Business
Dangote Group Plans 650,000bpd Refinery Project in East Africa
Africa’s richest man, Aliko Dangote, has announced plans to build a 650,000 barrels-per-day refinery in East Africa, mirroring the scale of his flagship facility in Nigeria, as part of a broader push to deepen industrial capacity across the continent.
Dangote made the disclosure at a high-level summit in Nairobi on Thursday, where African leaders, financiers, and industry stakeholders gathered to discuss the continent’s growing energy and infrastructure needs.
Addressing Presidents William Ruto and Yoweri Museveni, Dangote said the refinery project would depend on strong government backing and policy consistency.
“That’s why, as a group, we have now launched an initiative where, between now and 2030, we’re investing $40 billion in various fields,” he said
“Even now, I can give a commitment to the two presidents who are here that if they support the refinery, we will build an identical one to what we have in Nigeria—650,000 barrels.”
He emphasised that the proposal is still at an early stage but expressed confidence in its feasibility.
When asked about the feasibility of the project, the industrialist said it will “definitely” work, adding that “There’s nothing that can stop it.”
Push for Self-Sufficiency
Dangote used the platform to argue that Africa must move away from its long-standing dependence on imports and instead build domestic industrial capacity.
“We export raw materials, which means when you export raw materials, you are exporting jobs, and when you import, you are importing poverty because you are creating jobs out there, not here on the continent,” he said.
He stressed that industrialisation—particularly in refining, fertiliser production and petrochemicals—is critical to reversing that trend and creating jobs on the continent.
The proposed East African refinery forms part of a wider $40 billion investment plan by his group between now and 2030, targeting key sectors that underpin economic transformation.
Backdrop of Growing Fuel Deficit
Dangote’s announcement comes as the Africa Finance Corporation (AFC) warned that the continent could face an 86 million tonne fuel shortfall by 2040.
According to the AFC report presented at the summit, Africa currently imports over 70 percent of its refined fuel and spends about $230 billion annually on essential imports, including fuel, food, and industrial goods.
The report projects that fuel import demand will rise from 74 million tonnes in 2023 to 86 million tonnes by 2040—equivalent to nearly three refineries the size of Dangote’s Lagos facility.
Leaders Call for Shift in Strategy
President William Ruto echoed Dangote’s position, warning that Africa must rethink its economic model.
“Our ambitions will remain unrealised if we continue to depend on external capital whose primary interest is securing raw materials,” Ruto said, adding: “We cannot continue to export raw materials and import finished products made from them.”
The summit also highlighted vulnerabilities in Africa’s energy systems, particularly exposure to global supply shocks and infrastructure gaps across the continent.
A Broader Industrial Vision
Beyond refining, Dangote pointed to ongoing efforts to scale fertiliser production and petrochemical capacity across Africa, including plans to expand urea output and establish blending plants in underserved regions.
“With the support of the government, there’s nothing that is impossible,” he said, expressing confidence that Africa can achieve self-sufficiency in key industrial inputs.
For Dangote, the refinery proposal represents a continuation of a larger vision—to reposition Africa from a net importer to a global industrial player.
“Let us not be scared… It is possible. Africans can do it,” he said.
As discussions continue, the proposed East Africa refinery could mark a significant step toward addressing the continent’s looming fuel deficit while advancing its long-term goal of economic independence.
Oil prices rose by more than five per cent on Wednesday as President Donald Trump declared that the interim agreement with Iran on peace was over.
Trump said this following U.S. strikes on Iran in reaction to attacks on three ships in the Strait of Hormuz.
The price of Brent crude oil jumped 5.6% to more than $78 a barrel. U.S. benchmark crude surged 5.8% to $74.55 a barrel.
“For me, I think it’s over,” Trump responded when asked about the status of the ceasefire.
“It’s just a waste of time dealing with them,” he said while describing Iranian leaders as “sick” and “vicious, violent people.”
He spoke ahead of the two-day NATO summit in Ankara, Turkey.
Crude prices had declined recently from spikes well above $100 a barrel to around the levels they were at before the war with Iran began in late February.
Iran and the United States agreed as part of their interim deal on ending the war to allow ships to pass through the Strait without paying charges for 60 days.
But Tehran has insisted it must control the vessels’ routes and vowed to later charge fees for passage.
The ships attacked Tuesday all appeared to be using a route close to Oman’s shore, rather than one ordered by Tehran.
The upsets for oil markets have coincided with waves of worries that the craze for artificial intelligence-related shares has pushed prices past the amount of gains in productivity and profits likely to result from massive investments in computer chip production capacity and data centers.
Analysts said the latest developments have significantly increased uncertainty over the future of negotiations and heightened concerns about stability in the global oil market.
The Chief Commodities Analyst at SEB, Bjarne Schieldrop, said the breakdown of talks had cast serious doubt on the planned 60-day negotiation process, adding that oil prices closer to $80 per barrel better reflect current market conditions.
The Supreme Court has directed the immediate release of the crude oil aboard the FPSO Tamara Tokoni to General Hydrocarbons Limited, GHL, bringing a major legal dispute involving First Bank of Nigeria to a close.
In a unanimous judgment delivered on Friday, a five member panel of the apex court ruled that the matter was purely contractual and did not qualify as an admiralty dispute.
As a result, the court held that the Federal High Court lacked the jurisdiction to hear the case.
The Supreme Court consequently overturned the earlier judgment of the Court of Appeal and upheld General Hydrocarbons’ appeal.
The panel, comprising Justices Uwani Musa Abba Aji, Adamu Jauro, Emmanuel Agim, Tijjani Abubakar, and Habeeb Adewale Abiru, ordered the Chief Registrar of the Court of Appeal and the Admiralty Marshal to hand over the crude oil aboard the FPSO Tamara Tokoni to GHL without delay.
The ruling effectively settles the legal battle between General Hydrocarbons and First Bank of Nigeria over ownership and control of the crude cargo stored on the floating production, storage, and offloading vessel.
Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics.
The announcement was made at the official press conference which took place on July 1, 2026, at the Wema Bank Head Office in Lagos, Nigeria.
Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life.
Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.
Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track. Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.
Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa. According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes”.
Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.
Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.
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