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Dangote Hails IBB: ‘You’re The Architect Of Private Sector In Nigeria’
. . . Donates N8bn to Presidential Library, Pledges N2bn Annually Until Completion
The President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has praised former Head of State, Gen. Ibrahim Badamasi Babangida, popularly known as IBB, for implementing policies that liberated the private sector in Nigeria during his regime.
Dangote made the statement on Thursday during the unveiling of the book “A Journey in Service”, the autobiography of the former Head of State.
Biztellers reports that the event also served as a fundraiser for the IBB Presidential Library.
In support, Africa’s wealthiest man donated N8 billion to the IBB Presidential Library, which would be paid at a rate of N2 billion annually over the four-year period allocated for the project’s completion.
He further pledged that if the project extends beyond this timeframe, he would continue to donate N2 billion annually until it is fully completed.
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Dangote, who is the largest employer of labour after the government, commended Babangida for his transformative policies that encouraged Nigerian investors to play prominent roles in the economy.
He particularly highlighted the abolition of import licences, which helped stimulate domestic industries. These reforms, among others, ensured that Nigeria now has more private sector involvement than any other country in Africa.
This shift, he said, led to a contribution of 85 percent of Nigeria’s GDP from the private sector, while the government contributes just 15 percent.
In his words, “Your Excellency, I would like to express my sincere gratitude for all you have done for Nigeria. Many may not realise that you were the architect of the private sector in Nigeria. Anyone in the private sector who has achieved prominence today owes it to you, as you provided us with the necessary licences. In the past, we used to struggle to obtain licences through intermediaries, including Indians.”
Dangote called to mind, how Gen Babangida’s policies facilitated the growth of Nigerian businesses, enabling them to thrive. “Your Excellency, in 1986, you abolished the requirements for import licences, and it was because of that decision that we were able to reach the highest levels of growth. I recall a day when you granted almost 30 of us banking licences. You also instructed five Nigerians to pay N1 million each for oil blocs.
“Your Excellency, I could continue to list all the reforms you introduced that liberated the private sector, which is why Nigeria has more private sector involvement than any other country in Africa. It is only in Nigeria where government contribution to GDP is a mere 15%, with the remainder being driven by the private sector,” he added.
He expressed optimism that future Nigerian leaders will adopt similar policies for the betterment of the country. “I want to thank you once again, and I am confident that future leaders will continue to follow your example, working closely with the private sector.”
On his contribution to the IBB Presidential Library project, Dangote said, “Your Excellency, based on what I have observed, I believe this project will require at least four years to complete. I would like to contribute N2 billion each year for the next four years, amounting to N8 billion in total.
“Should the project extend beyond four years; I will continue to contribute N2 billion annually.”
Other prominent Nigerians also pledged contributions to the library’s construction.
The Chief Launcher and Founder of BUA Group, Abdul Samad Rabiu, donated N5 billion, while the co-Chief Launcher and Founder of the TY Danjuma Foundation, Theophilus Yakubu Danjuma, donated N3 billion.
Former President Olusegun Obasanjo, who chaired the event, remarked that by writing his memoir, Gen Babangida had not only contributed to making history but also to documenting it. However, he cautioned the former military Head of State to expect varied reactions to the book, including good, bad, and ugly ones.
Former President Goodluck Jonathan also praised Gen Babangida for the launch of his memoir and stated that Nigeria’s history would be incomplete without the story of the former Head of State.
During the book’s review, former Vice President Yemi Osinbajo quoted Babangida as saying that late Moshood Abiola, who contested the 1993 presidential election on the platform of the Social Democratic Party (SDP), won the election.
However, Gen Babangida described the annulment of the election as the most difficult decision of his life.
“There was no doubt in my mind; MKO Abiola won the election. He satisfied all the requirements,” Gen Babangida was quoted as saying.
The former military leader noted that while the annulment of the election remained a defining moment in his career, he took solace in the fact that former President Muhammadu Buhari posthumously honoured Abiola with the Grand Commander of the Federal Republic title, a recognition reserved for Nigerian presidents.
The Federal Government has come under scrutiny for not doing enough to ensure that prices in the oil industry are kept within the reach of ordinary people, by ensuring that local refineries get adequate crude supplies from the domestic oil industry.
The Nigeria Labour Congress (NLC) lamented that Nigeria’s leading domestic refiner, the Dangote Petroleum Refinery and Petrochemicals (DPRP) gets inadequate supplies of crude from the local oil industry, while the government watches helplessly.
The acting General Secretary of the NLC, Benson Upah, was cited by The Punch as taking the stance in an interview on Tuesday, while reacting to the latest increase in petrol prices.
Upah was reacting to the latest increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, and was emphatic that the upward review of price was both “avoidable and unacceptable” because the development would further compound the economic difficulties confronting ordinary Nigerians, particularly workers and low-income households already struggling with high transportation, food and other living costs.
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He said, “This adds to the increasing difficulties of the average Nigerian for whom life has been Hobbesian.”
The labour leader argued that the latest increase was difficult to justify, particularly against the backdrop of developments in the international oil market and Nigeria’s growing domestic refining capacity.
According to him, “The latest increase is avoidable and unacceptable in light of falling prices in the international market and our local capacity to sell more crude oil to Dangote. Why are we not doing so?”
The NLC’s reaction came against the backdrop of another increase in the price of petrol by the Dangote Petroleum Refinery, which has triggered fresh concerns among motorists, transport operators and businesses already grappling with high operating costs.
The refinery raised its petrol gantry price by N65 per litre on Saturday, moving it from N1,200 to N1,265 per litre. The latest adjustment came only three days after the company increased the price from N1,185 to N1,200 per litre.
It was the third price adjustment by the refinery in eight days. On August 21, the company had raised its gantry price from N1,165 to N1,185 per litre. In all, the three adjustments have added N100 to the price of petrol at the refinery’s gantry, representing an 8.6 per cent increase within just eight days.
The latest increase has since begun to reverberate across the downstream market, with petrol prices varying from one location to another as marketers factor in transportation, logistics and other distribution costs.
In some parts of Lagos and Ogun, petrol has been reported at about N1,310 per litre, while prices in some northern states and areas farther from the refinery have climbed to N1,350 and above. In some locations, the product is approaching N1,400 per litre.
The renewed price increase is coming at a particularly sensitive time for Nigerians, many of whom are still struggling with the impact of the removal of the petrol subsidy in 2023.
The subsidy removal fundamentally altered the petroleum pricing regime, exposing consumers to movements in crude oil prices, foreign exchange rates and other market costs. Petrol prices, which were previously heavily regulated by the government, have since undergone several increases, with each adjustment feeding into the cost of transportation and other essential goods and services.
The latest development has also revived an old but unresolved question in Nigeria’s petroleum sector: why does a crude-producing country with a major new refinery still face persistent pressure on petrol prices?
The question has become more prominent with the emergence of the DPRP, which has a capacity to process in excess of 650,000 barrels of crude oil daily and was expected to reduce Nigeria’s dependence on imported refined petroleum products.
But while the refinery has ramped up production, securing adequate quantities of Nigerian crude has remained a contentious issue.
OPay has called for an investigation by the Department of State Services and the Nigeria Police Force over a viral social media rumour claiming that the fintech company was shutting down its operations in Nigeria.
OPay’s Chief Legal Counsel, Akinfolabi Rokosu, disclosed this on Wednesday during a press conference organised by the company.
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Rokosu said the DSS and police were among the law enforcement agencies investigating the circulation of the false information, adding that OPay had provided evidence to help identify those responsible.
“While the DSS and the Nigeria police, among the relevant law enforcement agencies, are currently and intensively investigating this matter, we are fully cooperating with the ongoing investigations being conducted and have provided the necessary evidence to identify those responsible for it,” he said.
He added that OPay would take legal action against individuals responsible for creating and circulating the information.
“Opay is taking action against those responsible for creating and circulating this harmful information. We will pursue them and will ensure that the law is fully enforced,” Rokosu said.
Also speaking, OPay’s Chief Operating Officer and Chief Technical Officer, Dotun Adekunle, reassured customers that the company remained operational and had no plans to leave Nigeria.
“OPay is here, OPay is operating, and OPay is going nowhere,” he said.
Adekunle described the circulating message as false and noted that the alleged shutdown date mentioned in the message had already passed.
“The message that is circulating online is false. It did not come from OPay. There is no decision from OPay or by OPay to shut down its operations in Nigeria, and there is no indefinite leave,” he said.
He urged customers not to make financial decisions based on unverified messages shared on social media or messaging platforms.
The controversy followed a viral notice claiming that OPay would suspend its Nigerian operations from September 1, 2026, and advising customers to withdraw their funds to avoid losing access to their accounts.
OPay had earlier dismissed the notice as false and urged customers to rely on its official communication channels for accurate information.
The fintech also asked an X user who shared information about the alleged shutdown to retract the post and apologise. The user subsequently deleted the post and apologised.
More than 3,000 people have died in the Democratic Republic of Congo (DR Congo) following the country’s deadliest-ever Ebola outbreak, according to the latest official figures released on Wednesday.
The Congolese National Institute of Public Health said the outbreak has so far killed 3,007 people and infected 6,186 others, representing a fatality rate of 48.6 per cent.
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The health agency also reported that 1,409 people have recovered from the disease.
The outbreak, which was declared in mid-May, originated in the remote northeastern province of Ituri and has spread to six provinces, including areas severely affected by insecurity and the activities of armed groups.
Ebola is transmitted through contact with infected bodily fluids and can cause severe haemorrhagic fever. The virus has killed more than 15,000 people across Africa over the past five decades.
The current outbreak is caused by the Bundibugyo strain, for which there is currently no approved vaccine or treatment.
Health authorities are facing significant challenges in containing the virus, with the response reportedly hampered by inadequate resources, insecurity and mistrust among some communities.
Several vaccines and treatments are being tested against the Bundibugyo strain. Existing approved Ebola vaccines are effective against the Zaire strain, which was responsible for the largest known Ebola outbreak.
The World Health Organisation has recommended a Phase Three clinical trial of Ervebo, a vaccine used against the Zaire strain, to determine whether it can also protect against Bundibugyo.
WHO experts remain uncertain about Ervebo’s effectiveness against the strain, although preliminary data indicate that it could provide some level of protection.
Meanwhile, a batch of 16,250 vaccine doses arrived in DR Congo at the end of August for frontline health workers, with vaccination beginning shortly afterwards in Kisangani, the capital of Tshopo Province.
The latest outbreak has already surpassed the country’s previous worst Ebola epidemic, which occurred between 2018 and 2020 and killed nearly 2,300 people from about 3,500 reported cases.
Authorities and international health partners are continuing efforts to contain the outbreak as infections and fatalities rise.
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