Dangote, India’s EIL Strike $350m Expansion Deal to double Lagos refinery capacity 

In a move that reads like a bold industrial manifesto, Dangote Group has sealed a $350 million pact with India’s state-owned engineering heavyweight, Engineers India Ltd (EIL), to expand its Lagos-based refinery and petrochemicals complex—an ambition that could reshape Nigeria’s energy future and tilt Africa away from imported fuels.

The agreement sets the stage for a massive leap in refining capacity, lifting output from 650,000 barrels per day to an eye-catching 1.4 million barrels per day.

If realised, the expansion would catapult the Dangote facility into the rare league of the world’s largest single-location refinery complexes, reinforcing its status as a global energy landmark.

At the heart of the deal is a renewed partnership between Dangote and EIL, the firm that helped deliver the refinery’s first phase. Under the fresh $350 million contract, EIL will once again act as Project Management Consultant (PMC) and Engineering, Procurement and Construction Management (EPCM) consultant, overseeing the addition of a second processing train and the rollout of advanced, Euro VI–compliant fuel production.

READ ALSO:

• Grand Chief Imam of Oyo Land Pays Tribute to Late Ilorin Chief Imam
• Nigerian Army Denies Mutiny Claims, Calls Reports a False Alarm
• New Tax Law Pushes Nigerian Traders, Business Owners to Prefer Cash Over Bank Transfers

Located in the Lekki Free Zone, the Dangote Refinery has already become a symbol of Nigeria’s industrial aspirations. Conceived as a response to decades of fuel import dependence, the complex marks a strategic shift for Africa’s largest crude oil producer—from exporter of raw oil to producer and exporter of refined products.

Built at an estimated cost of $19 billion, the refinery ranks among the most expensive industrial projects ever undertaken on the continent. Officially inaugurated in May 2023, it has been ramping up operations in carefully sequenced phases. By early 2024, it began producing diesel and aviation fuel, later adding petrol—milestones that signalled a turning point for Nigeria’s energy supply chain.

Even before expansion, the existing 650,000-barrel-per-day facility is recognised as the world’s largest single-train refinery, producing Euro-V quality gasoline, diesel, jet fuel and polypropylene. To support its technical demands, Dangote Oil Refinery Company trained 150 engineers in India ahead of full operations.

Beyond fuels, the new phase pushes aggressively into petrochemicals. Dangote plans to triple polypropylene output from 830,000 tonnes per annum to 2.4 million tonnes, achieved through revamping its current unit, installing an additional 1.2 million-tonne plant, and deploying a world-scale 750 kTPA UOP Oleflex unit to strengthen propylene feedstock.

EIL described the contract as a reaffirmation of trust in its ability to deliver projects of extraordinary scale, pledging its decades-long expertise and global execution model to help build one of the world’s most advanced integrated energy complexes.

For Dangote Group—Africa’s largest multinational conglomerate with interests spanning cement, fertiliser, petrochemicals, mining, food and energy—the refinery sits at the centre of a broader industrial vision. While challenges around crude supply, pricing and regulation remain, the expansion promises to deepen Nigeria’s self-sufficiency, ease fuel shortages and position the country as a refining hub for West and Central Africa—an outcome with implications far beyond its shores.

Dangote, India’s EIL Strike $350m Expansion Deal to double Lagos refinery capacity

New Tax Law Pushes Nigerian Traders, Business Owners to Prefer Cash Over Bank Transfers

A recent News Agency of Nigeria (NAN) report reveals that many traders and business owners across Nigeria are increasingly opting for cash payments instead of bank transfers following the implementation of the new tax law. The move, especially noted in major commercial hubs like Mararaba and Nyanya in the Federal Capital Territory, reflects widespread uncertainty about tax obligations on digital transactions.

Business owners cited concerns that electronic transfers could attract additional taxes or charges, prompting them to rely more on cash to avoid unexpected deductions. Despite assurances from the Central Bank of Nigeria (CBN) and tax authorities that legitimate bank accounts will not be arbitrarily debited, many traders remain cautious.

READ ALSO:

• Why Regina Daniel’s Best Friend Was Arrested – Ned Nwoko
• Police Charge Blogger Adetoun Onajobi With Cyberbullying Over Online Posts
• NYSC Releases 2026 Batch A Deployment Details as Orientation Camps Set to Open

Customers have also expressed frustration, reporting instances of extra fees being demanded by sellers after bank transfers. Analysts warn that this shift back to cash may undermine financial inclusion, slow the cashless economy initiative, and push more transactions into the informal sector, which is harder to regulate and tax.

Economists emphasize the importance of public education on the new tax framework, which requires linking Tax Identification Numbers (TINs) to bank accounts and reporting high-turnover accounts, but does not permit arbitrary deductions from personal or business accounts.

New Tax Law Pushes Nigerian Traders, Business Owners to Prefer Cash Over Bank Transfers

CBN Strengthens Consumer Rights to Safeguard Nigeria’s Financial System

The Central Bank of Nigeria (CBN) has intensified efforts to strengthen consumer protection in the country’s financial services sector, rolling out new safeguards aimed at protecting bank customers, curbing fraud and restoring public confidence in digital and traditional banking.

The apex bank said the measures are designed to ensure that consumers are treated fairly by banks, fintech firms and other financial institutions, while also improving transparency and accountability across the system. A key focus of the initiative is the enforcement of the Customers’ Bill of Rights, which guarantees the right to information, privacy, fair treatment and timely redress for complaints.

READ ALSO:

• 2027 Elections: APC Insists No Automatic Tickets for Defecting Governors
• Mass Wedding in Abuja as Matawalle’s Nine Children Set to Marry Same Day
• AFCON 2025: Referee Daniel Laryea Breaks Silence on Morocco vs Nigeria Controversy

As part of the reforms, the CBN has reinforced the Unified Complaints Tracking System (UCTS) to make it easier for customers to lodge and monitor complaints against financial institutions. The bank also encouraged Nigerians to use the *CBN-approved USSD code (959#) to verify licensed banks and financial service providers, a move aimed at reducing fraud and patronage of illegal operators.

The renewed consumer protection drive aligns with recent CBN directives ordering banks to refund victims of electronic and authorised push payment fraud within 48 hours, while also clamping down on misleading advertisements that could deceive customers. These steps come amid rising complaints linked to digital banking, mobile payments and online transactions.

Financial analysts say the CBN’s approach underscores the importance of financial literacy and inclusion, noting that better-informed consumers are less vulnerable to exploitation. The measures also support Nigeria’s expanding fintech ecosystem, where rapid innovation has increased the need for stronger customer safeguards.

With Nigeria’s financial landscape becoming more technology-driven, the CBN says sustained consumer education, stricter regulation and collaboration with other oversight agencies will remain central to building a secure, transparent and customer-focused financial system.

CBN Strengthens Consumer Rights to Safeguard Nigeria’s Financial System