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Nigeria Government to sell N90bn bonds on Feb. 12

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LAGOS – The Debts Management Office ((DMO) says it will sell N90 billion Federal Government bonds on Feb. 12

The DMO said this in its “February 2014 FGN Bond Offer Circular” posted on its Website on Thursday.

It said that the N90 billion worth of bonds comprised N45 billion three-year paper and N45 billion of 20-year paper

It said that the bonds would mature in August 2016 and July 2030, respectively.

The DMO said that the 2016 and 2030 instruments would attract 13.05 per cent and 10.00 per cent coupon rates, respectively.

The sale is the second monthly debt auction for 2014.

The DMO, on Jan.15, issued two tranches of Federal Government bonds totaling N90 billion to investors.

The bonds had tenors of between three and 20 years with coupon rates of 10.5 per cent and 12.00 per cent, respectively.

– NAN

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Forbes Ranks Dangote As World’s 86th Richest Person

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Dangote Tackle forex shortage with sugar

 

Nigerian entrepreneur, Aliko Dangote is now the 86th richest person in the world with his wealth put at $23.9 billion.

With the classification, Dangote retains his position as the wealthiest person in Africa, according to Forbes.

Recall that Forbes ranked Dangote as the 144th richest person in the world in 2024 with $13.4 billion.

In its latest ranking, Forbes estimates Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals.

At 67 years old, Dangote is once again one of the top 100 richest individuals worldwide, a position he has not held since 2018, according to the Forbes Real-Time Billionaires List.

ALSO READ: Dangote Group Loud At 46th Kaduna Int Trade Fair

This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion and very far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.

Dangote disrupted the Nigerian government’s oil monopoly by constructing the largest petroleum refinery in Africa.

After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery began operations last year. Located on a vast 6,200-acre site in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day (b/d), making it the seventh-largest refinery in the world and the largest in Africa.

Additionally, the refinery’s adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertiliser producer.

The Dangote Refinery is already having a significant impact on global energy markets. Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that had traditionally sold to Nigeria, according to energy intelligence firm Vortexa.

Furthermore, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.

Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products. This would enable Nigeria to compete with European refineries and supply gasoline to Nigerian consumers.

“I want to provide a blueprint for industrialisation across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.”

He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”

Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.

“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”

Director of the Africa Programme at the Carnegie Endowment for International Peace, Zainab Usman, was cited by Forbes, as saying that Nigerians see Dangote as a hero and a real industrialist transforming the country.

“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.

A professor of African studies at the Soka University of America, Chika Ezeanya, also corroborated this view, noting that Dangote is meeting the needs of consumers on the continent.

“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” he said while adding, “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”

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JUST IN: Nigeria’s Inflation Drops To 24.48% After CPI Rebasing – NBS

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Nigeria’s inflation falls further to 15.99% in October

Nigeria’s inflation rate declined to 24.48% year-on-year in January 2025, following a rebasing of the Consumer Price Index (CPI), according to the National Bureau of Statistics (NBS).

Announcing the figures on Tuesday, Statistician-General of the Federation, Adeyemi Adeniran, explained that the rebasing exercise was necessary to reflect current consumer spending patterns.

He noted that urban inflation stood at 26.09%, while rural inflation was recorded at 22.15%.

READ MORE: Nigeria’s Unemployment Rate Drops To 4.3% In Q2 2024 – NBS

The new CPI measurement replaces the previous framework, under which inflation was reported at 34.80% in December 2024.

Rebasing the CPI involves updating the basket of goods and services used to calculate inflation, ensuring it aligns with present economic realities.

The rebased figures show that food inflation fell to 26.08% year-on-year in January, down from 39.84% in December 2024.

Similarly, core inflation—which excludes volatile agricultural and energy prices—dropped to 22.59% year-on-year.

Adeniran stated that the revised CPI methodology provides a clearer picture of inflationary trends and the cost of living in Nigeria.

The figures come amid government efforts to stabilize the economy and curb inflationary pressures.

 

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BOF Receives Donation Of Medical Equipment From NNPC-SNEPCo

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As part of efforts to enhance healthcare outreach in under-served communities across Nigeria’s South-West, North-Central, and South-South regions, the Nigerian National Petroleum Company Limited (NNPC Ltd) and the Shell Nigeria Exploration and Production Company Limited (SNEPCo) donated medical equipment to the Benjamin Olowojebutu Foundation (BOF).

It was gathered that the initiative was aimed at enabling the non-profit organisation to conduct nearly 5,000 fibroids and hernias surgeries, alongside dental procedures for an additional 5,000 individuals.

The Managing Director, SNEPCo, Roland Adams, revealed that the partnership with NNPC and BOF is part of the social investments of the company that for improving lives across Nigeria.

ALSO READ: Atiku Condemns Armed Desecration Of LSHA

Adams spoke through the Health Manager and Transformation, Dr. Ajike Oladoyin, and reaffirmed SNEPCo’s dedication to improving healthcare accessibility and quality for Nigerians, particularly in regions that lack such services.

On his part, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), Oluwaseyi Omotowa, represented by Deputy External Relations Manager, Edith Lawson, said, “The donation is a testament of our dedication to corporate social responsibility and the commitment of NNPC Ltd to enhancing healthcare delivery in Nigeria. It aligns with our broader objective of fostering sustainable development and empowering communities across the nation. We understand the challenges faced by healthcare providers, and through this contribution, we hope to alleviate some of these burdens and enable healthcare professionals to deliver even more efficient and effective care.”

The head of BOF, Dr. Benjamin Olowojebutu expressed gratitude for the donation which would be useful for outreaches planned for this year in Kwara (North-Central), Ekiti (South-West) and Ebonyi and Bayelsa in the South-East and South-South respectively.

The social investments of NNPC-SNEPCo and co-venture partners (Total Energies, ExxonMobil and Nigeria Agip Exploration) have improved lives in internally displaced camps in North-East Nigeria and rebuilt hospital wards and educational institutions in addition to secondary, undergraduate and postgraduate scholarship awards and donation of cancer treatment equipment. More than 6,000 people benefitted from an eyecare outreach which held as part of the NNPC-SNEPCo Vision First initiative in Bariga Loal government Area of Lagos State in August last year. The initiative also saw the donation of medical equipment to health centres and charity homes in Badagry, in Lagos State, Oguta in Yenagoa , Bayelsa State.

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