Business
Dangote Refinery Symbolises Hope for Africa ― ECOWAS President
. . . We’ve capacity to meet ECOWAS’s petroleum needs ― Dangote
Towering over the Lekki Free Zone on the edge of the Atlantic, the Dangote Petroleum Refinery is more than just a feat of engineering; it has become a symbol of ambition, vision, and industrial self-reliance for an entire continent.
The above view was expressed by the West Africa’s highest political and economic bloc, the Economic Community of West African States (ECOWAS).
During a high-level visit to the state-of-the-art 650,000 barrels-per-day facility, the President of the ECOWAS Commission, H.E. Dr Omar Alieu Touray, declared the refinery a beacon of hope for Africa’s future, and a clear demonstration of what the private sector can achieve in the drive for regional industrialisation. The delegation also included ECOWAS Commissioner for Infrastructure, Energy and Digitalisation, Sediko Douka; Commissioner of Internal Services, Prof. Nazifi Abdullahi Darma; Director of Private Sector/SME, Dr Tony Luka Elumelu; and Dr Touray’s Chief of Staff, Hon Abdou Kolley, among others.
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“What I have seen today gives me a lot of hope, and everybody who doesn’t believe in Africa should come here. Visiting here will give you more hope because this is exactly what our continent should focus on,” Dr Touray remarked, visibly moved by the scale and sophistication of the facility. “We have seen something I couldn’t have imagined, and really the capacity in all areas is impressive. We congratulate Alhaji Dangote for this trust in Africa because I think you do this only when you have the trust, and he has a vision for Africa, and this is what we should all work to encourage.”
Dr Touray noted that the refinery, which produces fuel to Euro V standard, is critical for enabling the ECOWAS region to meet its 50ppm sulphur limit for petroleum products—a standard many imported fuels fail to meet, posing health and environmental risks across member states.
“We are still importing products below our standard when a regional company such as Dangote can meet and exceed these requirements,” he said. “The private sector must take the lead in ECOWAS industrialisation.”
The ECOWAS Commission President used the visit to call for stronger collaboration between governments and the private sector, stressing that policy decisions must reflect the real challenges and opportunities experienced by African industrialists.
“We believe our visit also serves as an opportunity to hear directly from Mr Dangote, about what the private sector expects from the ECOWAS community,” Dr Touray remarked, noting that as ECOWAS celebrates its 50th anniversary, the community is more committed than ever to bringing the private sector to the table — to listen to their perspectives and to understand how best to create an environment that works for them.
“We cannot continue to make decisions on behalf of the private sector from a distance. Visits like this provide us with first-hand experience and direct insight into the challenges they face—challenges that authorities and government officials must work to address,” he added.
Dr Touray said the time is ripe for the region to pursue an industrial strategy capable of addressing deep-rooted challenges such as youth unemployment, poverty, and insecurity.
“We often speak about poverty eradication and youth employment, but the government alone may not have the capacity to achieve these goals. Only the private sector can deliver the scale of impact required, and it is essential that we listen to them, understand how these objectives can be met, and identify the bottlenecks they face so that they can be effectively addressed. This is the only realistic path to creating jobs and fostering genuine prosperity across our economies.”
He pledged the Commission’s full support for enabling regional giants such as Dangote Group to access wider ECOWAS markets and urged other African nations to follow Nigeria’s example by building infrastructure that serves the continent, not just individual countries.
“Once again, I congratulate the Dangote Group and commit that ECOWAS Commission will do everything to open up the ECOWAS market for them, if not the entire African continent.”
President of Dangote Group, Aliko Dangote, led the ECOWAS delegation on a detailed tour of the facility, explaining the challenges and milestones involved in bringing the world’s largest single-train refinery to life.
He reiterated his longstanding position that Africa’s continued dependence on imported goods is unsustainable and hinders economic sovereignty.
“As long as we continue importing what we can produce, we will remain underdeveloped,” Dangote said. “This refinery is proof that we can build for ourselves at scale, to global standards.”
He noted that the Dangote Refinery is fully equipped to meet the petroleum needs of Nigeria and the entire West African region, countering claims that the facility would not produce enough for local and regional demand.
“There have been many claims suggesting that we don’t even produce enough to meet Nigeria’s needs, so how could we possibly supply other West African countries? But now, they are here to see the reality for themselves and, more importantly, to encourage other nations to embark on similarly large-scale industrial projects,” he said.
Noting that Africa will benefit greatly by encouraging trade among its countries, especially through value addition to the continent’s abundant resources, Dangote stressed how the refinery has helped Nigeria to bring down the cost of refined products and production costs across many sectors of the economy.
“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching,” he said.
He also noted that Nigerians are benefiting from local refining as the price of petrol has dropped significantly compared to neighbouring countries.
“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55% of what others in the region are paying for petrol. We also have a much larger initiative in the pipeline, something we’ve not yet announced but Nigerians should know that this refinery is built for them, and they will enjoy the maximum benefit from it,” he said.
He emphasised that this price reduction is a direct result of local refining, which continues to improve fuel affordability while enhancing energy security and reducing dependence on imports.
Photo Caption
L-R; President of the ECOWAS Commission; H. E. Dr. Omar Aliau Touray ; ECOWAS Commissioner for Internal Affairs; Prof. Nazifi Abdullahi Darma; President/ CE, Dangote Industries Ltd, Aliko Dangote; ECOWAS Commissioner for Infrastructure, Energy and Digitalisation; Sédiko Douka; During President of the ECOWAS Commission and His Team Visit to Dangote Petroleum Refinery and Fertiliser Plant in Lekki, Lagos on Thursday, May 29, 2025
Modupe Asudo
Sahara Group, a leading global energy and infrastructure conglomerate, has commissioned MT Asharami Ghana, a 40,000‑cubic‑metre Liquefied Petroleum Gas (LPG) carrier, expanding its fleet capacity, while strengthening Ghana’s clean energy supply chain and LPG distribution network.
The dual‑fuel vessel improves operational efficiency, enhances supply reliability, and supports lower‑emission LPG logistics as consumption grows across Ghana and the wider sub‑region.
Ghanaian President Mahama and Sahara Executive Directors
Speaking at the commissioning in Ulsan, South Korea, President John Dramani Mahama described the vessel as “a significant milestone in strengthening the infrastructure that underpins the global LPG supply chain,” noting that expanded shipping capacity is critical to improving supply security, reliability and efficiency for countries that rely partly on LPG imports.
He commended Sahara Group, WAGL Energy and all partners involved for their “leadership, technical expertise and strategic foresight,” adding that the project reflects “the power of partnership” in advancing safe, efficient, and responsible energy distribution.
President Mahama wished the MT Asharami Ghana safe sails, expressing confidence that the vessel would inspire further investment and collaboration across Africa’s energy value chain.
According to Wale Ajibade, Executive Director, Sahara Group, the vessel supports Ghana’s clean energy ambitions through integrated infrastructure.
“MT Asharami Ghana is more than a vessel; it is part of a deliberate strategy to strengthen LPG supply security and support Ghana’s clean energy ambitions. It secures an additional 25,000-Metric-tonne stock security for the Ghana economy, alongside the soon to be commissioned 6000-metric-tonee of 12.000-metric-tonne land storage in Tema,” he said.
With the addition of Asharami Ghana, Sahara Group’s LPG carrier fleet now comprises six delivered vessels with a combined capacity of 202,000 cubic metres. Supported by partnerships with WAGL Energy, NNPC Limited and other stakeholders, an additional 270,000 cubic metres of capacity is under construction and due for delivery by September 2028.
Temitope Shonubi, Executive Director, Sahara Group, said Asharami Ghana is part of Sahara’s integrated LPG infrastructure strategy spanning shipping, storage, and downstream distribution globally, including the development of a 12,000‑metric‑tonne land‑based LPG storage terminal in Tema, with a 6,000‑metric‑tonne first phase scheduled for completion in May 2026.
He thanked Yaa Serwaa Alifo, MD of Asharami Ghana, for her resilience and insistence to dedicate a ship of “this magnitude solely to the Ghana Market and its landlocked neighbours.”
Ghana is targeting LPG adoption of 50 per cent of households by 2030, up from about 30 per cent today. Sahara’s investments will support clean energy access for more than 35 million people, while strengthening Ghana’s role in regional LPG trade to neighbouring and landlocked West African markets.
The commissioning comes in Sahara Group’s 30th anniversary year, guided by the Sahara Beyond XXX milestone, underscoring Sahara’s focus on building an enduring enterprise that delivers responsible growth, shared prosperity and long‑term impact across its markets.
Business
NGX Group, IFC, CSCS and WIMBIZ Convene Leaders to Advance Gender Equality at 2026 Ring the Bell Ceremony
The Nigerian Exchange Group Plc (NGX Group), in collaboration with Central Securities Clearing System Plc (CSCS) and Women in Management, Business and Public Service (WIMBIZ), convened leaders from across the public and private sectors to commemorate International Women’s Day 2026 through the global Ring the Bell for Gender Equality initiative.
Aligned with the UN Women theme “Rights, Justice, Action – For All Women and Girls,” the event, held during the Nigerian Exchange Closing Gong Ceremony, served as a call for sustained action to advance gender equality and expand women’s participation in economic leadership.
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Delivering the welcome address, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasized the critical role capital markets must play in shaping inclusive economic growth. “Capital markets are powerful engines for economic transformation. When women participate fully as leaders, entrepreneurs, and investors, markets become stronger, deeper, and more resilient. At NGX Group, we remain committed to advancing policies, partnerships, and platforms that expand opportunities for women and accelerate inclusive prosperity,” he said.
Delivering special remarks, Honourable Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, commended NGX Group and its partners for advancing gender inclusion through the initiative. “I congratulate NGX Group and its partners for sustaining this important global movement and for championing gender equality within our financial ecosystem. Together, let us continue to open the doors of opportunity so the next generation of women can lead with confidence and help transform our world,” she said.
Chioma Uzodimma, First Lady of Imo State, called for collective action to expand opportunities for women and girls. “As we sound the NGX Gong today, let it symbolize our shared pledge to protect every girl child, expand opportunities for every woman, and build an inclusive economy where every woman and girl can flourish,” she said.
Jude Chiemeka, Chief Executive Officer of Nigerian Exchange, emphasized the importance of broadening women’s participation in the capital market ecosystem. “When more women participate in the market as investors and professionals, we deepen the market and strengthen the foundation for sustainable growth,” he said.
Speaking on the role of development finance institutions in advancing gender inclusion, Claude Owona, Regional Industry Manager for Financial Institutions at the International Finance Corporation (IFC) for Central Africa and Anglophone West Africa, emphasized the economic benefits of gender equality. “When women and men participate equally in the economy, our societies function better and our economies become more prosperous,” she said.
Media entrepreneur and founder of EbonyLife Media, Mo Abudu, encouraged women to pursue their ambitions with clarity and confidence. “For me, it comes down to four things, purpose, passion, progress, and power. Find your purpose, let passion fuel your journey, stay consistent even when challenges arise, and most importantly, stand firmly in your power. Do not shrink,” she said.
Award-winning actor and filmmaker Funke Akindele urged women to pursue their ambitions with discipline and courage. “To every woman out there, you can do it. But beyond the words, we must put in the hard work, build structure into our businesses, and do things the right way. It takes courage to take the first step even when you’re not ready, courage to stay consistent when no one is clapping, and courage to hold firmly to your vision,” she said.
The Ring the Bell for Gender Equality ceremony celebrated the contributions of women to Nigeria’s capital markets and the broader economy while reinforcing the need for sustained action to close gender gaps in leadership, finance, and opportunity.
The 2026 edition was organized in collaboration with global partners including the International Finance Corporation (IFC), UN Women, the World Federation of Exchanges (WFE), the United Nations Global Compact, and the Sustainable Stock Exchanges Initiative (SSEI).
The event also featured the participation of female board members of NGX Group of companies, Ojinika Olaghere, Fatima Wali-Abdulrahman, Lilian Olubi, Ummahani Ahmad Amin, Amina Mohammed, and Fiona Ahime, alongside key ecosystem leaders including Onome Komolafe, Divisional Head, Business Services and Client Experience, CSCS Plc; Jumoke Olaniyan, Group Chief Strategy Officer, NGX Group; Uto Ukpanah, Chairperson, UN Global Compact Network Nigeria; and Mrs. Omowumi Akingbohungbe, Executive Director, WIMBIZ.
As the closing gong sounded, stakeholders echoed a common message: advancing gender equality requires more than dialogue. It requires sustained collaboration, deliberate action, and a collective commitment across governments, institutions, and markets to expand opportunities for women and girls.
Through initiatives such as Ring the Bell for Gender Equality, NGX Group and its partners continue to champion inclusive markets, recognizing that empowering women is essential to building stronger capital markets and a more resilient economy.
Modupe ASUDO
The Nigerian Content Development and Monitoring Board has reiterated its commitment to advancing gender inclusion and sustainable capacity development in Nigeria’s oil and gas industry, spotlighting a $20m Women in Oil and Gas Intervention Fund.
The Board made this known at the 3rd edition of the Diversity Sector Working Group’s Women in Oil and Gas Conference and Mentorship Programme, held on March 3, 2026, at Eko Hotels and Suites, Lagos.
The conference, organised in collaboration with the Nigerian Content Consultative Forum, was themed ‘Breaking Barriers, Shaping the Future’, with a strong focus on building bridges and empowering women for a sustainable energy future.
Delivering his goodwill message, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, described women’s empowerment as a strategic lever for strengthening Nigeria’s energy ecosystem, particularly at a time the global industry was undergoing profound structural change.
He explained that the sector’s navigation of energy transition, rapid technological innovation and rising sustainability expectations increasingly requires broader perspectives, adaptive leadership and inclusive participation to remain competitive and resilient.
Represented by the General Manager Midstream PCAD, Ms. Lekoma Phimia, the Executive Secretary framed inclusion not as social advocacy but as sound economics, stressing that diversity consistently delivers measurable performance outcomes across industries.
“Inclusive organisations are more innovative, more resilient and more profitable. When women thrive, industries thrive. When women lead, economies grow. When women are empowered, communities prosper,” he stated.
To illustrate this point, the Executive Secretary referenced the leadership impact of Ms. Oritsemeyiwa Eyesan, Executive Chairman of the Nigerian Upstream Petroleum Regulatory Commission, describing her tenure as clear evidence of women’s capacity to drive sector-wide transformation at the highest levels.
According to him, such leadership exemplifies how competence and inclusion are helping to steer the industry through a period of accelerated change.
While acknowledging the progress recorded, Ogbe observed that systemic barriers had continued to limit the full participation of women across segments of the oil and gas value chain, stressing that addressing the constraints requires deliberate, structured and sustained interventions.
At the centre of NCDMB’s empowerment showcase, the Executive Secretary highlighted the Women in Oil and Gas Intervention Fund, a landmark $20m initiative established in partnership with the Nigerian Export-Import Bank to provide affordable financing exclusively to women-owned businesses operating within Nigeria’s oil and gas sector.
He explained that the fund offers single-digit interest rate loans with repayment tenors of up to three years, targeted at eligible companies with approved industry contracts. According to him, the initiative is designed to accelerate local capacity and enable women entrepreneurs to transition from peripheral participation to ownership and leadership across the oil and gas value chain.
Ogbe further disclosed that a complementary intervention, implemented in partnership with the Bank of Industry, extends structured business training and additional access to capital to women-owned enterprises. He noted that many beneficiaries have expanded from small service providers into competitive vendors now supporting major oil and gas operators nationwide, particularly in logistics and marine services, safety equipment supply and environmental management — segments where female entrepreneurs have historically faced limited access to financing.
Beyond financing, the Executive Secretary highlighted NCDMB-supported skills development programmes executed in collaboration with institutions such as the Petroleum Training Institute and accredited industrial training centres in Rivers and Bayelsa states. He cited the training of women in welding and fabrication, noting that many graduates are employed in fabrication yards and contribute directly to major oil and gas projects.
“These women are earning dignified livelihoods, breaking stereotypes and inspiring a new generation,” Ogbe said, emphasising that collaboration remains critical to scaling impact, citing partnerships with financial institutions, development partners, training institutions and industry stakeholders.
He commended the NCCF Diversity Sector Working Group for sustaining advocacy and dialogue on inclusion. “We must move beyond inclusion towards leadership — more women in technical leadership roles, executive positions and industry boards,” he added.
In her remarks, the Chairman of NCCF Diversity Sector Working Group, Dr Alero Onosode, described the conference as a celebration of progress, leadership and possibility, noting that NCDMB’s sponsorship reflects its strong institutional commitment to inclusion and shared prosperity. She observed that convening the conference in March — International Women’s Day month — was symbolic, coming at a time of renewed activity and reform across Nigeria’s oil and gas industry.
“Alongside this momentum, we are seeing the rise of women into visible and influential leadership roles — regulators, CEOs, directors, engineers and policymakers shaping strategy and transforming spaces that were once dominated by a single voice,” Onosode said.
She explained that the conference theme challenged stakeholders to move from representation to impact, urging deliberate collaboration across sectors, generations and perspectives.
“Building bridges means women and men working together, turning diversity into strength and collaboration into results,” she stated, calling on industry leaders to prioritise mentorship, sponsorship and intentional partnerships.
The conference concluded with a renewed call for inclusive capacity development, with NCDMB reaffirming its commitment to empowering women, strengthening Nigerian content and ensuring that Nigeria’s energy future is sustainable, inclusive and economically transformative.
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