Africa’s richest man, Aliko Dangote, has unveiled plans to build another 650,000 barrels-per-day refinery in East Africa, signalling an ambitious expansion of his refining footprint beyond Nigeria as the continent seeks to cut reliance on imported fuel.

Dangote disclosed this during a presidential panel at the Africa We Build Summit, organised by Africa Finance Corporation, on Thursday in Nairobi, saying his company is ready to replicate the scale and model of its Lagos-based refinery if governments in the region provide the needed support. Our correspondent monitored the proceedings of the panel session.

He sought the support of East African governments to replicate his Nigeria-scale refinery in the region in a move that could reshape fuel supply.

His remarks came as Kenya, Uganda, and Tanzania intensified talks to establish a joint refining hub in the Tanzanian port city of Tanga, a project expected to process crude from across the region, including supplies from the Democratic Republic of Congo and South Sudan.

Speaking at the forum, Dangote expressed confidence in the feasibility of the project, citing his experience in delivering the 650,000bpd refinery in Nigeria.

He said, “I can give commitment to the presidents here today that if they support the refinery, we will build the identical one that we have in Nigeria, a 650,000 barrels-per-day refinery. The discussions are still early, but it will work. There is nothing that can stop it. We have done it before in Nigeria, and that is why we are taking this bold step again.”

Dangote revealed that his group had already commenced expansion works in Nigeria to scale up refining capacity to 1.4 million barrels per day, a move he said would position the facility as the largest refinery in the world.

“We have already started piling for the expansion. We are building it to a scale of 1.4 million barrels per day. It will be the largest refinery globally. That also means we will account for about 10 per cent of the entire refining capacity of the United States, alongside significant petrochemical production,” he added.

The billionaire industrialist stressed that Africa must prioritise industrial self-sufficiency, warning that continued dependence on imports exposes economies to severe price shocks. He cited recent volatility in global petrochemical markets as evidence of the risks.

“Look at what is happening today. If not for the local production of polypropylene in Nigeria, many businesses would have collapsed. Cement packaging, flour, rice, grains—everything depends on it. In just 45 days, the price jumped from about $900 per tonne to nearly $3,000 per tonne. That tells you why we must build local capacity and stop relying on imports,” Dangote said.

According to him, the proposed refinery will not only deepen Africa’s refining capacity but also unlock large-scale investment opportunities for the continent. “We now have strong financial institutions that are willing to support big-ticket projects, and we also have the vision to execute them. This was not the case years ago.

“There was a time in Nigeria when interest rates were as high as 44 per cent. We had to rely on international institutions like the IFC to raise about $478m for our early projects. Today, the landscape has changed significantly,” he said.

Dangote also disclosed plans to open up ownership of his refinery business to African investors, promising dollar-denominated returns. “We want all Africans to invest. This is a continental asset, and we will be paying dividends in dollars. It will deepen the market and give Africans a stake in critical infrastructure,” he added.

On timelines, he said the East African refinery could be delivered within four to five years once agreements are reached. “My commitment is that if we agree with three or four governments in the region, we will lead the process and ensure that the refinery is built within the next four or five years,” he stated

Earlier, Kenya’s President, William Ruto, confirmed that discussions were ongoing with Dangote and regional partners to establish a joint refinery in Tanga.

Ruto said, “We are going to have a joint refinery in Tanga to benefit all of us because that refinery will take crude from the DRC, Kenya, South Sudan, and Uganda. We are in talks with Dangote to see how we can collaborate on building a refinery in the region. This is part of our broader strategy to strengthen energy security and reduce dependence on imported petroleum products.”

He added that the project would be supported by a pipeline linking Kenya’s coastal city of Mombasa to Tanga, ensuring a steady supply of crude to the facility.

Industry data shows that about 75 per cent of refined petroleum products consumed in East and Southern Africa are imported, largely from the Middle East, exposing the region to supply disruptions and price spikes, particularly during geopolitical tensions.

The push for a regional refinery gained urgency following recent global supply uncertainties, including disruptions linked to tensions involving Iran, which highlighted Africa’s vulnerability to external shocks.

The planned refinery also comes as Uganda advances its own refining ambitions, having signed a deal in 2024 with UAE-based Alpha MBM Investments to develop a 60,000bpd plant.

Dangote’s refining expansion builds on the successful rollout of his 650,000bpd refinery in Lagos, which commenced operations in 2024 and is designed to meet Nigeria’s domestic fuel demand while exporting surplus products.

The facility is widely regarded as Africa’s largest refinery and a cornerstone of efforts to transform the continent from a net importer of refined petroleum products to a refining hub.

Beyond refining, Dangote also announced plans to establish about 20 fertiliser blending plants across Africa by 2028, further deepening his footprint in the continent’s industrial value chain.

Energy experts say the proposed East African refinery, if realised, could significantly alter Africa’s fuel supply dynamics, reduce import dependence, and enhance regional energy security.

Unilever Nigeria Plc has sustained its double-digit growth momentum into the 2026 financial year, delivering a 26 per cent increase in revenue for the first quarter ended 31 March 2026.

According to the company’s unaudited financial results, revenue rose to N59.2bn, up from the N46.9bn recorded during the same period in 2025. The consumer goods giant also reported a significant leap in profitability, with operating profit rising 39 per cent to N11.5bn, while net profit grew 26 per cent to reach N7.0bn.

The performance underscores the company’s resilience in a competitive market, driven by what it described as strategic innovation and robust marketplace execution across its diverse product categories.

Commenting on the financial results, the Managing Director of Unilever Nigeria, Tobi Adeniyi, stated that the figures represent a solid foundation for the remainder of the year.

“Our Q1 2026 results represent a strong start to the year and a clear signal that the momentum we delivered in 2025 is being sustained,” Adeniyi remarked.

“Growth in the quarter was driven primarily by increased volume, underpinned by innovation and strong marketplace execution. This performance reflects our continued operational discipline and commitment to delivering sustainable value,” he added.

The Managing Director further emphasised that the company would remain focused on its consumer-centric strategy to maintain its market leadership.

“We will continue to elevate the consumer experience while reinforcing a ‘play-to-win’ culture where we focus on winning with Nigerians. We are strengthening the proposition and desirability of our brands and executing with speed and excellence across all categories,” he said.

The company, which serves over 3.4 billion people globally through its parent organisation, reiterated its dedication to the Nigerian market despite prevailing economic shifts.

What was sold to Nigerians in May 2022 as a clean and powerful takeover is now looking like something far more troubling. When Titan Trust Bank announced it had acquired Union Bank of Nigeria, a 100+ year-old institution, the story was simple: a young bank buying a legacy giant. But fresh documents are now pointing to a shocking twist that raises serious questions about how the deal was actually done.

 

According to findings, Titan Trust Bank allegedly secured a $300 million loan from African Export-Import Bank (Afreximbank) to fund the acquisition of Union Bank of Nigeria. On paper, Titan Trust Bank was the borrower. But in reality, the collateral reportedly included shares, treasury bills, and assets belonging to Union Bank itself.

 

Let that sink in: the bank being acquired was allegedly used to secure the loan that bought it. Titan Trust Bank—linked to Rahul Savara and Cornelius Vink— is believed to have engineered a scheme so bold it’s almost unbelievable. The plan? Have Union Bank allegedly repay the very illegal loan used to purchase it—using depositors’ funds! If allowed to succeed, the outcome is stark: TitanTrust Bank’s shareholders would end up owning one of Nigeria’s oldest banks for free!

 

Even more alarming is the alleged complicity of Godwin Emefiele, then Governor of the Central Bank of Nigeria (CBN), who is said to have turned a wilful blind eye to a deal that flew in the face of the CBN’s strict rules against using borrowed funds to acquire Nigerian banks.

 

It is unbelievable that Godwin Emefiele would allow an inconsequential bank like Titan Trust Bank to plunge a legacy and systemically important bank like Union Bank into a huge and needless debt – just to satisfy the greed of the owners of Titan Trust Bank.

 

The Afreximbank loan is reportedly structured in a manner that will force Union Bank to keep using its depositors’ funds to repay the unlawful loan.

 

By the third quarter of 2025, the situation had reportedly worsened. Exchange rate shocks and rising interest costs pushed the total exposure to over ₦500 billion. What started as a $300 million facility ballooned into a massive financial burden.

 

It gets deeper. An audit later allegedly described the acquisition/loan arrangement as “unethical financial engineering.” The audit allegedly pointed to possible misuse of foreign loans, questionable financial reporting and improper withdrawals from customer funds.

 

The fallout has already begun. Following leadership changes at the CBN, the board and management of Union Bank were removed in January 2024. That decision is now being contested in court, adding another layer of controversy to an already explosive situation.

 

Behind the scenes, ownership of Titan Trust Bank also raises eyebrows. The bank, incorporated in 2018, is largely owned by Dubai-based firms linked to powerful business interests, including individuals such as Rahul Savara and Cornelius Vink.

 

This is no longer just a banking story. It is a test of transparency, regulation and accountability.
 
If these allegations hold true, then one question refuses to go away: Who really paid for the takeover of Union Bank and at what cost to depositors?

Foreign portfolio participation on the Nigerian Exchange Limited recorded a significant recovery in March 2026, with total foreign transactions increasing by 107.74 per cent to reach N288.82bn.

According to the latest Domestic and Foreign Portfolio Investment report released by NGX Regulation Limited on Wednesday, total market transactions grew 13.10 per cent to N1.744tn in March, up from the N1.542tn recorded in February.

The latest report noted, “The significant jump in foreign inflows, which rose from N72.32bn in February to N181.77bn in March, suggests that international investors are increasingly finding value in Nigerian equities following recent market re-ratings and improved foreign exchange liquidity.”

Despite the surge in foreign activity, domestic investors continued to dominate the bourse, accounting for 83.44 per cent of total transactions. Total domestic value stood at N1.455tn for the month, with institutional investors outperforming retail participants by 26 per cent

Providing insight into the local market composition, the report added, “The domestic market remains the bedrock of our exchange. With institutional transactions rising to N914.23bn, it is clear that local pension funds and asset managers are maintaining a strong bullish stance on high-quality Nigerian equities, even as foreign interest returns.”

The surge in foreign inflows comes amid a period of aggressive fiscal and monetary reforms aimed at stabilising the naira and attracting foreign direct investment. Historically, foreign participation in the Nigerian capital market has been hampered by currency volatility and challenges in capital repatriation. However, the 107.74 per cent month-on-month increase indicates a potential shift in sentiment as investors respond to improved transparency in the Nigerian Autonomous Foreign Exchange Market.

Year-to-date figures show that total market transactions for the first quarter of 2026 have hit N4.148tn, representing a massive 85.87 per cent increase compared to the N2.232tn recorded during the same period in 2025. This growth reflects the broader market rally that has seen the NGX All-Share Index reach record highs over the last year.

Reflecting on the historical trend and market depth, the report added, “Over a 19-year period, domestic transactions have increased significantly by 160.83 per cent. While foreign participation has fluctuated, the long-term trajectory remains positive, reinforcing the Exchange’s position as a premier destination for both local and international capital.”

As the second quarter begins, market observers expect institutional investors to maintain their leading role, while foreign participation is projected to remain sensitive to macroeconomic indicators, particularly inflation data and subsequent Central Bank of Nigeria interest rate decisions.

The Federation Account Allocation Committee shared a total of N2.04tn as revenue for March 2026, reflecting a N150bn increase from the N1.89tn distributed in February, amid stronger statutory inflows.

The disclosure was contained in a statement issued on Wednesday by the Office of the Accountant-General of the Federation and signed by its Director of Press and Public Relations, Bawa Mokwa.

According to the statement, “a total sum of N2.036tn, being March 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils,” at the April 2026 FAAC meeting held in Abuja.

The N2.04tn distributable revenue comprised N1.32tn from statutory revenue, N515.39bn from Value Added Tax, and N200bn as augmentation

A breakdown showed that the Federal Government received N789.16bn, representing about 38.8 per cent of the total pool, while states got N657.60bn, about 32.3 per cent, and local government councils received N468.83bn, about 23.0 per cent. Oil-producing states received N120.76bn as derivation, accounting for roughly 5.9 per cent of the total.

The communiqué noted that “total gross revenue of N2.364tn was available in the month of March 2026,” from which N81.08bn was deducted as cost of collection, while N246.87bn was recorded as transfers, refunds, and savings.

The deductions and transfers together accounted for over 13 per cent of gross inflows, highlighting the scale of statutory obligations before distribution.

From the statutory revenue component of N1.32tn, the Federal Government received N632.26bn, states got N320.69bn, and local governments received N247.24bn, while N120.76bn was shared as derivation.

Similarly, from the N515.39bn VAT pool, the Federal Government received N51.54bn, states got N283.47bn, and local governments received N180.39bn, reinforcing the growing importance of consumption taxes in subnational revenues.

From the N200bn augmentation, the Federal Government received N105.36bn, states got N53.44bn, and local governments received N41.20bn, suggesting continued fiscal adjustments to stabilise monthly allocations.

On revenue performance, the communiqué stated that “gross statutory revenue of N1.699tn was received for the month of March 2026,” rising by N137.91bn from the N1.56tn recorded in February. This increase largely drove the higher FAAC distribution, offsetting weaker VAT inflows.

However, VAT collections showed marginal weakness. The statement noted that “gross revenue of N664.425bn was available from the Value Added Tax in March 2026,” lower than the N668.450bn recorded in February by N4.025bn.

The statement added that Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duty increased significantly, pointing to improved non-oil tax performance.

In contrast, Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalty, import duty, and CET declined considerably, reflecting ongoing volatility in oil receipts and trade-related revenues, while VAT decreased marginally.

Moniepoint Microfinance Bank has reaffirmed its leadership in Nigeria’s agency banking space, positioning its service model as a catalyst for sector growth while committing to deepening value creation across the financial ecosystem.

Beyond service provision, the bank stated that it is cementing its identity as the technological backbone of the real economy, designed to address the specific complexities of the local commercial landscape.

Speaking on the bank’s evolving strategy, the Senior Vice President, Distribution Network Sales, Moniepoint MFB, Ezekiel Sanni, noted that agency banking must be anchored on consistent enterprise support, trust, and real economic value for agents and merchants.

He said, “Our goal is to transcend traditional transaction processing by becoming a fundamental partner in the daily growth of small businesses.

By providing the tools for inventory management and working capital alongside seamless payments, we are ensuring that financial inclusion leads to actual economic empowerment for the average Nigerian entrepreneur.”

Sanni further explained that the next phase of industry growth would be defined by the quality of service and depth of engagement rather than just reach.

“At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve,” he said.

At the core of this approach is the deployment of dedicated field-based managers who provide hands-on support tailored to daily operations. Unlike conventional systems where engagement often ends after onboarding, the bank maintains continuous interaction with agents to resolve operational challenges and strengthen long-term partnerships.

By combining digital infrastructure with a physical presence, the bank has created a hybrid service model that enables faster issue resolution and mentorship in critical areas such as fraud detection and Anti-Money Laundering regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Sanni added.

The bank’s performance metrics reinforce its position as a major merchant acquirer, reportedly powering eight out of every 10 in-person payments made across the country. The bank attributed this to reliability, fast transaction processing, and rapid settlement cycles.

The firm reiterated that agency banking remains critical infrastructure for economic participation, pledging to continue strengthening its indigenous engine to keep the real economy moving.

Crude oil supply from the Nigerian National Petroleum Company Limited’s trading arm surged in April 2026, with shipment records indicating that more than 1.03 million metric tonnes, equivalent to about 6.8 million barrels or over 1.08 billion litres, were delivered to the Dangote Oil and Gas Company Limited within the month.

An analysis of tanker vessel movements obtained by The PUNCH on Tuesday shows that the deliveries were executed through eight crude cargoes handled by NNPC Trading, reinforcing the state oil firm’s role as a major feedstock supplier to the 650,000 barrels-per-day Dangote refinery.

The shipments, sourced from key Nigerian crude streams including Anyala, Bonga, Odudu, Forcados, Qua Iboe, and Utapate, were routed through the refinery’s Single Point Mooring systems, SPM-C1 and SPM-C2.

The document shows that out of the eight cargoes, five have been fully discharged, while three others are still awaiting berthing or completion, indicating a steady pipeline of crude inflows into the refinery.

This development comes amid the refinery’s continued complaints of supply inadequacies, with a total requirement of 19 cargoes monthly, and a recent report that the country imported 55.39 million barrels in January and February 2026.

A breakdown of the deliveries showed that Sonangol Kalandula initiated the supply chain, delivering 123,000 metric tonnes of crude from Anyala. The vessel arrived on April 5, berthed on April 8, and sailed on April 9.

This was followed by Advantage Spring, which supplied 128,190 metric tonnes from Bonga, arriving on April 11 and completing discharge by April 13.

Similarly, a vessel code-named Barbarosa delivered 125,000 metric tonnes from Odudu, while Sonangol Njinga Mban transported 129,089 metric tonnes from Bonga.

Another completed shipment, handled by Nordic Tellus, brought in 139,066 metric tonnes from Forcados, completing discharge on April 17.

However, three additional cargoes remain in progress. Advantage Sun, carrying 142,327 metric tonnes from Bonga, has arrived but is yet to berth. Also pending are Advantage Spring from Utapate with 120,189 metric tonnes, and Sonangol Kalandula from Qua Iboe with 126,471 metric tonnes.

In total, the NNPC Trading cargoes account for 1,033,332 metric tonnes of crude, underscoring what industry analysts describe as a “strong and sustained supply commitment” to the Dangote refinery.

Further findings show that, beyond crude deliveries, the Dangote refinery also received multiple shipments of refined products and blending components from international markets during the period.

Among them, Seaways Lonsdale delivered 37,400 metric tonnes of blendstock gasoline from Immingham, United Kingdom, handled by Vitol, between April 18 and 19.

Another vessel, Augenstern, supplied 37,125 metric tonnes of Premium Motor Spirit from Lavera, France, discharging between April 8 and 9.

From Norway, Emma Grace brought in 37,496 metric tonnes of PMS from Mongstad, while LVM Aaron delivered 36,323 metric tonnes from Lome, Togo.

Similarly, Egret discharged 35,498 metric tonnes of naphtha from Rotterdam between April 16 and 18, providing critical feedstock for gasoline blending.

A pending shipment, Mont Blanc I, carrying 36,877 metric tonnes of blendstock gasoline from Antwerp, Belgium, is yet to berth, while Aesop is expected to deliver 130,000 metric tonnes of residue catalytic oil from Singapore later in April.

In addition to NNPC Trading volumes, other crude cargoes from international and domestic traders also supported refinery operations.

Notably, Yasa Hercules delivered 273,287 metric tonnes of crude from Corpus Christi, United States, while Front Orkla brought in 264,889 metric tonnes from Ingleside, US.

A major cargo, Navig8 Passion, supplied 496,330 metric tonnes of crude from Cameroon, highlighting regional supply integration.

Domestic contributions included Harmonic, which delivered nearly 993,240 barrels from Ugo Ocha, and Aura M, which supplied 1 million barrels from Escravos, alongside an additional 651,331 barrels of cargo from Anyala.

Operational data indicate that most vessels berthed within one to two days of arrival and departed shortly after discharge, suggesting improved efficiency at the refinery’s offshore terminals.

The Dangote refinery, located in Lekki, Lagos, is Africa’s largest single-train refinery, with a nameplate capacity of 650,000 barrels per day.

The facility is expected to significantly reduce Nigeria’s dependence on imported petroleum products by refining domestic crude and supplying petrol, diesel, aviation fuel, and other derivatives to the local market.

NNPC Limited, through its trading arm, has remained a central player in supplying crude to the refinery under evolving commercial arrangements, amid ongoing reforms in Nigeria’s downstream oil sector.

Earlier this month, Africa’s richest man and President of the Dangote Group, Aliko Dangote, revealed in a report by Bloomberg that the refinery received 10 cargoes of crude oil from the state-owned oil firm in March, compared to an average of about five cargoes monthly since late 2024.

Dangote said the shipments included six cargoes paid for in naira and four in dollars, under the crude supply arrangement between the refinery and the NNPC.