News
Dangote Feared Broke; Plans Massive Lay-offs
There are worrying indications that Nigeria’s richest man, Alhaji Aliko Dangote is facing a financial tempest that has pushed the Forbes-listed billionaire on the brink of bankruptcy as his financial empire suffocates under the weight of crumbling debt and mismanagement.
Forbes magazine reported that Aliko Dangote, whose net worth was estimated at $2.5 billion, is in debt to the tune of over $1.7 billion and facing insolvency as the global financial meltdown hits the Nigerian economy. To weather what appears to be the perfect storm, Huhuonline.com has learnt from close sources that the Dangote group of companies will undertake a massive down-sizing exercise that will involve as many as over 3000 lay-offs.
It was unclear when or where the lay-offs will occur, but a senior employee at the Dangote group told Huhuonline.com that the “right-sizing” exercise will cut across the board of companies which include: Dan sugar, Dan salt, Dan Flour, Benue Cement, Chevron Texaco amongst others. The Nigerian cement king was among dozens of to business executives singled out by Nigeria’s central bank, in its published list of recalcitrant debtors, who have been told to pay up or face arrest and possible assets seizure. The Economic and Financial Crimes Commission (EFCC) is also looking into recovering the loans.
Loans related to Dangote-owned companies so far appear to have amounted to hundreds of millions of dollars and counting as Dangote continues to expand his cement operations with new plants in Nigeria as well as South Africa, Ethiopia, Senegal and Zambia. The Dangote group recently signed two agreements worth $228 million with the Chinese group Sinoma International Engineering.
The first contract involves its subsidiary Dangote Industries Senegal SA and covers construction of a new production plant near Dakar with capacity of 3,000 tonnes per day. The deal is worth $144 million. Under the second contract, for the same amount, Dangote Industries Zambia Ltd will build a similarly sized cement plant in Zambia. Along with the second project, roughly another $324 million will be invested in infrastructure, which will be handled by sub-contractors.
Nigerian Central Bank sources told Huhuonline.com that part of this expansion by the Dangote group has been funded with debt financing from Nigerian banks reportedly to the tune of $1 billion and some of these assets may potentially be in trouble. The Dangote group is also interested in minTing ore: in particular it has positioned itself to obtain coal mining permits in Nigeria, according to sources.
News
MAN Tasks Rivers, Bayelsa On Blue Economy
The 2025 annual general meeting (AGM) and conference of the Rivers/Bayelsa states chapter of the Manufacturers Association of Nigeria (MAN) has come to a close with a strong call for both states to drive the blue economy.
The communique just issued after the AGM pointed to what it called emerging prospects in fish processing, seaweed cultivation, ship repair, and marine technology.
The communique which also mentioned human capital gaps that must be filled through technical and vocational training that are aligned with modern industrial needs, said the blue economy represents a viable pathway for Nigeria’s industrialisation.
It said MAN and Arican Marine Environment Sustainability Initiative (AFMESI) have the capacity to unlock Nigeria’s blue economy sustainably and inclusively, but said the region required dedicated infrastructure upgrades, including roads, waterways, and power.
The communique was signed by Vincent Okuku (Chairman of Rivers/Bayelsa States Branch); Michael Nosa Agana (Branch Vice Chairman/Chairman AGM planning Committee); and Chibuzor Eze (Executive Secretary, Rivers/Bayelsa States Branch).
The resolutions said the future of the Niger Delta economy lies in diversification rather than dependence on extractive industries. “Technology and innovation, value addition and local processing, strategic infrastructure, and a skilled workforce are essential pillars for the future of manufacturing in the region.
“Governments in the region must intensify support for manufacturing activities. Various forms of collaboration across sectors should be actively encouraged.”
It specifically advised Bayelsa and Rivers States to fully develop and harness the blue economy as strategic gateways for sustainable growth; and called for cross-border partnerships with neighbouring states to enhance trade, security, and environmental management.”
The Rivers/Bayelsa States branch of MAN held its first (41st) AGM outside Port Harcourt for the first time, hosted by Bayelsa State Government at the Chief D.S.P. Alamieyeseigha Memorial Banquet Hall, with the theme: ‘Trade, Technology, and the Future of Manufacturing in the Niger Delta.’
In his welcome address, the chairman of the branch, Okuku, commended the Bayelsa State Government under the leadership of Gov Douye Diri for its efforts in industrial development, investment promotion, and strong partnership with the private sector.
He also acknowledged the Rivers State Government for its commitment to rehabilitating industrial clusters, improving access roads, and delivering key infrastructure.
He, however, expressed concern over persistent challenges such as high energy costs, unreliable electricity supply, weak transport systems, rising logistics expenses, multiple taxes and levies, inconsistent regulatory frameworks, and pressure from host communities, which continue to hinder manufacturing growth in both states.
The President of MAN, Francis Meshioye, noted that the Niger Delta, with its abundant resources and strategic location, holds vast potential for industrial expansion. He called for policy frameworks that promote local manufacturing, enhance trade, and attract investments to the region.
Goodwill messages were delivered by the Minister of the Federal Ministry of Regional Development, Abubakar Momoh, represented by Wasa Festus, Director of Community Development and Education. Another goodwill message was also presented by the Bayelsa State Commissioner for Trade, Industry and Investment, Ebieri Jones.
In his remarks, Gov Diri praised MAN for its contributions to Nigeria’s manufacturing sector, noting its resilience, innovation, and strategic role in national development. He stated that the conference theme aligns with his administration’s mantra of “Assured Prosperity.”
Gov Diri offered 24-hour service to manufacturers wishing to relocate to the state, and highlighted the State’s ongoing transformation through deliberate investment in infrastructure, security, and human capital aimed at positioning Bayelsa State as a hub for industrial growth, particularly in the blue economy, agriculture, and manufacturing.
He further noted that hosting the 41st AGM fulfilled a long-desired aspiration of the State following the successful 2024 MAN event in Port Harcourt, Rivers State. He officially declared the exhibition open.
News
NELFUND Warns Students Against Fake Loan Portal
The Nigerian Education Loan Fund has alerted the public to a fraudulent message circulating online, claiming that the NELFUND Student Loan Registration Portal is open.
The message directs applicants to a third-party link (http://gvly.xyz/Nelfund-Student-Loan, which NELFUND confirms is unauthorised and fraudulent.
In a post obtained from its X handle, yesterday, NELFUND urged students and the general public not to click on the link or provide any personal information, emphasising that the official loan registration portal is only accessible through the Fund’s verified channels.
The agency reminded applicants to exercise caution online and to report any suspicious links or communications claiming to be from NELFUND.
“Applicants are encouraged to always verify official announcements via NELFUND’s official website and social media channels,” NELFUND said.
This advisory comes as part of NELFUND’s ongoing efforts to safeguard students and ensure the integrity of the student loan application process.
News
Eastern Port Police Boss Promises On Crime-Free Operations
The new Commissioner of Police Eastern, Ports Command, Mr Tijani Fatai has promised to ensure a crime- free ports operations in the zone.
He said effective policing will be mounted across the ports in the zone in tackling the high rate of community unrest, activities of port rats and other social vices.
Fatai while speaking to newsmen shortly after taking over as the 17th commissioner said he wants to be remembered as a peace maker during his tenure as Commissioner of Police in the Eastern Ports Command.
According to him,’’the community policing is the sure way of addressing most conflicts and other social vices bedeviling our society today and I will explore it to its fullest” .
The Commissioner also assured officers of the rank and file of improved welfare whoch he described as a cardinal objective of the present efforts of the Inspector General of Police (IGP).
He said,” the Inspector General of Police has sent me to assure you all of welfare, promotions as and when due,no officers particular rank and file will be left behind in the coming months.
Fatai before his recent posting was an operational officer,who spent most of his years with the Police Mobile Force (PMF) where he served as Unit Commander (UC) and Commander, PMF.
Before his redeployment as a Commissioner of Police,(CP), he was the Deputy Commissioner of Police, Operations, DCP, Operations, Lagos State Command.
-
Niger Delta4 days ago
Monarch Lauds Fubara Over Speedy Execution Of Projects In Rivers
-
Ict/Telecom4 days ago
Scientists Advocate Shared Responsibility To Boost Food Security
-
Business4 days ago
VivaJets CEO Urges Unified Aviation Reforms Across Africa
-
Niger Delta3 days ago
Sexual Harassment: Court Sentences UNICAL Prof To 5yrs Imprisonment
-
Sports4 days ago
D’Tigress shift focus to W’Cup qualifiers, After Friendlies
-
Sports4 days ago
Neglect, Mismangement Responsible For 2026 W’Cup Mishap – Barr Green
-
Sports4 days ago
“Rangers No More Chasing NPFL Title Ambition”
-
Ict/Telecom4 days ago
NIGCOMSAT Expands Nigeria’s Digital Broadcast Subsector By 35%
