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BREAKING: Dangote Refinery sets minimum subscription for $1.6 billion IPO

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Dangote Refinery has completed the endorsement of the offer documents for its initial public offering, putting it on course to launch the $1.6 billion public equity sale, regarded as Africa’s largest ever, next week.

Aliko Dangote, Africa’s richest man and owner of the 700,000 barrel-per-day (bpd) plant, led the sign-off ceremony in Lagos on Monday in the presence of advisers and other parties to the pan-African offering, which aspires to source about N2.2 trillion from investors.

The minimum subscription of the offer is 10 ordinary shares, translating to N5,250, Mr Dangote told the event.

Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise.

The ceremony follows a key approval by the capital market regulator, the Securities and Exchange Commission (SEC), last week, with 4.1 billion shares up for subscription at N525 ($0.40) per unit.

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The maiden share offer values the refinery at nearly $50 billion, and plans to plough the proceeds into doubling the current capacity of the facility, which lies on a 6,180-acre expanse on the outskirts of Lagos, to 1.4 million bpd.

That could lift the market capitalisation of the Nigerian Exchange by more than one third when the shares are listed on the local bourse later this year.

A cross-border listing on the Johannesburg Stock Exchange, the continent’s biggest bourse, is in the works, just as the company is giving thought to quoting the stock in Egypt, Kenya, Ghana and Rwanda.

In July, a private placement heralding the IPO raised $2.5 billion from institutional investors and HNIs, oversubscribed by 270 per cent.

Unmet demand from the private share sale could find its way into the IPO, which, long before its approval was announced, had drawn vast interest across Nigeria, where the SEC was impelled in June to stop all the marketing related to the share sale.

The regulator’s action followed reports that many retail investors, including those with little or no knowledge of how equity investment works, were already opening trading accounts ahead of the IPO.

Nevertheless, investor appetite is growing fast beyond retail level, with Abu Dhabi National Oil Co (ADNOC) which according to Bloomberg on Monday, was said to have opened conversations with the refinery towards buying a stake in it.

The global media outlet, citing interviews with sources, noted that an insider at ADNOC said Dangote Refinery has also received approaches from other big investors.

READ ALSO: AFC leads investment in Dangote Refinery’s $2.5bn private placement

Potential model for aspiring companies

The IPO’s launch on 14 September will ride on the improved liquidity Nigeria expects to attract from foreign portfolio capital, following the country’s restoration to frontier market status by FTSE Russell after a near-three-year downgrade that bogged it down under unclassified market status, consequently deterring international investors.

Likewise, an IPO on this scale could offer a template to similarly big Nigerian companies raring to become public quoted firms and, by so doing, unlock access to financing through the capital market.

State-owned energy company NNPC Limited has been fiddling with the idea of going public and holding an IPO since 2021 after transitioning into gaining limited liability status, reviving the talks around the push last November.

The company, whose public image has long been marred by opacity in its operations and lack of transparency in publishing its accounts, may borrow a leaf from Dangote Refinery’s listing.

In June, the refinery, which commenced production in January 2024, toppled the US to become the biggest external supplier of jet fuel to Europe, maintaining the feat in July.


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Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council

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BY NKECHI NAECHE-ESEZOBOR—The Managing Director/Chief Executive Officer of Veritas Kapital Assurance Plc, Dr. Adaobi Nwakuche, has  been appointed and inaugurated as a member of the Governing Council of Coal City University, Enugu, extending her leadership engagement into the higher education sector.

The Governing council, chaired by retired Lieutenant General Azubuike Ihejirika, former Chief of Army Staff, brings together professionals from diverse backgrounds to provide strategic direction and governance oversight for the institution.

Dr. Nwakuche’s appointment represents an opportunity to bring her enviable wealth is experience in Nigeria’s insurance industry to a higher education institution focused on academic development, institutional growth and the preparation of graduates for professional and entrepreneurial opportunities.

As MD/CEO of Veritas Kapital Assurance Plc, Dr. Nwakuche leads a Nigerian non-life insurance company in an industry where strategic decision-making, risk management, accountability and stakeholder engagement are essential to organisational performance.

Her participation in the university’s Governing Council extends this professional experience into a different institutional setting.

The Governing Council plays an important role in guiding the university’s strategic priorities, strengthening governance and supporting its long-term sustainability.

The participation of experienced professionals from the private sector can also foster cross-sector perspectives on institutional management, human capital development and organisational effectiveness.

Dr. Nwakuche’s appointment highlights the value of professional engagement beyond traditional industry boundaries and the role experienced leaders can play in supporting institutions across different sectors.

Veritas Kapital Assurance Plc congratulates Dr. Nwakuche on her inauguration and wishes her a successful and impactful tenure on the Governing Council of Coal City University.

The post Veritas Kapital CEO Nwakuche Joins Coal City University Governing Council appeared first on Business Today NG.

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Nigerian govt speaks on Fitch’s credit rating

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The Federal Government says Fitch Ratings’ decision to revise Nigeria’s credit rating outlook from Stable to Positive reflects progress in economic reforms, foreign exchange market adjustments and efforts to strengthen the country’s external position.

Fitch announced the revision on 9 October, retaining Nigeria’s long-term foreign-currency issuer default rating at ‘B’.

In a statement issued on Saturday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Fitch cited increased foreign exchange reserves, easing inflation and improved economic prospects among the factors supporting the outlook revision.

According to the minister, Nigeria’s gross foreign exchange reserves rose to $54.9 billion as of 25 September 2026, from $32 billion in mid-April 2024.

He attributed the increase to more formalised foreign exchange transactions, portfolio inflows, higher exports and remittances.

Fitch also projected that Nigeria would record a current account surplus equivalent to 6.4 per cent of gross domestic product in 2026.

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Economic growth and inflation

The ratings agency projected that Nigeria’s real gross domestic product would grow by 4.3 per cent in 2026, compared with 4 per cent in 2025, with growth remaining above 4 per cent in 2027 and 2028.

Fitch expects non-oil activities to remain the main driver of economic expansion.

The projection comes as Nigeria’s economy recorded growth of 4.43 per cent year-on-year in the second quarter of 2026, according to the National Bureau of Statistics (NBS).

The figure was higher than the 3.89 per cent recorded in the first quarter of 2026 and the 4.23 per cent recorded in the corresponding quarter of 2025.

The World Bank’s October 2026 Nigeria Development Update projected average annual economic growth of 4.4 per cent between 2026 and 2028, identifying services and agriculture among the contributors to economic activity.

On inflation, Fitch projected an average rate of 15.4 per cent in 2026, less than half the level recorded in 2024.

The NBS reported that Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, from 15.43 per cent in July.

The figures provide recent context for Fitch’s assessment of inflation, although the agency’s annual average forecast is different from the monthly inflation rate reported by the NBS.

Reserves, oil production and public debt

Fitch also noted developments in Nigeria’s oil sector, including crude oil production meeting the country’s OPEC target of 1.5 million barrels per day from May 2026.

Mr Oyedele said increased domestic refining was helping to reduce fuel imports and foreign exchange demand.

On public finances, Fitch expects Nigeria’s tax reforms to increase non-oil revenue relative to the size of the economy.

The agency projected that general government debt would average 32 per cent of GDP between 2026 and 2028, below the median of 56 per cent for countries with a ‘B’ rating.

Fitch also highlighted Nigeria’s domestic debt market and the banking sector recapitalisation exercise, noting that many banks had capital adequacy ratios above 20 per cent.

However, the agency identified persistent challenges, including inflation remaining above levels in peer countries, government revenue being low relative to the size of the economy, and interest payments accounting for a high proportion of government revenue.

The minister said the federal government would continue implementing reforms aimed at increasing revenue, improving spending efficiency, strengthening debt management and supporting non-oil economic growth.

Other rating developments

The Fitch decision follows other developments in Nigeria’s international credit assessments.

READ ALSO: FG to negotiate ₦1,350 petrol price ceiling as global oil shock drives pump prices

In May 2026, S&P Global Ratings upgraded Nigeria’s credit rating from ‘B-’ to ‘B’. In August, Moody’s revised its outlook on Nigeria to Positive while retaining its ‘B3’ rating.

Mr Oyedele noted that the government’s medium-term objective remained to improve Nigeria’s credit standing and work towards investment-grade status.

He said the administration would continue to focus on foreign exchange market reforms, tax revenue mobilisation, fiscal governance, more efficient public spending and growth in non-oil sectors.

The minister said its broader objective was to “translate economic reforms into jobs, food security, support for small businesses and improved living standards”.


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