Business
Otedola Hails Dangote’s Refinery as a Landmark Achievement for Nigeria
In a heartfelt letter to Aliko Dangote, Nigerian business magnate Femi Otedola extended his congratulations on the first fuel shipment from the Dangote Refinery, a project that has been 25 years in the making.
Otedola praised Dangote for his resilience and determination in transforming Nigeria’s energy landscape despite setbacks.
Otedola recalled their initial joint effort in the Blue Star Consortium to acquire stakes in the Kaduna and Port Harcourt refineries.
However, their vision was thwarted when the government canceled the agreement. While the Kaduna and Port Harcourt refineries have since struggled, Otedola noted that Dangote’s refinery has emerged as a game-changer.
In his message, Otedola emphasised how Dangote’s achievement has freed Nigeria from its long-standing dependence on foreign fuel imports, highlighting how this refinery marks the end of economic reliance on foreign powers and local fuel cartels that have historically exploited the nation.
The business leader also likened Dangote’s success to his earlier transformation of the Nigerian cement industry, predicting that fuel imports will soon follow the same fate as now-defunct cement imports. He advised depot owners to adapt quickly or face obsolescence.
Otedola expressed his deepest admiration for Dangote’s unwavering vision and determination, offering warm congratulations to the entire team behind the Dangote Refinery, and hailing it as a victory for every Nigerian who dares to dream of a brighter future.
This letter comes as a resounding endorsement of the Dangote Refinery’s contribution to Nigeria’s self-sufficiency in energy production, ushering in a new era for the country.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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