Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said.

The 650 000 bl/d refinery, once complete, will be the continent’s largest plant and redraw major trade flows of crude and fuel in the Atlantic basin.

Despite being Africa’s biggest oil producer and exporter, the country depends almost entirely on fuel imports after allowing its significant refining capacity, 445 000 bbl/d, to become dilapidated over several decades.

Many past and current Nigerian officials, including President Muhammadu Buhari, have announced plans to refurbish them but political will has been lacking.

The Natural Resources Governance Institute, a non-profit policy think tank, has previously pointed to the moribund refineries as a key focus of oil corruption and waste in the country.

Hit by economic consequences of the Covid-19 pandemic and soaring construction costs, Dangote needs a cash injection.

Nigeria’s state oil firm NNPC has to agreed to buy a 20% stake in the refinery for about $2.8-billion but Dangote is looking for outside cash. NNPC’s head Mele Kyari said a process was on-going to raise $1-billion with Afreximbank to fund part of its stake purchase.

The billionaire has held talks as recently as a month ago with executives from the world’s top two oil traders – Trafigura and Vitol.

Trafigura and Vitol declined to comment. A spokesperson for the Dangote Group did not respond to multiple requests for comment.

Two sources with direct knowledge said the option of raising another $500-million from a trade house or consortium was being actively explored.

The details of a potential loan from a trading firm have not been finalised but the trader could receive a long-term contract to supply crude and receive cargoes of refined products as repayment.

The refinery has been delayed by several years and the cost has ballooned to $19-billion from Dangote’s earlier estimates of $12-billion to $14-billion. Construction was also delayed due to Covid-19 outbreaks among workers at the site and delays getting materials, two sources with knowledge of the project said.

Many industry sources do not expect any products before the second half of next year.

Swiss traders like Vitol along with Nigerian firms, have cashed-in for years in gasoline-short Nigeria by supplying mega tenders and being part of lucrative crude-for-fuel swap deals for over a decade.

Getting a hold of Dangote’s fuel will give the trader a stranglehold on a key set of new oil flows. Nigeria’s new oil bill, approved last month after nearly 20 years of political wrangling, has added fuel-import licence requirements that experts fear will give Dangote an effective monopoly.

Under the new laws, the regulator will prioritize local refiners for import licences and volumes would be based on production capacity or market share.

While Nigeria will remain open in theory to international trading houses, a partnership with Dangote would be the only way to guarantee a foothold in Africa’s biggest economy.

The Nigerian Union branch in Douala is the largest of all the Union’s branches in Cameroon, especially as the City of Douala is Cameroon’s economic capital, and a majority of Nigerians living in Cameroon are primarily business people; it is estimated that that out of the over 4 million Nigerians residing in Cameroon, Douala alone hosts about half of that Nigerian population. For over a year now, Chief OKWUJIAKU BIC has been the one saddled with the responsibility of guiding his fellow countrymen to success outside of Nigeria.

Though it is a very difficult task, Chief OKWUJIAKU, has lived up to his promises, overseeing several ground-breaking projects, including the goodwill donation made to the internally displaced Anglophone Cameroonians living in Douala and its environs, that have made the Douala branch of the Nigerian Union, one of the most active associations in Cameroon.

Despite a relatively large success, Chief OKWUJIAKU BIC, is not relenting in his efforts in a bid to offer to Nigerians living in Cameroon, a platform to spark long-lasting success; he is at the fore-front of the Nigeria-Cameroon Trade, Tourism, and Cultural Festival (NTTC) to be organized with the Nigeria Consulate General of the Littoral and West Regions in partnership with all Nigerian diplomatic missions in Cameroon. The NTTC is a platform that will bring together Nigerians and Cameroonians in the domains of trade, tourism and culture, scheduled to take place in Douala by the end of September 2019; in the Festival, Nigerians are expected to tap from the available business opportunities existing in Cameroon, and vice-versa.

After a decade has passed since the organizing of the last edition of the NTTC, Chief OKWUJIAKU’s dynamism and vision for success, seemed to have been the catalyst to the holding of just the 2^nd Edition of the Festival; and apart from just being the President of the Nigerian Union branch of Douala, he is known to be a goodwill ambassador, not just to Nigerians, but also to Cameroonians, whom he has either employed or granted scholarships.

Known to be a very down-to-earth man, Chief OKWUJIAKU BIC, in an interview while handing over financial and material gifts to some Cameroonians in distress, told the Governor of the Littoral Region of Cameroon that, he would rather want to be remembered by his works, and not by the level of personal success he has achieved.  

Hon. Abike Dabiri-Erewa has several times been described as a sterling Nigerian amazon, an outstandingly brilliant broadcaster who later transmitted to an outstandingly, brilliant parliamentarian. A worthy, compassionate, fair, firm, respected and courageous leader. Fondly called ”Mother of Teresa of the tube” because of her compassion for the less privileged, and now ”Lady Diaspora” for pioneering efforts in putting Diaspora Affairs on the front burner.

Hon. Abike Dabiri-Erewa spent 15 years of meritorious service at the Nigerian Television Authority (NTA) where she stood out for her ability to use journalism to bring succour to millions of Nigerians especially children, women and the less privileged.  We can’t forget the story of Mary, the miracle baby, story of a girl being claimed by 3 mothers, which Abike painstakingly investigated for 8 years to a logical conclusion.

Born in Jos, Plateau State, an indigene of Ikorodu, Lagos State, Abike represented the people of Ikorodu Federal Constituency in the House of Representatives from June 2003 to June 2015, she served as Chairman House Committee on Media and Public Affairs (June 2003 to June 2008).  As Chairman Media, she worked at giving the House a credible image through absolute openness and transparency, And as Chairman House Committee on Diaspora Affairs (June 2008 till 2015), her major spotlight was in her advocacy and calls for justice and fairness for Nigerians abroad.  From China, Pakistan, Libya, to USA, Northern Cyprus, Saudi Arabia, Russia, Brazil and many more countries, her intervention was impactful.

She championed and sponsored the Freedom of Information Bill (FOI bill) and the Violence Against persons Bill, which have both been signed into law in Nigeria. The Nigerian Infant Welfare Scheme Bill, Nigerians with Disabilities Bill, A Bill to amend the railway act to allow private sector and state participation, Nigerian Diaspora Commission Bill, and A Bill to Promote the Advancement of Nigerian Women and Girls, among many others.

She voluntarily did not seek re-election for a 4th term in the parliament.  In her words “Let’s give others a chance”.  She served as the Senior Special Assistant to the President on Foreign Affairs and Diaspora from 2016- 2019, and now she has been appointed Pioneer Executive Chairman/CEO Nigerians in Diaspora Commission a position she is serving with diligence, effectiveness and passion.

Abike has always worked with passion and compassion. Let’s mention a few. From what looked like a scene from a Soap Opera from her days at NTA, she successfully concluded the puzzling story of “Mary the Miracle baby” a new born baby who was being claimed by three mothers, which Abike painstakingly resolved. She thereafter ensured that Mary had an education through to the University level by placing her on her scholarship scheme. And when Miss Oladapo Bisola Suliat cried for help, a 19 year old student who was down with Lymphoblastic Leukaemia and needed to get to India urgently for medical attention, Abike resolved her challenge within 24 hours.

What about her intervention in the case of Zainab Habibu Aliyu, a 22 year old girl who was imprisoned in Saudi Arabia for an offence she didn’t commit, a victim of a drug cartel. Working with other officials from the Ministry of Foreign Affairs and Justice, President Muhammadu Buhari’s prompt intervention saved Zainab.

It is therefore not surprising that she has won over 350 awards both internationally and locally. Some of these awards include Bridge builders Award in Washington, International African Woman By Women 4 Africa in London, Catholic Young Men Association (CYMA) Award for Leadership, UNICEF Child Friendly Award, Certificate of Recognition from California Legislative Assembly, This Day 50 Women At  50  Achievers Award, Nigerian In Diaspora Organization Globe Awards F.R.N  people’s choice Awards, African Parliamentary Award, Committee Chairman of the Decade, Winner of the NIDO Global Award, Canada, Federal Republic of Nigeria people choice awards. Three times winner of Representative of the year, five times winner of Female representative of the year, Congressman Donald M. Payne (US House of Reps) Award and Certificate of special congressional recognition for her unwavering commitment to humanity and serving as Chairman for Nigeria House Representatives Committee on Diaspora Affairs. African Parliamentary Award, 2010, South-west House of Representatives member of the Decade, African Parliamentary Award, Committee Chairman of the Decade, Chief Obafemi Awolowo (AWOIST) leadership Award, as the Grand Officer of the Masses (GOM), in due recognition of her selfless services to humanity, Commander of Great Ife (CGI), and Zenith Bank JEWEL OF THE FUTURE Award. She has been named as one of the top 50 Nigerian women and top 200 women in the world by Richtopia.

Hon. Abike Dabiri-Erewa has been a voice for the voiceless and remains a symbol of hope and inspiration to many. Her comportment, integrity, virtues and ideals are indeed qualities worthy of emulation, and her guiding philosophy at all time is that, success is not about age, it is not about character, it is not by how much you have but how many lives you are able to touch.