NEWS
Dangote Expects over $4bn Annual Forex Earnings from Fertiliser Exports
The Dangote Group has reinforced its long-standing partnership with the Africa Finance Corporation (AFC) through the signing of a $600 million loan facility to support the expansion of its fertiliser production capacity, an important milestone in advancing food security across Nigeria and the African continent.
The financing, extended to GreenView Fertilizer Corporation (Greenview), the Dangote Fertiliser Holding Company, will partly fund the expansion of urea production capacity in Nigeria as well as the development of a new fertiliser plant in Ethiopia.
This investment forms a key component of the Dangote Group’s broader $7 billion fertiliser expansion programme. The initiative is expected to increase production capacity in Nigeria from 3 million metric tonnes per annum (MTPA) to 9 MTPA, while also supporting the establishment of a new 3 MTPA urea plant in Ethiopia. Upon completion, the programme will significantly boost Africa’s fertiliser output, strengthen regional food security, enhance agricultural productivity, and reduce dependence on imports.
The facility underscores AFC’s strong confidence in Dangote Group’s vision to drive industrial growth and agricultural transformation through large-scale infrastructure investments. The funds will primarily support the ongoing expansion of the Dangote Fertiliser Plant at Ibeju-Lekki, Lagos, one of the largest granulated urea fertiliser complexes in the world.
The expansion is expected to substantially scale up production, improve supply chain efficiency, and ensure consistent availability of high-quality fertilisers to farmers across the continent. It will also contribute to price stability, reduce import dependency, and enhance crop yields, strengthening Africa’s overall food security framework.
Speaking on the development, President of Dangote Group, Aliko Dangote, said the expansion would generate significant foreign exchange earnings for Nigeria. “This investment positions us to deliver over $4 billion annually in fertiliser exports within the next three years. It represents a major contribution to Nigeria’s foreign exchange earnings and underscores our commitment to national economic growth.
“Our growth vision is not in isolation, we are building alongside strategic African partners like AFC and other institutions committed to the continent’s progress.”
Also commenting on the transaction, President and CEO of Africa Finance Corporation, Samaila Zubairu, highlighted the strategic importance of the deal: “This transaction reflects AFC’s capital recycling model in action. Following the successful repayment of our earlier investment in Dangote Industries Limited, we are reinvesting and doubling that capital into Dangote Group’s next growth phase.
By supporting the expansion of Dangote Fertilizer, AFC is backing a proven African industrial leader whose investments will strengthen food security, reduce import dependence, and create long-term economic value across the continent.”
This development builds on AFC’s strong track record of successful investments and exits across Africa, including projects in renewable energy, port infrastructure, digital connectivity, and industrial platforms.
ALSO READ: Food Security: AFC Deepens Partnership with Dangote Group with $600m Loan for Fertilizer Expansion
The Dangote Fertiliser Plant currently plays a critical role in meeting domestic demand while exporting to international markets, thereby generating valuable foreign exchange for Nigeria. With this new phase of expansion, the company is poised to consolidate its leadership position in the global fertiliser market while advancing Africa’s agricultural and economic resilience.
NEWS
Adeleke Declares Osun Guber Election Can’t be Rigged or Stolen
Next month’s governorship election in Osun State cannot be rigged or stolen as the votes of Osun will count and dictate the winner of the polls.
A government house statement in Osogbo has it that Osun State Governor, Senator Ademola Adeleke made the declaration on Monday at a massively attended rally at Oke Ila, Ifedayo Local Government.
“I heard some politicians vowing to steal the votes. Where and how? Osun votes are untouchable. This is Osun state, the heart of Yoruba nation. Nobody can rig us out here.
“We are going round the state. The people are trooping out. The people’s votes will be defended. Their will on August 15 will become a reality. We are getting the votes; they are chasing motor parks. We are winning the people, they are shooting at the people.
“Osun people are not scared. All these attacks and war mongering only hardened our people. Osun people are not cowards. They will vote and defend their votes. We are reaching across towns, they are holed up at their state secretariat.
“Our records speak for us; their records in office continue to hunt them. We have transformed our major towns and we are moving to upgrade our rural areas”, the governor declared first at the palace of the kings of Ora Igbomina and at the palace of the Ajagunla Ifagbamila Orangun of Oke Ila, Oba Adedokun Abolarin.
ALSO READ: Account for N7.98tn Oil Windfall – Atiku to Tinubu
The Oke Ila monarch who hailed the governor for bringing massive development to Osun state said the current administration has acted in line with his chieftaincy title of “Soludero of Oke Ila” by bringing good governance and democratic dividends to every corner of the state.
“Your Excellency, in your second term, Ifedayo presents your government with an ideal site to develop tourism and sporting facilities. The landscape and the terrain are conducive for sports academy, mountain hiking, and tourism resorts”, the royal father told the governor at the town hall.
While on the podium to address the audience, Governor Adeleke tasked the public not to sell their voters cards and their votes, charging voters “to be vigilant and guide their votes.
“All rumours of rigging, violence and manipulation are mere fear mongering. We will vote and we will win this election” the governor told the rally attended by the Deputy Governor, Prince Kola Adewusi; House Speaker, Rt. Hon. Adewale Egbedun; Member, House of Representatives, Hon Clement Akanni Olohunwa; member, House of Assembly, Hon Kasope Abolarin.
Other leaders who accompany the governor include the Deputy Director General of the Imole Campaign, Hon Kolapo Alimi; Senior Advisor to Imole Campiagn, Hon Sunday Bisi; Accord state Chairman, Hon Victor Akande; Osun Central Senatorial candidate, Hon Ganiyu Olaoluwa; former Deputy Speaker of the House of Representatives, Hon Lasun Yusuf.
The governor was received at Ifedayo by top government functionaries including the Head of Service of the state, Elder Ayanleye Aina and Special Adviser to the Governor, Hon Femi Adefila among others.
NEWS
Account for N7.98tn Oil Windfall – Atiku to Tinubu
Former Vice President of Nigeria and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the Bola Tinubu administration over what he described as its unprecedented domestic borrowing despite the significant windfall accruing from high international crude oil prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.
He noted that the federal government has already raised about N5 trillion from the domestic bond market in the first half of 2026, almost 80 percent of the total amount borrowed during the corresponding period in 2025.
According to Atiku, such aggressive borrowing would only be understandable if government revenues had collapsed. “The exact opposite is the case,” he said.
The former vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude—the benchmark for Nigerian oil—has remained around $92 per barrel between March 1 and July 14.
ALSO READ: Oando Partners FG for Gas-to-power Initiative for Industrialisation
Nigerian crude, he said , typically trades at a premium above Brent, making the government’s earnings even higher. “This naturally raises two unavoidable questions,” Atiku said.
“First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?” he asked.
Atiku explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold. At an average production of 1.5 million barrels per day, he argued that Nigeria earns an estimated $42.7 million in additional revenue daily.
Over the 135-day period between March 1 and July 14, this, he pointed out, translates to approximately $5.76 billion, or about N7.98 trillion.
“Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is the government borrowing heavily when oil revenues are significantly above budget projections?” he asked.
Atiku recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers.
“Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated N7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he stated.
The former vice president further lamented that despite the huge oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face worsening hardship. He noted that recent United Nations findings indicate that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure continues to deteriorate despite repeated promises that subsidy savings would be invested in roads, healthcare, education, and other critical sectors.
“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources. Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty.
“An ADC administration under my leadership will pursue a fundamentally different approach. Every kobo earned above the budget oil benchmark will be transparently accounted for and managed under a rules-based fiscal framework.
“Rather than borrowing recklessly in the midst of plenty, we will deploy excess revenues to reduce the nation’s debt burden, strengthen our fiscal buffers, and invest strategically in infrastructure, education, healthcare, agriculture, and other productive sectors that create jobs and stimulate sustainable economic growth.
“We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances are subject to the highest standards of accountability.
“We will cut the cost of governance, eliminate waste, block leakages, and ensure that borrowing is undertaken only for productive investments capable of generating measurable economic returns—not to finance consumption or conceal fiscal irresponsibility.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku said.
NEWS
Oando Partners FG for Gas-to-power Initiative for Industrialisation
The upstream subsidiary of Oando Plc, Oando Energy Resources (OER), has pledged stronger collaboration with the Federal Ministry of Power to advance Nigeria’s gas-to-power agenda, boost electricity generation and support the country’s industrialisation drive.
The commitment was made during a courtesy visit by the company’s management team to the Minister of Power, Chief Adebayo Joseph Olasunkanmi Tegbe, where both sides discussed strategies to expand domestic gas utilisation, strengthen power infrastructure and accelerate reforms aimed at improving electricity supply across the country.
ALSO READ: Nigeria Welcomes Africa’s First Steel Pipe Bending, Coating Factory
The meeting brought together senior officials of the ministry and OER’s upstream leadership in what both sides described as a timely engagement amid ongoing efforts to address Nigeria’s power supply challenges.
Speaking during the visit, Managing Director of OER, Dr. Ainojie “Alex” Irune, said the company’s growing gas portfolio places it at the centre of Nigeria’s energy transition and economic development.
He noted that Oando’s operations already support the country’s power generation infrastructure through the Okpai Independent Power Plant, which supplies electricity to about 50 million Nigerians and contributes roughly 15 per cent of the nation’s power generation.
Irune described the facility as a proven “black start” power plant with a strong record of reliable operations, adding that Oando is increasingly prioritising gas development as a catalyst for economic transformation.
“Domestic capacity is not only an imperative now, but it is also the only way we get out of an economic crisis,” he said.
According to him, sustained investment in domestic gas resources, power infrastructure and industrial capacity will be essential to building a productive economy.
The OER boss also highlighted the activities of Oando Clean Energy (OCEL), the company’s renewable energy subsidiary established five years ago, which is exploring ways to combine gas, solar, wind and hydropower to improve access to affordable and reliable electricity across Africa.
He disclosed that the company is piloting an innovative project that repurposes abandoned oil wells within the Oando Joint Venture into geothermal-style power generation facilities, describing it as an example of the homegrown solutions required to address Africa’s energy needs.
Responding, Minister Tegbe welcomed Oando’s continued engagement and described the discussions as an opportunity to align government policies with private sector investment and technical expertise.
He said the Federal Government remains committed to strengthening gas-to-power projects as a critical pillar of Nigeria’s industrialisation strategy.
“We can talk about carbon credits, but in reality, it’s about the resources you have. You have to use them. That’s your advantage. Get it done in the cheapest, most efficient way possible. For me, it’s hydro, gas, and solar,” the minister said.
Tegbe also welcomed Oando’s offer to provide technical and advisory support to the ministry, particularly in the areas of skills development and knowledge transfer.
“I look forward to that collaboration, and I believe the power sector will get to a point where we start to see real progress. We need to look at how we use skills transfer and exchange to ensure our public sector side is also equipped to deliver on projects. I believe we will get there,” he added.
Both parties agreed to sustain engagement in the coming weeks as part of efforts to accelerate reforms and improve electricity delivery.
In his closing remarks, Irune stressed that achieving Nigeria’s energy transformation would require a shared commitment between government and the private sector.
“The ambition is not yours alone,” he told the minister, urging sustained collaboration to deliver the country’s long-term energy roadmap.
Oando said the meeting reinforces its commitment to supporting the Federal Government’s power sector reforms and advancing gas as the cornerstone of Nigeria’s industrial and economic development.





