Business
NGX positions Dangote Refinery IPO as pan-African investment opportunity
The Nigerian Exchange Group (NGX Group) says the anticipated Initial Public Offering (IPO) of Dangote Refinery and Petrochemicals is being positioned as an African investment opportunity.
Chairman of NGX Group, Umaru Kwairanga, disclosed this at the London Africa Summit on Friday, which focused on strengthening business and investment ties.
Mr Kwairanga, in a statement on Saturday, said NGX had engaged stock exchanges across Africa to broaden participation in the planned offer and deepen regional capital market integration.
“We want to consider the Dangote Refinery offer as an African offer and not a Nigerian offer.
“That is why we invited stock exchanges from across the continent to Lagos and took them to the refinery to see what has been built,” he said.
He said representatives from Kenya, Ghana, South Africa and other African countries visited the refinery to assess its operations and investment potential.
According to him, investors increasingly seek tangible evidence and growth prospects before committing capital.
“Investors are not looking for stories. Investors are looking for evidence, prospects and projections, and that is what we are bringing from Africa,” he said.
Mr Kwairanga described Africa as one of the world’s most attractive investment destinations, citing its youthful population and expanding economic opportunities.
He noted that the Nigerian equities market delivered returns of more than 50 per cent in the first five months of the year.
“There are a lot of opportunities. With technology, investors can participate from anywhere in the world, including from the comfort of their homes,” he said.
Mr Kwairanga also highlighted the longstanding partnership between the Nigerian and London capital markets.
He described the relationship with the London Stock Exchange as instrumental in attracting global capital to Nigeria.
He said NGX had invested heavily in technology and market infrastructure to support efficient capital raising and improve market operations.
According to him, more than N4 trillion raised through recent bank recapitalisation exercises was facilitated by the exchange’s technology platforms.
Mr Kwairanga said NGX had undertaken international roadshows across the United States, Brazil, China and the United Kingdom.
READ ALSO: Dangote refinery raises processing capacity to 700,000 barrels per day
He said the engagements were aimed at showcasing investment opportunities and strengthening investor confidence in Nigeria.
He added that recent reforms, including migration to a T+1 settlement cycle and extended trading hours, aligned the market with global best practices.
“We are bringing opportunities, growth and scale from Africa, while London is bringing global capital, international experience and investment depth.
“When these are combined, they create the confidence investors need to commit capital to the continent,” he said.
Mr Kwairanga expressed optimism that stronger collaboration between African exchanges and international financial centres would increase capital inflows.
He said the partnerships would also support economic growth and deepen capital market development across the continent.
(NAN)
BY NKECHI NAECHE-ESEZOBOR—AIICO Insurance Plc has reinforced its position as a leading player in Nigeria’s insurance and financial services sector, following a successful Annual General Meeting (AGM) held on June 5, 2026.
During the meeting, shareholders commended the company’s strong financial performance and approved all resolutions presented.
In a robust show of confidence in the company’s growth trajectory and strategic direction, shareholders approved the payment of a dividend of 12 kobo per share, amounting to a total payout of ₦4,392,633,121.44.
The meeting also marked a significant evolution in the company’s governance structure with the appointment of three accomplished professionals to the Board as Non-Executive Directors.
Tunde Mabawonku joins as a Non-Executive Director, bringing over two decades of experience across banking, finance, strategy, and corporate services, with a strong background in digital and retail financial services.
Rolake Akinkugbe-Filani, HCIB, also appointed as a Non-Executive Director, contributes deep expertise in capital markets, energy finance, and risk governance, with extensive experience operating across multi-jurisdictional environments.
Sadiq Mohammed joins as an Independent Non-Executive Director, offering over three decades of leadership across asset management, pensions, infrastructure, and investment advisory, alongside significant boardroom experience.
Collectively, these appointments further strengthen the depth, diversity, and strategic capability of AIICO’s Board, positioning the company for sustained growth and enhanced governance.
In addition, Mr. Olalekan Akinyanmi was announced as the new Chairman of the Board, succeeding Mr. Kundan Sainani. Mr. Akinyanmi is the Founder and Chief Executive Officer of LEKOIL Nigeria Limited, an Africa-focused oil exploration and production company.
With over 30 years of experience in the global energy sector, he has led significant capital raises and landmark projects, bringing strong leadership and strategic insight to his new role as Chairman.
Commenting on the outcomes of the AGM, the MD/CEO, Mr. Babatunde Fajemirokun, stated that the company is deeply grateful to its shareholders and investors for their continued confidence and support.
He noted that their trust remains a strong validation of AIICO’s strategic direction and business progress.
He emphasized that strengthening the Board reflects a deliberate commitment to robust governance, disciplined oversight, and long-term value creation.
With the depth of experience and diversity now represented at the Board level, the company is well-positioned to enhance its decision-making and sustain its market leadership.
He added that as the company continues to evolve as a financial services group, the focus remains on building a resilient, forward-looking institution that consistently delivers sustainable value to all stakeholders.
AIICO Insurance is a leading composite insurer in Nigeria, with a 63-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.
The post AIICO Insurance Shareholders Approve ₦4.39bn Dividend, Welcome New Board appeared first on Business Today NG.
The Federal Capital Territory (FCT) Police Command has commenced a fresh operation targeting vehicles with illegal tinted windows, concealed number plates and improper registration across Abuja.
FCT Commissioner of Police Ahmed Muhammed Sanusi disclosed the development during a media briefing on Friday.
He said security reports indicated that criminal suspects often use such vehicles to avoid identification and carry out unlawful activities.
According to the police chief, cases of kidnapping and the notorious “one-chance” robberies have been linked to vehicles operating with hidden identities.
Sanusi noted that tinted windows and covered registration plates make it difficult for security agencies to track offenders and investigate crimes.
He stated that enforcement teams have already been deployed across the territory to ensure compliance with existing regulations.
The commissioner clarified that the exercise is aimed at motorists violating the law and not those with valid approvals for tinted glass.
He revealed that more than 30 vehicles have so far been impounded for breaching the regulations and that offenders would face prosecution.
Sanusi urged residents to report suspicious persons, vehicles and activities, stressing that the operation is part of broader efforts to improve security and curb crime in the nation’s capital.
The post FCT Police Launch Crackdown on Illegal Tinted Vehicles appeared first on Business Today NG.
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