Dangote Petroleum Refinery & Petrochemicals FZE, on Monday, September 14, 2026, announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects. The IPO consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription…
Author: Abdoulaye Kay
Foreign nationals in South Africa are increasingly becoming targets of extortion and violent attacks as organised criminal groups intensify their activities across parts of the country. The development has raised fresh concerns over the safety of immigrants, including Nigerians, amid growing tensions between foreign communities and local criminal networks. The latest concerns come against the backdrop of heightened anti-immigrant sentiments and a series of violent incidents involving Nigerians and other African nationals in South Africa. Nigeria’s Foreign Ministry recently expressed concern over the killings of two Nigerians in separate incidents, saying the deaths raised questions about the safety of foreigners…
The Federal Government has unveiled a new digital education initiative that will allow millions of Nigerian students to access approved educational platforms without paying data charges. The initiative, known as the Initiative for Zero-Rated Access to Educational Platforms and Content in Nigeria, was announced by the Minister of Education, Dr Tunji Alausa, on Thursday. The policy is aimed at removing the cost of internet data as a major barrier to digital learning, particularly for students from low-income families and those living in underserved communities. Under the initiative, access will be zero-rated for designated educational platforms and content, meaning students will…
About 68.4% of Nigerians earning below ₦70,000 per month perceived inflation as high in August 2026, making the income group the most affected by rising prices, according to the latest Central Bank of Nigeria (CBN) Inflation Expectations Survey. The survey showed a sharp disparity in inflation perception across income groups, with only 30.8% of households earning above ₦450,000 reporting high inflation during the month. The ₦70,000 threshold is significant as it corresponds to Nigeria’s current national minimum wage, indicating that households at the lower end of the income scale continue to experience stronger pressure from rising living costs. Inflation perception…
The Central Bank of Nigeria (CBN) has disowned a document circulating online which falsely claims that its Governor, Olayemi Cardoso, approved a $46 billion developmental grant to a private organisation. The forged document, dated August 13, 2026, reportedly alleges that the CBN governor approved the release of the funds to the Atufeg Empowerment and Development Center. The apex bank described the document as fake and fraudulent, warning members of the public against relying on it or engaging with individuals or organisations promoting the purported grant. The development comes amid growing circulation of fraudulent financial documents and online schemes that falsely…
The Nigerian naira strengthened against the euro, exchanging at about N1,548 per euro, amid improving liquidity in the foreign exchange market. The latest movement reflects continued stability in Nigeria’s currency market as foreign exchange supply improves and pressure on the naira eases. The development comes amid recent efforts by the Central Bank of Nigeria (CBN) to deepen liquidity and improve the functioning of the FX market. The naira has recorded relative stability across major foreign currencies in recent sessions, supported by improved dollar inflows and increased market liquidity. The improved conditions in the FX market have also narrowed exchange-rate disparities,…
The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award in recognition of its institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development. The award was presented at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10, 2026. Director of the Monetary Policy Department at the CBN, Dr. Victor Oboh, received the award on behalf of the Governor of the Bank, Mr. Olayemi Cardoso. The recognition comes amid a series of reforms undertaken by the apex bank across the monetary, foreign exchange and financial sectors over…
The Central Bank of Nigeria (CBN) has allotted N1.054 trillion in Treasury Bills at its September 9, 2026 Primary Market Auction, while cutting the stop rate on the 364-day bill to 16.62%. The latest reduction marks the third consecutive cut in the yield on the one-year Treasury Bill, reinforcing signs of easing pressure on interest rates in the fixed-income market. Investors submitted bids worth N2.64 trillion across the three tenors offered, compared with the N750 billion initially offered by the CBN, translating to a bid-to-offer ratio of about 3.52 times. Despite the lower offer, the apex bank allotted about N304.18…
Investors seeking to buy shares in the Dangote Petroleum Refinery and Petrochemicals FZE public offering can subscribe through 32 approved channels comprising banks, fintech platforms, mobile money operators and NGX Invest. The approved channels are listed on the official Dangote Refinery IPO website, which cautions investors against using any platform not included on the approved list. The offering is priced at ₦525 per share, with a minimum subscription of 10 shares, valued at ₦5,250. The 32 approved channels are: Banks Access Bank Stanbic IBTC FirstBank UBA GTCO Zenith Bank Ecobank FCMB Fidelity Bank Globus Bank Jaiz Bank Keystone Bank Lotus…
…More naira, less value, mounting debts: Tinubu cannot devalue the currency and call the wreckage prosperity.