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Enugu Air, airport concession to support state’s $30bn economy goal — official

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Enugu State is counting on its new airline and the concession of the Akanu Ibiam International Airport, enugu, to support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031, the Secretary to the State Government, Chidiebere Onyia, said on Tuesday.

Mr Onyia spoke during the Renewed Hope Media Tour of the airport, where he outlined how the state government’s plans to use aviation, tourism, and agriculture to drive economic growth.

According to him, the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South-east.

“We looked at Enugu as an economic hub where tourism, hospitality, investment and aviation can work together to drive growth,” he said.

Mr Onyia said the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.

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He explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state.

According to him, depending entirely on commercial airlines could limit the state’s ability to move people into Enugu efficiently.

That, he said, informed the decision to establish Enugu Air.

“If we’re expecting people to come into Enugu, then we can’t depend solely on third-party airlines based on their schedules,” he said.

Mr Onyia disclosed that Enugu Air has six aircraft, describing it as the first phase of the project.

The state government also expects the aviation project to support tourism development.

Mr Onyia said efforts are ongoing to revitalise tourist sites across the state, including attractions expected to draw more visitors to Enugu.

He said that improved access to the state would complement investments in tourism and hospitality by making it easier for visitors to travel to various destinations.

“If people are going to come here for tourism, they need to be able to get into Enugu, and when they get into Enugu, we’ll need places for them to visit,” he said.

He also noted that the airport infrastructure will also support the state’s agricultural development plans through cargo operations.

According to him, the cargo terminal will make it easier to move goods and agricultural produce within and outside the state, creating more opportunities for businesses and investors.

“This is also going to help our agricultural investment outlook because this is where the cargo terminal will be, where we can move things in and out of the state,” he said.

He added that the government’s vision is to use aviation infrastructure to strengthen trade and economic activities across the region.

Private sector-led approach

Mr Onyia said the state adopted a private sector-driven model for the airline and airport projects to ensure efficiency and sustainability.

According to him, professionals with industry experience have been involved in developing the airline and setting up its governance structure.

He said the approach is intended to avoid challenges often associated with direct government management of commercial enterprises.

READ ALSO: ENSSAA to begin enforcement against unauthorised outdoor advertisements across Enugu State

Providing an update on the airport concession process, Mr Onyia said October has been set as the timeline for the next phase of activities.

He explained that the current stage marks an important milestone in the project and will allow concessionaires and contractors to begin work at the site.

Mr Onyia also acknowledged the support of President Bola Tinubu and the Federal Ministry of Aviation in advancing the project.

According to him, federal approvals helped move the initiative from the planning stage to implementation.

The concession of the Akanu Ibiam International Airport followed approval by the Federal Executive Council as part of efforts to attract private investment into airport infrastructure.

In January, the Minister of Aviation and Aerospace Development, Festus Keyamo, signed a concession agreement with Aero Alliance for the operation of the airport.

Under the arrangement, ownership of the airport remains with the Federal Government, while the concessionaire will operate, maintain, and upgrade the facility.

The project has attracted public attention in recent months as the Federal Government and Enugu State continue efforts to re-position the airport as a major gateway for business, tourism and trade in the South-east.


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Business

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

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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.

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Otedola speaks on FirstHoldCo’s inclusion in FTSE Frontier 50 Index

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The Chairman of First HoldCo Plc, Femi Otedola, has described the company’s inclusion in the FTSE Frontier 50 Index as a “defining milestone” in the evolution of the financial services group.

FirstHoldCo is scheduled to join the FTSE Frontier 50 Index, a benchmark tracking leading and investable companies across frontier markets, effective 21 September 2026.

The inclusion places FirstHoldCo among six Nigerian companies represented in the index. It is expected to strengthen its visibility among global institutional investors seeking exposure to Nigeria and other frontier markets.

Mr Otedola, in a statement issued on Monday, said the development affirmed the transformation the company is undertaking and the confidence investors continue to place in the institution.

“Our inclusion in the FTSE Frontier 50 Index is a defining milestone in FirstHoldCo’s evolution.

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“It affirms the transformation we are driving, the confidence investors continue to place in our institution, and the strength of our governance and business model.

“We remain focused on building a stronger, more profitable and globally competitive financial services group, while delivering superior and sustainable value to shareholders,” he said.

The FTSE Frontier 50 Index comprises companies that meet stringent requirements relating to market capitalisation, liquidity, free float, governance and investability.

FirstHoldCo said its inclusion followed a period of strong market performance and sustained investor interest, supported by improved financial results, strategic execution, enhanced governance and its focus on long-term shareholder value.

The company said the development was more than an index listing, describing it as an independent recognition of its scale, governance standards, market depth and long-term value proposition.

It said the inclusion could also lead to deeper liquidity, increased participation by institutional investors and greater access to global capital.

Asset managers, exchange-traded funds, pension funds, and other investors that track frontier-market opportunities are expected to take a greater interest in the company as a result of its inclusion in the index.

The development comes after FirstHoldCo said it had met the Central Bank of Nigeria’s minimum capital requirement.

The group said it remained focused on strengthening its capital base, improving financial resilience and creating capacity for accelerated growth.

Its strengthened balance sheet, expanding shareholder base and focus on disciplined execution, it said, would enable it to compete at a greater scale across its businesses.

The Group Managing Director of FirstHoldCo, Wale Oyedeji, said the achievement reflected the commitment and execution of the company’s board, management and employees.

READ ALSO: FirstHoldco, Dangote, four other Nigerian companies admitted to FTSE’s 50 most liquid frontier market stocks

“This achievement reflects the discipline, commitment and execution focus of our Board, Management and employees.

“It validates the progress we have made in strengthening performance, enhancing operations and positioning FirstHoldCo for sustainable growth,” Mr Oyedeji said.

According to him, the inclusion would elevate the company’s visibility among global institutional investors and reinforce its ambition to become a leading African financial services provider.

FirstHoldCo said it would continue to invest in digital transformation, customer experience, innovation and responsible business practices while maintaining its focus on sustainable growth and stakeholder value.

The company also said its emphasis on environmental, social and governance principles, workplace excellence and operational efficiency would further strengthen institutional confidence in the group.

With global investors becoming increasingly selective in allocating capital to frontier markets, FirstHoldCo said its inclusion in the index represented a significant recognition of its fundamentals, governance credentials, liquidity and growth trajectory.


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