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Dangote Prescribes Investment in Domestic Economy by Wealthy Nigerians for Growth, Development
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged wealthy Nigerians to invest in Nigeria, as it is the only way to build the nation. He said there is no two ways about it: real growth and development cannot happen in a nation without significant investments.
He criticised the tendency of African wealth being exported and stashed abroad, calling on the continent’s entrepreneurs and affluent individuals to invest at home. “It is only through such commitment that we can drive true development,” he added.
In a chat with select media men, recently, Dangote said: “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids. There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”
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According to him, what Africa truly needs are bold, transformative projects capable of addressing its long-standing socio-economic challenges, particularly the creation of jobs for its growing population.
Speaking of his decision to defy the odds in building the $20bn refinery, he said he was determined to see Nigeria become self-sufficient in refined petroleum products and to serve as a catalyst for other African nations, despite numerous challenges and opposition.
He explained that he undertook the ambitious project to secure energy independence for Nigeria and the wider African continent. He stressed that, except for Libya and Algeria, most African countries still rely heavily on imported refined petroleum products despite the continent’s abundant crude oil reserves.
“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said, underscoring the urgent need for operational refineries on the continent. He also lamented that Africa had become a dumping ground for substandard petroleum products due to this overreliance on imports.
Africa holds around 125 billion barrels in proven oil reserves, with significant contributions from Nigeria, Algeria, Angola, Egypt, and Libya—all of which rank among the world’s top 30 oil-producing nations.
Dangote revealed that many had doubted the capacity of the Dangote Group to deliver such a massive project. Some even advised him to abandon it, citing the failures of several sovereign nations to complete similar undertakings.
“People think building a refinery is like building a house,” he said. “But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all. We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.”
As the project progressed, the group faced a critical juncture: to halt and suffer the losses, or to forge ahead and succeed. “We had to keep pushing to ensure delivery,” Dangote said.
He expressed hope that the refinery would inspire other African countries to enhance their refining capacities and invest in value-added industries, rather than continuing to export raw materials.
Dangote further argued that true independence goes beyond politics—it also requires economic self-reliance and financial freedom for African citizens. He warned that continued import dependency would keep African nations trapped in poverty.
President Bola Ahmed Tinubu expresses deep sadness over the sudden death of Mr Dotun Oladipo, former Political Editor of The Punch newspaper and Publisher of The Eagle Online, describing his death as a painful loss to Nigeria’s media industry and the nation at large.
President Tinubu acknowledges the deceased’s contributions to journalism, particularly his years of dedicated service in political reporting and his commitment to providing Nigerians with credible information through both traditional and digital media platforms.
The President says Oladipo’s professional career reflected the important role journalists play in strengthening democracy by informing citizens, holding public officials accountable and providing platforms for robust public discourse.
READ ALSO: Akpabio Mourns Dotun Oladipo
He recalls the deceased’s passion for his profession and his contributions to the growth of digital journalism through The Eagle Online, which he founded after his remarkable career at Punch Newspaper.
“Dotun Oladipo’s death at the age of 56 is a painful loss to the Nigerian media community and to our nation. He was a committed journalist who devoted significant years of his life to informing the public and contributing to the development of our democracy.
“His contributions to political journalism and the digital media space will not be forgotten. I extend my heartfelt condolences to his family, colleagues in GOCOP and friends. I pray that Almighty God will grant him eternal rest and give his loved ones the strength to bear this irreparable loss,” President Tinubu notes.
The President of the Senate, Senator Godswill Obot Akpabio, has expressed profound sadness over the death of veteran journalist and publisher of The Eagle Online, Dotun Oladipo.
Akpabio described Oladipo’s passing as a painful loss to the Nigerian media industry and the nation, noting his significant contributions to journalism, public discourse and the growth of online media in Nigeria.
The President of the Senate commiserated with the family, friends, colleagues and professional associates of the deceased, particularly members of the Guild of Corporate Online Publishers (GOCOP), where Oladipo served as Emeritus President.
“Dotun Oladipo was a courageous, principled and dedicated journalist who devoted a significant part of his life to the pursuit of truth, responsible journalism and the advancement of society.
“His sudden passing is a profound loss to his family, the journalism profession and Nigeria as a whole. His immense contributions to the development of online journalism, as well as his commitment to professional excellence, integrity and public interest, will remain indelible.
“As the philosopher John Stuart Mill reminded us, ‘He who knows only his own side of the case knows little of that.’ Dotun understood that a free and responsible press must listen, question and speak truth to power. His life demonstrated that journalism, when guided by courage and conscience, can illuminate society and strengthen democracy.
“His legacy will continue to inspire journalists and media professionals who believe in the power of responsible journalism to strengthen democracy and contribute to national development,” Akpabio said.
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The Senate President prayed that God Almighty would grant the deceased eternal rest and give his family, friends, colleagues and loved ones the fortitude to bear the irreparable loss.
Akpabio also urged members of the media to uphold and build upon Oladipo’s legacy of professionalism, integrity, courage and unwavering commitment to the public interest.
“May God acquaint his soul with the compass of His course” he added.
Norway’s King Harald V has died at the age of 89, bringing an end to his more than three-decade reign and ushering in a new era for the Norwegian monarchy.
The Royal Palace announced on Friday, August 28, 2026, that the monarch died peacefully at Oslo University Hospital at 6:35am local time.
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“It is with deep sadness that we announce that His Majesty King Harald passed away today. King Harald passed away peacefully at Oslo University Hospital on Friday, August 28 at 6:35 am,” the palace said in a statement.
King Harald, who ascended the throne in 1991, had been hospitalised in Oslo since August 17 while receiving treatment for haemolytic anaemia.
His condition became “extremely serious” on Thursday, prompting members of the royal family to gather at his bedside.
His 53-year-old son, Crown Prince Haakon, has automatically succeeded him as monarch under Norway’s constitutional succession rules. He is expected to take the name King Haakon VIII.
Following the announcement of Harald’s death, the flag at the Royal Palace in Oslo was lowered to half-mast, while members of the public gathered outside the palace to lay flowers and mourn the late monarch.
Harald was widely regarded as a popular and unifying figure during his 35 years on the throne. He was also known for his modest lifestyle and efforts to modernise the monarchy.
Kaspara Bolstad, 24, described him as “a very steady and warm king.”
“I think the entire Norwegian people see him as a role model and as someone who brings people together. Whether you’re for or against the monarchy, I think he’s well-liked across the board,” she said.
Magnus Skaugseth, 27, also praised the late King’s inclusive approach.
“He was so inclusive and committed to having values that are inclusive in the society we live in today. When there is so much division and polarisation, he was a pillar pointing in the opposite direction,” Skaugseth said.
Harald had experienced several health challenges in recent years and had undergone procedures including the fitting of a pacemaker. Despite his declining health, he repeatedly ruled out abdication, maintaining that his oath to serve Norway was lifelong.
His death comes during a turbulent period for the Norwegian royal family, which has faced a series of health and personal controversies in recent months.
With Harald’s death, Crown Prince Haakon now takes over the Norwegian throne, marking the beginning of a new chapter for the country’s monarchy.
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