Economy
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Dangote Refinery valued at N82.6trn ahead of IPO on NGX
Two firms, CardinalStone Research and Chapel Hill Denham, have independently valued Dangote Petroleum Refinery and Petrochemicals FZE at between N77.7 trillion and N82.62 trillion, above the N65.22 trillion indicative market capitalisation at which the refinery is expected to list on the Nigerian Exchange (NGX). The comparison follows the release of Dangote Refinery’s IPO prospectus, which shows that the company will…
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H1 2026: Dangote Refinery declared N19.5trn revenue, N2.55trn profit
The Dangote Petroleum Refinery and Petrochemicals generated a revenue of about N19.47 trillion ($13.91 billion) and Profit After Tax of roughly N2.55 trillion ($1.82 billion) in the first half of 2026, as the 650,000 barrels per day facility swung decisively into profitability. The performance marked a significant turnaround for the refinery, which recorded a $476 million loss for the whole…
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Presidency hails N12.59tn trade surplus, says Tinubu reforms yielding results
Nigeria recorded a trade surplus of N12.59 trillion in the second quarter of 2026, marking the 11th consecutive quarter of positive trade balance since President Bola Tinubu assumed office in May 2023. The development was described by the Presidency as another indication of the impact of the administration’s economic reforms. Special Adviser to the President on Information and Strategy, Bayo…
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Mid-Cap: FTSE Russell lists Wema Bank, nine others in frontier index series
Following the recent reclassification of Nigeria from “Unclassified” to “Frontier Market” status, FTSE Russell has listed Wema Bank Plc, nine others to its mid-capitalised Nigerian companies into its FTSE Frontier Index Series. Other companies in the mid-capitalised categories are: Access Holdings Plc , Dangote Sugar Refinery Plc, FCMB Group Plc, Fidelity Bank Plc, Guinness Nigeria Plc, Oando Plc, Okomu Oil…
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Dangote Refinery sets $3.97 minimum IPO subscription for investors
Aliko Dangote, Chief Executive Officer of Dangote Industries Limited, disclosed the minimum subscription requirement on Monday during the signing ceremony for the refinery’s IPO in Lagos. The offering comprises 4.1 billion ordinary shares priced at N525 ($0.40) each. If fully subscribed, the IPO is expected to raise about N2.15 trillion ($1.63 billion), making it Africa’s largest public share offering. The…
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Customs collects N4.30tn in six months, targets N11.07tn for 2026
The Nigeria Customs Service (NCS) generated N4.30 trillion in revenue between January and June 2026, putting the service at 36.4 per cent of its N11.074 trillion target for the year. The figure was disclosed at the 65th Regular Meeting of the Nigeria Customs Service Board, held on September 2 and chaired by the Minister of Finance and Coordinating Minister of…
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Nigerians should not pay more for fuel over border smuggling, says Makinde
By Adejayan Gbenga Oyo State Governor and presidential candidate of the Allied People’s Movement, Seyi Makinde, has said Nigerians should not be forced to pay more for petroleum products because the Federal Government has allegedly failed to effectively secure the country’s borders against smuggling. Makinde made the assertion in his newsletter on Thursday while questioning the manner in which the…
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$5bn refinery IPO opens within 12days, says Dangote
Aliko Dangote said on Thursday that the initial public offering of his Lagos refinery will open within the next 10 to 12days, and that he intends to use the proceeds to double the plant’s capacity. He made the remarks to investors and analysts in Botswana, where he was visiting and met President Duma Boko. The offering is expected to seek…
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FTSE Russell lists Dangote Cement, nine others in Frontier Index Series
FTSE Russell has included 10 Nigerian companies in its FTSE Frontier Index Series as the country prepares to return to Frontier Market status after a three year absence from the global index provider’s classification. The global index agency revealed this in its September 2026 review of the Index. The Nigerian stocks added to the index are Aradel Holdings, Dangote Cement,…
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Lagos hosts GITEX Nigeria, pushes digital sovereignty
…as Africa eyes global intelligence economy Tech enterprises, government policymakers, investors, and startups have converged in Lagos to accelerate West Africa’s ascent in the global intelligence economy, as the second edition of the GITEX NIGERIA opened on Wednesday with an inauguration ceremony attended by influential figures from government and industry. Commending the state’s success in consolidating its position as Nigeria’s…
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