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Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

Published

2 years ago

October 18, 2024

Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

President of Dangote Group, Aliko Dangote remains the richest man in Africa, and now the 65th richest man in the World, despite the volatility of the Nigerian currency against the dollar.

Bloomberg, in its latest top 500 Billionaires Index released on Thursday, revealed that Dangote with a wealth of $28 billion had his wealth increased significantly after the commencement of operations of his newly built Petrochemical refinery, said to be worth over $20 billion. This new ranking is the highest the renowned entrepreneur has risen. He was previously ranked 83^rd in 2022.

The Dangote Refinery located in Ibeju-Lekki, in the outskirts of Lagos, is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. The refinery started producing premium motor spirit (petrol) in September among other products like diesel and Jet-A1, and it has more than doubled his net worth to $27.8 billion, according to the Bloomberg Billionaires Index.

No African is close to Dangote’s latest ranking as Johann Rupert, of South Africa is 174 on the world list, with a wealth of $13.6bn and Nicky Oppenheimer also of South Africa is number 224 on the world list with a wealth of $11.6bn. Other Africans on the list are: South African’s Natie Karsh, number 297 in the world with a wealth of $9.25bn, Egypt’s Nassef Sawiris on number 302 in the world with a wealth of $9.16bn, and Naguib Sawiris also of Egypt with a wealth of $7.37bn on number 407 in the world.

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The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, and each individual billionaire profile contains a detailed analysis of how that person’s fortune is tallied.

The index is a dynamic measure of personal wealth based on changes in markets, the economy and Bloomberg reporting. Each net worth figure is updated every business day after the close of trading in New York. Stakes in publicly traded companies are valued using the share’s most recent closing price. Valuations are converted to U.S. dollars at current exchange rates.

Ellon Musk and Jeff Bezos are the richest in the world with $242billion and $210 billion respectively in their kitties, while Mark Zuckerberg and Larry Ellison followed respectively with $204 billion and $185 billion on the world’s billionaires’ chart.

It would be recalled that Aliko Dangote was also recently named as among the topmost charitable man in the World by Richtopia, a digital periodical that covers business, economics, and financial news, based in the United Kingdom. This recognition came after he endowed his foundation, the Aliko Dangote Foundation (ADF) to the tune of over $1.25 billion.

Aliko Dangote started his Foundation in 1981, with a mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities.

Aliko Dangote Foundation was however incorporated in 1994 as a charity in Lagos, Nigeria. 20 years later, the Foundation has become the largest private Foundation in sub–Saharan Africa, with the largest endowment by a single African donor. The primary focus of Aliko Dangote Foundation is health and nutrition, supported by wrap-around interventions in education, empowerment, and humanitarian relief.

Refinery increases Dangote’s wealth to $28bn, now 65th richest worldwide

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Troops Arrest Female Gunrunner, Recover AK-47 in Plateau

Published

31 minutes ago

August 22, 2026

Trends Admin

Troops Arrest Female Gunrunner, Recover AK-47 in Plateau

Troops of Sector 1, Operation Enduring Peace, supported by vigilantes and local hunters, apprehended 30-year-old Halima Ibrahim during an intelligence-led raid in Bassa Local Government Area. The operation, linked to the recent abduction of a medical doctor, led to the recovery of an AK-47 rifle, a locally fabricated revolver, and other military items.

Troops of Sector 1, Operation Enduring Peace, in collaboration with members of the Vigilante Group of Nigeria and local hunters, have arrested a suspected gunrunner and recovered an AK-47 rifle, magazines and other military-related items in Bassa Local Government Area of Plateau State. The operation was carried out on Friday, August 21, following intelligence linking the area to the recent abduction of a medical doctor, Dr Abraham Owoicho, who was kidnapped on August 19.

According to security sources who spoke to security analyst Zagazola Makama, troops moved into Kisayi and Dogon Daji settlements after receiving intelligence on the activities of suspected criminals operating in the communities. The troops, supported by local security volunteers and hunters, raided the settlements and searched identified locations.

Several male residents reportedly fled into the surrounding bush when they sighted the advancing security personnel, leaving women and children behind. A 30-year-old woman, identified as Halima Ibrahim, was however arrested while allegedly attempting to escape with two AK-47 rifle magazines. Following her arrest, troops cordoned off and searched her residence in Kisayi B Village.

The search reportedly led to the recovery of an AK-47 rifle, which investigators are working to trace to its source and determine its ownership. During preliminary questioning, the suspect allegedly told investigators that the rifle belonged to her husband, identified as Ibrahim. Troops also recovered a locally fabricated revolver pistol, a military jungle hat and three mobile phones from the residence. The suspect and the recovered items have been taken into military custody as investigations continue.

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The Nigerian Army has reiterated its commitment to conducting intelligence-driven operations to dismantle criminal networks involved in kidnapping, arms trafficking, and other violent crimes across the country. The operation in Plateau was part of broader efforts, with separate operations in Edo State leading to the rescue of a kidnapped victim.

According to security sources, investigators are working to establish the source of the firearms, the circumstances surrounding their possession and any possible links between the suspects and criminal networks operating in the area. The operation forms part of ongoing efforts by security agencies to disrupt kidnapping networks and the illegal arms trade in Plateau State, particularly following recent abductions in Bassa Local Government Area. Further intelligence-driven operations are expected in the affected communities as security agencies continue investigations.

The arrest comes amid heightened security operations in Plateau State, where troops and other security agencies have intensified efforts to disrupt criminal networks. In a separate operation on August 19, troops of Sector 8, Operation Enduring Peace, recovered one AK-47 rifle, one locally fabricated AK-47 rifle, one locally fabricated revolver rifle, two Dane guns and 15 rounds of 7.62mm special ammunition during a raid in Mangu Local Government Area, following intelligence about a suspected attack on Mwar community. The military has also intensified operations across the state, with troops of Sector 6 arresting 19 suspects in Riyom Local Government Area following an ambush that killed two security operatives.

Troops Arrest Female Gunrunner, Recover AK-47 in Plateau

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Tinubu’s order: EFCC lifts freeze on Osun government accounts

Published

55 minutes ago

August 22, 2026

Trends Admin

Tinubu’s order: EFCC lifts freeze on Osun government accounts

The Economic and Financial Crimes Commission (EFCC) has lifted the restriction on Osun State Government bank accounts after President Bola Ahmed Tinubu directed the agency to vacate the order.

The affected accounts, held with First Bank of Nigeria and Zenith Bank, are now operational, according to confirmations from both the Presidency and an aide to Osun State Governor Ademola Adeleke.

A Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, confirmed that the restriction had been removed, saying the EFCC could not disregard the President’s directive.

“The lien has been lifted. EFCC cannot ignore the presidential order. I can confirm to you that it was done immediately,” Ajayi said.

An aide to Governor Adeleke, who spoke on condition of anonymity, also confirmed that the Post No Debit (PND) restriction had been vacated and that the state government’s accounts were functioning again.

The EFCC had imposed the restriction on August 5, 2026, as part of an investigation into the alleged fraudulent handling of about N11 billion in Ecology Funds, Intervention Funds and allocations from the Federation Account Allocation Committee (FAAC).

The commission said the investigation had been ongoing since March 2026 and was aimed at preventing the alleged diversion of public funds.

The decision to restrict the accounts, however, generated significant controversy because it came shortly before the August 15 Osun State governorship election.

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The timing prompted allegations from the Osun State Government and its supporters that the EFCC action was politically motivated and intended to weaken Adeleke ahead of the election. The commission rejected the allegations and maintained that its action was connected to an ongoing financial investigation.

The dispute escalated after the President intervened and directed the EFCC to take steps to vacate the restriction.

Tinubu expressed concern about the timing of the action and its potential implications for public confidence in the electoral process, while also maintaining that anti-corruption agencies should carry out their responsibilities professionally.

The account restriction had also triggered a legal battle between the Osun State Government and the EFCC.

The state government approached the Federal High Court in Abuja to challenge the restriction and sought N2 billion in damages, arguing that the EFCC’s action unlawfully interfered with the state’s access to its funds.

The legal dispute changed following Tinubu’s intervention and the subsequent lifting of the restriction.

After being declared winner of the governorship election, Adeleke directed the Osun State Attorney-General and Commissioner for Justice, Oluwole Jimi-Bada, SAN, to withdraw the suit against the EFCC.

Adeleke said the President’s intervention had addressed the immediate dispute and that there was therefore no need to continue with the case.

With the accounts now operational, the immediate confrontation between the Osun State Government and the EFCC appears to have eased.

However, the lifting of the account restriction does not necessarily mean that the underlying investigation has been discontinued. The EFCC’s earlier allegations concerning the handling of about N11 billion remain separate from the decision to restore access to the accounts.

The development has also renewed discussions about the relationship between anti-corruption agencies and elected governments, particularly when financial investigations take place close to major elections.

For the Osun State Government, the restoration of access to its accounts removes an immediate financial constraint and allows the state to continue accessing funds required for government operations.

For the EFCC, the development means the financial investigation, if still ongoing, would have to proceed through the appropriate legal and investigative channels without the earlier account restriction.

Tinubu’s order: EFCC lifts freeze on Osun government accounts

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IPOB Accuses UK of Hypocrisy Over Israel Stance, Demands Kanu’s Release Following UN Ruling

Published

1 hour ago

August 22, 2026

Trends Admin

Mazi Nnamdi Kanu

IPOB Accuses UK of Hypocrisy Over Israel Stance, Demands Kanu’s Release Following UN Ruling

The Indigenous People of Biafra (IPOB) has called out the British Government for what it describes as a “selective outrage” and double standards in applying international law, citing a United Nations ruling that its leader, Mazi Nnamdi Kanu, was subjected to torture and extraordinary rendition.

The Indigenous People of Biafra (IPOB) has accused the British Government of hypocrisy and applying international law selectively over its stance on Israel and the continued detention of its leader, Mazi Nnamdi Kanu. The group was reacting to recent comments by the British Foreign Secretary concerning real estate development in Jerusalem. IPOB’s spokesperson, Comrade Emma Powerful, in a statement on Friday, said the group supports Israel and recognises Jerusalem as its “eternal and undivided capital”.

The group maintained that Britain lacks the moral authority to lecture Israel on international law while allegedly ignoring the findings and recommendations of United Nations human rights bodies concerning Kanu. According to IPOB, the United Nations Human Rights Council, acting under the UN General Assembly, has officially indicted Nigeria for what it described as gross violations of international law and fundamental norms in Kanu’s case. The group stated that the UN had determined that Kanu was subjected to torture and extraordinary rendition after being forcibly returned to Nigeria from Kenya in 2021, and the UN Working Group explicitly called for his immediate release and payment of compensation.

“These are not the words of IPOB. These are the findings of the highest international human rights bodies,” the statement emphasised. IPOB regretted that, rather than support this binding call for justice, Britain chose to assist Nigeria in defying international law. The group further lamented that the same Britain now lecturing Israel about international law turned a blind eye to the torture of a British citizen. “The same Britain invoking legal principles against our Israeli brothers and sisters actively helped Nigeria circumvent those very principles when it concerned Mazi Nnamdi Kanu,” the statement said.

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IPOB also criticised the British Foreign Secretary’s position on Israel, describing it as entirely one-sided. The group accused the British Government of condemning Israel over construction near Jerusalem while allegedly failing to adequately address Palestinian terrorism, incitement, and the Palestinian Authority’s “pay for slay” policy. The group claimed that this policy of blaming only Israel while ignoring Palestinian extremism has contributed to a massive wave of antisemitic hatred against the British Jewish community.

IPOB vehemently rejected what it described as the patronising tone of the British government’s lectures, pointing out that the Jewish people have the right to live throughout the historic and Biblical land of Israel. “Jerusalem is Israel, and Israel is Jerusalem. The Balfour Declaration formally recognised this historic right more than a century ago,” the group said, adding that Britain, which still controls colonial territories thousands of miles from its shores, has no right to lecture the Jewish people about where they may live in their tiny historic homeland.

IPOB subsequently demanded what it described as consistency in Britain’s application of international law. The group called on the British Government to publicly support the UN findings concerning Kanu, demand his release and compensation from the Nigerian Government, and end what it described as the selective application of international law based on political convenience. “Britain must choose: respect international law for all, or be exposed as a hypocrite that uses law only as a weapon against its friends,” the statement concluded.