Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks to give more African investors time to participate, despite receiving subscriptions reportedly worth more than three to four times its intended fundraising target. The offer, scheduled to close today, Tuesday, October 13, will now remain open until October 27, after …
African leaders, financiers and business chiefs have called for more of the continent’s own capital to be channelled into industry, regional trade and jobs, at the inaugural Alamein Africa Forum in Egypt. The two-day forum, which was launched by Egyptian President Abdel Fattah El-Sisi, was convened by Egypt with the African Union (AU), the AU …
The Federal Government has said that it cannot currently supply the Dangote Petroleum Refinery with the 700,000 barrels of crude oil it needs daily. The Minister of Finance and Coordinating Minister of the Economy said this during a programme on Channels Television, following the Federal Government’s 30-day petrol discount offer through NNPC Retail. According to him, …
Nigerian businessman Aliko Dangote has said Dangote Fertiliser Ltd, the fertiliser arm of the Dangote Group, could be listed on the Nigerian Exchange Group (NGX) next year as the conglomerate expands its plans to bring more of its businesses to the public market. Dangote disclosed the plan on Tuesday at an investor meeting at the …
The Federal Government has approved fresh petrol imports for the fourth quarter of 2026, with six petroleum marketers cleared to bring in a combined 830,000 metric tonnes of Premium Motor Spirit (PMS). The approval by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) extends the petrol import permit arrangement that has been in operation …
The petrol pricing landscape in Nigeria has undergone a significant shift in the past three years with the removal of subsidy policy and the resurgence of domestic refining championed by the Dangote Petroleum Refinery. While the return of local fuel refining is being celebrated as part of activities towards advancing Nigeria’s energy security drive, consumers …
Foremost economist and Chief Executive Officer of Financial Derivatives Company (FDC) Limited, Mr Bismarck Rewane, has urged Nigerians to invest in the Dangote Refinery, stating that investment would offer more value in the long run than selling their Permanent Voter Cards (PVCs) during elections for quick financial gain. Pinnacle Daily had reported that Dangote Refinery …
Dangote Petroleum Refinery has warned that a return of petrol subsidies or fuel price controls could squeeze its refining margins, disrupt demand and make revenue forecasting more difficult. The warning was contained in the refinery’s prospectus for its proposed initial public offering (IPO), released on Thursday, where the company identified uncertainty in government fuel-pricing policies …
The Dangote Refinery’s planned initial public offering (IPO) will widen its shareholder base without significantly altering its ownership structure. As existing major shareholders will retain their holdings, the new public investors will take up a small stake in the enlarged company, Pinnacle Daily analysis shows. According to the Dangote Petroleum Refinery and Petrochemicals Free Zone …
Nigerian motorists may face another round of petrol price hikes as international crude oil prices surge above $100 per barrel, amid deepening tensions in the Middle East. The sharp rise in global oil prices is putting renewed pressure on Nigeria’s downstream petroleum market, where petrol prices are increasingly influenced by crude acquisition costs, foreign exchange …
