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Dangote Urges Nigeria to End Crude-for-Loan Deals to Protect Future Wealth

Aliko Dangote, President of the Dangote Group, has called on the Nigerian federal government to put an end to crude oil-for-loan agreements, which he believes could jeopardize the country’s future economic stability.
Dangote’s message was delivered at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, where he was represented by Engr. Mansur Ahmed, Executive Director of Dangote Group.
Dangote expressed concern over Nigeria’s reliance on these deals, emphasizing that they effectively mortgage the nation’s future wealth.
He drew a comparison to countries like Norway, which channels oil revenue into national wealth funds to secure financial stability for future generations.
He pointed out that in contrast, African nations, including Nigeria, are using their oil proceeds today without considering long-term implications.
“To ensure adequate feedstock availability for the country’s refineries, it is critical that we stop mortgaging crude,” said Dangote.
“While nations like Norway are safeguarding their oil wealth for the future, here in Africa, we are consuming resources that should be reserved for the generations to come.”
The statement comes after the African Export-Import Bank (Afreximbank) disbursed a significant $3.175 billion to the Nigerian government in June 2024.
This payment was part of a $3.3 billion crude-for-loan syndicated facility negotiated through the Nigerian National Petroleum Company Limited (NNPC).
The deal, similar to others the country has engaged in, is designed to secure loans with crude oil as collateral, a practice that Dangote believes undermines Nigeria’s long-term economic security.
In addition to his concerns about crude-for-loan deals, Dangote has also been vocal about the need for Nigeria to remove its fuel subsidy entirely.
He argues that continuing with fuel subsidies drains government resources that could otherwise be invested in critical areas like infrastructure, education, and healthcare.
His recommendations come as Nigeria grapples with the financial strain of managing fuel subsidies and fluctuating oil revenues, which have placed a heavy burden on the national budget.
Dangote’s views carry considerable weight, given his status as Africa’s richest man and his significant investments in Nigeria’s oil and gas industry, including his multi-billion-dollar Dangote Refinery.
His refinery, once fully operational, is expected to help reduce Nigeria’s reliance on imported fuel and could reshape the country’s energy landscape.
However, Dangote warns that achieving this potential requires policy changes that prioritize sustainable economic practices over short-term financial gains.
As Nigeria continues to navigate its path toward economic diversification, Dangote’s appeal to end crude-for-loan deals and eliminate fuel subsidies highlights the broader conversation about how the country can best manage its natural resources to secure long-term prosperity.
News
JAMB Withholds Over 39,000 UTME Results Over Exam Malpractice

JAMB has officially released the results for the 2025 UTME, but not without controversy. According to the board, results of 39,834 candidates have been withheld over suspected exam malpractices.
JAMB Registrar, Prof. Ishaq Oloyede, made the announcement at the board’s headquarters in Bwari, explaining that investigations are ongoing. He also revealed that around 80 individuals are currently under scrutiny for various exam-related offences, with Anambra State topping the list of those being investigated.
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President Tinubu Congratulates Pope Leo XIV Election as New Catholic Leader

President Tinubu has sent a warm message of congratulations to His Holiness Leo XIV, the newly elected Pope and Bishop of Rome, following the announcement of his election as the new head of the Roman Catholic Church.
The President praised the Catholic Church’s Conclave for their choice in selecting the American-born Robert Francis Cardinal Prevost as the 267th Bishop of Rome. He expressed confidence that this new leadership will bring a wave of hope, unity and renewed faith to Catholics around the world, including Nigeria.
He also extended his congratulations to the Catholic community in Nigeria, noticing their connection to this significant global event. According to him, the Pope’s early message already shows signs of a positive direction, one filled with hope and a strong belief in the peace promised by the scriptures.
Additionally, President Tinubu spoke about the long-standing ties between Nigeria and the Holy See, noting that both have shared valuable relationships built on trust and mutual respect.
He acknowledged the Catholic Church’s many contributions to Nigeria over the years. These include their involvement in peacebuilding, quality education, accessible healthcare, support for infrastructure development, and recently, helping promote technology to improve lives.
Also, he added that the emergence of Pope Leo XIV signals a fresh beginning for the Church and the values it upholds. Tinubu highlighted that the Catholic Church has always been known for standing by the poor and less privileged, and he believes the new Pope will continue this important mission of spreading love, compassion, and humanity.
In closing, the President offered prayers for the new Pope, asking that God guide him with wisdom and strength as he takes on the global responsibility of leading millions of faithful people. He hoped that the Pope’s journey would be filled with peace and purpose, as he leads the Catholic Church into a new chapter.
News
White Smoke from Sistine Chapel Signals Cardinal Prevost is Chosen as New Pope

On May 8, 2025, white smoke rose from the chimney of the Sistine Chapel, signaling that the College of Cardinals has chosen a new pope. The event marks the end of a brief conclave, with cardinals reaching the necessary two-thirds majority after just four ballots. The announcement was greeted with excitement as thousands gathered in St. Peter’s Square, eagerly waiting for the new pope’s first appearance.
The newly elected pope is Cardinal Robert Francis Prevost, who has chosen the name Pope Leo XIV. Cardinal Prevost, originally from Chicago, has deep ties to both the U.S. and Europe, with Italian, French, and Spanish ancestry. He joined the Order of St. Augustine in 1977 and has spent a significant part of his career in Peru, where he became well-respected for his balanced leadership and international perspective. His election is historic, as he is the first American to be elected pope.
The first public announcement came when Cardinal Jean-Louis Tauran, the senior cardinal deacon, appeared on the balcony of St. Peter’s Basilica and declared, “Habemus Papam!” (“We have a pope!”). Pope Leo XIV then emerged, offering his first blessing and addressing the faithful gathered in the square.
The conclave that led to this election was completed in a remarkable amount of time, with the cardinals quickly reaching a decision.
The new pope’s first address touched on themes of unity, compassion, and dialogue. Additionally , he paid tribute to his predecessor, Pope Francis, and urged the Church to focus on helping those in need. Also, he took a moment to speak in Spanish, acknowledging the people of Peru, a country with which he has strong ties.
Moreover, this election follows the passing of Pope Francis on April 21, 2025, at the age of 88. The conclave began on May 7 and ended on May 8, with the fourth ballot deciding the new pope. The tradition of signaling a new pope with white smoke dates back many centuries. The smoke is created by burning the ballots, mixed with chemicals to produce the white color, and is released through the chimney on the roof of the Sistine Chapel. It’s a moment that has become a defining part of the papal election process.
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