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Fitch Ratings Reduces Dangote’s Creditworthiness

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Fitch Ratings, a reputable international capital company, has reduced the rank of Dangote Industries Limited (DIL) from AA(nga) to B+(nga), citing concerns over the conglomerate’s creditworthiness compounded by Nigeria’s “corporate governance.”
 
Aliko Dangote is Africa’s richest man
Fitch Ratings downgrades Dangote’s creditworthiness
 
“The downgrade reflects significant deterioration in the group’s liquidity position following lower-than-expected disposal proceeds,” Fitch said in the report released on Monday, adding that Dangote Industries has been placed on Rating Watch Negative (RWN).
 
“The group has senior secured debt raised at subsidiary levels amounting to USD2.7 billion at end-2023 representing 49% of total group debt,” Fitch said in the report, which also highlighted the blow that naira devaluation dealt Dangote’s enormous dollar-denominated debt. “We do not expect a positive rating action until the company’s liquidity position improves substantially.”
 
The international rating agency said that Dangote Industries had “immediate debt servicing requirements related to the syndicated loan raised to finance the construction of Dangote Oil Refining Company (DORC)” in Lagos.
 
Fitch said any further delay in meeting funding requirements would increase Dangote’s chances of defaulting “and lead to further rating downgrade.”
 
The Fitch report indicated that Dangote Industries recorded a significant loss in the trillions following Nigeria’s naira devaluation, which caused a “mismatch between USD-denominated debt and domestic revenues.”
 
Specifically, the Nigerian conglomerate suffered a N2.7 trillion in 2023.
 
Fitch Ratings projected the naira devaluation to continue at a higher rate, which could further push Dangote Industries Ltd down the ranks.
 
The report said the Dangote refinery underperformed at 50 per cent capacity in the first half of 2024, churning out 325,000 bpd to 375,000 bpd instead of its 650,000 bpd target of refined crude products.
 
In recent weeks, Dangote Industries Ltd had had its share of run-ins with the Nigerian government over allegations of the attempted monopoly of the oil and gas sector made by oil regulator chief Farouk Ahmed of NMDPRA.
 
There were also claims that the sulphur content of the refined crude products from Dangote Refinery was inferior to that of its imported equivalents.
 
Aliko Dangote had refuted the claims vehemently.
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Court Gives Falanas, January Date To Prove Case Against VDM

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By Kayode Sanni-Arewa

A Lagos High Court has adjourned the defamation suit brought by Femi Falana and his son against social media influencer, Vincent Otse, also known as VeryDarkMan, until January 23, 2025.

The case was brought by human rights activist Femi Falana and his son, Folarin, popularly known as Falz.

VeryDarkMan arrived in court dressed in a red native outfit, accompanied by fans who cheered him on, but the Falanas were not present.

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The case could not proceed as several applications filed by the parties were still not included in the court file. As a result, the court decided to adjourn the hearing until January 23, 2025.

On October 14, Justice Matthias Dawodu ruled on an ex-parte application filed by the Falanas, granting them legal protection from defamation. The judge ordered that VeryDarkMan remove a defamatory video he posted on September 24, 2025, which targeted the senior lawyer and his son. Additionally, the court prohibited VeryDarkMan from posting or sharing any defamatory content about them on his social media accounts until the matter is resolved.

The Falanas had filed separate lawsuits seeking N500 million each in damages, claiming that VeryDarkMan posted a video accusing them of accepting N10 million from Idris Okuneye, also known as Bobrisky, to influence a legal matter.

They argued that VeryDarkMan knew the allegations were false but chose to spread them, causing harm to their reputations. The Falanas further pointed out that the video continues to circulate online, further damaging their reputations.

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In response, VeryDarkMan applied to the court for permission to appeal the ruling.

He argued that refusing his request would be an injustice, as the case involves significant legal questions that require further examination. He stated, “A refusal to grant leave may result in the enforcement of a decision that does not reflect a correct application of the law, leading to outcomes that may be detrimental not only to the parties involved but also to the administration of justice as a whole. The appellate court’s role in clarifying and, where necessary, correcting trial court decisions is vital in maintaining the integrity of the judicial system.”

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READ 8 Facts About New Lakurawa Terror Group in North West

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By Kayode Sanni-Arewa

Lakurawa, a new terror group is now wreaking havoc in northwestern part of the country. It was once dismissed as harmless herders.

Initially seen as seasonal migrants, the Lakurawa group has evolved into a powerful militant force linked to jihadist networks in the Sahel.

With roots stretching back six years, Lakurawa has grown under the radar, exploiting Nigeria’s porous borders and limited government oversight.

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Here’s what you need to know about this escalating threat and the challenges it poses to the region’s security.

From Herders to Terrorists

Originally seen as seasonal herders from Niger, the Lakurawa group quietly entered Sokoto communities in search of pasture, later gaining a reputation as militants with ties to jihadist networks across the Sahel.

Authorities’ Early Misjudgment

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Locals first reported suspicious activities by Lakurawa herders nearly six years ago, but authorities dismissed them as non-violent. However, recent intelligence from Nigeria’s Defense Headquarters reclassifies Lakurawa as a new terror group with connections to extremist networks.

Cross-Border Threats

The Lakurawa exploit Nigeria’s porous borders with countries like Niger, Chad, and Mali, entering remote areas to promote radical ideology, often in Hausa and Fulfulde languages, and impose strict “Islamic” rules on communities.

Unusual Alliances

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Invited by local leaders to fend off other bandits, Lakurawa quickly grew from an auxiliary force into a dominant presence, controlling communities through a mix of militant enforcement and religious influence.

Camp ‘Darul Islam’ in Forests

Lakurawa established camps around Gwangwano, Mulawa, Wassaniya, and Tunigara along the Nigeria-Niger border, naming them Darul Islam, or “Abode of Islam.” Their membership has since swelled to over 200 young men.

Escalation and Armed Attacks

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Once tolerated by local communities, the group’s violent tendencies surfaced through alleged attacks on military bases and confrontations with Nigerian security forces, marking a shift to full-scale militancy.

Radical Ideology and Social Control

The group enforces stringent rules, often forbidding music and dancing, and collects levies disguised as religious Zakat. They pressure locals to obey these laws, maintaining authority over vulnerable communities.

A Growing Regional Concern

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With ties to jihadist groups across the Sahel, Lakurawa’s presence reflects broader security challenges. The breakdown in joint border patrols after Niger’s recent coup has only worsened Nigeria’s exposure to such extremist threats.(PRNigeria)

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It’s wrong to arrest individuals in place of suspects — Says PSC chairman

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By Kayode Sanni-Arewa

The Chairman of the Police Service Commission, DIG Hashimu Argungu (retd) has condemned the practice by Nigeria Police Force operatives of arresting individuals in place of actual suspects.

He also frowned at the handcuffing of suspects during arrests, adding that the law prohibits these practices.

A statement on Wednesday by the spokesperson for the commission, Ikechukwu Ani, said Argungu made this known
during training on international Human Rights-based policing and effective oversight of personnel of the Police Service Commission.

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Ani said the PSC chairman stressed that every suspect must be accorded humane treatment and must not be subjected to any form of torture, cruelty, inhuman, or degrading treatment.

The statement read, “DIG Hashimu Argungu, x-rayed human treatment of arrested suspects and declared that a suspect shall be accorded human treatment, having regard to his right to the dignity of his person and not be subjected to any form of torture, cru
Argungu noted that a suspect shall not be arrested merely on a civil wrong or breach of contract and shall be brought before the court as prescribed by law or otherwise released conditionally or unconditionally.

He explained that “a person shall not for any reason be arrested in place of a suspect adding that the law prohibits the handcuffing or any other unnecessary restrain of an arrested person, except if there is reasonable apprehension of violence or an attempt to escape; the restrain is considered necessary for the safety of the suspect or defendant or by order of court.”

Ani added the PSC chairman also noted that all over the world, police officers generally have broad powers to carry out their functions and duties.

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“He noted that the constitution as amended and other procedural laws, however, place limits on how far Police can go in trying to enforce the law.

“According to him, one of the primary purposes of these laws is to protect citizens from abuses by the government, including police misconduct,” the statement added

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