News
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.
The Academic Staff Union of Universities (ASUU) has reportedly declared a strike at Taraba State University over outstanding salary-related demands and delays in payments.
The strike is scheduled to begin today, October 12, 2026. According to the union’s chairman, the union had been engaging the Taraba State Government over its outstanding demands since February 2026.
“The union had exercised considerable patience and demonstrated its commitment to dialogue since February 2026, when it began engaging the Taraba State Government over the outstanding issues,” Mbave said.
“The union had earlier suspended its planned industrial action following an appeal by the government for additional time through the Office of the Head of Civil Service, in the interest of maintaining industrial harmony,” the chairman added.
The Chairman of Gboko Local Government Area of Benue State, Torseer Yina, has imposed a dusk-to-dawn curfew in the ancient town.
The curfew takes effect from Thursday, October 8, 2026, following unrest and violent protests in the area.
According to reports, the action was taken to contain the unrest and violent protests by members of BEMOA following the death of one of its members by unknown gunmen.
The protest, which was reportedly hijacked by hoodlums, turned violent after an angry mob burnt two vehicles belonging to the Benue State Civil Protection Guards.
The Gboko council chairman said the curfew takes effect immediately and warned that anyone caught flouting the order or breaching public peace would be decisively dealt with.
Nine people have died in a fatal road crash along the Ijebu-Ode-Benin Expressway in Ogun State.
The crash occurred on Monday at about 4:55pm around the Bethel area along the Ijebu-Ode/Ore axis of the expressway. It involved a white Toyota Hiace commercial bus belonging to Delta Line and a white Sino truck operated by Bill Gas Solution Ltd.
According to the Federal Road Safety Corps (FRSC), all nine people involved in the crash, comprising three males and six females, died in the incident.
The FRSC said the crash occurred while it was raining and the road was wet, with preliminary investigations identifying speed violation as the probable cause.
The FRSC rescue team arrived at the scene shortly after receiving the report, while the bodies of the victims were taken to the General Hospital Morgue in Ijebu-Ode.
The Ogun State Sector Commander, Oludare Ogunjobi, urged motorists, especially commercial drivers, to obey speed limits and exercise extra caution when driving in the rain.
Judge Tells Duane Davis He Must Face Justice for Tupac’s Murder
Timini Egbuson Reflects on Embracing YouTube Movies in Nollywood
