Business
Nigeria Can Become a Refining Hub and Save Africa’s $17bn on Petrol Imports – Aliko Dangote
Aliko Dangote, Africa’s wealthiest man and CEO of Dangote Group, has reiterated his belief that Nigeria has the potential to become a refining hub for the continent. Speaking at a recent industry event, Dangote emphasized that Nigeria could save Africa approximately $17 billion spent annually on the importation of petroleum products by ramping up local refining capacity.
According to Dangote, the continent’s reliance on imported refined products, despite being rich in crude oil, is a major economic drain. He pointed out that Nigeria, being Africa’s largest crude oil producer, is in a prime position to capitalize on its resources by developing a robust refining industry. This would not only cut down on the costs of fuel imports but also position the country as a key exporter of refined petroleum products to other African nations.
Dangote’s ongoing Dangote Refinery project, located in Lagos, was cited as a prime example of how local refining could address the challenges of fuel import dependency. The refinery, which is expected to have a processing capacity of 650,000 barrels per day, is set to significantly reduce the need for imported fuel in Nigeria and neighboring countries once it becomes fully operational.
He further stated that by enhancing local refining capabilities, Nigeria could create jobs, boost the economy, and stabilize its foreign exchange reserves. The move would also have a ripple effect across Africa, as other countries could benefit from reduced fuel costs and a reliable supply of petroleum products.
In conclusion, Dangote stressed that achieving this goal requires continued investment in the energy sector, alongside strong policy frameworks that encourage private sector involvement in refining activities.
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.
-
News23 hours agoTeenage Girl Sues JAMB After Being Forced to Remove Her Hijab Before UTME Exam
-
Sport21 hours agoArteta Confirms Ødegaard Will Remain Arsenal Captain Despite Recent Struggles
-
Sport22 hours ago“He will be our player for years to come” – Amorim Says Fernandes Is Not for Sale
-
Fashion21 hours agoGallery: Stunning Celebrity Looks From the 2025 AMVCA Cultural Night
-
Entertainment20 hours agoBest Dressed Royalty: Liquorose and Prince Enwerem Shine at AMVCA Cultural Night
-
Entertainment22 hours agoActivist VeryDarkMan Cautions EFCC Over Potential Release of Arrest Photos Online
-
Entertainment21 hours agoSaidaboj Laments Public Criticism: “Me, Davido, and Wizkid Are Always Dragged”
-
Entertainment20 hours ago“Boyfriends Spend More Than Husbands” — BBN’s Tochi Sparks Online Debate