Business

Dangote Launches N2.15tn IPO, Targets 10 Million Retail Investors

Published

2 months ago

September 8, 2026

Dangote Petroleum Refinery and Petrochemicals has launched a N2.15 trillion Initial Public Offer (IPO), targeting about 10 million retail investors, offering Nigerians and other Africans the opportunity to acquire shares in its 700,000-barrel-per-day refinery.

The offer, is made up of 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.

Chief Executive of the company, Alhaji Aliko Dangote, who spoke at the launch yesterday, said the offer was designed to raise additional capital for the refinery’s expansion while broadening public ownership of the business.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

He disclosed that the company plans to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, saying the expansion would increase production and strengthen the facility’s capacity to serve both domestic and international markets.

“The offer represents the refinery’s first public offer since its inauguration in 2023 and is the biggest IPO in Africa.”

He noted that the transaction would provide millions of Nigerians and other Africans with an opportunity to participate in the growth of the refinery.
While the Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction had been structured to promote transparency, accountability and broad participation.

He explained that retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could subscribe electronically or through application forms submitted to receiving agents.

IPO Targets 10m Retail Investors
The Managing Director of FirstCap, Mr Ukandu Ukandu, disclosed that the offer is targeting about 10 million retail investors.

He said the target would significantly surpass the current Nigerian capital market record of about 181,000 retail participants in a single transaction.

Ukandu said the broad retail participation being targeted reflected the company’s desire to make ownership of the refinery accessible to ordinary Nigerians.

The Chief Executive Officer of Dangote Petroleum and Petrochemicals, Mr David Bird, said the refinery’s strategic location within the Lekki Free Zone positioned it to serve Nigeria, West Africa and the wider international market.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.

Also speaking, the Chief Executive Officer of Stanbic IBTC Capital, Oladele Sotubo, said the offer had been structured to enable ordinary Nigerians to acquire shares in the refinery.
SEC Approves Offer

The IPO, which has received approval from the Securities and Exchange Commission (SEC), is expected to open on September 14 and close on October 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

Vetiva Advisory Services Ltd. is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.

The company plans to list the shares on the Main Board of the Nigerian Exchange Group.
Under the offer’s incentive structure, eligible retail investors may receive up to two additional shares, subject to applicable conditions.

The IPO represents a major development in Nigeria’s capital market and could significantly broaden retail participation while providing Dangote Refinery with additional capital to support its planned expansion.

The post Dangote Launches N2.15tn IPO, Targets 10 Million Retail Investors appeared first on Business Today NG.

Related Topics:Dangote investors IPO launches million N2.15tn retail targets

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Seplat CEO Calls for Faster Reserves Growth, Stronger Local Capacity

Published

5 hours ago

November 12, 2026

PlateauReports

Seplat Energy Plc has called for accelerated exploration, stronger indigenous capabilities, greater deployment of technology and sustained investment across Nigeria’s energy value chain to unlock the country’s hydrocarbon potential, strengthen energy security and drive long-term economic prosperity.

The Chief Executive Officer of Seplat Energy Plc, Engr. Effiong Okon, made the call in keynote addresses delivered during the 44th Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition (AICE) 2026 in Lagos.

Speaking at the opening ceremony on the theme, “Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capabilities and Adaptive Technology,” Okon said Nigeria possesses a significant hydrocarbon resource base but must accelerate the conversion of resources and reserves into actual energy production.

“Nigeria is better placed than most. We have a significant resource base and a strategic position in global energy supply. However, a reserve is a promise. A barrel delivered is a result. Our task is to close the distance between the two, and to do it faster,” he said.

He identified exploration, local capability and adaptive technology as three critical levers for growing reserves and production, noting that investments in better seismic imaging, disciplined appraisal and digital technologies can reduce subsurface uncertainty and improve the quality and speed of investment decisions.

Okon highlighted Seplat Energy’s own operations as evidence of the potential for indigenous companies to translate local expertise into increased output. The company has restored 90 idle offshore wells in less than 24 months, while 41 wells restored in 2026 added gross production capacity of approximately 33,700 barrels of oil and 176 million standard cubic feet of gas per day.

He also pointed to the company’s application of machine learning in subsurface evaluation and development planning, as well as successful appraisal programmes at Amukpe and Okporhuru, as examples of combining technology, existing infrastructure and disciplined execution to accelerate resource commercialisation.

Expanding the conversation on the second day of the conference, Okon said unlocking additional resources must be supported by a resilient and interconnected energy value chain if Nigeria is to achieve genuine energy security.

In his pre-panel keynote on the second day of the conference titled, “Energy Security in an Era of Global Disruption: Positioning Nigeria for Resilience, Competitiveness, and Prosperity,”he described energy security as a whole-system challenge encompassing upstream production, pipelines, gas processing, refining and petrochemicals, power generation and transmission, as well as a stable policy environment capable of attracting long-term investment.

“Disruption raises the value of dependable supply, and Nigeria is building the capacity to provide it: first for Nigerians, and then for the world,” the Seplat Energy CEO said.

He noted that renewed investment across Nigeria’s upstream, gas, midstream, refining and power sectors provides an important opportunity to strengthen domestic energy supply while improving the country’s position within the global energy market.

According to Okon, the growing investments demonstrate that Nigeria’s energy system is being progressively rebuilt, but announcements and individual projects will only translate into energy security when the different components of the value chain work effectively together.

He therefore identified connection, consistency and Nigerian delivery as three priorities required to translate investment into sustainable energy security.

“Every project is only as valuable as its link to the next point in the chain: well to plant, plant to pipeline, pipeline to power station, and power station to customer,” he said.

For Seplat Energy, this principle is reflected in the ANOH Gas Plant and its connection to national gas infrastructure. The company achieved first commercial gas through the OB3 pipeline in September, demonstrating the potential of connecting indigenous investment with strategic national infrastructure.

Okon also stressed the importance of regulatory and policy consistency, noting that capital would continue to flow towards jurisdictions where investors have confidence in the rules and projects can move from investment decisions to execution within predictable timelines.

He further called for Nigerian companies, capital, skills and contractors to play an increasingly significant role in the development of the country’s energy resources, ensuring that expansion of the sector creates domestic economic value.

According to Okon, Nigeria’s ultimate objective should go beyond increasing oil and gas production to ensuring that available energy supports industrialisation, employment and wider economic development.

“The objective was never security alone. Energy security is the means. Prosperity is the end: power for homes and factories, feedstock for fertiliser and petrochemicals, jobs, and revenue that stays at home,” he said.

He added that natural gas would remain particularly important to Nigeria’s development, providing energy for electricity generation and industry while strengthening the country’s position as a reliable energy supplier.

“The stronger our own system, the more we can contribute to the world’s energy security. National and global energy security are one project,” Okon stated.

Reaffirming Seplat Energy’s commitment to supporting Nigeria’s energy transition and economic development, the CEO said the sector must now concentrate on execution, collaboration and speed.

“A resource in the ground creates potential, but only energy delivered creates prosperity. Our task is to find more, decide faster and deliver sooner. We must connect the investments being made, sustain the momentum and deliver the energy Nigeria needs, so that the country is secure at home and becomes an increasingly dependable partner to the world,” Okon concluded.

The post Seplat CEO Calls for Faster Reserves Growth, Stronger Local Capacity appeared first on Business Today NG.

Business

FG funds federal workers’ accrued pension rights through 2029 – Official

Published

13 hours ago

November 12, 2026

PlateauReports

The Federal Government has funded the accrued pension rights of enrolled federal workers who have yet to retire through December 2029, the National Pension Commission (PenCom) has said, reversing a previous 21-month funding backlog.

PenCom Director-General Omolola Oloworaran disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja, saying the government has moved from a 21-month arrears position to a 41-month funding surplus.

Ms Oloworaran, represented by PenCom’s head of corporate communications, Ibrahim Buwai, said the development means accrued pension rights for enrolled federal employees have been funded ahead of their retirement.

“We are moving from a position where our full pension rights were 21 months in arrears to where we are today, 41 months in surplus. And 41 months in surplus means that federal government employees who have not yet retired and who have enrolled have had their accrued pension rights paid up to December 2029,” she said.

Ms Oloworaran also said delays in the payment of retirement benefits have largely been eliminated, with benefits now processed within 48 hours of retirement.

“The issue of delays in the payment of pensions has now become history, and now pensions are being paid within a maximum of 48 hours from retirement,” she said.

The 48-hour processing timeline applies to retirement benefits under the arrangements described by PenCom. It should not be interpreted as a guarantee that every pension-related payment or outstanding liability across the country is settled within that period.

The PenCom boss also highlighted the launch of the PenCare healthcare programme and the N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.

PREMIUM TIMES had earlier reported the inauguration of the two initiatives, which are intended to provide additional protection for retirees, particularly those with low pension income and limited resources to meet medical expenses.

According to Ms Oloworaran, PenCare would help reduce pensioners’ healthcare expenses, allowing them to spend more of their monthly income on other needs.

She said pension operators and PenCom fund the programme, with an independent board of trustees chaired by the commission’s pioneer director-general, Muhammad Ahmad.

On the minimum pension guarantee, she said eligible retirees receiving below N52,500 monthly will have their pensions increased to the threshold, adding that some beneficiaries received payment alerts during Tuesday’s launch.

The President of the Pension Correspondents Association of Nigeria, Nana Musa, urged journalists to strengthen accountability and public understanding of pension reforms through accurate reporting.

Ms Musa said pension reporting should help Nigerians understand the reforms and their implications for contributors and retirees.

Ms Oloworaran further disclosed that the Federal Government has approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective 1 January 2026.

“The Federal Government has just approved the payment of 100 per cent of terminal emoluments as additional exit benefits,” she said.

She added that eligible retirees who left service in 2026 and submitted the required documents have received payment.

The development comes amid demands by pensioners for improved retirement benefits and wider coverage of additional payments to those who retired before the new approval.