Business
Dangote refinery draws massive investor interest ahead of IPO
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The Dangote Refinery is witnessing strong investor confidence ahead of its planned initial public offering (IPO) scheduled for September, with reports indicating that the refinery has already attracted nearly $2 billion in private placement requests.
The growing interest underscores rising confidence in the refinery’s long-term profitability and strategic importance to Nigeria’s energy sector, as investors position themselves ahead of what could become one of the biggest listings in Africa’s capital market history.
Sources familiar with the development revealed that prominent Nigerian businessman Femi Otedola is reportedly making a $100 million investment in the refinery, further reinforcing market optimism surrounding the project.
Industry analysts said Otedola’s reported investment signals increasing confidence among high-net-worth investors and institutional players in the refinery’s capacity to transform Nigeria’s downstream petroleum sector.
The refinery, owned by Aliko Dangote, has continued to dominate discussions within the oil and gas industry following the commencement of refined petroleum production and gradual expansion of supply into both domestic and international markets.
Market observers believe the refinery’s planned IPO could significantly deepen participation in Nigeria’s capital market while opening opportunities for local and foreign investors to gain exposure to Africa’s largest single-train refinery project.
The development comes amid increasing efforts by the company to consolidate its position in the domestic energy market through competitive pricing strategies.
In a move expected to bring relief to Nigeria’s aviation sector, the refinery recently reduced the ex-depot price of Jet A1 aviation fuel to ₦1,650 per litre.
The price cut is expected to ease operating costs for domestic airlines, many of which have struggled with rising aviation fuel prices, foreign exchange pressures, and escalating maintenance expenses over the past year.
Industry stakeholders say the reduction could translate into lower airfare prices for passengers if airlines pass on part of the savings to consumers.
Several airline operators have repeatedly warned that high aviation fuel costs remain one of the biggest threats to the sustainability of local air transport operations in Nigeria.
Analysts noted that the refinery’s growing domestic supply of aviation fuel may also reduce dependence on imported products, improve product availability, and stabilize pricing across the aviation industry.
Economic experts further argue that increased local refining capacity could help Nigeria conserve foreign exchange, strengthen energy security, and reduce pressure on the naira by cutting petroleum import bills.
The Dangote Refinery, with a refining capacity of 650,000 barrels per day, is widely regarded as a transformative project capable of reshaping fuel supply dynamics not only in Nigeria but across West Africa.
As preparations for the September IPO gather momentum, investors and market participants are expected to closely monitor the refinery’s operational performance, pricing strategy, and expansion plans in the coming months.
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.
-
Business4 months agoNGX surges as investors gain ₦3.19tn
-
News4 months agoAPC’s budget for security jumps from #969b to ₦5.41tr
-
News7 months agoSERAP to Akpabio: Disclose officials involved in misappropriation of ₦200t from NNPC
-
News6 months agoDisquiet over whereabouts of ₦2.9 billion in key federal agencies
-
Business9 years agoThe 9 worst mistakes you can ever make at work
-
News9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Business4 months agoFCMB profit hits ₦202bn on first quarter performance
-
Entertainment9 years agoThe final 6 ‘Game of Thrones’ episodes might feel like a full season
