Business
Dangote Refinery to Begin Production in Third Quarter of 2022
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Aliko Dangote, chairman of Dangote Group and Africa’s richest person, says the refinery will begin processing crude by the third quarter of 2022.
According to Bloomberg, the business mogul said mechanical work on the refinery is done, and “hopefully before the end of the third quarter we should be in the market”.
He said this during a briefing at the plant site in Lagos.
Dangote said the plant would start with a processing capacity of 540,000 barrels per day.
“Full production can start maybe, by the end of the year or beginning of 2023,” he said.
Dangote Petroleum Refinery is a multi-billion dollar project that will create a market for $11 Billion per annum of Nigerian Crude.
The facility, which cost an estimated $19 billion to build, has an installed capacity of 650,000 barrels per day.
It is expected to be Africa’s biggest oil refinery and one of the world’s biggest single-train facilities, upon completion.
Its output will be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), had said that Nigeria will save 40 percent of its foreign exchange (FX) earnings if the refinery and petrochemical Plant begins operations in the year.
TheCable
Business
Bumper Account: UBA Splashes N400m Rewards on Loyal Customers
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has rewarded thousands of customers with over ₦400 million in anniversary bonuses under its flagship UBA Bumper Account, reaffirming the Bank’s unwavering commitment to rewarding customer loyalty and promoting a strong savings culture.
The payout, one of the largest loyalty rewards under the Bumper Account initiative since its launch, saw qualifying customers receive anniversary bonuses directly into their accounts, demonstrating UBA’s resolve to create lasting value for customers who consistently save with the Bank.
The UBA Bumper Account is a unique savings product that rewards customers simply for maintaining and growing their savings. Every year an eligible account reaches its anniversary, customers receive a cash bonus, making disciplined saving both rewarding and beneficial over time.
Speaking on the milestone, UBA’s Head, Retail Products, Tomiwa Sotiloye, said the Bank remains committed to ensuring that customers benefit directly from their relationship with UBA.
“At UBA, we believe customer loyalty deserves meaningful recognition. Every bonus paid is our way of saying ‘thank you’ to customers who continue to trust us with their financial aspirations. Surpassing the ₦400 million milestone reflects our commitment to creating products that not only help customers save but also reward them in tangible ways. It is another demonstration that when our customers grow, we grow with them.”
He added that both new and existing customers can open a UBA Bumper Account seamlessly through https://on.ubagroup.com/bumper-tc, any any UBA branch, the UBA Mobile Banking App, by dialing *919#, or online, positioning themselves to qualify for future anniversary rewards.
Also speaking, UBA’s Group Head, Brands, Marketing and Corporate Communications, Alero Ladipo, said the Bank’s customer-centric philosophy continues to shape its product offerings.
“The UBA Bumper Account reflects our unwavering commitment to putting customers first. We deliberately design products that reward responsible financial behaviour while delivering real value. Crediting over ₦400 million directly into customers’ accounts is not just a payout; it is evidence of our promise to make banking more rewarding and to continually appreciate the confidence our customers repose in us.”
The UBA Bumper Account remains one of the Bank’s flagship retail savings products, combining competitive savings benefits, digital convenience and attractive loyalty rewards. It forms part of UBA’s broader strategy to deepen financial inclusion by encouraging sustainable savings habits while delivering exceptional customer experiences.
Business
UBA Hosts Pan-African Environmental Clean-Up Initiative for Sustainability
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to sustainability, employee wellbeing, and community development by mobilising thousands of employees across its operations in 20 African countries for the latest edition of its flagship wellness initiative, “Jogging to Bond.”
This year’s event held special significance as it coincided with the 60th birthday of UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who chose to celebrate the milestone in the company of staff and colleagues.
Held under the theme, “The Power Within U,” the quarterly initiative brought together employees from across the Group’s African network for a day dedicated to fitness, teamwork, creativity, community service, and environmental responsibility.
A major highlight of the event was a coordinated environmental clean-up exercise carried out simultaneously across UBA’s markets. From Lagos to Accra, Nairobi, Dakar, and other cities where the Bank operates, employees took to streets and public spaces to clean their surroundings, demonstrating UBA’s unwavering commitment to environmental stewardship and sustainable development.
The exercise underscored the Bank’s belief that corporate success must go hand-in-hand with positive social and environmental impact. By integrating community service into employee engagement activities, UBA continues to strengthen its Environmental, Social and Governance (ESG) agenda while creating meaningful value in the communities it serves.
Speaking during the event, Alawuba emphasised the importance of wellness, teamwork, and social responsibility in building a strong institution.
“There is no place I would rather be on my birthday than here, surrounded by the incredible people who make UBA what it is today. Our greatest strength lies in our people, in the passion, energy, and sense of purpose that unite us across Africa.
When we run together, serve together, and work together to make our communities cleaner and healthier, we are doing more than promoting fitness. We are demonstrating our shared values and our commitment to the people and communities that place their trust in us every day,” Alawuba said.
In Lagos, the event featured a variety of wellness activities, including spinning bike sessions, fitness challenges, relaxation therapies provided by Oriki, and an exercise station hosted by iFitness, which also offered exclusive discounts to UBA employees.
Commenting on the significance of the initiative, UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, said the programme reflects the Bank’s holistic approach to employee welfare and sustainable development.
“At UBA, our people are at the heart of everything we do. We believe that creating a thriving workforce requires investing in their wellbeing while also encouraging them to make a positive difference in society.
‘Jogging to Bond’ embodies our commitment to fostering a healthy workplace culture, strengthening team spirit, and contributing meaningfully to environmental sustainability. It is one of the many ways we continue to create value for our employees, customers, shareholders, and communities across Africa.”
As part of its broader Employee Value Proposition and ESG strategy, UBA continues to implement programmes that promote wellness, engagement, volunteerism, and environmental responsibility across its operations. Through initiatives such as “Jogging to Bond,” the Bank reinforces its position not only as a leading financial institution but also as a responsible corporate citizen committed to building a more sustainable future for Africa.
Business
Fidelity Bank Bags DBN Award for Expanding First-time Credit Access to MSMEs
Fidelity Bank Plc has won the Development Bank of Nigeria (DBN) Service Ambassadors Award for recording the highest impact in expanding access to formal credit for first-time Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The award recognises the Deposit Money Bank that has successfully onboarded previously unbanked or credit excluded Micro, Small and Medium Enterprises across Nigeria, reflecting Fidelity Bank’s sustained commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth.
Speaking on the recognition, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, expressed appreciation to DBN and reaffirmed the bank’s commitment to the growth of small and medium-scale businesses across the country.
Osinigwe said: “We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time.
The latest recognition builds on Fidelity Bank’s long-standing partnership with DBN and consistent support for Nigeria’s MSME ecosystem.
In 2025, the bank received the DBN Innovation Award in the Deposit Money Bank category, in recognition of its outstanding contribution to the development and delivery of innovative financial products and services tailored to MSMEs.
The bank had also received the 2020 DBN Service Award for the Highest Disbursement to DBN-focused locations, a recognition that highlighted its role in facilitating access to affordable funding for small and medium-scale businesses across targeted markets.
Over the years, Fidelity Bank has implemented several initiatives that support small and medium-scale businesses beyond access to loans.
For instance, the bank established the Fidelity SME Hub in Gbagada, Lagos as a dedicated facility for entrepreneurs, offering access to training halls, meeting rooms, networking spaces, business advisory support, and creative studios for content production.
The bank also recently launched its Fidelity Quarterly Business Forum, a strategic engagement platform designed to connect SME founders, business leaders, policymakers and industry experts for practical discussions on business growth, trade, innovation and sustainability.
The maiden edition, held in Port Harcourt, Rivers State focused on scaling trade and distribution businesses for sustainable growth, while providing entrepreneurs with relevant insights, networking opportunities and advisory support.
In addition, Fidelity Bank has continued to support entrepreneurs through its SME Masterclass Series, which deliver practical capacity building in areas such as pricing, product quality, online sales, business visibility and preparation for international expansion.
The initiative forms part of the bank’s broader commitment to equipping SMEs with tools they can apply immediately to improve competitiveness and profitability.
The bank has also played a key role in the disbursement of the Federal Government of Nigeria MSME Intervention Funds, administered by the Bank of Industry, with a strategic focus on supporting qualified businesses and empowering women owned enterprises.
Through its nationwide branch network, digital banking platforms and experienced relationship managers, Fidelity Bank continues to provide structured support to entrepreneurs across urban and rural communities.
Fidelity Bank’s broader SME support architecture also includes export development and market access programmes.
Through the Fidelity Nigeria International Trade and Creative Connect, the bank connects Nigerian businesses to international markets, including the United Kingdom and the United States.
It also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme, which equips entrepreneurs and aspiring exporters with the skills, knowledge and networks required to compete in regional and global markets.
The bank’s partnership with the National Credit Guarantee Company further strengthens its support for MSMEs by helping to reduce lending risks and expand access to finance.
The collaboration also includes financial literacy and business management training to help MSME beneficiaries manage their loans effectively and build sustainable enterprises.
With these interventions, Fidelity Bank continues to demonstrate a multi-dimensional approach to SME development, combining finance, advisory services, capacity building, digital enablement, market access and strategic partnerships to support businesses at different stages of growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.






