Business
Dangote Assures Global CEOs that Africans Will Develop Africa
President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged African entrepreneurs, business leaders and wealthy individuals to invest in the development of the continent.
Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Strathmore Business School, Nairobi, after a tour of the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki, Lagos, Dangote emphasised that with the right investments, Africa has the potential to grow and compete globally.
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He asserted that what the continent needs are bold and transformative projects capable of addressing its long-standing challenges. Citing the successful construction of the world’s largest single-train refinery—the Dangote Petroleum Refinery—as proof that nothing is impossible, he maintained that similar achievements can be replicated across sectors to drive economic growth.
Dangote reflected on the initial scepticism surrounding the refinery project, noting that despite numerous obstacles, the group remained steadfast in its commitment to delivering on its vision.
“There will always be challenges. In fact, life without challenges isn’t exciting. You just hope for the kind of challenges you can overcome—not the ones that overwhelm you,” he remarked.
He explained that completing the refinery has emboldened the group to pursue even more ambitious goals: “Now that we’ve built this refinery, we believe we can do anything. We aim to make our fertiliser company the largest in the world—and we’ve set ourselves a 40-month timeline.”
Dangote highlighted Africa’s wealth in both human and natural resources, stressing that business leaders are in a privileged position to harness these assets and create jobs for the continent’s growing population. He stated that development cannot be left to governments alone, urging the private sector to trust in national leadership and invest at home instead of moving capital abroad.
“We, as Africans, must stop taking our money abroad. We should invest it here to build our countries and the continent. As for me, I don’t take my money out of Africa. If we don’t show confidence in our own economies and leadership, foreign investors certainly won’t. After all, we know our leaders better than anyone else. That money being taken out of the continent should be left here, where it can benefit everyone,” he advised.
While many African nations have achieved political independence, Dangote argued that they remain economically dependent. He cited countries like Dubai and Singapore, which were on par with some African countries in the 1970s but have surged ahead through deliberate policies and partnerships with visionary entrepreneurs.
Dangote expressed concern about the disparity between Africa’s rapidly growing population and the limited job opportunities available. He called for a strong banking sector, a robust manufacturing base, and a thriving agricultural sector as cornerstones of the continent’s transformation.
He also stressed the importance of improved interconnectivity among African nations, revealing that it is currently cheaper to import goods from Spain than to transport cement clinker from Nigeria to neighbouring Ghana.
Acknowledging policy inconsistency and infrastructural challenges, Dangote encouraged the visiting CEOs not to be deterred but to remain ambitious while acquiring deep knowledge of their respective industries.
“If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he advised the 24 CEOs in attendance from six African countries.
Academic Director of the Global CEO Africa Programme at Lagos Business School, Patrick Akinwuntan, explained that the initiative is designed to inspire Africa’s future business leaders.
The programme, in partnership with Strathmore Business School in Nairobi, comprises three modules, requiring participants to spend a week each in Nairobi (Kenya), Lagos (Nigeria), and New Haven (USA).
“The goal is to nurture business leaders who see Africa as a single market—one without borders—focused on the continent’s vast potential. The refinery is a powerful symbol that vision goes beyond mere sight,” he said.
Akinwuntan, who is also the former Managing Director of Ecobank Nigeria, praised Dangote for his integrity, competence, and boldness in bringing such a monumental project to fruition.
Executive Dean of Strathmore Business School, Dr Caesar Mwangi, echoed these sentiments. He said the visit would inspire CEOs to realise that only Africans can truly develop the continent.
“This refinery is the world’s largest single-train refinery. It’s proof that we must dream big, think big, and—most importantly—act. If the Dangote Group can achieve this, then so can others across the continent,” Mwangi said.
“Every CEO here can take this inspiration back home and initiate impactful projects that will uplift our continent and create opportunities for the millions of young Africans who need them,” he added.
Dean of Lagos Business School, Prof Olayinka David-West, stated that the visit aligned with the school’s mission of grooming leaders capable of addressing Africa’s complex social and institutional challenges.
She lauded Dangote as a visionary leader who mobilises resources to confront the continent’s critical problems. She noted that the refinery’s ripple effect extends beyond petroleum production, enhancing livelihoods and national wellbeing.
“This facility is pivotal. It serves as a practical tool to implement frameworks like the African Continental Free Trade Area (AfCFTA). While it’s one project, its effects will be felt across multiple sectors,” she explained.
Dr Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council and a participant in the programme, said the visit had reignited the need for bold and courageous thinking in pursuing sustainable national development.
The visiting CEOs also included global banking leader Segun Aina; Managing Director of Family Bank, Nairobi, Nancy Njau; Executive Director and Chief Financial Officer for Cameroon, CEMAC, and CESA Region at Ecobank, Emmanuel Wakili; and former President of the CFA Society Nigeria, Ibukun Oyedeji, among others.
Photo Caption
Some members of the Lagos Business School’s Global CEO Africa Programme Cohort 5 at Dangote Refinery Central Laboratory, during their visit to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.
With members of the public showing much zeal to take up the equities made available by the Dangote Petroleum Refinery and Petrochemicals (DPRP), in its Initial Public Offering (IPO), financial institutions have warned against the activities of scammers.
On Tuesday, they counselled investors against disclosing sensitive banking information to parties claiming to facilitate the purchase of the refinery’s shares.
This is coming after the IPO drew about N1.5 trillion in subscriptions within the first 6 hours of trade on the floor of the Nigerian Exchange Limited (NGX), signaling extraordinary investor appetite for what could be one of Africa’s biggest share sales after the likes of MTN.
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The rush by Nigerians to buy shares in the DPRP overwhelmed some local investment and trading platforms, with investors reporting difficulties accessing the apps as the IPO opened last Monday.
The unprecedented demand followed the commencement of the N2.15 trillion share offer by the Dangote Industries Limited (DIL), which sought to sell 4.1 billion shares in the refinery at N525 per share.
Urging Nigerians to participate, Chief Executive, Dangote Industries Limited, Aliko Dangote, assured investors that the public offering presents a compelling opportunity for strong returns and sustainable wealth creation.
Following the announcement, the Securities and Exchange Commission (SEC) in a public statement, cautioned prospective investors to be vigilant and use only approved channels when subscribing to the IPO.
The Commission confirmed that it had approved the refinery’s public offer and urged investors to ensure that all applications and payments are processed exclusively through authorised receiving agents, approved subscription platforms, and designated channels.
In the same vein, banks urged customers to be particularly careful with unsolicited messages, calls and social-media offers promising access to shares or preferential allocations.
They pointed out that legitimate banks will not request highly sensitive information such as a customer’s full card number, personal identification number (PIN), card verification value (CVV) or one-time password (OTP) through unsolicited calls, text messages or online communications.
In a notification sent to its customers, Access Bank, said, “Buying the Dangote Refinery IPO? Remember, Access Bank will never ever ask for your full card number, PIN, CVV or OTP.
If you have shared the above information with anyone, please dial *901*911# to block your account”.
The warning highlights a familiar tactic used by financial fraudsters: exploiting public interest in a major corporate transaction to make fraudulent requests appear legitimate.
Scammers may present themselves as bank officials, investment advisers, brokers or representatives involved in the share offering. They can use official-looking logos, convincing language and references to well-known companies to persuade potential victims that a transaction is genuine.
Banks are therefore advising customers to independently verify investment opportunities before transferring money or providing personal information. Investors should rely on official communications and established financial channels rather than links or contact details supplied through unexpected messages.
The DPRP, one of Africa’s most prominent industrial projects, has generated significant interest in Nigeria’s capital markets and broader business community. Any potential share offering connected to the company is likely to attract considerable attention from retail and institutional investors.
That visibility, however, also creates an opportunity for criminals.
Financial institutions say customers who have already disclosed sensitive banking information should act immediately rather than wait to determine whether their accounts have been compromised. Promptly contacting the bank and taking steps to block or secure an account can help limit potential losses.
The latest warnings also underscore the wider challenge facing Nigeria’s financial sector as digital banking and mobile transactions become increasingly common. Fraudsters have increasingly sought to exploit moments of heightened public interest, particularly when consumers are eager to participate in investments that appear to offer significant returns.
For prospective investors, the message from banks is straightforward, enthusiasm for an investment opportunity should not override basic security precautions.
In a move perceived as an important milestone in the company’s journey to accelerate its Beyond XXX vision and drive the next phase of growth, innovation, and impact, Sahara has announced the appointment of Chidilim Menakaya as Managing Director.
Menakaya is a seasoned transformation and strategy executive, bringing more than two decades of leadership experience spanning Africa, Asia, Europe, and the Middle East.
Prior to her appointment, Menakaya served as Director of the Sahara Foundation, where she led the company’s sustainability and social impact agenda.
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Under her leadership, the Foundation expanded the reach of Sahara’s EXTRApreneurship model, strengthened strategic partnerships, and deepened socio-economic impact across communities in the company’s locations.
Widely respected for her collaborative leadership style, strategic insight, and ability to build high-performing teams, she has consistently demonstrated a commitment to developing people, driving innovation, and delivering measurable outcomes.
Commenting on the appointment, Executive Director, Sahara, Ade Odunsi, said the decision reflects Sahara’s confidence in purposeful leadership and its commitment to building the future from within.
“For over three decades now we have remained committed to our vision of bringing energy to life responsibly. Beyond XXX represents our commitment to shaping the future through bold thinking, innovation, sustainability, and shared value creation. Chidilim’s appointment reflects these aspirations. We are confident that under her leadership, Sahara will continue to expand the frontiers of impact and create sustainable value for stakeholders across our markets.”
Odunsi noted that the appointment signals Sahara’s determination to build a resilient, future-focused enterprise capable of thriving in an increasingly dynamic global environment.
As Managing Director, Menakaya will provide strategic leadership for steering Sahara’s Beyond XXX agenda, enhancing stakeholder value, and positioning Sahara for continued growth and global relevance.
Menakaya holds executive and professional qualifications from leading global institutions, including London Business School, INSEAD, and Manchester Business School. She is also a certified Human Resources Business Partner, Transformation and Reputation Manager, and Prosci-certified Change Management Practitioner.
The Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) Initial Public Offering (IPO), has been described as an important precedent in the Nigerian capital market.
Sharing the view in a statement on Monday, Olaniwun Ajayi LP also expressed its pleasure at having advised on the IPO while acting as Joint Solicitor to the transaction.
According to a Forbes report on Monday, Africa’s richest man, Aliko Dangote, saw his fortune rise to $51.3 billion following the launch of the refinery’s highly anticipated IPO on the Nigerian Exchange (NGX), amid strong investor demand on the opening day.
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The transaction was brought to the market by a consortium of professional advisers, including Olaniwun Ajayi LP, which acted as the Joint Solicitors to the issue.
In that capacity, the firm advised Dangote Refinery on the legal aspects of the offer, from transaction structuring and regulatory engagement through to launch
According to the law firm, the transaction is expected to be the largest IPO in both Nigeria and Africa, marking the first public offer of shares by a Nigerian Free Zone Enterprise (NFZE) in Nigeria.
The law firm stated that the transaction matters beyond the deal as it “establishes an important precedent for capital raising by Free Zone Enterprises”, while contributing to the continued development of the Nigerian capital market.
It added that the proceeds are intended to support DPRP’s long-term growth strategy, including the expansion of its refining and petrochemicals capacity.
The law firm stressed that the offer broadens public participation in one of Africa’s most significant industrial assets.
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