Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its initial publicoffering by two weeks to allow more investors across Africa to participate in the share sale.The offer, which opened on 14 September 2026 and was originally scheduled to close on 13 October,will now end on 27 October 2026. Nigeria’s Securities and…
Africa’s richest man, Aliko Dangote, yesterday remained upbeat about the take-off of his $16 billion Lamu Refinery in Kenya despite a court ruling directing parties to maintain the status quo on the disputed site, with the company insisting that today’s groundbreaking ceremony would go ahead. The Malindi Environment and Land Court issued the order following…
The Dangote Group has unveiled more details of its ‘Vision 2030’, targeting over $115 billion in group turnover and $35 billion in annual profit by 2030, anchored on nearly $50 billion in new investments across Africa. This, it said, includes an $8 billion 13-metric-tons-per-annum (MTPA) Liquefied Natural Gas (LNG) plant, and a new East Africa…
The federal government yesterday officially signed the financing documents for the N728.9 billion Series 2 power sector bond, marking the completion of the transaction designed to settle part of its N4 trillion outstanding obligations to the electricity market. The signing ceremony held in Abuja formalised the financing arrangement after approval had already been secured for…
Oil prices approached $100 a barrel yesterday, with traders and analysts warning of a renewed supply crunch, as hostilities between the US and Iran exacerbated supply concerns. The price of benchmark Brent crude rose above $98 a barrel during the day for the first time since late July, following US strikes on three Iranian crude…
Dangote Petroleum Refinery and Petrochemicals (DPRP) has signed the registration documents for the biggest Initial Public Offering (IPO) in Africa, valued at approximately N2.2 trillion, about $1.6 billion. The people-centric offering targets up to 10 million Nigerian investors, including low-income earners, through a Bank Biometric Verification Number (BVN)-integrated subscription process. President and Chief Executive of…
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said Nigeria is nearing its target of attracting $1 billion in monthly remittance inflows, after inflows through International Money Transfer Operators (IMTOs) rose to a record $947 million in July 2026. The July figure represents the highest monthly remittance inflow ever recorded through formal channels…
President Bola Tinubu has approved a landmark reform that replaces project-by-project negotiations with a transparent investment framework designed to unlock up to $50 billion in deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments that have remained stalled for decades. According to a statement issued yesterday by presidential spokesperson, Bayo Onanuga, the reform establishes…
Geregu Power Plc has missed a scheduled payment on its N40.09 billion bond obligations, heightening investor concerns over the financial position of the power Generation Company (Genco), less than a year after the change of leadership at the organisation. Specifically, the default, disclosed in an updated listing status by FMDQ Securities Exchange, occurred about eight…
The Nigerian Upstream Petroleum Regulatory Commission has released the Q2 2026 statistics on the enforcement of the Domestic Crude Supply Obligation in accordance with the provisions of the Petroleum Industry Act. NUPRC says a total of 53.7 million barrels of crude oil and condensate were supplied to local refiners between April and June, showing an…
