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Dangote Grooms Nigerian Engineers to Manage Refinery Complex on Completion

The Management of Dangote Oil Refinery is preparing young Nigerian graduates to take over the management of its 650,000 barrels per day single train refinery when it becomes operational in 2022.
Already, the company has trained several Nigerian engineers in some of the world’s biggest refineries in India and other parts of the world to gain first-hand experience on how to manage a refinery of this magnitude.
The President of the Dangote Group, Aliko Dangote, who made this disclosure on Saturday during the tour of the Dangote Refinery by the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, affirmed that the country is blessed with great talents that are capable of running a refinery of this size, if given the necessary encouragement.
According to him, the outbreak of Corona Virus in 2020, which forced many expatriates out of the Construction site made it possible for the company to identify great talents that exist within Nigeria.
Dangote stated: “One thing that gladdens my heart is the young Nigerians we have trained to take over the operation of the Dangote Refinery. These young Nigerians are the ones that are going to run the refinery when it becomes operational. We want a situation whereby the operation of the refinery will be the sole responsibility of Nigerian graduates. We can start the process by bringing in team leaders to keep giving them that training they require to run a world class refinery. However, we will ensure that Nigerian engineers, welders and others are the ones running the refinery. We have created that capacity, human capacity, equipment capacity and every other thing to ensure the successful operation of the refinery by Nigerian engineers.”
Speaking also after the tour of the refinery, the CBN Governor, Godwin Emefiele said that arrangement is being made to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production.
The CBN governor noted that the $15 billion projects being constructed by the Dangote Group would save Nigeria from expending about 41 per cent of its foreign exchange on importation of petroleum products.
Emefiele said: ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira.
“That is the element where foreign exchange saved for the country becomes very clear.
“We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with freight will be totally eliminated.
“This will make the price of our petroleum products cheaper in naira. “If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.
“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency,” Emefiele said.
He expressed optimism that the refinery would be completed by the first quarter of 2022, adding that this would put an end to the issue of petrol subsidy in the country.
“I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be saved, which will save Nigeria’s reserve. “It will help us so that we can begin to focus on more important items that we cannot produce in Nigeria today,” Emefiele said.
He said the CBN had given a N100 billion intervention to the projects, adding that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.
Dangote said that the fertiliser and petrochemicals plants were capable of generating 2.5 billion dollars annually while the refinery would serve Nigeria and other countries across the world.
Dangote thanked President Muhammadu Buhari and the CBN governor for their support toward the completion of the projects.
He said: “I will like to thank the President personally for helping us and assisting us in making sure that we are now back on track.
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GTCO Plc Becomes the 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange

Guaranty Trust Holding Company Plc (GTCO Plc), Africa’s leading and most profitable Financial Services Group, has recorded a significant milestone in its growth and expansion journey with the successful admission of its Ordinary Shares to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange.
This historic achievement makes GTCO Plc, the 1stFinancial Services Institution in West Africa to dual list its Ordinary Shares on both the Nigerian and London stock exchanges, and subject to certain criteria, it is expected that the Shares will be transferrable between the two exchanges.
The admission follows the successful pricing of its fully marketed offering (The Offering) on the London Stock Exchange to raise gross proceeds of $105million in exchange for 2.29 billion of new ordinary shares in the company, which was supported by a strong book of high-quality, long-term institutional investors.
Concurrent with the Offering, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.
Building on the momentum of the successful first tranche of its equity capital raise programme in July 2024, which secured ₦209 billion, GTCO will deploy the proceeds from the Offering to strengthen its capital base, meet its recapitalization target, and fund strategic expansion across high-growth markets and priority sectors within and outside Nigeria.
It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”. Following the cancellation of the GDRs listing, the Company intends to change the ticker symbol for the Shares from “GTHC” to “GTCO” and will issue a separate announcement in due course to that effect.
Commenting on the LSE Listing, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Today marks a major milestone—not just for GTCO, but for the future we see for African financial institutions on the global stage. We are incredibly proud to be the 1stFinancial Services Institution in West Africa to list our ordinary shares on London Stock Exchange’s main market for listed securities, and even more honored by the trust placed in us by the investing community. For us, this was not just about raising capital. It was about validating the strength of our franchise, the clarity of our strategy, and the discipline with which we execute.”
He further said; “I would like to thank everyone who made this possible—our advisors and legal teams, our longstanding shareholders, the regulators both in Nigeria and in the UK, as well as the Nigerian government for creating an environment that supports our bold ambition and vision to be Africa’s leading financial services institution.”
GTCO’s fully marketed offering attracted long-term institutional capital, reflecting investor confidence in the Group’s fundamentals, governance, and strategic outlook. It also signals improving market sentiment, buoyed by ongoing economic reforms by the Federal Government and a return to traditional orthodox monetary policy by the Central Bank of Nigeria, which have gone a long way to stabilising the macroeconomic environment and gradually restoring investor confidence in Nigeria’s long-term prospects.
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ZENITH BANK RETAINS TOP SPOT AS NUMBER ONE BANK IN NIGERIA BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING

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Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital for
the sixteenth consecutive year, in the 2025 Top 1000 World Banks’ Rankings, published by TheBanker,FinancialTimesGroup,UnitedKingdom.ThisrankingplacesZenithBankPlcasthe581st Bank globally, with a Tier-1 Capital of $2 billion.The global rankings, published inthe July 2025 edition of TheBanker, was based on the 2024year-end Tier-1capital ofbanks. Thisis theprimary basisformost internationalorganizations’assessments of banks.Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame(Dr.) Adaora Umeoji, OON, said, “We are thrilled to have retained our position yet again as theNumber One Bank in Nigeria by Tier-1 capital for the 16th consecutive year. This achievement isa reflection of the bank’s robust financial performance, prudent risk management and steadfastdedication to delivering exceptional value to our customers and stakeholders”. She thanked theFounder and Chairman, Jim Ovia, CFR, for his visionary and transformative leadership which hasplayedapivotalroleincultivatingaresilientandthrivinginstitution.Shealsoexpressedherdeepest appreciation to the bank’s esteemed customers for their continued loyalty to the Zenithbrand, the Board for the sound corporate governance, and the staff for their relentless & tirelessefforts in ensuring the bank’s success.Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from aregulator’sperspective.Accordingtotheranking,Tier-1Capital,asdefinedbytheBankforInternational Settlements(BIS) guidelines,includes loss-absorbingcapital, i.e.,common stock,disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that areless than whollyowned. A strongTier-1 capital ratio boostsinvestor and depositorconfidence,indicating the Bank is well-capitalised and financially stable.Accordingtotheaudited financialresultsforthe2024financialyearpresented totheNigerianExchange (NGX), the Bank recorded a double-digit growth of 86% in gross earnings, increasingfrom N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was driven by a 138% increase ininterest income, supported by investment in high-yield government securities, and growth in theBank’s loan book. Zenith Bank’s profit before tax (PBT) rose by 67%, reaching N1.3 trillion in 2024from N796 billion in 2023. This performance saw the bank record an unprecedented total dividendpayout of N195.67 billion at N5.00 per ordinary share in the 2024 financial year.Zenith Bank’s track record of excellent performance has continued to earn the brand numerousawards including being recognised as the Bank of the Year (Nigeria) in The Banker’s Bank of theYear Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025,in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the -
Euromoney Awards 2023; and being listed in the World Finance Top 100 Global Companies in2023.Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021to2024intheWorldFinanceBankingAwardsandMostSustainableBank,NigeriaintheInternationalBanker2023and2024BankingAwards.Additionally,ZenithBankwasacknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance CorporateGovernance Awards from 2022 to 2024 and ‘Best in Corporate Governance’ Financial Services’Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand inNigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year2023 and 2024 at the BusinessDayBanks and Other Financial Institutions (BAFI) Awards, andRetail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFIAwards.TheBankalsoreceivedtheaccoladesofBestCommercialBank,NigeriaandBestInnovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.ZenithBankwasalsonamedMostResponsibleOrganisationinAfrica,BestCompanyinTransparency and Reporting and Best Company in Gender Equality and Women Empowermentat the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by ThisDay Newspaper; Bank oftheYear2024byNewTelegraphNewspaper;andBestinMSMETradeFinance,2023byNairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’at the Nairametrics Capital Market Choice Awards 2025
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Body of Bank CEOs Delivers Critical Relief to Flood Victims in Niger State, Pledges Continued Support

Pix 1 L-R: Registrar & Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN) Akin Morakinyo; Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; Managing Director Taj Bank Mr. Hamid Joda; and Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend
Pix 3: L-R: Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Group Managing Director/Chief Executive, Zenith Bank, Dame (Dr.) Adaora Umeoji; The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago; Chairman, Body of Bank CEOs and Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; and Managing Director Taj Bank Mr. Hamid Joda, during the donation of relief materials from the Body of Bank CEOs in Nigeria, aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area held at the Niger State House in Abuja at the weekend.
In a heartwarming display of corporate social responsibility and solidarity, a consortium of Nigerian Bank CEOs, has pledged significant support to alleviate the suffering of flood victims in Niger State
The Executive Governor of Niger State, His Excellency, Governor Mohammed Umaru Bago on Saturday in Abuja received relief materials from the Body of Bank CEOs led by its Chairman, Mr Oliver Alawuba.
The gesture is aimed at supporting victims of the recent devastating floods in Mokwa Local Government Area of the state.
Oliver Alawuba who is also the Group Managing Director/CEO of United Bank for Africa(UBA), led the delegation to the Niger State Government house Abuja, where they presented essential relief items, including bags of rice, beverages, vegetable oil, and mattresses, valued at millions of naira.
The devastating floods, which have affected thousands of families in the region, have prompted the banking community to come together in a show of empathy and support to those displaced and affected by the disaster.
In his address, Alawuba expressed the banking industry’s deep sympathy for the affected communities and reaffirmed their dedication to sustainable support while pointing out that the gesture underscores the banking sector’s commitment to corporate social responsibility and humanitarian intervention especially in times of crisis.
He said, “Today, we stand with the people of Niger State in their time of need. We want you to know that we feel your pain and we give you our firm resolve to assist in rebuilding lives. This donation is just the beginning; we pledge continued collaboration with the Niger State Government to ensure long-term recovery and resilience.”
Other top CEOs and executives at the presentation included by the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, the Registrar and Chief Executive of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, Managing Director and Chief Executive Officer of Keystone Bank Limited, Mr. Hassan Imam; Managing Director Taj Bank Mr. Hamid Joda; Secretary to the Government of Niger State (SSG), Alhaji Abubakar Usman senior government officials, banking executives, and media representatives, marking a significant step in public-private collaboration for humanitarian relief.
Governor Bago, who received the relief materials on behalf of the state, commending the banking sector for its timely intervention.
“This gesture reinforces the critical role of private-sector partnerships in disaster response,” Governor Bago stated. “We are grateful for this support and look forward to deeper collaboration in safeguarding our communities against future challenges. On behalf of the good people of Niger State, particularly the affected families in Mokwa, I extend our sincerest thanks for this timely and compassionate intervention,” Bago stated.
“The recent floods in the state brought immense hardship to the people, displacing families, destroying livelihoods, and disrupting communities and the banking sector, under the leadership of Alawuba and his esteemed colleagues, has demonstrated that beyond financial stewardship, they are true partners in national development and humanitarian service.
This donation is not just about the physical items; it is a symbol of hope, resilience, and the unwavering support of Nigeria’s financial institutions in times of need. It reassures our people that they are not forgotten, the governor stated.
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