President of Dangote Industries Limited, Aliko Dangote, on Monday said the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE is designed to give ordinary Nigerians and Africans an opportunity to own a stake in the massive industrial facility. Dangote disclosed this in Lagos while signing the IPO registration documents, describing the …
Nigeria’s economy is gaining momentum, with growth accelerating to 4.43 per cent in the second quarter of 2026 and foreign exchange reserves climbing to a 17-year high of $53.11 billion. The improvement in headline indicators, however, has yet to translate into meaningful gains for millions of Nigerians, the Alliance for Economic Research and Ethics has …
The Securities and Exchange Commission (SEC) has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, clearing the company to offer 4.1 billion ordinary shares at ₦525 each in a transaction that could raise about ₦2.15 trillion if fully subscribed. The approval, which also covers the registration of the refinery’s existing 120.13 …
Nigeria is winning back the confidence of international investors and global rating agencies, but the government still faces a major problem at home, as much of its revenue is being swallowed by debt payments. Foreign reserves have climbed to their highest level in more than 17 years. The naira has become more stable, inflation has …
The initial public offering of Dangote Petroleum Refinery, which could raise about $5 billion and become Africa’s largest IPO, will open within the next 10 to 12 days, billionaire businessman Aliko Dangote has said. Dangote disclosed the timeline on Thursday while speaking with investors and analysts in Botswana, Reuters reported. The planned listing comes as …
Nigeria’s economic reforms have pushed state government revenues to record levels, but the gains have yet to translate fully into better living conditions for millions of Nigerians, according to a new analysis by civic organisation BudgIT. The report comes shortly after the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s …
Mauritius Commercial Bank (MCB) Limited has structured and delivered a $51 million medium-term loan facility to Tolaram, partly refinancing an existing short-term loan linked to the multinational group's acquisition of Guinness Nigeria Plc. The financing will allow Singapore-headquartered Tolaram to replace part of its short-term funding with longer-term financing better aligned with its growth plans, …
The Central Securities Clearing System Plc (CSCS) has cut selected fees and scrapped others in a fresh move to reduce transaction costs, deepen retail investor participation and improve liquidity in Nigeria’s capital market. The revised pricing framework, announced on Wednesday, halves lien fees for retail investors, removes charges for qualifying securities transfers between immediate family …
The House of Representatives has uncovered about 58 bank accounts allegedly linked to Prince Adeniyi Adeyemi, Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), alongside an alleged N400 million transaction that lawmakers said may have involved fraudulent representations. The discovery comes months after Pinnacle Daily reported that Nigeria’s 2026 budget allocated N1.3 billion …
Former Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Osayande Obazee, has accused the Central Bank of Nigeria (CBN) of engaging in what he described as deceptive accounting, fraudulent financial reporting, weak corporate governance and possible earnings management in its 2025 financial statements. Obazee made the allegations on …
