Business
Dangote Refinery, Game Changer Capable of Driving Africa’s Refining Revolution, Says FG
The Federal Government has described the 650,000 barrels-per-day Dangote Petroleum Refinery as a game changer that is capable of driving refining revolution in Africa.
Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, who made this declaration during a media tour of the $19 billion Dangote Petroleum Refinery and Petrochemicals Plant at Ibeju-Lekki, Lagos, said the project would be a game changer once it comes on stream.
The Minister, who also went on tour of the $2.5 billion Dangote Fertiliser Plant, listed the benefits of the Refinery to include huge value addition that will contribute to increase in Nigeria’s Gross Domestic Product (GDP); conservation of foreign exchange as importation of petroleum products would be eradicated; generation of forex through export of finished product; availability of petroleum products thus ending petrol queues, and attraction of foreign capital investment.
He stated, “After visiting the facilities, one can conveniently say that Dangote is leading Nigeria’s industrial revolution. The coming into being of such huge industrial complex as the Dangote Fertiliser Company and the Refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.
“Today, businesses are springing up in all sectors, thanks to a conducive business environment. Under this Administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016. Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.
“The result of this favourable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertiliser Plant that will produce 3 million metric tonnes of Urea every year; the 650,000 barrels-per-day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern sea ports in West Africa; the 5,000 barrels-per-day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few.”
Speaking on the benefits of Dangote Fertiliser to the economy, Lai Mohammed said prior to the inauguration of the present administration, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum.
According to him, with the coming on stream of the Dangote Fertiliser Plant, Nigeria is now self-sufficient in the production of urea. “In fact, Nigeria is now the leading producer of Urea in Africa. The Dangote Fertiliser plant is already exporting to the US, India, Brazil, Mexico and Argentina. We were fortunate to witness a ship being loaded with urea for export to Argentina,” he added.
Mohammed said the conducive business environment created by the government and its support had enabled the coming on stream of the $2.5 billion Dangote Fertiliser Plant which was inaugurated recently by the president. He said the 650,000 barrels-per-day refinery was due for opening later this year, adding that both projects would guarantee food and energy security for Nigerians.
On his part, Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industries Ltd., Mr. Devakumar Edwin, thanked the government for the support towards the completion of the projects.
Edwin said the refinery was the world’s largest single train petroleum refinery and was designed to maximise production of Premium Motor Spirit (PMS) with a capacity of about 53 per cent compared to 20 per cent by other refineries. He said: The petroleum refinery can meet 100 per cent of the requirements of Nigeria, of all the liquid products – Gasoline (PMS), Diesel (AGO), Kerosene (DPK) and Aviation Jet Fuel (Jet A-1).
“While 60 per cent of the production of this petroleum refinery can meet the entire requirement of Nigeria, the rest 40 per cent will go for export, generating huge amount of foreign exchange”, he added.
Justifying the government’s decision to acquire a 20 per cent stake in the refinery, Edwin noted that the project was of strategic national importance and a win-win for the nation and the Dangote Group.
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
