Business
At Africa Forward Summit, Tinubu calls for reform of global financial architecture
President Bola Tinubu, on Tuesday, led Nigeria’s government, diplomatic, and business delegation to the Africa Forward Summit at the Kenyatta Convention Centre in Nairobi, Kenya, advocating for stronger economic integration that prioritises Africa’s growth and prosperity.
The Africa/France summit, co-hosted by Presidents Emmanuel Macron of France and William Ruto of Kenya, brought together leaders and top officials from more than 30 countries across the continent.
Messrs Ruto and Macron, Antonio Guterres, Secretary-General of the United Nations, and Mahamoud Youssouf, Chairman of the African Union Commission, delivered opening statements.
On the sidelines of the summit, President Tinubu held a bilateral meeting with Madagascar’s President, Michael Randrianirina. He also met with the President of the Confederation of African Football, Patrice Motsepe, and expressed Nigeria’s readiness to host the 2026 CAF awards.
At the summit, the French government advocated restructuring economic and political relations on the basis of equality and fairness. At the same time, African leaders emphasised the need for greater access to credit to fund major investments and stimulate economic growth.
President Tinubu highlighted Nigeria’s potential in the blue economy as one of the cornerstones of Africa’s development. Governments and the business community had long neglected this potential due to insecurity and uncertainty.
“Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states. Interoperable systems, harmonised laws, and seamless joint enforcement must become the daily reality, not an aspiration on paper.
“Let no one misunderstand: maritime sovereignty does not repel investment — it attracts it. Secure sea lanes, predictable regulation, and functional courts are the preconditions that unlock private capital. Governance has de-risked Nigeria’s maritime proposition. We now invite partners to build on these gains as we advance climate-aligned port modernisation and the digital transformation of our maritime sector.
“As we endorse the Nairobi Declaration, Nigeria affirms that maritime sovereignty and ocean governance are the non-negotiable foundations of Africa’s Blue Economy transformation. We will continue to earn that sovereignty — through institutions, through assets, through law, and through iron-clad regional solidarity that turns our waters from a theatre of risk into a story of shared resilience.
“The oceans have no duplicate as a common heritage of mankind. For Africa, moving from sea blindness to ocean sovereignty is not a choice — it is a generational duty. Nigeria is ready, and we invite all present to join us in that duty,’’ the president stated.
On the reform of the international financial architecture, the president stated Nigeria’s position:
“Last September, from the podium of the United Nations General Assembly, Nigeria warned that the international system must reform or risk irrelevance. We spoke not only of the Security Council but of the financial and trade structures that quietly de-industrialise our nations. The evidence is before us. Despite decades of independence, Africa’s share of global manufacturing value added remains below 2 per cent.
“We export raw minerals, crude oil, and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident. It is the product of a global financial architecture that starves our industries of affordable capital, tolerates massive illicit financial flows, and imposes policy constraints that our competitors themselves never observed when they built their own industrial bases.
“Nigeria does not come to this discussion as a supplicant. We come as a nation that has taken painful, homegrown decisions to put our house in order — removing fuel subsidies, unifying our exchange rate, recapitalising our banking system with over $3.4 billion, and exiting the FATF grey list. These reforms were sovereign choices, not external conditions. They have delivered a declining debt-to-GDP ratio, now projected at 32.3 per cent in 2026, stronger external reserves of $45.5 billion, and a return of investor confidence. But, Excellencies, even a reforming nation like Nigeria is being forced to de-industrialise by a financial system that is stacked against us,’’ he noted.
The president added that in 2026, Nigeria will spend about $11.6 billion on debt service — nearly half of projected revenue.
“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries. It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories. Our industrial base is being starved of the blood it needs — long-term, affordable finance — while creditors and rating agencies treat African sovereigns as permanent high-risk borrowers, regardless of our fiscal performance.
“So, I ask this gathering: how can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher? How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it? The answer is plain: we cannot. The international financial architecture, as currently constituted, is an instrument of industrial disarmament for Africa.
“Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise — to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets. We will continue to borrow responsibly, but we insist that our creditworthiness be measured by our economic fundamentals and our industrial potential, not by outdated stereotypes,’’ he noted.
The president stated that immigration issues must be addressed by expanding safe, orderly, and legal pathways to improve security.
“First, cooperation must address root causes in countries of origin. People who have jobs, security, and hope at home do not typically risk their lives in the back of a smuggler’s truck. That is why Nigeria has embedded migration management within our broader economic transformation agenda—removing fuel subsidies to invest in infrastructure, recapitalising banks to fund enterprise, and modernising agriculture to create rural livelihoods, among other initiatives.
“But we cannot do it alone. International partners must move beyond rhetoric and match words with investments that make staying at home a genuine choice—investments in climate adaptation, energy access, digital skills, and the productive sectors that employ young people. As we intensify the implementation of these domestic measures, I therefore call on our development partners to ring-fence a portion of Official Development Assistance (ODA) for programmes that demonstrably reduce the desperation that fuels irregular migration,’’ he stated.
On Nigeria’s position on peace and security, President Tinubu urged African countries to work together in building a global migration governance architecture that is fit for purpose.
READ ALSO: UBA Group reaffirms commitment to Africa’s growth agenda at Africa Forward Summit 2026
“The Global Compact for Safe, Orderly and Regular Migration was a start, but it remains non-binding and underfunded. Nigeria supports the African Union’s Migration Policy Framework and the Khartoum Process, but we need a more coherent link between these regional efforts and global institutions”.
President Tinubu was accompanied by the Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, Minister of Agriculture and Food Security, Abubakar Kyari, Minister of Marine and Blue Economy, Adegboyega Oyetola, Minister of Environment, Balarabe Lawal, Minister of Industry, Trade and Investment, Jumoke Oduwole and Minister of Communications, Innovation and Digital Economy, Bosun Tijani.
The Chairman of the Dangote Group, Aliko Dangote; Chairman of BUA, Abdulsamad Rabiu; Chairman of the UBA Group, Tony Elumelu; and Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, attended the summit.
Others were the Chief Executive Officer of the Nigerian Investment Promotion Council (NIPCO), Aisha Rimi; the Minister of State designate for Foreign Affairs, Sola Enikanolaiye; the Director General of the National Council on Climate Change (NCCC), Omotenioye Majekodunmi; the Nigerian Ambassador to France, Ayodele Oke and Director General of the National Intelligence Agency (NIA), Mohammed Mohammed.
The ministers had bilateral meetings with their counterparts from Kenya, France and other African countries. Also, they participated in plenaries at the Nairobi University and the KICC, with a focus on engagement, entrepreneurship and Africa’s demographic dividend.
The ministers also brainstormed on dynamic CEO and business leadership, AI and digitalisation as drivers of business, investment opportunities, innovation, agro-industry, cultural and creative industries, trade and innovation, and the creation of frameworks for moving from political rhetoric to concrete industrialisation, competitive, supporting agro-industries, AFCTA, healthcare and climate change as a collective effort.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
May 12, 2026
BY NKECHI NAECHE-ESEZOBOR—The Securities and Exchange Commission (SEC) has directed an immediate halt to all marketing and promotional activities relating to a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning investors that the offer has neither been filed with nor approved by the regulator.
In a public notice issued on Tuesday, the Commission said it had become aware of advertisements, digital campaigns, flyers, and targeted emails circulating across social media and investment platforms promoting an alleged public share offering by the refinery.
According to the SEC, no application for the registration of an IPO or any public offer of shares by Dangote Refinery has been submitted to or cleared by the Commission.
The regulator expressed concern over reports that some Registered Capital Market Operators (CMOs) were actively soliciting subscriptions and collecting investor commitments for the purported offer.
It described the activities as misleading and capable of creating false market expectations, information asymmetry, and risks to the integrity of Nigeria’s capital market.
The Commission noted that invitations encouraging investors to create accounts, pre-fund subscriptions, or secure guaranteed share allocations amounted to market manipulation and constituted serious violations of the Investments and Securities Act.
Consequently, the SEC directed all registered market operators, including stockbrokers and digital investment platforms, to immediately cease the publication, distribution, or promotion of any materials related to the alleged offering.
The regulator also ordered operators to remove all unauthorized promotional content from websites, social media platforms, and messaging channels within 24 hours of the notice.
In addition, the Commission instructed operators to stop accepting deposits, account openings, expressions of interest, or any form of commitment linked to the purported IPO. Any funds already collected from investors in connection with the offering must be refunded within 24 hours.
The SEC warned that failure to comply with the directive would attract sanctions under the Investments and Securities Act, 2025, and the Commission’s Rules and Regulations.
The regulator advised investors to exercise caution and rely solely on official communications issued through SEC-approved channels when considering investment opportunities.
It further urged members of the public to disregard high-pressure marketing tactics and requests for fund transfers tied to any “pre-IPO” placement, stressing that such activities have not received regulatory approval.
The Commission assured investors that should Dangote Refinery eventually submit and obtain approval for a public offering, an official prospectus would be released in accordance with the provisions of the Investments and Securities Act, 2025.
The post SEC Halts Promotion of Unapproved Dangote Refinery IPO, Warns Investors appeared first on Business Today NG.
The story of African development is undergoing a profound, historic shift. For decades, the narrative was dominated by foreign capital, with investments flowing inward from distant global capitals, development projects managed by external actors, and the resulting profits regularly finding their way back across oceans. While Africa has always been rich in resources and opportunities, its financial destiny was largely shaped by outsiders. Today, that old story is being rewritten. Across the continent, African-owned institutions are stepping forward, expanding beyond their national borders, mobilising local capital, and proving that Africa possesses both the expertise and the financial strength to fund its own progress.
In the vanguard of this transformation is United Capital Plc, whose expansion into Ethiopia and Rwanda marks a defining moment in the evolution of regional investment banking.
The Nigerian financial services giant recently achieved a historic milestone by becoming the first foreign investment bank to secure an operating license in Ethiopia, one of Africa’s fastest-growing economies. Around the same time, the company obtained regulatory approval to operate in Rwanda, significantly strengthening its footprint in East and Central Africa. These milestones represent much more than standard corporate expansion; they symbolise the growing confidence of African financial institutions in the continent’s long-term future and highlight the increasing integration of Africa’s capital markets, proving that cross-border collaboration is a commercial reality.
The entry into Ethiopia is particularly momentous. With a population exceeding 120 million people and an ambitious economic reform agenda, Ethiopia has historically maintained a tightly controlled, closed financial sector. The government’s recent decision to gradually liberalise the financial industry has attracted global attention, and United Capital’s successful entry positions the company as a foundational architect in Ethiopia’s evolving capital market ecosystem. For Ethiopia, granting United Capital the country’s very first foreign investment banking licence signals deep trust, reflecting confidence in the institution and validating the broader vision of economic openness championed by Prime Minister Abiy Ahmed to modernise the economy and encourage private-sector participation.
Rwanda presents a similarly compelling success story. Widely regarded as one of Africa’s most business-friendly destinations, Rwanda has steadily transformed its capital, Kigali, into a premier regional financial hub. With this new regulatory approval, United Capital is authorised to provide a full suite of services, including investment banking, portfolio management, trust services, and capital market advisory services, thereby strengthening Rwanda’s position as a strategic gateway for investments flowing into the wider region.
Together, Ethiopia and Rwanda offer direct access to some of the continent’s most dynamic economic corridors. Their youthful populations, expanding middle classes, urgent infrastructure needs, and strategic trade links make them prime destinations for long-term growth. By establishing a physical presence in these markets, United Capital presents itself directly at the intersection of opportunity and structural transformation, creating reliable pathways for local businesses seeking both expansion capital and world-class financial advisory services.
At the same time, it unlocks new wealth-creation opportunities for individuals and institutions through sophisticated fund management offerings, diverse investment options, and tailored portfolio management solutions designed to preserve and grow wealth across generations.
However, the real weight of this expansion extends far beyond corporate balance sheets and market share. It perfectly embodies the philosophy of Africapitalism, a school of thought championed by renowned investor, entrepreneur, and Group Chairman, Heirs Holdings, Tony Elumelu, a major investor in United Capital PLC. The core premise of Africapitalism is that Africa’s private sector must play a leading role in driving economic development, and that true, sustainable prosperity is generated when businesses commit to long-term investments that create both economic profit and social wealth.
For years, Mr Elumelu has argued that Africa’s development cannot depend solely on foreign aid or external borrowing. Rather, sustainable growth occurs when African businesses actively invest in African opportunities, create sustainable jobs, build domestic industries, and unlock the immense potential of the continent’s people.
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United Capital’s quarterly profit jumps 66% as revenue crosses N17 billion
Through institutions like the Tony Elumelu Foundation and his leadership of major corporate engines like UBA Group, Transcorp, and Heirs Energies, Elumelu has consistently advocated for private-sector-led development as the only reliable path to true economic independence.
This vision is rapidly becoming an everyday reality. Across critical sectors, African companies are proving they can compete at global standards while solving deeply rooted local development challenges. The expansion of institutions like United Capital reflects the growing maturity of African financial markets. It signals the rise of a new generation of homegrown champions capable of mobilising capital on a massive scale.
United Capital’s journey from Nigeria into new regional markets mirrors a broader continental ambition, most clearly seen in initiatives such as the African Continental Free Trade Area, which aims to deepen economic integration, encourage cross-border investment, and build interconnected financial systems that can support large-scale industrialisation. In this ecosystem, investment banks act as vital engines that connect idle capital with productive opportunities, facilitate complex infrastructure financing, and enable widespread wealth creation.
Industry analysts emphasise that one of the most valuable assets United Capital brings to Ethiopia and Rwanda is the transfer of knowledge, as the migration of technical expertise, professional training, market insights, and institutional best practices will significantly accelerate the development of local financial ecosystems. Furthermore, this expansion sends a powerful message about Nigeria’s leadership role within Africa’s financial services landscape. As Nigerian institutions expand across the continent, they export an invaluable wealth of innovation and investment solutions refined over decades of operating in one of Africa’s most competitive regulatory markets.
This export of talent strengthens regional cooperation and reinforces the foundational truth that African solutions can effectively solve African challenges. Ultimately, United Capital’s milestone entry into Ethiopia and Rwanda reflects a continent taking full ownership of its economic destiny, proving that the vision of Africapitalism is no longer a distant aspiration but a powerful reality unfolding right now.
Dan Aibangbe is a Media and Public Relations Consultant
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