The National Drug Law Enforcement Agency (NDLEA) has dismantled another industrial-scale methamphetamine laboratory in Ebonyi State and arrested a suspected Mexican drug kingpin linked to the facility. The agency, in a statement made available to ASHENEWS on Tuesday, said the breakthrough followed months of investigation into a wider transnational network allegedly involved in establishing clandestine drug laboratories in Nigerian forests and rural communities. The suspect, identified as 56-year-old Arturo Carrera Loaiza, was arrested on August 19, 2026, while allegedly attempting to leave Nigeria through the Lagos airport. According to the NDLEA, Loaiza initially claimed that he had been invited into…
Author: Abdoulaye Kay
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements. Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to…
Investors subscribed to about N1.48 trillion worth of shares in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO) within the first hour of its opening, signalling strong demand from both retail and institutional investors. The Nigerian Exchange Group (NGX) said 402,634 transactions worth N1.476 trillion had been recorded before midday on Monday, shortly after the offer opened. The IPO involves 4.1 billion ordinary shares priced at N525 each, with the company targeting approximately N2.15 trillion from the offer. The subscription will close on October 13, 2026. The strong opening means investors had subscribed to a substantial portion of…
Nigeria’s solid mineral exports rose by N113.53 billion to N249.70 billion in the first half of 2026, reflecting a significant increase in the country’s mineral trade. An analysis of the National Bureau of Statistics’ Foreign Trade Statistics shows that solid mineral exports increased by about 83.4% from N136.17 billion recorded in the first half of 2025. The increase was driven by stronger performances in both quarters of the year. In the first quarter, mineral exports rose to N102.80 billion from N58.87 billion recorded in the corresponding period of 2025. The value increased further to N146.91 billion in the second quarter,…
Nigeria’s equities market extended its winning streak on Monday as banking stocks helped lift the benchmark index by 0.10% on the first day of the Dangote Refinery IPO. The Nigerian Exchange All-Share Index (ASI) rose to 243,299.24 points from 243,052.74 points, while market capitalisation increased by N159.8 billion to N157.75 trillion. The modest gain extended the market’s recovery to a fourth consecutive session and pushed its year-to-date return to 56.35%. The positive close came as investors turned their attention to the much-anticipated Dangote Petroleum Refinery and Petrochemicals IPO, which opened on the same day. Banking stocks provided much of the…
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…
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…