Business
Dangote refinery can supply Jet Fuel Globally — Official
The Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, says the 650,000 barrels-per-day (bpd) refinery has a substantial surplus of jet fuel and is well-positioned to supply global markets.
Mr Bird disclosed this on Tuesday during a speech at the S&P Global Energy Middle East Petroleum and Gas Conference in London.
“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Reuters quoted Mr Bird as saying.
According to him, lower demand within Africa compared to other regions has created export opportunities for the refinery.
His comments come at a time when global energy markets remain under pressure following tensions involving the US, Israel and Iran, which heightened concerns over supply disruptions around the Strait of Hormuz and contributed to volatility in fuel markets.
Jet fuel has been among the products significantly affected by these disruptions, with prices remaining elevated in many markets.
Mr Bird’s remarks also come amid persistent concerns within Nigeria’s aviation industry over the rising cost of Jet A1 fuel.
In recent months, PREMIUM TIMES has reported extensively on the pressure facing domestic airlines as aviation fuel prices surged, prompting warnings about possible disruptions and operational challenges.
Several operators, including Air Peace, United Nigeria Airlines and Ibom Air, have repeatedly complained about soaring Jet A1 prices, saying the development has strained operations and disrupted schedules.
The situation prompted government intervention after airline operators warned that sustained increases in aviation fuel costs could threaten the survival of some carriers.
Despite those interventions, airlines continue to report operational difficulties linked to fuel costs, including delays, cancellations and reduced flight frequencies.
However, the situation has also created opportunities for refiners outside the Gulf region, including Dangote Refinery, to expand exports to international markets.
Mr Bird said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.
“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.
He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.
“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.
According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.
The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.
The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.
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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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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