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Economy

Dangote Refinery: Our CNG Drivers Dave Life Insurance, Housing Loans, Earn 3 Times Minimum Wage

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IPMAN Urges Members To Register For Dangote Refinery’

Dangote Refinery: Our CNG Drivers Dave Life Insurance, Housing Loans, Earn 3 Times Minimum Wage

Dangote Refinery: Our CNG drivers have life insurance, housing loans, earn 3 times minimum wage. Mr Dangote noted that his companies will continue to employ Nigerians and contribute to further reducing the country’s unemployment rate.

Aliko Dangote, president of the Dangote Group, on Monday revealed that his resolve to take thousands of Nigerians off the unemployment market remains intact, noting that his companies will continue to employ Nigerians and contribute to further reducing the country’s unemployment rate.

Speaking to the media in his refinery complex on Monday, Dangote said his company respects trade unions, but that membership is a personal choice for each driver.

“We are not trying to take anybody out of the market. These trucks that we launched didn’t stop anybody from their work… You are saying there will be a loss of jobs; will our own tankers be driven by robots? …We have not displaced any jobs; we are creating many more… Our employees earn salaries three times the minimum wage.

“Our drivers receive a living wage, life insurance, and health insurance covering themselves, their spouses, and up to four children, as well as a lifelong pension. We are not only employing drivers but also mechanics, fleet managers, and other professionals to support the CNG fleet.”

He further revealed that the company’s CNG truck drivers can apply for and get a housing loan after five years of working and not being involved in any accident, and that it is optional for them to join the union.

Acknowledging the numerous challenges the refinery has faced since its inception, Dangote emphasised the company’s unwavering commitment to Nigeria and Africa.

“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true. What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa,” he added.

Reflecting on the challenges faced during the refinery’s development, Dangote disclosed that the project involved enormous risk. He received repeated warnings from industry experts, investors, and local and foreign government officials, who argued that only sovereign nations undertake such large-scale refinery ventures. He admitted that had the project failed, he would have lost all his assets to lenders.

“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” he said.

Despite opposition and economic headwinds, the refinery has successfully reduced the price of petrol from nearly N1,100 before production began to N841 in the South-West, Abuja, Delta, Rivers, Edo, and Kwara. With the gradual rollout of CNG-powered trucks, Dangote anticipates that this price reduction will soon be felt nationwide.

He noted that the refinery has sufficient capacity to meet Nigeria’s domestic demand while also generating foreign exchange through exports.He revealed that between June and the first week of September 2025, the facility had exported over 1.1 billion litres of Premium Motor Spirit (PMS), underscoring its capacity to meet domestic demand and contribute significantly to foreign exchange earnings.

IPMAN Urges Members To Register For Dangote Refinery’

Our CNG Drivers Dave Life Insurance

He reaffirmed his commitment to Nigeria’s industrialisation, describing it as essential for the continent’s development. Dangote emphasised the urgent need for Nigeria to protect its local industries and discourage the dumping of cheap foreign goods, citing the collapse of the once-thriving textile sector as a cautionary example.
He noted that Nigeria’s path to sustainable economic growth lies in industrialisation, which not only boosts local productivity but also supports a circular economy.

“Other nations were not industrialised by outsiders. We must build and industrialise our own economies. Without this, how can others invest? That is why I believe the National Assembly should enact legislation to support the Federal Government’s ‘Nigeria First’ policy. My goal is to see Africa prosper, as we have the fastest-growing population in the world. Relying on imports means exporting jobs and importing poverty. Many individuals with greater financial resources than myself want to invest, but the challenges we face discourage them. Numerous sectors are still in urgent need of industrialisation,” he said.
He reiterated that with the introduction of CNG trucks, the refinery can deliver products to consumers anywhere in Nigeria, mitigating all associated risks.

Dangote reiterated that the refinery remains open to partnerships and collaborations with other stakeholders in the downstream sector, stressing that the industry stands to gain more through collective effort and cooperation.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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