The 650,000-barrel-per-day facility officially unveiled its refined petrol on Tuesday with Dangote announcing that product will be in filling stations in the next 48 hours depending on the country’s national country.

Speaking on the retail price,  Dangote stated, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market.”

“We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” Dangote said in an interview in Riyadh on the sidelines of the Saudi-Nigeria business roundtable, according to Bloomberg.

“We’re more than ready and you will see our gasoline products soon,” he added.

The refinery was supposed to start production in August but missed that target in addition to several other over the years. But Dangote insists that his refinery will start producing “very very soon.”

The refinery’s first priority is to supply gasoline to Nigeria before exporting to elsewhere, including the West African region, he said.

Dangote Petroleum Refinery was importing crude oil and expected its first cargo in about two weeks, according to the Executive Director, Dangote Group, Devakumar Edwin.

The report stated that though the Nigerian National Petroleum Company Limited trades crude oil on behalf of Nigeria, in an interview with S&P Global Commodity Insights at the time, Edwin revealed that the NNPCL had committed its crude to other entities.

The Dangote refinery boss did not disclose the other entities receiving the oil company’s crude, but the NNPCL had earlier disclosed in August that it had entered into a $3bn crude oil-for-loan deal with African Export-Import Bank.

The 650,000 barrel-a-day facility, which is expected to produce 27 million litres of diesel, 11 million litres of kerosene and nine million litres of jet fuel, will receive crude from other producers in Nigeria, as well as the country’s state oil company, said Dangote, whose fortune estimated at $16.2bn by the Bloomberg Billionaires Index.

Nigeria increased its oil output by 60,000 barrels per day last month, reaching 1.49 million barrels per day — the highest in almost two years.

The West African nation has launched a new grade of crude called Nembe through a joint venture, as the nation ramps up its oil output.

The Nembe crude stream is expected to be managed and marketed by a joint venture between state-owned Nigerian National Petroleum Company (NNPC) and oil firm Aiteo Eastern E&P Co. Ltd.

Dangote reportedly said this as he spoke at the 50th Annual General Meeting of the Manufacturers Association of Nigeria in his lecture titled ‘Agenda Setting for Industrialising Nigeria in the Next Decade’.

He added that it had become important for the National Assembly to pass a law that would penalise the sale of banned textiles by imprisoning culprits without an option of fine.

The business magnate also said that if the textile industry is to grow, there needs to be enforcement of the laws to not only dissuade importation of foreign materials, but stop it completely adding that when an economy becomes prosperous, insecurity would as a result drop.

Dangote said, “For the textile industry, I believe the government should draft legislation in the National Assembly that states that anyone selling prohibited foreign textiles must face prison time without the option of a fine. So it’ll just be going to jail, even if it’s only for two years.

“The real issue in the textile industry is not a lack of less expensive power. The textile will not last if you give them cheaper power but allow the smuggling to continue. “What is happening is that foreign companies are dumping their products in Nigeria. That is why I dislike importing. When you import, you are importing poverty while exporting prosperity and job opportunities.

Today people would be sent to jail in India for selling foreign textiles anywhere. Also, if something is banned in the United States of America for example, there is no way it could be displayed for sale in a shop.

“But what is stopping the implementation of Nigeria’s government policies is the absence of the political will to make sure that we implement those policies no matter who is going to be upset by us.

“If we have a prosperous environment the insecurity will drop.”

Recall that in 2019, The Central Bank of Nigeria placed access to foreign exchange for all forms of textile materials on the FOREX restriction list to revive the industry, a step that has had almost no effect as the National Bureau of Statistics recorded in its trade report that textiles and textile articles increased by 257.9 per cent in the first three months of 2021 to N171.8bn from N48bn in 2020.

In a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, on Sunday, Buhari enjoins family members, friends and associates in celebrating the business tycoon.

The statement equally extends the President’s heartfelt wishes to the Dangote Group of Companies, including management and members of staff, as well as other well-meaning stakeholders who are fantastically contributing daily to the economic growth of the country and promoting competitiveness in the mainstream sector.

It also affirms the mercantile footprints of self-made Africa’s richest man in core sectors of the economy, particularly in areas of production and distribution of food items across the 36 states of the federation – a remarkable quality it says, has etched the brand Dangote, a household name.

Buhari hails Aliko Dangote’s business mien coupled with his industriousness and dynamism in buoying up the economy through heavy investments – building Africa’s largest refinery, fertiliser manufacturing company, cement factories and a host of others – both within and outside Nigeria.

As charity truly begins from home, the presidency notes the patriotism, simplicity and demonstrable wisdom of the sexagenarian, in prioritising the interests and economic welfare of Nigeria and Nigerians – notwithstanding the prevailing challenges, whilst rapidly setting the pace as a bankable role model for future merchants and giants in the industry.

The President wishes him greater service to God, the country, and humanity.

Alhaji Aliko Dangote has hit the ground running as one of Africa’s most successful billionaires, strutting his stuff beyond the vast African continent – as a top-of-the-trend prolific exporter.

With a net worth of $12.1 billion in 2021, the business mogul retained his seat on the Forbes list as Africa’s wealthiest man – a comfy position he has held for nearly a decade.

Dangote Cement thrives as the continent’s largest cement producer, with about 45.6 million metric tons produced annually in 10 countries across Africa, according to Forbes reports.

His body arrived in Kano State from the US this morning and was received by his family members and friends. A funeral prayer was held at the Emir of Kano’s palace before his body was later interred according to Islamic rites.

Among the dignitaries at the funeral include Senate President Ahmed Lawal, Bukola Saraki, Femi Otedola, and many others.

Sani who was until his death the vice-president of Dangote Group, died on Sunday, November 14 in the US after a battle with Colon cancer.

Sani Dangote reportedly died after a protracted illness in the United States on Sunday.

The Dangote Group in a short statement Sunday night confirmed the death.

“INNA LILLAHI WA INNA ILAIHI RAJIUN!It is with a heavy heart but with total submission to Almighty Allah that we announce the passing on of our Group Vice President, Alhaji Sani Dangote today 14th November 2021.

“May Allah SWT grant him mercy and Admit him in Aljannat-al-Firdaus “!

Before his death, Sani had investments in manufacturing, agriculture, banking and oil services.

He also sat on the Board of several other companies, including Nigerian Textile Mills Plc, Nutra Sweet Limited, Gum Arabic Limited, Dangote Textile Mills Limited, Alsan Insurance Brokers, Dan-Hydro Company Limited, Dansa Food Processing Company Limited and Dangote Farms Limited.

He was also the Deputy Chairman of the African Gum Arabic Producers Association and a two-time President of Lagos Polo Club in addition to being a professional polo player.

Sani was a member of several Chambers of Commerce, a Fellow of the Chartered Institute of Shipping of Nigeria and President of the Fertiliser Producers and Suppliers Association (“FERSAN”).

He was well known for his role as the chairman of Dansa Holdings, a subsidiary of the Dangote Group that produces beverages.

He also owned Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk Pack Services Limited, Dansa Agro Allied Limited, and Dangote Farms Limited.

This was captured in a daily ranking of the world’s richest people which is updated at the close of every trading day in New York.

While Elon Musk tops the list with a net worth of $194bn and closely followed by Jeff Bezos who also has a net worth of $194bn, Bernard Arnault took the third spot with $174bn.

Dangote is said to have a net worth of $17.8bn.

According to the Bloomberg Billionaires Index, Dangote’s wealth reportedly fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day.

The report also showed that Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. He further gained $600 million within the first week of 2021 but lost all of it and more last Friday.

The share price of Dangote Cement Plc, the country’s biggest listed company, and Africa’s largest cement producer, reportedly tumbled by 8.13 per cent to close at N225 on Friday from N244.90 on Thursday.

Despite the loss, Dangote still maintained a place among the list of 500 billionaires across the world at No. 114 and retained his position as Africa’s richest person as of Friday.

Bloomberg said “The majority of Dangote’s fortune is derived from his 86 per cent stake in publicly-traded Dangote Cement. He holds the shares in the company directly and through his conglomerate, Dangote Industries. A $12bn oil refinery that is currently being developed in Nigeria isn’t included in the valuation because it’s not yet operational and construction costs are calculated to outweigh its current value,”

Dangote expressed his support for Okonjo-Iweala via two tweets on his verified Twitter handle @AlikoDangote.

The billionaire businessman tweeted: “A vote for her by all is a step in the right direction. I fully endorse the candidature of @NOIweala to lead @WTO. In these challenging times, @WTO needs the renowned skills and tested experience of Dr Ngozi Okonjo Iweala @NOIweala to lead the organisation through identified obstacles and strengthen its position as the prime facilitator of international trade.”

It will be recall that during the just concluded African Cup of Nations, Dangote and his billionaire friend Femi Otedola pledged $75,000 together for every goal scored by the Super Eagles of Nigeria in the knockout stage of the tournament.

Yesterday, Otedola redeemed his pledge of $25000 per goal to representatives of the Super Eagles. The representatives also made a visit to Olakunle Alake, GMD of Dangote Group who presented them with a cheque of $50,000 of behalf of Aliko Dangote.

The team was represented by John Ogu, Team Admin. Enebi Achor and Kit manager Chidi Ngoka.