NEWS
US-Iran War Boosts Dangote Refinery’s Fortunes – Report
The Wall Street Journal has reported that billionaire industrialist Aliko Dangote is among the biggest beneficiaries of the disruption caused by the recent US-Iran conflict, with his $20bn refinery enjoying rising demand for refined petroleum products.
In a report published on Friday, the newspaper said Dangote was now reaping the rewards of the refinery after enduring years of delays and cost overruns that pushed the project’s cost to about $20bn.
“The huge refinery reached full capacity in February—just in time to supply the world with diesel, jet fuel and gasoline that doesn’t need to pass through the Strait of Hormuz.
“Surging demand for refined petroleum products has boosted Dangote’s wealth by some $4.86 billion since the start of the year, according to the Bloomberg Billionaires Index, bringing his net worth to about $34.8 billion.
“Dangote’s repeated bets on the rise of Africa’s middle class, from cement to sugar to salt, have helped the 69-year-old become the world’s 65th-wealthiest person,” the report read.
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It added that output from the refinery had risen by more than 70 per cent this year, driven by stronger demand for refined petroleum products.
The newspaper quoted Dangote Industries Group Vice-President, Devakumar Edwin, as saying the company plans to list the refinery on the Nigerian Exchange later this year, targeting a valuation of at least $50bn, while also pursuing a secondary listing, likely in New York.
According to the report, the energy market disruption triggered by the US-Iran conflict has benefited producers outside the Middle East, with Nigeria recording increased demand for its crude oil and refined petroleum products.
It added that the development had supported the naira and helped moderate domestic petrol prices.
Edwin also told the newspaper that demand for the refinery’s products had increased across sub-Saharan Africa, while exports of jet fuel to Europe had grown significantly this year.
He said the company plans to expand the refinery’s capacity to 1.4 million barrels per day by 2028, an investment expected to cost about $13bn.
The report stated that Dangote Industries is planning another refinery project in Lamu, Kenya, alongside a new port, with the project estimated to cost about $15bn and take about three years to complete.
However, the Wall Street Journal noted that securing sufficient local crude oil remains one of the refinery’s biggest challenges, saying the Nigerian National Petroleum Company Limited has been unable to supply the volumes required because of existing export obligations and oil-backed loan commitments.
The report added that Dangote also plans to expand its distribution network by acquiring vessels, establishing a distribution hub in Namibia and constructing a pipeline to supply refined products to landlocked African countries, including Zimbabwe, Botswana and Zambia.
Courtesy – The Punch
NEWS
Tinubu Gov’t Does Not Engage, Everybody Is Its Enemy — Ajaero
Nigeria Labour Congress (NLC) President, Joe Ajaero, has accused the administration of President Bola Tinubu of failing to meaningfully engage with organised labour, alleging that the government has remained aloof despite repeated attempts to open dialogue.
Ajaero made the remarks during an appearance on the Mic On Podcast, where he spoke about the relationship between the labour movement and the Federal Government over the past few years.
According to the NLC president, the government has not been engaging with labour and only responds when workers and other groups take steps to force its attention.
SEE ALSO: Spike in Petrol Price Moves NLC to Demands Emergency Palliatives
“For the past two, three years, you know, it’s not a government that is engaging. This government doesn’t engage,” Ajaero said.
He described the administration as “aloof”, stressing that meaningful engagement had been lacking between the government and organised labour.
Ajaero recalled that the NLC had, by December 17, 2025, announced plans to take its grievances to the streets after months of attempts to communicate with the President.
He said the labour movement had written to President Tinubu from June through December but received no response.
“Well, by December 17th, 2025, we pulled out that we are going to the streets. After writing a letter from May, sorry June, to December to Mr. President and there was no response,” he said.
According to him, the planned action eventually led to the intervention of some state governors, who facilitated an interface between labour and the government.
He said the intervention became necessary after other channels of communication, including the office of the Minister of Labour, had failed.
“Because the whole channel—whether through the Minister of Labour or any other office—failed, collapsed. So some governors met with us, and since that time we have talked once or twice,” Ajaero said.
However, the NLC president suggested that the situation had not significantly improved, alleging that the issues raised by labour since December had largely been left unresolved.
“And those issues… December last year to now, they’re just doing their business. Everybody is their enemy,” he added.
NEWS
Police Report Nationwide Operations, Rescue Kidnap Victims, Recover Weapons in 5 States
The Nigeria Police Force has disclosed a series of operational successes recorded across eight states, including the rescue of kidnapped victims, the recovery of firearms and rocket launchers, the repulsion of bandit attacks and the arrest of suspects linked to armed robbery and murder.
The Force made the disclosure on Saturday, October 3, 2026, in its 24-hour operational update covering security operations recorded on October 2 and related reporting periods.
SEE MORE: Alcohol Encourages Banditry, Destroys The Future Of Our Children — NAFDAC
According to the Police, the operations were recorded in Sokoto, Benue, Katsina, Ogun, Taraba, Cross River and Oyo states.
Sokoto: Police Foil Bandit Attack, Recover Rocket Launchers
In Sokoto State, Police tactical teams, the Anti-Kidnapping Unit and the Violent Crime Response Unit (VCRU) engaged suspected bandits who attacked Tsabre Village.
The Police said the attackers were overpowered and fled into the forest with casualties.
A subsequent bush-combing operation led to the recovery of two rocket launchers, two empty AK-47 magazines, a Tecno keypad phone, a torchlight, an army jungle hat, a sweater cap, five pairs of sandals and a rain jacket.
The Police said no casualty was recorded on its side.
Katsina: Bandits Repelled on Funtua-Zaria Road
In Katsina State, a joint team comprising VCRU, 83 Police Mobile Force (PMF) and other tactical operatives engaged suspected heavily armed bandits who reportedly blocked the Funtua-Zaria Road and opened fire on commuters.
The Police said the attackers were repelled and traffic flow was restored along the road.
Four injured commuters were evacuated for medical treatment.
The incident is being investigated by the SCID, Katsina.
Ogun: Police Rescue Nine Kidnapped Travellers
In Ogun State, the Police disclosed the rescue of nine travellers who were kidnapped on September 29, 2026, by armed men along the Benin-Sagamu Expressway.
According to the Force, the victims were released unharmed following sustained pressure mounted by the Police and sister security agencies.
“Their statements were taken and they were reunited with their families,” the Police said.
The case is being investigated by the SCID, Abeokuta.
Katsina: Four Kidnap Victims Rescued
The Police also reported the rescue of four kidnapped victims in Katsina State, as reflected in its consolidated operational returns for the reporting period.
The Force said the matter was being investigated by the SCID, Katsina.
Oyo: Three Arrested Over Alleged Robbery, Murder
In Oyo State, operatives of the VCRU arrested Akinrinola Oluwatobi, 28; Okunola Mathew, 24; and Ibrahim Rabiu, 23, in connection with the alleged armed robbery and murder of Mrs Wahab Rukayat.
The Police said the suspects were arrested following credible intelligence after operatives raided a criminal hideout in the Sabo area of Ibadan.
An iPhone 7 Plus belonging to the deceased was reportedly recovered during the operation.
The Force further stated that the complainant identified the suspects during an identification parade and that they confessed to the crime.
The case is being investigated by the SCID, Ibadan.
The Police said the various operations formed part of its ongoing efforts to combat banditry, kidnapping, cult-related activities, armed robbery and other crimes across the country.
NEWS
Subsidy Removal, FX Reforms Driving Fresh Oil Sector Investment – Shettima
Vice President Kashim Shettima has attributed renewed investment and stronger performance in Nigeria’s oil and gas sector to the economic reforms of President Bola Ahmed Tinubu’s administration, particularly the removal of petroleum subsidy and reforms in the foreign exchange market.
Shettima spoke on Friday in Lagos while commissioning the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Victoria Island.
The Vice President said the reforms had confronted distortions that previously discouraged productive investment, while improved market stability was helping businesses make longer-term investment decisions.
SEE ALSO: Shettima Arrives Lagos for Northwest Petroleum & Gas Headquarters Commissioning
According to him, greater exchange-rate predictability strengthens procurement, improves investment decisions and supports production.
“The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter. A business must be able to plan before it can expand.
“Greater exchange rate predictability strengthens procurement, improves investment decisions and supports production,” Shettima said.
He assured investors that the Federal Government would continue to create conditions that reward enterprise, encourage technological advancement and sustain economic growth.
“We recognise the sacrifices reform has demanded, and our obligation is to translate economic progress into better lives,” he added.
Speaking on the newly commissioned Northwest Petroleum facility, Shettima described the headquarters as a significant expansion for the indigenous company and said it demonstrated the capacity of Nigerian businesses to compete, innovate and deliver at international standards.
He said the facility sends a message to investors, customers and Nigerians that Northwest Petroleum is preparing for decades of service in a changing global energy economy.
“We take particular pride in seeing an indigenous enterprise expand with such conviction. Nigerian ownership must mean Nigerian capacity to compete, invent and deliver,” the Vice President said.
Shettima also stressed the importance of private enterprises in creating employment and economic opportunities, noting that government alone cannot manufacture prosperity.
He commended Northwest Petroleum for building a strong Nigerian presence across the oil and gas value chain since 1998, saying its continued expansion could create opportunities for young Nigerians, professionals, suppliers, transport operators, maintenance providers and other businesses.
The Vice President urged the company to use its new corporate hub to improve efficiency, coordination and productivity across its expanding operations.
He also expressed confidence that the facility would nurture creativity, reward innovation, generate profitability and contribute to Nigeria’s economic development.
Earlier, Lagos State Governor Babajide Sanwo-Olu commended private-sector investors for contributing to the growth of the state.
Sanwo-Olu described the private sector as the “oil of growth” and reaffirmed the Lagos State Government’s commitment to creating an enabling environment for businesses to thrive.
He also thanked investors in the oil and gas, financial services and construction sectors for their contributions to the development of Lagos.
The Chief Executive Officer and Founder of Northwest Petroleum & Gas Company Limited, Winifred Akpani, said the new facility represented the company’s growth, confidence in Nigeria’s future and determination to build a modern Nigerian company capable of operating to high standards.
Akpani said the smart building was designed to promote collaboration, strengthen operational efficiency, encourage innovation and empower the company’s workforce.
She added that the future of the energy industry would increasingly depend on innovation, technology, responsible investment, strong partnerships and the development of Nigerian talent.
Also present at the commissioning were former Lagos State Governor Akinwunmi Ambode; Fatima Aliko-Dangote, Group Executive Director, Commercial Operations, Oil and Gas, WAEP, and Fertilizer, Dangote Industries Limited; former Delta State Governor James Ibori; and other business and industry leaders.





