Business
Dangote Group strengthens investor appeal as cement dividend soars
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The Dangote Group has reinforced its status as one of Africa’s most formidable industrial conglomerates, with its flagship cement and refining businesses recording significant milestones that highlight strong financial performance, expanding global ambitions and growing investor confidence.
At its recent Annual General Meeting (AGM), shareholders of Dangote Cement Plc approved a record dividend payout of ₦45 per ordinary share and endorsed plans for the company’s proposed listing on the London Stock Exchange (LSE). At the same time, the Dangote Petroleum Refinery has continued to demonstrate strong operational performance, securing a successful $750 million international bond while sustaining high production levels.
The developments underscore the Group’s strategy of rewarding shareholders while positioning its businesses for long-term expansion and greater participation in international capital markets.
Dangote Cement shareholders approved a final dividend of ₦45 per share for the 2025 financial year, representing one of the highest dividend payments in the company’s history.
The dividend translates to a total payout of more than ₦753 billion, marking a 50 per cent increase from the previous year’s distribution and reaffirming Dangote Cement’s reputation as one of the Nigerian Exchange’s leading dividend-paying companies.
The impressive shareholder reward follows another year of resilient financial performance, driven by robust cement sales across Nigeria and other African markets despite persistent macroeconomic headwinds, including elevated inflation, foreign exchange volatility and higher energy costs.
Industry analysts say the increased dividend reflects the company’s healthy cash flow, strong profitability and confidence in its long-term earnings outlook. They note that Dangote Cement has consistently balanced investment in expansion with attractive returns to shareholders, making it one of the most sought-after stocks on the Nigerian Exchange.
In another landmark decision, shareholders approved the company’s plan to pursue a listing on the London Stock Exchange, a move expected to significantly expand Dangote Cement’s global investor base.
The proposed dual listing is designed to improve access to international capital, enhance the company’s global visibility and increase liquidity for investors.
Market analysts believe the listing would position Dangote Cement among a select group of African companies with shares traded on both domestic and international exchanges, strengthening its profile among global institutional investors while reinforcing international corporate governance standards.
The move is also expected to support future capital raising initiatives as the company continues to invest in production capacity, logistics infrastructure and expansion across Africa.
The positive momentum within the Dangote Group extends beyond cement production to its energy business, where the Dangote Petroleum Refinery continues to consolidate its position as Africa’s largest single-train refinery.
The 650,000-barrel-per-day refinery has maintained strong production levels, supplying petrol, diesel, aviation fuel and other refined petroleum products to the Nigerian market while expanding exports to countries across Africa and beyond.
Since commencing commercial operations, the refinery has played a major role in reducing Nigeria’s dependence on imported refined petroleum products, improving domestic fuel availability and strengthening the country’s foreign exchange position through exports.
Industry experts say the refinery’s sustained throughput has enhanced its revenue generation capacity and strengthened confidence in its long-term commercial viability.
Further boosting its financial position, the refinery recently raised $750 million through an international bond issuance, attracting strong interest from global investors.
The proceeds from the bond are expected to support working capital requirements, optimise operational efficiency and provide additional financial flexibility as the refinery expands its production and export activities.
The successful fundraising reflects growing international confidence in the refinery’s business model, operational performance and long-term cash flow prospects.
Financial analysts describe the bond issuance as another important milestone in the refinery’s evolution from a capital-intensive construction project into a mature, revenue-generating industrial asset capable of attracting global financing.
Analysts believe the simultaneous achievements recorded by Dangote Cement and the refinery demonstrate the effectiveness of the Dangote Group’s integrated business strategy.
While Dangote Cement continues to deliver strong earnings and substantial returns to shareholders, the refinery is rapidly emerging as a strategic energy asset capable of transforming Nigeria’s downstream petroleum industry and generating significant export revenues.
Together, the businesses strengthen the Group’s financial position, diversify its revenue streams and enhance its ability to undertake large-scale investments across manufacturing, infrastructure and energy.
With a record dividend, plans for an international stock market listing and fresh access to global financing, the Dangote Group appears well positioned to sustain its growth trajectory.
Analysts expect the proposed London Stock Exchange listing to elevate Dangote Cement’s global profile and improve access to international investors, while the refinery’s strong operational performance and successful bond issuance could pave the way for additional capital market activities in the future.
As both businesses continue to expand, the Dangote Group is expected to play an even greater role in driving industrialisation, boosting exports, creating jobs and supporting Nigeria’s economic transformation, while strengthening its standing as one of Africa’s leading multinational business groups.
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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