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Dangote to sell his Refinery to NNPC, Shelves Plans for Steel Plant Amid Loggerhead with Nigerian authorities

The President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company, NNPC Limited.

He spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria. The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up 30 percent of the total foreign exchange spent on importing goods.

“Let them (NNPCL) buy me out and run the refinery the best way they can. They have labeled me a monopolist. That’s an incorrect and unfair allegation, but it’s OK. If they buy me out, at least, their so-called monopolist would be out of the way,” Mr Dangote told PREMIUM TIMES in an exclusive interview on Sunday.

“We have been facing fuel crisis since the 70s. This refinery can help resolve the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, and run the refinery. The multisectoral investor’s big bet on oil and gas, which he ventured into following years of relatively stress-free dominance of Nigeria’s cement, salt, and sugar industries, is turning out problematic in its early days.

Set for its first roll-out of petrol to the Nigerian market in August, the mammoth plant has been operating just above half its capacity since the January start of refining operations, constrained in part by difficulties in sourcing crude from international producers. Dangote Refinery said those companies are either demanding outrageous premiums before agreeing to supply crude or simply claiming the product is unavailable

In another interesting turn of events, Africa’s wealthiest man has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly. Dangote disclosed this in a statement on Saturday while addressing
journalists at his refinery in Lagos. The business tycoon explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolize it.

“You know, about doing a new business which we announced, the steel. Our board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like Monopoly. And then also, imports will be encouraged. So we don’t want to go into that. Let other Nigerians go and do it. We are not the only Nigerians here. There are
some Nigerians with more cash than us. They should bring that money from Dubai
and other parts of the world and invest in our fatherland”

In June, Dangote said his company plans to delve into steel production shortly stating that he wants to ensure that every steel used in West Africa comes from Nigeria. However, following the recent spate of clashes between the Dangote group and the current Nigerian regime, the industrialist appears to be dialing back any attempts to expand his investments in the Nigerian economy.

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NCC orders Telco’s To compensate subscribers for poor network service

The Nigerian Communications Commission (NCC) has instructed Mobile Network Operators (MNOs) to make things right for customers when the network quality in certain areas doesn’t meet the expected standards.

This directive was shared in a statement released on Sunday by Nnenna Ukoha, who leads the Public Affairs Department. The statement emphasized the Commission’s firm view that customers shouldn’t have to bear the entire brunt of service problems if operators aren’t meeting the required service delivery benchmarks.

Part of the statement said “Under this directive, erring operators will compensate affected users directly for breaches of Quality of Service (QoS) Key Performance Indicators (KPIs).
Mobile Network Operators (MNOs) shall be required to pay these compensations for instances of poor quality of service recorded within specified time frames.

The compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and their presence within Local Government Areas where service failures occur.”

Ukoha explained that this directive stems from the Commission’s overall approach to regulation, which prioritizes the consumer right at the heart of Nigeria’s telecommunications landscape. They emphasized that today’s telecommunications services are fundamental to economic activity, social connections, and gaining access to digital possibilities.

“When service quality is poor, the consequences affect productivity, commercial activities, and even public confidence in our communications system.

While regulatory fines have traditionally served as a deterrent against poor service delivery, the Commission is adopting a more consumer-focused approach that strengthens accountability within the industry,” the statement said.

The Commission has designed this measure to complement existing and ongoing efforts to strengthen service quality monitoring and enforce performance standards.

“Further to this directive by the Commission to MNOs on compensation to consumers, the Commission is also mandating Tower Companies that own the critical infrastructure for Quality of Service delivery, such as masts, to invest in infrastructure with measurable outcomes using sums that it has fined these companies, in addition to other financial fines the Commission will deem appropriate.

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Top 5 Jobs That Will Survive The AI Boom

As artificial intelligence moves from a speculative tool to a core component of global infrastructure in 2026, the labor market is evolving rapidly. While routine cognitive tasks such as entry-level coding, basic data entry, and script-based customer service are being rapidly automated, roles that require high-stakes accountability and complex physical intervention remain resilient.

Here are the top five jobs uniquely positioned to survive, and even thrive, in the age of AI.

  1. Skilled Trade Specialists (Electricians & Plumbers)
    Robotics has made significant strides, but the “unstructured environment” problem remains a major hurdle. An electrician or plumber must navigate unique physical spaces, troubleshoot idiosyncratic legacy systems, and apply manual dexterity that a machine cannot cost-effectively replicate. These roles require real-time problem-solving in unpredictable, high-stakes settings.
  2. Healthcare Providers (Nurses & Specialized Therapists)
    While AI is revolutionizing diagnostics and imaging, it cannot replace the “human-in-the-loop” necessity of patient care. Nursing and physical therapy require a blend of acute physical movement, empathy, and ethical judgment. The aging global population ensures that the demand for high-touch, compassionate care will continue to outpace the capabilities of any digital interface.
  3. High-Stakes Decision Makers (CEOs & Pilots)
    The “AI-Resistant Careers Index” of 2026 highlights a crucial factor: accountability. In roles like airline pilots or chief executives, the cost of failure is catastrophic. Societies and stakeholders are currently unwilling to delegate ultimate responsibility to an algorithm. These jobs require decision-making under extreme pressure where human intuition and moral liability are mandatory.
  4. Mental Health Professionals
    AI chatbots can offer basic cognitive behavioral exercises, but they lack true empathy and the ability to navigate the nuances of human trauma and complex social dynamics. Psychologists and social workers provide a level of relationship-building and cultural competence that remains a “black box” for generative models, which only simulate understanding based on historical data.
  5. AI Ethics & Governance Analysts
    As AI becomes more integrated into daily life, the need for humans to “police” the machines is skyrocketing. These professionals audit AI systems for bias, ensure regulatory compliance, and handle the philosophical questions of how technology should be applied. They represent the bridge between technical capability and human values.

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Fidelity Bank appoints new board chairperson

Fidelity Bank Plc has appointed Amaka Onwughalu as its new board chairperson following the completion of the tenure of its former chairperson, Mustafa Chike-Obi.

In a Friday disclosure to the NGX, signed by the company secretary, Ezinwa Unuigboje, the bank said Mr Chike-Obi, a non-executive director and chair of the board, stepped down from the board on 31 December 2025 after completing his tenure, in line with the bank’s policy.

The bank said that under Mr Chike-Obi’s leadership, Fidelity Bank recorded significant growth across key financial indices, with the board successfully executing the bank’s strategy and achieving major milestones aligned with its long-term vision.

It added that the board and management expressed appreciation to Mr Chike-Obi for his contributions to the growth and development of the bank during his time on the board.

As part of its board succession planning policy and to ensure a smooth transition, the board approved the appointment of Mrs Onwughalu, an existing non-executive director, as chairperson of the board with effect from 1 January.

The bank said the Central Bank of Nigeria (CBN) has been formally notified of the appointment.

Mrs Onwughalu joined the board of Fidelity Bank on 17 December 2020. Before she was appointed chairman, she served as chairperson of the board credit committee and the board committee on bank capitalisation.

She is also a member of the board finance and general-purpose committee, the board remuneration, nomination and governance committee, and the board risk management committee, which she previously chaired.

The board said it was confident that Mrs Onwughalu would lead the board in the continued successful execution of the bank’s strategy, adding that the succession arrangement reflects Fidelity Bank’s strong corporate governance standards.

Mrs Onwughalu has over 30 years of banking experience, including more than 10 years in executive management across several financial institutions.

Her experience spans commercial banking, retail banking, treasury management, banking operations, and corporate banking.

She previously served as group managing director of the legacy Mainstreet Bank Limited, where she led the seamless integration of the bank with Skye Bank Plc.

She later served as deputy managing director at Skye Bank Plc until her retirement in July 2016.

She is currently the chief executive officer of Blueshield Financial Services Limited.

Mrs Onwughalu holds a bachelor’s degree in economics from the University of Buckingham, a master’s degree in corporate governance from Leeds Metropolitan University in the United Kingdom, and an MBA from the University of Port Harcourt.

She has attended leadership, executive and business development programmes at several global institutions, including INSEAD in France, IMD Business School in Switzerland, Judge Business School at the University of Cambridge, Columbia Business School in the United States, Stanford Graduate School of Business, Harvard Kennedy School, and the Institute of Directors in Nigeria.

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