Nigeria’s Kola Aluko $1 Billion Net Worth
Kola Aluko’s total net worth was estimated at about $1 billion before he fled the country amid numerous accusations of fraudulent oil dealings when President Muahammadu Buhari became President in 2015.
Kola Aluko is a Nigerian energy businessman with interests in African infrastructure development and aviation.
Born in Lagos Nigeria on October 20, 1969, Aluko was the Co-Chief Officer and an Executive Director of Atlantic Energy, an indigenous, private upstream oil and gas company that focused on independent exploration and production in Nigeria.
In November 2013, the New African Magazine included the energy businessman in its 100 most influential Africans list, while Forbes Africa ranked him as one of the 40 richest Africans and listed him among the top ten successful African entrepreneurs to follow on Twitter.
Kola Aluko Business Career
In 1995, Kola Aluko co-founded the very first oil trading company in Nigeria, Besse Oil. Besse oil traded crude oil and fuel oil and was a major importer of gasoline into Nigeria.
In 2001, Aluko founded another company called Fossil Resources, an indigenous downstream oil and gas company, where he held the role of CEO.
In 2004, Kola Aluko formed yet another company, Exoro Energy International, to finally move into exploration and production. As the CEO, he partnered with a division of Weatherford, to showcase its exploration and production technology.
In 2007 he bought the division of Weatherford and merged with Exoro Energy to form an independent company, Seven Energy.
In 2011, Aluko, with a team of Nigerian and international E&P executives, co-founded Atlantic Energy, a private upstream oil and gas company, with an increased focus on under-developed producing fields in Nigeria.
In partnership with the Nigerian Petroleum Development Company (NPDC) Atlantic Energy focused mainly on Niger Delta assets, contracted and executed under Strategic Alliance Agreements (SAAs) with the NPDC.
In 2010, Aluko diversified into the aviation industry, becoming a member of the VistaJet advisory board, assisting with the West-African expansion of the Swiss-based luxury aviation company.
Aluko, Jide Omokore and Diezani Alison-Madueke, the former Nigeria Petroleum Minister, are currently being investigated for numerous multibillion-dollar fraud and money laundering offences in Nigeria, the United Kingdom and America.
Aluko sold a portion of his substantial overseas real estate holdings between 2015 and 2017 to prevent seizure by the US government and other government agencies engaged by the Nigerian authority to recover suspected looted funds.
In July 2019, the Federal Government of Nigeria and the United States Government sold his $48 million yacht believed to have been acquired with proceeds of fraudulent oil deals.
Presently, the U.S. Department of Justice has filed a civil complaint to forfeit and recover around $144 million in assets alleged to be proceeds of corruption offenses.
Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
Aliko Dangote: Dangote Refinery Set to Commence Operations, Eyes 350,000 Barrels Daily
In a recent interview with the Financial Times, Aliko Dangote, the President and CEO of the Dangote Group, announced that the long-anticipated $20 billion Dangote Refinery in Lekki, Lagos, is set to commence operations by refining 350,000 barrels per day.
Dangote revealed that a deal had been secured for the delivery of the first cargo of approximately 6 million barrels in December 2023.
He expressed confidence that the refinery could achieve its full capacity of 650,000 barrels per day by the end of 2024.
The Dangote Refinery, touted as the world’s largest “single train” facility with a singular distillation unit, is expected to significantly reduce Nigeria’s dependence on imported fuel and save billions in foreign exchange.
Dangote lamented the irony that Nigeria, a major oil producer for over 50 years, has struggled to refine its own crude adequately.
However, the project, which has faced delays and exceeded its budget by about $8 billion, has not been without challenges.
Dangote dismissed doubts about the refinery’s efficiency, stating that the challenges encountered during the project could have jeopardized his business empire.
He acknowledged being under intense pressure, facing allegations of underhand business practices and gaining unfair access to foreign exchange, which he vehemently denied.
Despite these challenges, Dangote expressed gratitude for overcoming the hurdles and reaching the destination.
The refinery is expected to generate substantial revenue, and plans are underway to eventually list it as a separate company on the Lagos stock exchange.
Dangote Cement Advocates for Sustainable Cement Production Amid Rising Carbon Emissions
In a bid to address the escalating global concerns over carbon emissions, Arvind Pathak, the Group Managing Director of Dangote Cement Plc, highlighted the cement industry’s pivotal role in contributing to seven per cent of worldwide carbon emissions.
Speaking at the 12th Africa Cement Trade Summit in Abidjan, Cote d’Ivoire, Pathak emphasized the necessity for the industry to adopt sustainable practices.
Pathak acknowledged the energy-intensive nature of cement production, outlining the emissions generated throughout the value chain, from raw materials’ processing to the final product’s dispatch.
Dangote Cement, a significant player in the industry, has committed to decreasing carbon emissions through a strategic fuel substitution approach.
Pathak, represented by the Group’s Head of Sustainability, Dr Igazeuma Okoroba, advocated for the use of alternative fuels, such as municipal, agricultural, and industrial wastes, to reduce emissions.
He emphasized that these alternative fuels emit less CO2 when combusted, contributing to a more sustainable and environmentally friendly cement production process.
Despite the challenges posed by global climate shocks, Pathak stressed that decarbonization is not merely an option but a necessary strategy for future-proofing businesses.
Dangote Cement, as a pioneer in decreasing CO2 emissions, has leveraged sustainability reporting and received positive ratings for its climate change initiatives.
The adoption of alternative fuels aligns with the broader goal of addressing climate change concerns and reducing the cement industry’s environmental impact.
Pathak highlighted the need for clear and detailed decarbonization targets, emphasizing that companies must adapt to a rapidly changing world by embracing sustainable practices.
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