas pipeline project, which aims to transport natural gas from Nigeria to Europe via 5,660-km route crossing 15 African countries. With support from partners including the European Investment Bank, Islamic Development Bank and OPEC Fund, and a new joint venture formed between Morocco and Nigeria to manage the project, the initiative marks a major milestone in African energy infrastructure. As the country continues to attract substantial investments, it stands ready to bolster production capacity and exports. At AEW: Invest in African Energies 2025, insights from Verheijen will prove valuable, supporting decision-making by major oil and gas players. 'Nigeria's bold reforms, rising investment flows and growing leadership in regional energy cooperation – particularly with landmark projects like the Nigeria-Morocco gas pipeline – demonstrate its pivotal role in Africa's energy future. The country's recent achievements and future vision inspire collaboration and deal-making, thereby accelerating the continent's path to energy security and industrialization,' stated Tomás C. Gerbasio, Strategy and Business Development Director of the African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
