Five things to know to start your Monday

FG said it’s paid N15bn in compensation for the Lagos-Calabar highway

The Federal Government has announced that it has paid out N15 billion of the N18 billion allocated for the first phase of compensation to property owners affected by demolitions along Section One of the Lagos-Calabar Highway.

This update was shared at a stakeholders’ meeting in Lagos on Sunday about the Lagos-Calabar Coastal Highway project. Bede Obioha, the Director of Federal Highways, Bridges, and Design at the Federal Ministry of Works, explained that the total compensation amount exceeds N18 billion. “For Section 1, which covers 47.7km, the contractor has managed to distribute over N15 billion so far,” he said. He added that figures for Section 2 are still being calculated and will be shared once finalised, emphasising their commitment to transparency throughout the process.

The Minister of Works, David Umahi, announced that 30 kilometres of the highway’s first phase will be ready to open in May 2025, out of a total 70-kilometre stretch. This follows an earlier announcement in November 2024 that N18 billion had been set aside for compensating property owners affected by Section 1 of the coastal highway.

S&P said the Dangote refinery supplies 60% of Nigeria’s petrol

S&P Global’s latest report claims that the Dangote Petrochemical Refinery is now meeting 60 per cent of Nigeria’s domestic petrol demand. According to S&P, this shows how the refinery is helping to stabilise the country’s fuel supply and reduce its reliance on imported fuel.

However, these figures don’t match recent information from the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The Authority states that all three of the country’s working refineries combined are producing less than 50 per cent of Nigeria’s daily petrol needs.

The Dangote refinery, which can process 650,000 barrels of oil per day, began operations in January 2024. Since then, its petrol production levels have been closely monitored, as the facility was expected to significantly reduce Nigeria’s dependence on imported fuel by serving most of the country’s main fuel market.

Read Also: Dangote Refinery produces 57 million litres of petrol daily, meets Nigeria’s local demand

Germany’s incoming Chancellor wants to make Europe independent from the US

Friedrich Merz, who is going to become Germany’s next chancellor following his conservative party’s victory in Sunday’s national election, has promised to help Europe become “truly independent” from the United States as he begins forming a new government.

At age 69, Merz faces complicated coalition talks after the far-right Alternative for Germany (AfD) achieved its best-ever result, coming second in an election that saw Chancellor Olaf Scholz’s unpopular three-party alliance collapse.

The mainstream political parties have refused to work with the AfD, despite the party receiving support from prominent American figures, including tech billionaire and Trump ally Elon Musk.

Merz, who has never held government office before, will take charge at a challenging time. Germany, Europe’s biggest economy, is struggling, its population is divided over immigration issues, and the country finds itself caught between an increasingly confrontational United States and the growing influence of Russia and China.

Ukraine’s Zelenskiy offered to leave office in exchange for peace

Ukrainian President Volodymyr Zelenskyy has said he would step down from the presidency if it would bring peace to Ukraine and secure NATO membership for his country. He made this statement on the same day that Ukraine faced what he described as its largest Russian drone attack since the war began.

Zelenskyy announced this during a news conference in Kyiv on Sunday, at a time when relations are becoming increasingly strained between Ukraine and the new United States government under President Donald Trump. The timing is particularly significant as it comes just before the third anniversary of Russia’s full-scale invasion of Ukraine.

“If [it means] peace for Ukraine, if you really need me to leave my post, I am ready,” Zelenskyy said. “I can exchange this for NATO [membership], if that condition is there, immediately.”

Alibaba pledged to invest over $52billion in AI infrastructure

Alibaba Group Holding Ltd. has revealed plans to invest 380 billion yuan (approximately $52.5 billion) in artificial intelligence and cloud infrastructure during the next three years. The company says this investment shows its long-term commitment to developing new technology.

The Chinese technology company noted that this planned investment is larger than all its AI and cloud spending over the past ten years combined. During Alibaba’s most recent meeting with investors, Chief Executive Eddie Wu described AI as a “once-in-a-generation” opportunity.