Business
“Some People Want To Stop Dangote Refinery From Selling” – Adeboye
Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, recently shared his concerns about a purported conspiracy involving an oil cabal in Nigeria, working in collusion with international oil companies (IOCs) to undermine the operations of private refineries, particularly the Dangote Petroleum Refinery.
Speaking at the November 2024 Abuja Special Holy Ghost service, Adeboye called on Nigerians to pray for divine intervention,
He believes that these unscrupulous oil marketers are intentionally working to create difficulties for the public, especially in light of their efforts to hinder the operations of the Dangote refinery.
Adeboye pointed out that Dangote’s refinery came as a response to the failure of the public refineries and the ongoing struggle Nigeria faces in trying to refine its own crude oil.
Despite being one of the world’s largest oil producers, Nigeria continues to rely heavily on importing refined petrol, a situation that has sparked frustration and concern among citizens.
“Are we under a curse?” Adeboye questioned, highlighting the irony that the country with vast oil reserves struggles to refine its own products.
He further praised Dangote for his determination to help alleviate the suffering of Nigerians.
“He is not my relative, not even from my village, and not a Christian. But as a Nigerian, he saw the suffering of the people and decided to build a refinery that could work,” Adeboye remarked.
In a positive development for Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement to buy petrol directly from the refinery, bypassing the usual importation channels.
However, Nigerians are still facing high fuel prices, with petrol being sold for as much as N1060 to N1200 at various NNPC stations and other retail outlets across the country, leaving many questioning when the country will truly see the benefits of its oil wealth.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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