The Dangote Petroleum Refinery, owned by Africa’s richest man Aliko Dangote, has sent its first gasoline shipment to the United States.

This monumental milestone marks Nigeria’s debut as a direct fuel exporter to America, signaling the country’s growing presence in global fuel markets.

A New Era for Nigeria’s Oil Industry

The $20 billion refinery, located near Lagos, dispatched a cargo of approximately 300,000 barrels to the U.S. East Coast, bound for New York or New Jersey. This historic shipment demonstrates Nigeria’s capability to not only meet domestic demand but also export fuel to international markets.

For decades, Nigeria has relied on imports to cover its fuel needs despite being Africa’s largest crude producer. The Dangote refinery’s success is a game-changer, enabling the country to reduce its reliance on regional suppliers and reach new markets.

Dangote’s Vision for African Energy Independence

Aliko Dangote, whose fortune is valued at $28.7 billion, describes the project as a step toward African energy independence. With its strategic location on the Atlantic seaboard, the refinery can ship fuel both east and west, giving it unusual flexibility. While the first U.S. cargo may not reshape the American market overnight, it has opened a new supply link across the Atlantic – one that did not exist before.

A Boost for Global Fuel Markets

The Dangote refinery’s expansion beyond Africa is noteworthy. Since June, it has sent cargoes to the Middle East and Asia, proving its competitiveness in global markets. The refinery’s output has helped plug gaps left by refinery outages in Saudi Arabia and Kuwait, making it an attractive alternative source for buyers. With fuel inventories on the Atlantic Coast tightening and prices climbing, the Dangote refinery’s U.S.-bound cargo is well-timed to capitalize on emerging opportunities.

The Future of Nigeria’s Energy Sector

The Dangote refinery’s rise as a fuel exporter marks a turning point for Nigeria. As the country’s energy sector continues to evolve, the refinery’s success is expected to have far-reaching implications.

With Aliko Dangote devoting more time to oil refining and fertilizers, Nigeria is poised to reduce its reliance on imports and become a major player in the global energy market. The future looks bright for Nigeria’s energy sector, and the Dangote refinery is leading the charge.

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Nigerian entrepreneur Aisha Maina has secured a landmark $40 million investment backed by Afreximbank to build a deep-water port in St Kitts, setting the stage for a new Africa Caribbean trade corridor.

The agreement was formalized during the Afri-Caribbean Trade and Investment Forum in Grenada and marks one of the most ambitious Africa led infrastructure investments in the Caribbean to date.

Maina, who is Managing Director of Aquarian Consult and founder of Gemini Integrated Commodities, is also spearheading a multi-country trade mission across Grenada, Jamaica, and Trinidad and Tobago, aimed at deepening commercial ties in agribusiness, manufacturing, and professional services.

A New Gateway for African Trade

The St Kitts project includes a Panamax-class deep-water port and a 10 km² special economic zone for agro-processing and light industrial activity. Feasibility studies begin this August, with financial close targeted for Q1 2026. The development is projected to generate over 600 construction jobs, unlock an additional $300 million in private investment, and slash shipping times between West Africa and the Caribbean by eliminating costly European detours.

“Africa and the Caribbean need assets, not just aspirations,” Maina said during the signing. “This port is the physical backbone of a trade bridge long overdue.”

High-Level Engagements Across the Region

In Jamaica, Maina confirmed the project timeline at the Caribbean Investment Forum, outlining a seven-day Lagos-to-Basseterre shipping corridor. “If private sector does not take charge of the process, we will remain where we have been,” she told delegates.

In Trinidad, she delivered the keynote address at the Trans-Atlantis Trade and Investment Symposium, linking infrastructure development to broader issues like youth employment, food security, and inclusive exports.

Repositioning the Caribbean in Global Trade

With a population under 60,000, St Kitts & Nevis is poised to become a strategic logistics hub, linking 19 African and 12 Caribbean Commonwealth countries. The port will offer end-to-end customs visibility, bonded warehousing, and value-added processing for African exports headed to North America.

The investment follows a wave of growing Africa Caribbean ties, sparked in part by the Afri-Caribbean Investment Summit in Abuja (March) and a historic Air Peace charter that flew over 120 Nigerian entrepreneurs to St Kitts in June.

About Aisha Maina & Aquarian Consult

Aisha Maina leads Aquarian Consult, a Nigerian advisory and investment firm focused on trade facilitation, human capital, and infrastructure. Through its affiliate Gemini Integrated Commodities, the firm specializes in designing assets that connect African markets to global value chains with a strong focus on Africa Caribbean integration.

As part of its broader strategy to stabilise the financial system and phase out pandemic-era reliefs, the Central Bank of Nigeria (CBN) has directed all banks to submit a detailed Capital Restoration Plan within 10 working days after the close of each quarter, beginning with June 30, 2025.

Each bank’s capital restoration plan must spell out how it intends to return to full regulatory compliance, the CBN said, stressing that it wants to see cost-cutting plans, asset quality improvements, possible risk transfers, and longer-term business strategy tweaks.

The new directives were outlined in a circular signed by the Director of Banking Supervision, Dr. OlubukolaAkinwunmi, published on the CBN’s website yesterday, are part of the central bank’s ongoing efforts to wind down the regulatory forbearance framework put in place during the COVID-19 crisis.

The transitional framework, according to the CBN, is designed to support affected banks in restoring full prudential compliance while promoting macro-financial stability.

The circular announced the termination of all COVID-19-era regulatory forbearance and waivers on Single Obligor Limits (SOL), effective June 30, 2025. This, it said, is aimed at restoring risk sensitivity in credit classification and provisioning.

To support asset quality clean-up, the apex bank has temporarily waived the requirement that banks retain fully provisioned loans for one year before write-off, enabling faster Non-Performing Loan (NPL) reduction for affected banks.

Additionally, the regulatory caps on Additional Tier 1 (AT1) capital recognition in the computation of Capital Adequacy Ratio (CAR) have been temporarily lifted from June 30, 2025, to March 31, 2026. The CBN clarified, however, that this move is “not a substitute” for the ongoing recapitalisationprogramme announced in March.

It stated: “In continuation of its commitment to safeguarding financial system stability and ensuring a credible and orderly exit from the regulatory forbearance regime introduced during the COVID-19 crisis, the Central Bank of Nigeria (CBN) hereby communicates a coordinated set of transitional measures. These measures are designed to support affected banks in complying with prudential requirements while facilitating a smooth exit from temporary regulatory concessions.”

On the capital restoration plan, it stated: “To complement the above measures and ensure forward-looking capital planning, all affected banks are required to prepare and submit a comprehensive Capital Restoration Plan to the CBN on or before the 10th working day, following the end of the quarter with effect from June 30, 2025.

“The plan should detail the management’s proposed strategies to restore full regulatory compliance, including (but not limited to) cost optimisation initiatives, risk asset reduction, significant risk transfers, and necessary business model adaptations.

“The plan must cover the entire period until full normalisation of capital and asset quality indicators are achieved. Plans submitted will be subject to regulatory review and approval, and will form the basis for continuous supervisory monitoring and engagement throughout the transition.”

Furthermore, on guidelines issued for immediate implementation and full compliance, it stated: “ Effective June 30, 2025, all COVID-19-related regulatory forbearance and waivers on Single Obligor Limits (SOL) shall be terminated. This step is aimed at restoring risk sensitivity in credit classification, provisioning, and asset quality assessments.

“Affected banks must align all impacted credit exposures with existing CBN Prudential Guidelines and other relevant regulations.

“To support asset quality clean-up, the requirement to retain fully provisioned loans for one year before write-off is temporarily waived for forbearance related facilities Banks may proceed with write-offs to reduce their Non-Performing Loan (NPL) ratios, provided internal governance requirements for such write-offs are met.”

Also, on restrictions on use of transitional reliefs, it stated that to ensure that retained earnings are conserved for capital strengthening and systemic risk mitigation, banks benefiting from these transitional concessions must adhere strictly to suspension of dividend payments.

Besides, it listed that bonuses to directors and senior management, and investments in foreign subsidiaries, as outlined in the CBN’s circular dated June 13, 2025, should be suspended.

These restrictions, it said, remain in force until capital levels and provisioning are fully restored to regulatory compliance.

“To promote regulatory transparency and support supervisory oversight, all banks are required to submit the following quarterly disclosures, effective June 30, 2025: Detailed provisioning status and reconciliation of affected credit exposures.

“CAR calculations with and without transitional reliefs. Classification migration data for restructured or impacted loan facilities. Comprehensive disclosure of AT1 instruments, including issuance terms, usage, and related conditions. The submission should reach the Director of Banking Supervision, not later than 10 working days following the end of the quarter with effect from June 30, 2025,” the CBN added.

The CBN urged all affected banks to stay closely engaged with its Banking Supervision Department for guidance as they navigate the transition. It also said it expects banks to fully embrace the measures, stick to strong risk management practices, and help strengthen confidence and stability in the financial system.

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Meet Arnold Ekpe, new Chairman of Dangote Sugar 

Dangote Sugar Refinery Plc has announced the appointment of Mr. Arnold Ekpe as the new Chairman of its Board of Directors, effective June 16, 2025. The appointment follows the retirement of Africa’s richest man, Alhaji Aliko Dangote (GCON), who has served as Chairman for nearly two decades.

The announcement was made in a corporate filing dated June 11, 2025, and marks a significant leadership transition at one of Nigeria’s largest and most prominent food and consumer goods companies.

According to the company, Mr. Ekpe’s appointment followed a rigorous selection process aimed at identifying a seasoned and capable successor to lead the Board. The Board expressed confidence in Mr. Ekpe’s ability to steer the company through its next phase of growth, citing his exceptional track record in finance, corporate strategy, and leadership.

A Veteran Banker and Corporate Leader

Mr. Arnold Ekpe brings to the role over three decades of experience spanning engineering, banking, and executive management in some of Africa’s leading financial institutions. Born in Nigeria in August 1953, Ekpe attended King’s College Lagos before proceeding to the United Kingdom for his higher education.

He earned a First Class Honours degree in Engineering from the University of Manchester (1976), where he was a Shell Scholar, and later obtained an MBA from Manchester Business School in 1979.

Mr. Ekpe began his professional career with Schlumberger SA in 1977 as a Wireline Logging Engineer. He later held positions at Alcan Aluminium Nigeria and several financial institutions, including International Merchant Bank, City Securities Limited, and Nigeria International Bank (Citibank Nigeria).

He is perhaps best known for his role as Group CEO of Ecobank Transnational Incorporated, a position he held until his retirement in 2012. Under his leadership, Ecobank expanded its footprint across Africa and established itself as a pan-African banking leader.

Mr. Ekpe joined the Board of Dangote Sugar as an Independent Non-Executive Director in 2024.

A New Era for Dangote Sugar

Alhaji Aliko Dangote’s departure marks the end of an era for the sugar refining giant, where he oversaw massive expansions, investments in backward integration, and consolidation in Nigeria’s sugar value chain.

The Board lauded Dangote’s leadership and legacy, describing his contributions as “instrumental in shaping the company into a market leader.”

With Mr. Ekpe stepping in as Chairman, Dangote Sugar Refinery is expected to maintain its strategic direction while tapping into fresh insights from the seasoned banker as it faces evolving market dynamics and regulatory demands in Nigeria’s manufacturing and FMCG sectors.

Mr. Ekpe’s appointment is expected to be formally ratified at the company’s next Annual General Meeting.

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A viral report claims that former Edo State Governor and current lawmaker, Adams Oshiomhole, created a scene at the Murtala Muhammed Airport (MMA1) terminal in Lagos after missing his 6:30 am flight to Abuja on Wednesday.

According to eyewitnesses, Oshiomhole arrived at the terminal around 6:20 am, mere minutes before the scheduled departure time. However, the Air Peace flight reportedly took off on schedule, leaving the lawmaker behind.

In a dramatic turn of events, Oshiomhole allegedly ordered the terminal gate shut in reaction to missing his flight. The incident has sparked widespread attention and debate, with many taking to social media to share their reactions.

The incident has sparked mixed reactions from Nigerians, with some defending Oshiomhole’s actions while others have condemned them as unbecoming of a public figure.

Air Peace, the airline involved, later issued a statement condemning his actions and reaffirmed its zero-tolerance stance toward aggressive or disruptive behaviour from any passenger.

The incident occurred early on June 11, 2025, at Murtala Muhammed Airport. Oshiomhole allegedly refused to leave the terminal after missing his Air Peace flight. Despite attempts by staff to manage the situation, his actions was said to have temporarily disrupted airport operations.

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I did not disrupt Air Peace flight operations – Oshiomhole

Meanwhile Senator Adams Oshiomhole (Edo North) has opened up on his own side of what transpired at the boarding gate of Air Peace in Lagos when he arrived to take his flight in the morning.

Oshiomhole said that he did not disrupt Air Peace flight operations as alleged by the airline in a statement but decided to fight for Nigerians who were allegedly being ‘extorted’ by the airline through sudden change in time for closing the check-in counter.

According to him, after deliberately categorising himself and other passengers as late for boarding, the airline staff were allegedly collecting higher amount of money from some passengers who they smuggle into the aircraft after making everyone believe that boarding time had elapsed.

He said for a flight ticket of N149,600 those categorised as late were being surcharged an additional sum of N109,900 to be moved to the next flight scheduled for 8.30am, he said this was unacceptable.

He said he refused to be ‘sorted’ by an Air Peace manager who came to meet him at the counter and allowed to board through the backdoor just because he is a Senator.

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