- Nigeria's richest man, Aliko Dangote, is preparing to create a oil and gas company in Cameroon, in a bid to expand its operation
- President of Cameroon, Paul Biya, met with the richest African, to discuss about his company's plan for the Central African country
- Dangote has already concluded plans to operate refinery in Nigeria and sell to European Union members, as well as some African markets
Aliko Dangote is planning to expand his oil and gas investment to Cameroon, as he prepares to operate the largest refinery on the African continent in Nigerian market.
Ahead of the investment in the Central African country, the richest blackman held a meeting in Yaounde, Cameroon's capital, with President Paul Biya.
The billionaire already has a Cement production company in the country, and now plans to increase the company's output from the current 1.5 million tons.
In a statement by Dangote he stated:
“We have plans to expand our investment to other sectors beginning with oil and gas,”
With its Nigerian refinery, Dangote is already eyeing European countries and some African nations to deliver refined oil, in a bid to increase its revenue source for the oil and gas business.
Although, these markets are now being threatened by a new foreign policy by G7 nations who want to eradicate fossil fuel consumption in European Union member states and Africa as well.
Meanwhile, Legit.ng had earlier reported that South African cryptocurrency exchange, Africrypt, have been shutdown following a fraud orchestrated by the firm.
The founders of Africrypt, Ameer and Raees Cajee, had lied to investors that their platform was hacked, pleading with them not to tell the authorities.
But the South African brothers ran away with investors $2.2 billion worth of bitcoin investment.