Former President Olusegun Obasanjo recounted how his administration pushed Aliko Dangote to shift from importing cement to local production, saying the policy helped drive the businessman’s expansion into cement manufacturing across Africa. Obasanjo recalled that the effort began in 2003, when Nigeria had been producing cement for decades but still relied heavily on imports. In …
The Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise on Monday, September 14, opened its initial public offering (IPO) to prospective investors. The IPO is expected to be one of the biggest public offers on the Nigerian Exchange Limited (NGX). It is offering 4.1 billion new ordinary shares at ₦525 each, and could raise about …
Nigerians living abroad and eligible foreign investors may also participate in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise public offer, but access depends largely on meeting Nigeria’s identification and banking requirements. Pinnacle Daily reports that the refinery is offering 4.1 billion new shares at an indicative price of ₦525 each, with a minimum …
Dangote Group will begin work on its proposed $17 billion oil refinery in Kenya by the end of September, as Africa’s biggest oil-refining business expands its operations from West Africa into East Africa. Aliko Dangote, President of Dangote Group, disclosed this on Monday during the opening of the initial public offering of Dangote Petroleum Refinery …
Dangote Industries Limited has kicked off preliminary preparations for its proposed Deep Seaport at the Olokola Free Trade Zone in Ogun State. This major step forward follows successful engagements and endorsements from traditional rulers and host communities across Ogun and Ondo states, positioning the project to become a dominant maritime logistics hub in West Africa. …
The Nigerian stock market is currently heavily controlled by a small group of companies, with just 26 firms, including MTN Nigeria Communications and Dangote Cement, accounting for over 90 per cent of the total value of the Nigerian Exchange (NGX) market capitalisation. Pinnacle Daily analysis of market data from the NGX price list for April …
Dangote Group has achieved its first oil from its upstream assets in the Niger Delta, marking its entry into crude production. The company is currently producing 4,500 barrels per day (bpd) from the Kalaekule field on Oil Mining Lease (OML) 72. Vice President of Dangote Group's Oil and Gas Division, Devakumar Edwin, disclosed …
Nigeria’s top business leaders are set for an unprecedented surge in dividend income as stronger corporate earnings and higher payout ratios lift returns to shareholders, with Aliko Dangote and Abdul Samad Rabiu dominating the rankings by a wide margin. A review of audited financial statements across major listed companies shows that Dangote and Rabiu alone …
The Federal Government has intensified pressure on key industry players to accelerate Nigeria’s drive toward sugar self-sufficiency, setting a 600,000 metric tonnes production benchmark for the Dangote Sugar Refinery by 2030 as part of efforts to bridge the country’s widening supply gap. The directive was issued during an inspection visit to the Dangote Sugar complex …
By Esther Ososanya When Forbes released its 2025 roster of the world’s Black billionaires, Nigeria once again led Africa, but the story went deeper than the familiar names. Behind the expected heavyweight figures were several surprising entrants from tech, biotech, and hospitality whose rise defied predictions and broadened the narrative of Black wealth. Here are …
