Business
I Paid $100m For Land, No Gov’t Support For Refinery – Dangote
Aliko Dangote, Africa’s richest man, has confirmed that his $20 billion refinery in the Lekki Free Trade Zone received no incentives from the Nigerian government.
Dangote made the announcement during a meeting with the House of Representatives leadership, including Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu on Saturday.
He said, “In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State.
“Yes, the Lagos State gave us a good deal but we paid $100m for the land. It wasn’t free land; we paid for it. Majority of the population are with us. So, we are not discouraged, we will continue what we are doing.”
Dangote expressed confidence in the support of the majority and reaffirmed his commitment to the project.
He also urged the House of Representatives to investigate the quality of diesel and petrol at filling stations, countering allegations of substandard products from his refinery.
Dangote called for the establishment of a committee to test fuel quality across the country, citing concerns over vehicle and engine damage caused by inferior products.
Speaking further, Dangote refuted claims that his companies hold a monopoly in the industry.
He emphasized that such assertions are unfounded.
He said, “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell. We have never consciously or unconsciously stopped anybody from doing the same business that we are doing.
“When we first came into cement production, it was only Lafarge that was operating here in Nigeria…Nobody ever called Lafarge a monopoly.”
He added that labeling his group of companies as monopolistic is disheartening.
“Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us.”
Nokia has reported a net loss of €68 million for the first quarter of 2025, a sharp decline from the €438 million profit recorded during the same period last year.
The Finnish telecoms equipment maker attributed the downturn to global trade disruptions and recently imposed tariffs by the United States.
The company’s net sales dropped slightly to €4.4 billion, down by one percent year-on-year.
READ ALSO: Trade War: China Strikes Back Wth 125% Tariffs On U.S. Goods
Tariff-related challenges were highlighted by Nokia’s President and CEO, Justin Hotard, who acknowledged the broader economic pressures affecting the industry.
“We are not immune to the rapidly evolving global trade landscape,” Hotard stated. “However, based on early customer feedback, I believe our markets should prove to be relatively resilient.”
He also noted the potential short-term financial impact, saying, “Based on what we see today, we currently expect a EUR 20 to 30 million impact on our comparable operating profit in the second quarter from the current tariffs.”
Earlier this month, U.S. President Donald Trump introduced a 10 percent tariff on global imports, while pausing plans for steeper duties, including a proposed 20 percent levy on products from the European Union.
Despite the quarterly setback, Nokia expressed confidence in its growth prospects.
The company is looking to its Network Infrastructure, Cloud and Network Services, and Mobile Networks divisions to drive sales in the year ahead.
In a sign of continued momentum in the mobile segment, Nokia also announced on Thursday that it had extended its contract with T-Mobile US.
The company said it is continuing “to see positive signs of stabilization” in Mobile Networks.
The pull of market forces which moved the hands of the Nigerian National Petroleum Company Limited (NNPC Ltd) to reduce the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja appears to be a source of torture to independent markets.
Biztellers reports that the latest price review on Easter Monday saw NNPC retail outlets in Lagos drop from N925 to N880, while those in Abuja adjusted from N950 to N935.
The NNPC Ltd’s price reduction came barely a week after the Dangote Refinery lowered its ex-depot price from N865 to N835 per litre.
ALSO READ: BREAKING: Again, Dangote Cuts Petrol Price To N835 per Litre
In addition, the $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.
Consumers can smile because with the reaction, the NNPC Ltd’s new price in Lagos is N10 lower than what the Dangote Refinery is selling at, which might lead to another reaction, as the price war between the two companies.
Though some NNPC Ltd’s retail outlets were observed selling at the old rate in Lagos, it was gathered that they were given the liberty to exhaust old stock before adjusting to the new prices.
Market sources are of the view that the current price war was ignited by the Federal Government’s implementation of the Naira-for-crude policy.
Gold soared to a record high of $3,500 an ounce on Tuesday, as mounting fears over a potential U.S. recession and escalating tensions between President Donald Trump and the Federal Reserve drove investors toward the traditional safe-haven asset.
The precious metal briefly touched an all-time high of $3,500.10 an ounce before retreating slightly to trade at $3,467.87.
READ ALSO: JUST IN: Vatican Discloses Cause Of Pope Francis’ Death
The rally marks the latest in a string of record-breaking gains for gold, fueled by a weakening U.S. dollar, sharp declines across global stock markets, and growing concerns over the health of the world economy.
Market sentiment took another hit this week after President Trump ramped up his trade war with China, slapping fresh tariffs on the world’s second-largest economy and intensifying fears of prolonged economic disruption.
Gold has surged more than 30 percent since the start of the year as investors seek refuge from mounting market volatility.
“The rally reflects ongoing recession fears in the U.S. economy and heightened political tensions, especially as President Donald Trump continues to attack Federal Reserve Chair Jerome Powell,” said Rania Gule, senior market analyst at trading group XS.com.
Concerns about the Fed’s independence were further stoked Monday, when Trump publicly lashed out at Powell on social media, branding him a “major loser” for not cutting interest rates — a move the president has repeatedly demanded.
The sharp criticism follows Trump’s recent suggestion that he might attempt to remove Powell from his post.
Russia Launches Deadliest Attack On Ukraine As Ceasefire Hopes Fade
Trade Tensions Hit Nokia As Q1 Ends In €68M Loss
Why NDLEA Wants Drug Tests For Corps Members, Couples
JUST IN: Political Earthquake In Delta As Gov Oborevwori Defects To APC
Panic In Istanbul As 6.2-Magnitude Earthquake Hits Marmara Sea
