Business
SEC warns public against pre-IPO solicitations
Nigeria’s Securities and Exchange Commission (SEC) has moved decisively to halt all marketing and promotional activities linked to a purported Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been submitted to or approved by the regulator. The commission also directed operators who may have collected funds from investors in connection with the proposed offering to refund such monies immediately.
The directive follows the circulation of advertisements, digital banners, flyers, social media promotions, and electronic messages encouraging members of the public to subscribe to what was presented as a forthcoming share sale in the refinery. According to the SEC, these promotional materials created the impression that the refinery was already in the process of launching a public offer, despite the absence of any formal filing with the commission.
In a strongly worded notice, the market regulator emphasized that no application for the registration of an IPO or public offer of shares by Dangote Petroleum Refinery has been received or approved. It described the ongoing promotions as premature and potentially harmful to market integrity.
The SEC expressed concern that some registered capital market operators were allegedly involved in soliciting advance subscriptions from prospective investors. Such activities, it said, could mislead the investing public, distort market expectations, create information asymmetry, and undermine confidence in Nigeria’s capital market.
The commission further warned that invitations encouraging investors to create accounts, pre-fund subscriptions, reserve allocations, or transfer funds ahead of any approved offer amount to market manipulation and constitute violations of the Investments and Securities Act, 2025.
As part of its enforcement action, the SEC ordered all registered capital market operators, including stockbrokers and digital investment platforms, to immediately cease publishing, distributing, or reposting any materials promoting the purported offer. Operators were also instructed to remove existing promotional content from websites, social media channels, messaging platforms, and other communication outlets within 24 hours.
Perhaps most significantly, the commission directed operators to stop accepting deposits, commitments, account openings, or expressions of interest tied to the alleged share offering. Any funds already collected from investors in connection with the purported IPO must be reversed and refunded within 24 hours of the notice, the regulator said.
The SEC warned that failure to comply with the directive would attract regulatory sanctions under the provisions of the Investments and Securities Act and the commission’s rules and regulations.
The development comes amid growing investor anticipation surrounding a potential public listing of the Dangote refinery, which has been widely expected to become one of the largest IPOs in African history. Earlier reports had indicated plans for a future listing that could involve the sale of a minority stake in the refinery, while Nigerian regulators had already begun preparing the market for such a transaction. Last month, the National Pension Commission granted pension fund administrators a special waiver to participate in a future refinery IPO, underscoring the strategic importance of the project.
Despite the SEC’s latest action, industry analysts stress that the regulator has not ruled out a future listing by the refinery. Rather, the commission is insisting that any public offering must follow established regulatory procedures and receive formal approval before marketing activities can begin.
The SEC advised investors to rely solely on official communications issued through its recognized channels and to disregard unsolicited offers, high-pressure sales tactics, or requests to transfer money for “pre-IPO” participation. It assured the public that whenever a formal application is received and approved, an authorized prospectus will be made available in accordance with applicable securities laws.
For now, the regulator’s message is clear: there is no approved Dangote Refinery IPO on the market, and investors should exercise caution until an official offer is announced through the proper regulatory process.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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