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Nigeria stocks soar N1.36trn on FTSE upgrade as Dangote Refinery $5bn IPO nears

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Nigeria’s capital market is witnessing a powerful resurgence, driven by two major developments: plans by Aliko Dangote to launch a record-breaking refinery IPO and a renewed wave of investor confidence following a global market upgrade.

Dangote Petroleum Refinery & Petrochemicals is preparing for what could become Africa’s largest initial public offering, targeting up to $5 billion in capital as it moves closer to listing on the Nigerian Exchange. The offering is expected to attract both local and international investors eager to tap into the continent’s largest refining project.

At the same time, Nigeria’s equities market has surged, gaining N1.36 trillion in market capitalisation within just 72 hours. The rally was triggered by FTSE Russell, which upgraded Nigeria from “Unclassified” to “Frontier Market” status—effectively restoring the country’s visibility among global investors.

The reclassification has sparked renewed buying interest from institutional players, with analysts pointing to stronger momentum ahead. According to Meristem Research, the upgrade reinforces a bullish outlook for 2026, acting as a catalyst for sustained market growth.

The NGX All-Share Index has continued its upward trajectory, recently surpassing the 200,000 basis points milestone. Market capitalisation has now climbed above N130 trillion, extending gains from a robust first quarter that saw nearly N30 trillion added to equities.

Despite a shortened trading week due to the Easter public holiday declared by the Federal Government, the market posted solid gains. The All-Share Index rose by 1.03 percent to close at 203,770.43 points, while market capitalisation increased by 1.05 percent to N131.166 trillion.

Analysts attribute the rally to a mix of improving macroeconomic conditions, including easing inflation, relative currency stability, and a 50 basis points cut in the Monetary Policy Rate. Strong corporate earnings and attractive dividend yields have also played a key role in sustaining investor interest.

Market confidence has further strengthened following improvements in foreign exchange liquidity and the clearance of a $7 billion FX backlog by the Central Bank of Nigeria—a critical factor behind the FTSE upgrade.

With Nigeria now back in the Frontier Market category, global funds tracking the index are expected to rebalance their portfolios to include Nigerian equities, prompting early inflows and speculative buying.

Investor activity has been concentrated in blue-chip stocks such as Guaranty Trust Holding Company, Zenith Bank, and First Holdco Plc. Others benefiting from the renewed interest include Seplat Energy and Dangote Cement.

Banking stocks, in particular, have seen strong accumulation as investors position ahead of dividend payments, while sustained institutional demand in oil and gas and industrial sectors continues to support market upside.

Trading activity also picked up significantly, with total turnover rising to 3.361 billion shares valued at N151.948 billion in 229,442 deals during the review week. The financial services sector dominated trading volumes, accounting for over two-thirds of total transactions.

Top traded equities included Access Holdings Plc, Wema Bank Plc, and GTCO, collectively contributing more than a third of total market activity.

In a notable development, Access Holdings listed over 1.05 billion additional shares following a partially subscribed private placement, bringing its total issued shares to more than 54.3 billion.

Analysts say market direction in the near term will be shaped by liquidity flows, dividend expectations, and portfolio rebalancing across sectors. While intermittent profit-taking may introduce volatility, sector rotation and momentum-driven trades are expected to sustain the rally.

With the Dangote Refinery IPO on the horizon and Nigeria’s renewed global market status, stakeholders believe the stage is set for a transformative period in the country’s financial markets—one that could redefine investor participation and capital formation across Africa

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Dangote Cement strengthens environmental commitment

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By Philippine Duru

philippineobetoduru@gmail.com

07033905774

 

 

Africa’s largest cement producer, Dangote Cement, has intensified its sustainability agenda through increased investments in environmentally friendly manufacturing processes, alternative energy sources, and community development initiatives as it seeks to reduce its environmental footprint while supporting long-term business growth.

 

The company said its sustainability strategy remains focused on balancing economic performance with environmental stewardship and social responsibility, positioning itself as a leader in sustainable industrial development across Africa.

 

As part of the renewed drive, Dangote Cement is expanding the use of alternative fuels in its production processes to reduce dependence on fossil fuels and lower greenhouse gas emissions. The company is also investing in energy-efficient technologies designed to improve operational efficiency while reducing the carbon intensity of cement production.

 

Industry analysts noted that sustainability has become a critical priority for cement manufacturers worldwide, as governments, investors, and consumers increasingly demand cleaner production methods and stronger environmental, social, and governance (ESG) performance.

 

According to the company, significant progress has been made in improving energy efficiency across its manufacturing plants through the adoption of modern production technologies, process optimization, and continuous investment in innovation.

 

Dangote Cement is also strengthening waste management practices by increasing the use of alternative raw materials and promoting circular economy initiatives that reduce industrial waste while conserving natural resources.

 

Beyond environmental sustainability, the company continues to invest in social development programmes across its host communities. These initiatives include support for education, healthcare, youth empowerment, vocational training, road infrastructure, access to clean water, and other projects aimed at improving livelihoods.

 

The company said it remains committed to creating shared value by ensuring that communities surrounding its operations benefit from sustainable economic opportunities and improved social infrastructure.

 

Industry stakeholders observed that the company’s sustainability efforts are expected to strengthen its competitiveness as global financial institutions increasingly prioritize companies with strong ESG credentials when making investment decisions.

 

Analysts also noted that improved sustainability performance enhances operational resilience by reducing energy costs, improving resource efficiency, mitigating regulatory risks, and supporting long-term profitability.

 

As part of its climate strategy, Dangote Cement continues to explore innovative technologies capable of reducing carbon emissions throughout its operations while maintaining product quality and meeting growing demand for cement across Africa.

 

The company reaffirmed its commitment to responsible environmental management, including compliance with applicable environmental regulations, biodiversity conservation, emissions monitoring, and continuous improvement in occupational health and safety standards.

 

Experts believe the company’s strengthened sustainability programme aligns with Nigeria’s broader climate and industrial development objectives, particularly efforts to encourage cleaner manufacturing, improve energy efficiency, and support sustainable economic growth.

 

They added that continued investment in green manufacturing technologies would not only enhance the company’s operational performance but also contribute to Nigeria’s transition toward a more resilient and environmentally sustainable industrial sector.

 

With infrastructure development and urbanization continuing to drive cement demand across the continent, analysts said Dangote Cement’s renewed emphasis on sustainability positions the company to meet future market needs while addressing growing environmental concerns and delivering long-term value to shareholders, customers, employees, and host communities.Three headline options

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CBN orders banks to freeze accounts linked to terrorists

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By Philippine Duru

philippineobetoduru@gmail.com

08034905774

The Central Bank of Nigeria (CBN) has directed all banks, payment service banks and other regulated financial institutions to immediately freeze the accounts, assets and financial transactions of six individuals and four Bureau de Change (BDC) operators over alleged links to terrorism financing.

The directive, contained in a circular dated June 24, 2026, marks one of the latest measures by the apex bank to strengthen Nigeria’s anti-money laundering and counter-terrorism financing framework. The order followed recent sanctions issued by the Nigeria Sanctions Committee (NIGSAC) and the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) under Executive Order 13224, as amended.

According to the CBN, all regulated financial institutions must immediately identify and freeze, without prior notice, all funds, assets and economic resources belonging to, owned, held or controlled, directly or indirectly, by the designated persons and entities. The directive also extends to businesses or organisations that are owned 50 per cent or more, individually or collectively, by the sanctioned persons.

The six individuals listed under the sanctions regime are Muktar Muhammad Adamu, Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma and Yakubu Ogirima Ibrahim.

The four Bureau de Change operators affected by the sanctions are Generation Currency Bureau de Change Limited, Manhattan Bureau de Change Limited, Nine to Nine Exchange Bureau de Change Limited and Abbal Bako & Sons Bureau de Change Limited. Authorities allege that the businesses are owned or controlled by the designated individuals.

Beyond freezing accounts, the CBN instructed financial institutions to screen all existing customers, beneficial owners and every incoming and outgoing transaction against the updated sanctions list, including known aliases and identifiers. Banks have also been directed to ensure that no funds, financial services or economic resources are made available, directly or indirectly, to any of the sanctioned persons or entities.

The apex bank further ordered institutions to immediately file Suspicious Transaction Reports (STRs) with the Nigerian Financial Intelligence Unit (NFIU) for any confirmed or attempted matches involving the designated persons. In addition, banks must submit compliance reports to the CBN within 48 hours, detailing the number of affected accounts, the value of assets frozen, restrictions imposed and actions taken. Institutions that find no matching accounts are also required to submit mandatory nil returns.

To strengthen compliance, the CBN directed financial institutions to intensify monitoring for terrorism financing indicators, including structured cash transactions, rapid movement of funds, the use of money service businesses and bureaux de change, informal transfer channels and transactions involving high-risk jurisdictions. Banks were also instructed to conduct retrospective reviews of customer relationships and previous transactions to identify any historical links with the designated persons or entities.

The regulator warned that any false, incomplete or misleading compliance reports would constitute regulatory violations and attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and other applicable laws. It added that compliance would be verified through off-site reviews, on-site examinations and supervisory engagements across the banking industry.

The latest directive comes amid intensified domestic and international efforts to disrupt financial networks suspected of supporting extremist organisations. Nigerian authorities have continued to tighten financial surveillance and align the country’s sanctions enforcement with global standards aimed at combating terrorism financing and illicit financial flows. Analysts say the move is expected to reinforce confidence in Nigeria’s financial system while demonstrating the country’s commitment to meeting international anti-money laundering and counter-terrorism financing obligations.

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Share Facts on Drugs, Save Lives: It’s Time to Act Before 26 June 2026

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By: Hon Ezechukwu Nnamdi Obonna
SA on Narcotics and Illicit Drugs Monitoring Imo

Every year, millions of lives are shattered by drug abuse and illicit trafficking. Families broken. Futures stolen. Communities hollowed out. And still, misinformation, silence, and stigma keep spreading faster than the truth.

That ends now.

On *26 June 2026*, the world will mark the *International Day Against Drug Abuse and Illicit Trafficking* under the theme *“Share Facts on Drugs, Save Lives.”* This is not a slogan for posters. It’s a call to arms.

The truth is non-negotiable
Nearly 200 million people use illicit drugs globally. Less than one-fifth get the treatment they need. Why? Because too many people still don’t know the facts. They don’t know how synthetic drugs are killing faster than ever. They don’t know that addiction is a health condition, not a moral failure. And they don’t know that stigma keeps people away from help until it’s too late.

Drug traffickers count on your silence. They profit from your ignorance. Every false rumor, every dismissed warning, every “it won’t happen here” is a victory for them.

Brace up. This is your fight
Whether you’re a parent, teacher, student, faith leader, journalist, or policymaker, you have a role. Sharing verified facts about drugs saves lives. Talking openly about risk saves lives. Pushing for treatment over punishment saves lives.

On 26 June 2026, we demand more than speeches. We demand action:

– *Speak up* in your schools, workplaces, and places of worship. Silence is complicity.

– *Correct lies* wherever you see them online and offline. Misinformation kills.

– *Support treatment and rehabilitation*, not just punishment. People who use drugs deserve dignity and care.

– *Hold traffickers accountable*. They are the ones profiting from pain and must face justice.

No more excuses
The 2026 campaign is clear: facts over fear, prevention over neglect, people over stigma. Countries like Portugal have shown what happens when you put people first – overdose deaths drop, disease rates fall, and lives are saved.

If they can do it, so can we. But only if we brace up now.

*Mark 26 June 2026 on your calendar.* Organize. Educate. Advocate. Share the facts. Because every fact you share is a life you might save.

The traffickers are organized. The drugs are evolving.*The question is: are you ready to match that urgency?*

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