Aliko Dangote’s personal fortune could increase by almost $23 billion if the valuation projected for Dangote Petroleum Refinery and Petrochemicals is achieved following the company’s initial public offering (IPO). According to Bloomberg calculations cited by Nairametrics, Dangote’s net worth could rise from about $35.3 billion to approximately $58.2 billion, representing an increase of about $22.9 billion. The potential increase is linked to Dangote’s 84.34% stake in the refinery and the valuation of the business at nearly $50 billion under the IPO. The public offer, which opened on Monday, is expected to raise about $1.6 billion for the refinery. The offer…
Author: Abdoulaye Kay
Dangote Group is set to commence construction of its proposed $17 billion oil refinery in Kenya by the end of September, with the project expected to be completed within three years. President of Dangote Group, Aliko Dangote, disclosed this on Monday during the launch of the Dangote Petroleum Refinery and Petrochemicals IPO in Lagos. The planned refinery will be located in Lamu on Kenya’s coast and is expected to expand Dangote’s refining operations from West Africa into East Africa. He said construction of the Refinery would begin before the end of September as part of the group’s broader strategy to…
The Securities and Exchange Commission (SEC) has warned prospective investors in the Dangote Petroleum Refinery and Petrochemicals IPO against using unauthorised platforms, individuals or payment channels to subscribe for shares. The warning came as the public offer opened on Monday, September 14, 2026, attracting significant interest from retail investors seeking to acquire stakes in the refinery. In a public notice, the SEC said investors should process their applications and payments only through authorised receiving agents, approved subscription platforms and other officially designated channels. The regulator also advised investors to obtain information about the offer from official SEC sources, the issuer’s…
The Dangote Petroleum Refinery has sold out its jet fuel supply to European markets for August and September, with the refinery now reserving available aviation fuel for the Nigerian market. Chairman of Dangote Petroleum and Petrochemical Limited, Aliko Dangote, disclosed this on Monday during the formal launch of the refinery’s initial public offering (IPO) on the Nigerian Exchange Group trading floor in Lagos. Dangote said the refinery had expanded its market beyond Nigeria, supplying petroleum products to other African countries and international destinations. He described the facility as the largest supplier of jet fuel to Europe, noting that demand for…
The Economic and Financial Crimes Commission (EFCC) has warned Nigerian lawyers against charging clients in dollars or other foreign currencies for legal services provided in the country. The warning was issued on Monday during a meeting between the EFCC’s Lagos Zonal Directorate 2 and the Nigerian Bar Association (NBA) Lagos Task Force on Illegal Practice of Law. The Acting Zonal Director, ACE I Bawa Usman Kaltungo, said lawyers must comply with Nigeria’s laws and professional rules governing payments for services rendered locally. He specifically cautioned legal practitioners against demanding professional fees from Nigerian clients in foreign currencies, warning that violators…
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…
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…