Business
Dangote’s $20 Billion Oil Refinery Is Set to Start Operations in Nigeria
Aliko Dangote, Africa’s wealthiest individual, is on the brink of a monumental achievement with the Dangote Petroleum Refinery near Lagos, Nigeria.
This massive facility, covering an area half the size of Manhattan, has been under construction for nearly a decade, with numerous delays and budget overruns.
Initially projected to cost $9 billion in 2013, the refinery’s expenses have now escalated to approximately $20 billion. Despite these challenges, the refinery is set to commence full operations next month, with a processing capacity of 650,000 barrels of crude oil per day.
This output not only surpasses Nigeria’s domestic fuel consumption but also positions the country to significantly reduce its dependence on imported refined petroleum products.
However, the journey hasn’t been without obstacles. The Nigerian National Petroleum Company (NNPC), responsible for supplying crude oil to the refinery, has struggled to meet its commitments, leading to potential operational challenges.
In response, Dangote has sought alternative solutions, including importing crude oil and engaging with various stakeholders to secure the necessary resources.
Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.
During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.
In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.
Business
United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come
United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.
This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.
It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
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