UBA wins double Euromoney Awards as Nigeria retail lender, ESG leader

United Bank for Africa (UBA) Plc has strengthened its standing as one of Africa’s leading financial institutions after securing two major honours at the 2026 Euromoney Awards for Excellence, winning Nigeria’s Best Bank for Retail and Nigeria’s Best Bank for Sustainability (ESG).
The awards, presented on July 17 at The Peninsula London, recognise financial institutions that have demonstrated outstanding performance, innovation, customer impact and excellence in sustainable banking.
The double recognition highlights UBA’s growing influence in retail banking while reinforcing its leadership in environmental, social and governance (ESG) practices across Africa.
According to Euromoney, UBA distinguished itself through several sustainability initiatives, including the launch of a Green Financing Facility designed to help households and businesses transition to renewable energy.
The bank was also recognised for its ₦5 billion financing programme with the Bank of Industry to support women-owned businesses and its long-term commitment to achieving net-zero emissions by 2050.
The publication further acknowledged UBA’s efforts to integrate sustainability into its operations through the deployment of solar-powered energy systems across 50 branches and extensive ESG capacity-building programmes that have trained more than 16,000 employees across the Group.
In the retail banking category, Euromoney cited UBA’s rapid expansion as one of Africa’s largest retail banking franchises.
The bank grew its customer base to more than 37 million by the end of 2025, while retail banking revenue more than quadrupled to ₦429.5 billion.
The awards also recognised UBA’s continued investment in digital innovation, particularly enhancements to its AI-powered virtual banking assistant, LEO.
The platform became Africa’s first artificial intelligence banking solution to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS), further strengthening seamless banking across the continent.
While commenting on the achievement, UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, described the awards as a strong endorsement of the bank’s strategy of combining commercial success with sustainable development.
“Being recognised as Nigeria’s Best Bank for both Retail Banking and ESG in the same year demonstrates that sustainable banking and business performance go hand in hand.
“At UBA, we remain committed to financing Africa’s future by supporting businesses, promoting financial inclusion, investing in communities and delivering innovative banking solutions that improve lives.”
Moreover, Alawuba maintained that “These awards belong to our customers for their continued trust and to every member of the UBA family whose dedication has made this achievement possible,” he said.
Also speaking, UBA’s Group Head of Marketing, Brand and Corporate Communications, Alero Ladipo, said the recognition reflects the bank’s unwavering commitment to delivering value to customers.
“These awards reaffirm our Customer First philosophy. Every innovation, product and investment we make is driven by our desire to create meaningful value for our customers.
“Whether through access to finance for entrepreneurs, seamless digital payment solutions, clean energy financing or broader financial inclusion across Africa, UBA remains focused on delivering lasting impact.
“We are honoured that one of the world’s leading financial publications has recognised these efforts,” she said.
With operations spanning 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates, UBA continues to expand its footprint as Africa’s Global Bank, serving more than 45 million customers through technology-driven financial services and a strong commitment to sustainable growth.
CBN Governor, Okonjo-Iweala to headline 7th Africa Emerging Markets Forum in Abuja ….on July 29 & 30

 A high-level fireside dialogue between the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, will headline the 7th Africa Emerging Markets Forum, taking place at the CBN Headquarters, Abuja, on Wednesday, 29 July, and Thursday, 30 July 2026.
Hosted by the Central Bank of Nigeria (CBN) in collaboration with the Emerging Markets Forum (EMF) and the Centre for the Study of the Economies of Africa (CSEA), the 7th Africa Emerging Markets Forum will convene senior policymakers, central bankers, ministers, development partners, private-sector leaders and leading economists from Africa and around the world to examine practical policy responses to an increasingly uncertain global economic environment.
Held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the 7th Africa Emerging Markets Forum will be headlined by the Cardoso–Okonjo-Iweala fireside dialogue, which will explore how African economies can build resilience, sustain reform momentum, deepen regional integration and unlock long-term growth amid an increasingly fragmented global economy.
The 7th Africa Emerging Markets Forum will also feature ministerial keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, underscoring the importance of coordinated fiscal, monetary and innovation policies in advancing Africa’s economic transformation and long-term resilience.
Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University; alongside senior policymakers, academics, development partners and business leaders from across Africa and beyond.
Over two days, participants will examine a wide range of issues critical to the future of emerging markets, including macroeconomic stability, regional economic integration, cross-border payments, financial technology, infrastructure, foreign direct investment, technology transfer, artificial intelligence, and the interconnected challenges of food price volatility, inflation and monetary policy transmission in fragile and post-crisis economies.
According to the organisers, the 7th Africa Emerging Markets Forum aims to foster open dialogue on issues of strategic importance to emerging markets and developing economies while identifying practical policy solutions that can be adapted to the unique circumstances of individual countries.
The Forum underscores the shared commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, advancing evidence-based policymaking and promoting innovative solutions that enhance Africa’s resilience and support sustainable, inclusive economic growth.
Dangote Refinery Secures Landmark $2.5bn Private Equity Investment

Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has successfully completed a landmark Private Equity Placement that raised approximately $2.5 billion in new equity, following a highly successful offering.

The transaction, which is believed to be Africa’s largest publicly disclosed primary equity private placement, marks a significant milestone in the history of the company and demonstrates strong investor confidence in the refinery’s long-term growth strategy and operational excellence.

In a statement made available to the Media, described the capital raise as the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise.

The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities.

The offering attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners, and individual investors.

Notable participants included the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), reflecting deep and diversified confidence in DPRP’s long-term prospects.

Commenting on the successful transaction, Aliko Dangote, President and Chief Executive of Dangote Industries Limited and Chairman of DPRP, described the placement as a strategic milestone in the company’s evolution.

“This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.

“It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security,” he said.

Also speaking on the development, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, said the overwhelming investor response validated the company’s operational performance and growth outlook.

He said: “The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential.”

With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity.

The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.

The company also acknowledged the contributions of its professional advisers and partners whose expertise and support were instrumental in delivering the successful transaction.

Kaduna APC aspirants accuse party, government of marginalisation

About 55 aspirants of the All Progressives Congress (APC) in Kaduna State who voluntarily stepped down from various elective contests in the interest of party unity have accused the party leadership and the Kaduna State Government of neglecting and marginalising loyal members.

The aggrieved aspirants, operating under the banner of the Kaduna State House of Assembly APC Aspirants Forum 2026, said they abandoned their political ambitions following appeals by party leaders, believing that their loyalty, discipline and commitment to the party would be rewarded with fairness, inclusion and recognition.

In a statement issued on Friday and signed by the forum’s chairman, Godwin Luka (Maisolar), and Secretary, Tahir Gambo Abubakar, the group lamented that, despite remaining steadfast and loyal to the APC, repeated efforts to seek an audience with the party leadership and the Kaduna State Government had yielded no positive response.

According to the forum, members voluntarily withdrew from their respective contests to preserve party unity and enhance the APC’s electoral prospects, describing the decision as a significant sacrifice made in the collective interest of the ruling party.

The aspirants, however, expressed disappointment that, months after making the sacrifice, they had allegedly been excluded from appointments, consultations and other political engagements.

They further alleged that, while loyal party members who complied with the directives of the leadership had been sidelined, individuals who openly criticised the party or opposed its decisions were allegedly being rewarded with appointments and political opportunities.

The statement said, “We willingly sacrificed our personal ambitions after appeals by the leadership because we believed our loyalty, discipline and commitment to the party would be recognised and appreciated.

“We remain committed to the ideals and success of the APC, but our patience and loyalty should not be mistaken for weakness, neither should our sacrifices be taken for granted.”

The forum stressed that its members were not demanding special treatment but were simply calling for justice, fairness and recognition of those who made personal sacrifices to strengthen the party.

It warned that continued neglect of loyal members could affect the morale of party faithful as political activities gradually gather momentum ahead of the 2027 general elections.

While reaffirming their loyalty to Governor Uba Sani and the APC, the aspirants urged the governor and the party leadership to engage members of the forum urgently and address their grievances before they escalate.

They also noted that many members of the forum command significant political influence across their respective constituencies, adding that their supporters were closely monitoring developments and would expect direction as preparations for the next general elections intensify.

“We have no regrets supporting the success of our great party. However, loyalty should be rewarded. Justice, equity and fairness remain the foundation for sustaining unity and strengthening the APC ahead of future elections,” the statement added.

The forum expressed optimism that the party leadership would resolve the matter through constructive dialogue, insisting that recognising and accommodating loyal members would further consolidate the APC’s unity and electoral strength in Kaduna State.

As of the time of filing this report, neither the Kaduna State chapter of the APC nor the Kaduna State Government had issued an official response to the allegations.

Osun PDP senatorial ticket dispute deepens over factional candidacy

A fresh dispute has emerged within the Peoples Democratic Party, PDP, in Osun State after a party chieftain, Ibraheem Adekunle, insisted that he remains the party’s validly nominated candidate for the Osun Central Senatorial District ahead of the 2027 general election.

The development followed the announcement by the senator representing Osun Central, Olubiyi Fadeyi, that he had returned to the PDP and had emerged as the party’s candidate for the senatorial district in the forthcoming general election.

Addressing journalists in Osogbo on Friday, Adekunle dismissed the claim and warned against any attempt to substitute his name as the party’s candidate, maintaining that he secured the ticket through a duly conducted PDP primary election.

He stated that he would seek judicial redress if any individual or group attempted to alter his nomination, insisting that the party’s nomination process had already been concluded in accordance with the law.

Adekunle questioned the circumstances surrounding Fadeyi’s alleged return to the PDP, referring to reports that the senator obtained a waiver from the party on May 8 2026 before allegedly participating in the All Progressives Congress, APC, senatorial primary on May 18, 2026.

According to him, “It has been claimed that Senator Olubiyi Fadeyi obtained a waiver from the Peoples Democratic Party on 8 May 2026. However, available records indicate that he subsequently participated in the APC senatorial primary election held on 18 May 2026 for the same office.

“This raises a fundamental question: if he had already become a PDP member through the alleged waiver on 8 May, under what legal or constitutional basis did he purchase APC nomination forms, submit APC nomination documents, undergo APC screening, campaign as an APC aspirant, and eventually participate in the APC primary election ten days later? Political party membership cannot exist in two parties at the same time.”

Adekunle maintained that by the time Fadeyi contested the APC primary election, the PDP had completed its nomination process for the Osun Central Senatorial District and had forwarded his name to the Independent National Electoral Commission, INEC.

He declared, “My name was duly submitted by the PDP to the Independent National Electoral Commission after the primary election and was subsequently uploaded on the Commission’s nomination portal in accordance with the law. I therefore remain the authentic and validly nominated PDP candidate for Osun Central Senatorial District.”

Expressing confidence in the PDP leadership, Adekunle said he trusted the National Working Committee to uphold due process and protect the outcome of the party’s primary election.

“I have absolute confidence in the National Working Committee of our great party and in the leadership of Chief Nyesom Wike. I believe they will uphold the rule of law, respect due process and protect the sanctity of the party’s primary election,” he said.

He warned that he would challenge through lawful means any effort to replace his name as the PDP’s candidate, stating, “I will vigorously defend my mandate and challenge, through every lawful means available, any attempt to unlawfully replace my name with that of any person who did not emerge from the PDP primary election.”

Nigeria police boosts capacity to counter weapons of mass destruction

The Nigeria Police Force has reiterated its dedication to enhancing Nigeria’s ability to prevent, detect, respond to, and investigate Chemical, Biological, Radiological, Nuclear, CBRN, and explosive threats.

This reaffirmation followed the hosting of the Final Phase of the Countering Weapons of Mass Destruction, C-WMD, Curriculum Development Workshop for the Explosive Ordnance Disposal and Chemical, Biological, Radiological and Nuclear, EOD-CBRN, Command.

The workshop was organized by the Commissioner of Police, EOD-CBRN Command, CP Hauwa Ibrahim, in partnership with the United States Defense Threat Reduction Agency, DTRA, and the Office of the National Security Adviser, ONSA.

The DTRA delegation was headed by Major Brittany Brown, while Mrs. Pamela West led the ONSA delegation.

The program represented the conclusion of a series of Train-the-Trainers workshops designed to institutionalize the National Countering Weapons of Mass Destruction Curriculum across involved security agencies and to bolster Nigeria’s readiness against emerging CBRN and explosive threats.

In his opening remarks on behalf of the Inspector-General of Police, IGP Olatunji Rilwan Disu, the Deputy Inspector-General of Police, Department of Operations, DIG Umar Shehu Nadada, characterized the initiative as a strategic investment in the operational preparedness of the Nigeria Police Force.

He emphasized that the evolving nature of Weapons of Mass Destruction threats necessitates that law enforcement agencies remain proactive, well-trained, and operationally equipped, while also highlighting the significance of ongoing inter-agency collaboration and international partnerships in ensuring national security.

DIG Nadada expressed the Inspector-General of Police’s gratitude to the United States Defense Threat Reduction Agency, the Office of the National Security Adviser, facilitators, and all partner agencies for their unwavering commitment to enhancing the operational capabilities of the Nigeria Police Force.

He emphasized that the ongoing support, technical expertise, and knowledge transfer from the partners have greatly improved the Force’s ability to safeguard lives, protect vital national infrastructure, and respond adeptly to changing security threats.

The Deputy Inspector-General further urged participants to engage in the workshop with professionalism, dedication, and a commitment to excellence, highlighting that the knowledge and skills gained should be effectively disseminated within the Force to ensure that the National C-WMD Curriculum becomes a lasting element of the training framework for EOD-CBRN personnel, thereby enhancing operational effectiveness throughout the Nigeria Police Force.

EOD-CBRN Command reiterated its dedication to incorporating the curriculum into the Nigeria Police Force training system to guarantee that officers develop the necessary competencies to effectively tackle emerging CBRN and Weapons of Mass Destruction threats.

The Command also conveyed optimism regarding the ongoing support from its strategic partners, particularly in the realms of specialized equipment, technical assistance, and advanced capacity building, to further enhance the operational capabilities of the EOD-CBRN Command in addressing modern security challenges.

Lagos seals over 20 Ikeja properties for planning violations

Lagos State Government has sealed more than 20 properties in Ikeja Local Government Area for allegedly breaching the state’s physical planning regulations.

The enforcement operation, carried out by the Lagos State Physical Planning Permit Authority, LASPPPA, forms part of ongoing efforts to tackle illegal developments and ensure adherence to approved planning standards.

The affected structures include vacant plots, unfinished buildings, and properties with unauthorised structural extensions, according to a statement posted by the state government on its official Facebook page on Friday.

The exercise was led by the Permanent Secretary, Office of Physical Planning, Olayinka Wasiu, alongside the General Manager of LASPPPA, Kehinde Osinaike, and other senior officials of the agency.

The government said the operation aligns with its broader campaign to regulate physical development and safeguard land designated for public infrastructure across the state.

It also highlighted the ongoing statewide documentation exercise under the Setbacks, Common Areas and Roadsides Administration and Monitoring Project, SCRAMP, which seeks to identify and document informal public spaces while addressing their illegal occupation, unauthorised conversion and misuse. According to the government, such activities undermine approved development plans and the overall urban landscape.

Speaking during the enforcement exercise, Wasiu said the operation was intended to prevent building collapses, encourage orderly urban development and ensure compliance with the Lagos State Physical Planning Law.

He reaffirmed the government’s commitment to protecting lives and property through strict enforcement of planning regulations aimed at creating a safe, sustainable and resilient built environment.

Wasiu disclosed that contravention notices had earlier been issued to the affected property owners, informing them of the measures required to regularise their developments before enforcement commenced.

He advised developers and property owners to obtain the necessary planning permits and statutory approvals before embarking on any construction project or structural modification.

The permanent secretary added that the Ministry of Physical Planning and Urban Development, through LASPPPA, would continue to strengthen monitoring and enforcement activities across Lagos to curb illegal developments.

He also assured residents who comply with the law that the authority would remain committed to enforcing planning regulations in order to maintain an organised, aesthetically pleasing and legally compliant physical environment throughout the state.

Our lives matter: NANS decries Osun political crisis, calls for campus shutdown

The National Association of Nigerian Students, NANS, Southwest Zone D, has called for the temporary closure of tertiary institutions across Osun State ahead of the August 15 governorship election.
The association cited growing security concerns.

It also gave the Osun State Government, security agencies and heads of tertiary institutions a seven-day ultimatum to engage with student leaders on measures to protect students during the election period.

Speaking with journalists in Osogbo on Friday, the Coordinator of NANS Southwest Zone D, Comrade Adeyemo Josiah, said the position was reached in collaboration with recognised student leadership structures across the state.

“We reached this decision after receiving reports from Students’ Union Governments, campus leaders and other stakeholders about rising political tension in communities where many students live,” he said.

Josiah said the association’s main concern was that students are innocent members of society and should not become victims of political violence simply because they are pursuing their education in Osun State.

He stressed that the association’s recommendation was not politically motivated or intended to interfere with the powers of government or school authorities.

Josiah argued that while academic activities could be adjusted, the lives of students could not be replaced.

He said academic calendars could be adjusted, lectures rescheduled and examinations postponed, but stressed that no academic activity was more important than the life of a student. He added that it was better to take preventive measures now than to mourn avoidable deaths later.

“We believe dialogue is the most responsible way to address this issue, but it must lead to concrete action that guarantees the safety of students,” he said.

The student leader warned that if the association does not receive a satisfactory response within seven days, it will begin lawful and peaceful actions in consultation with student leaders across the state.

“Should there be no meaningful engagement or satisfactory response within this period, NANS Southwest Zone D, in consultation with recognised student leadership across Osun State, shall announce and commence lawful, peaceful and democratic actions considered necessary to protect the lives, welfare and constitutional rights of Nigerian students,” Josiah said.

Etihad Airways returns as Keyamo pushes expanded connectivity

Etihad Airways has officially announced plans to resume flight operations to Nigeria. The announcement came during a courtesy visit by a delegation from the Abu Dhabi-based carrier to the Minister of Aviation and Aerospace Development, Festus Keyamo, in Abuja.

The development was disclosed in a statement issued by the Special Adviser on Media and Communications to the Minister, Tunde Moshood, who said the airline’s planned return forms part of ongoing efforts to deepen international connectivity and strengthen Nigeria’s position as a key aviation hub in West Africa.

The move is expected to offer Nigerian travellers more direct options to the United Arab Emirates and wider global destinations.

Leading the Etihad delegation was the airline’s Senior Vice President, Aeropolitical, International and Government Affairs, Capt Khalid Al Ali. He was accompanied by Senior Vice President, Network, Alliance and Commercial Strategy, Jurriaan Stelder; Head of Aeropolitical and Industry Affairs, Asma Al Mheiri; and Diplomatic Affairs Manager, Mouza Khadem Al Ghaithi

The Nigerian delegation included the Director-General of the Nigeria Civil Aviation Authority, Chris Najomo; the Managing Director of the Federal Airports Authority of Nigeria, Mrs Olubunmi Kuku; the Managing Director of the Nigerian Airspace Management Agency, Umar Farouk; and other senior government officials.

Speaking during the meeting, Capt Al Ali formally conveyed the airline’s decision to return to Nigeria, describing the move as one that had been eagerly anticipated by the carrier. He expressed appreciation to the Nigerian government for receiving the delegation and reaffirmed Etihad’s commitment to re-establishing operations in the country.

“Your Excellency, thank you very much for receiving us. We’ve been very eager to meet you because of the project to start flying to Nigeria. That’s why we’re here to inform you officially now that we are ready to fly to Nigeria. There’s also a lot of push from our Ambassador to commence flights to Abuja. Our plan is to start Lagos between March 24 and 27, 2027,” Al Ali said.

He revealed that Etihad Airways had already concluded a landmark codeshare agreement with Nigeria’s largest carrier, Air Peace, describing the partnership as a strategic step that would enhance passenger connectivity across Nigeria and beyond.

According to him, the airline intends to deploy its modern Boeing 787 Dreamliner on the Nigeria route, operating daily services to meet expected passenger demand.

Responding, Keyamo welcomed the airline’s decision, describing it as another endorsement of Nigeria’s improving aviation environment. He praised Etihad’s newly signed partnership with Air Peace, saying it reflected growing confidence in indigenous Nigerian airlines.

“I saw you just signed a very good deal with Air Peace yesterday. That’s very good. Air Peace is one of our trusted and most reliable airlines. We are supporting them to grow. It is a very proud Nigerian flag carrier,” the minister said.

He added that the government remained committed to creating an enabling environment for both local and international airlines.

Keyamo said he had looked forward to Etihad’s return for some time, noting that the development aligned with the Federal Government’s reforms aimed at repositioning Nigeria as an attractive destination for global aviation investors. He maintained that restoring confidence among international airlines remained central to the administration’s aviation agenda.

While acknowledging the ongoing renovation and expansion works at the Murtala Muhammed International Airport, Lagos, the minister appealed to Etihad Airways to extend its planned operations beyond Lagos by introducing flights to Abuja, arguing that the nation’s capital presents a huge untapped market.

“Lagos is saturated, but we want to make all the space and everything available for you in Abuja. I want to beg you to consider Abuja. So many passengers from Northern Nigeria travelling to the UAE or transiting to Saudi Arabia for Umrah and other destinations currently have to travel all the way to Lagos to board flights. Everyone has been asking for Abuja. If you start Abuja, you will be amazed by the passenger traffic. So, we are begging you to include Abuja,” Keyamo appealed.

Demonstrating the Federal Government’s determination to ensure a seamless return for the airline, the minister directed the Managing Director of FAAN to immediately facilitate all necessary arrangements for Etihad’s operations at the Lagos airport.

He stressed that every relevant agency must work together to remove bureaucratic bottlenecks before the airline’s planned commencement date.

Responding to the directive, FAAN Managing Director, Mrs Olubunmi Kuku, assured the delegation that the authority would make adequate operational arrangements for Etihad despite ongoing infrastructure upgrades. She acknowledged that space at the temporary terminal remained limited but pledged that every possible effort would be made to accommodate the airline until the airport expansion project is completed.

To accelerate preparations, the minister approved the immediate establishment of a joint working committee comprising officials from the Ministry of Aviation and Aerospace Development, its agencies and Etihad Airways.

Both parties agreed to begin technical engagements through a virtual meeting as early as next week to fast-track regulatory approvals, operational planning and other logistical requirements.

Dangote plans fuel storage terminal in Cameroon

Dangote refineryThe Dangote Group has proposed the construction of a petroleum products storage terminal in Cameroon as it seeks to strengthen the regional distribution network of its 650,000-barrel-per-day Lekki refinery and expand its footprint in Central Africa.

The proposal was presented to Cameroon’s Prime Minister, Joseph Dion Ngute, on Tuesday by the Group’s Vice President for Oil, Gas and Fertiliser, Devakumar Edwin.

According to details of the proposal shared by a local media outlet, Business in Cameroon, seen on Friday, the planned facility would help build Cameroon’s strategic petroleum reserves, improve fuel supply security and potentially include a pipeline network for transporting refined products, reducing logistics costs and the environmental impact associated with road haulage.

The project, however, remains at the discussion stage, with no agreement announced after the meeting. The Dangote Group has yet to disclose the proposed location of the terminal, its storage capacity, investment value or implementation timeline.

It has also not stated whether the facility would be wholly owned, developed in partnership with the Cameroonian government or executed under a public-private partnership arrangement.

If realised, the project would provide a major export outlet for petroleum products from the Dangote refinery in Lekki, Lagos, which was built to meet domestic demand while supplying regional markets across Africa.

According to reports, the proposed terminal would also position the company to serve not only the Cameroonian market but also landlocked Central African countries, including Chad and the Central African Republic, which rely heavily on Cameroonian ports for fuel imports.

By positioning petroleum inventories closer to end-users, the company is expected to reduce delivery times, lower distribution costs and improve the efficiency of fuel supply across the region.

For Cameroon, the investment could strengthen fuel supply security and diversify petroleum product sources, provided the project aligns with the country’s pricing framework, taxation policies and strategic reserve requirements.

It was learnt that the proposal comes as Cameroon intensifies efforts to expand its petroleum storage capacity through major infrastructure projects in the port city of Kribi.

The country’s National Petroleum Storage Company is currently developing a petroleum terminal with a planned storage capacity of 230,000 cubic metres for refined products, including petrol, diesel and kerosene, alongside facilities capable of storing 40,000 metric tonnes of liquefied petroleum gas.

The project is expected to almost double Cameroon’s existing liquid fuel storage capacity of about 245,500 cubic metres. A second terminal is also being developed by CSTAR Tank Farm Project Management, a consortium owned by Ariana Energy, Tradex and Cameroon’s National Hydrocarbons Corporation.

The CSTAR project is expected to provide between 250,000 and 300,000 cubic metres of storage for diesel, petrol, aviation fuel, kerosene and heavy fuel oil at an estimated cost of CFA168bn.

Combined, the two projects are projected to add at least 480,000 cubic metres of liquid fuel storage capacity to the country’s downstream petroleum sector.

It was said that Dangote’s proposed facility could either complement the government’s ongoing investments or compete with them for access to port infrastructure, financing, pipeline networks and petroleum product volumes.

Cameroon’s petroleum storage business is currently dominated by the National Petroleum Storage Company, which manages the country’s fuel storage facilities, nationwide distribution network and strategic petroleum reserves.

If approved, the Dangote project would mark the group’s entry into Cameroon’s downstream petroleum sector, adding to its existing presence in the country through its cement manufacturing operations in Douala.

The proposal is the latest indication of the group’s ambition to establish a broader regional fuel distribution network anchored on its Lekki refinery, which has increasingly expanded exports to African and international markets.