Business
Dangote Refinery IPO gets $1bn underwriting backing from Marob, Lilium
By Udeme Akpan
Dangote Petroleum Refinery & Petrochemicals FZE, DPRP, has secured $1 billion in underwriting backing from Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group ahead of its planned initial public offering, IPO.
The $1 billion programme comprises a completed and funded $600 million private placement and a $400 million underwriting commitment for the planned IPO.
Marob Strategies and Lilium Capital, appointed co-financial advisers and structuring agents for Global Africa, said the completion of the $600 million private placement marked the first phase of the underwriting programme.
Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital, is the underwriter under the programme, which combines the advisory and capital markets capabilities of both firms.
Alhaji Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said: “This is an important milestone for DPRP and for African capital markets.
“The successful completion of the private placement, together with the $400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.”
Dangote said the work undertaken by Marob Strategies and Lilium Capital had “created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.”
Professor Benedict Okey Oramah, Chairman of Marob Strategies and Consulting DIFC Ltd, said: “Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent.”
Also, Mr Simon Tiemtoré, Chairman of Lilium Capital Group, said: “This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.”
He said: “By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.”
Marob Strategies and Lilium Capital said they were coordinating the sell-down of the $600 million underwriting participation and engaging African and Caribbean sovereign wealth funds, governments, institutional investors and other eligible investors.
However, no IPO has been launched as at the date of the announcement. The $400 million underwriting commitment remains subject to market conditions, corporate and regulatory approvals, execution of definitive documentation and compliance with applicable securities laws.
Business
Lagos gets 360MW boost as FG upgrades four substations
By Obas Esiedesa & Mariam Eko
The Federal Government (FG) has commissioned the upgraded transmission facilities in four major substations in Lagos, adding about 360 megawatts (MW) of transmission capacity to boost electricity supply across the state.
The projects at Ijora, Apapa Road, Alausa and Lekki substations are expected to strengthen bulk power delivery to residential, commercial and industrial consumers within the networks of Eko and Ikeja Electricity Distribution Companies.
Speaking during the commissioning of the projects, Minister of Power, Joseph Tegbe, said the investments were aimed at removing transmission bottlenecks and improving electricity reliability.
“These infrastructures have been here for over 25 years. What we are doing is commissioning new power transformers in Apapa, Ijora, Alausa and Lekki transmission substations. This is important as it will increase our wheeling capacity and also improve our delivery to end-users,” he said.
At Ijora, two new 100MVA transformers raised installed capacity from 90MVA to 230MVA, adding about 112MW, while the Apapa Road substation received two 60MVA transformers and modern gas-insulated switchgear, increasing capacity from 60MVA to 180MVA and adding about 96MW.
At Alausa, an existing 30MVA transformer was replaced with a 100MVA unit, raising total capacity from 135MVA to 205MVA and adding about 56MW. The additional capacity has increased power allocation to Ikeja Electricity Distribution Company to 80MW.
At Lekki, TCN commissioned two by 60MVA transformers, one by 300MVA transformer and nine additional 33kV feeders. The intervention doubled transformation capacity at the 132/33kV level from 120MVA to 240MVA.
Tegbe said the Alausa intervention alone could serve about 70,000 households, representing approximately 180,000 people, while the Lekki project would benefit about 100,000 customers, representing an estimated 400,000 people.
TCN Managing Director, Sule Ahmed Abdulaziz, said the projects were supported by the World Bank and JICA, with Shanghai Electric involved in execution.
Business
Experts seek reforms to unlock poultry industry’s potential
By Kafayat kokumo
Experts have called for reforms, increased investment, innovation and stronger collaboration among stakeholders to unlock the full potential of Nigeria’s poultry industry, to enhance food security, job creation and economic growth.
Speaking recently at the Poultry Association of Nigeria (PAN), Lagos State Chapter summit themed, “Flocking to Growth: Transforming Nigerian Poultry Industry through Innovation and Investment,” Prof. Olutayo Adeyemi said Nigeria’s poultry industry remains one of the country’s most strategic agricultural sectors, with the South-West serving as the hub of poultry production in West Africa.
Adeyemi said advances in poultry genetics have significantly improved productivity, stressing that researchers, farmers, regulators, investors and government must work together to drive the industry’s growth.
He identified precision feed milling, genetics and breeding, broiler production, processing, cold-chain logistics, standard abattoirs and value addition as critical areas requiring investment, lamenting Nigeria’s limited processing capacity.
In his paper presentation titled,”Sustainable Poultry Production: Best Practices, Climate Change and Waste Management,” Dr. Mobolaji Alabi said agriculture contributed 23.1 per cent to Nigeria’s Gross Domestic Product (GDP) in the first quarter of the year, while Nigeria’s estimated poultry population of 300 million birds remains insufficient to meet future demand.
He urged poultry farmers to adopt precision management by accurately measuring feed, medication and bird weight to improve productivity and reduce antimicrobial resistance.
Business
NESG projects inflation to average 15.5% in H2’26
By Peter Egwuatu
The Nigerian Economic Summit Group (NESG) has projected Nigeria’s inflation to remain elevated during the remainder of 2026, averaging 15.5 percent in the second half 2026, H2’26, and for the entire year.
This projection is premised on persistent challenges including widespread insecurity in major farming communities, climate-related disruptions particularly flooding and high transportation costs arising from logistics challenges.
In its outlook for 2026, the NESG added that election-related spending, seasonal demand associated with the festive period, and relatively high energy costs could generate temporary cost-push inflationary pressures during H2-2026.
“Howevaer, these pressures could be partly offset by continued exchange rate stability, the lagged effects of tight monetary policy, and favourable base effects” it noted.
While reviewing the Nigeria’s economy in the first half 2026, H1’26, the NESG in its report titled “ Turning Potential into Progress,’ stated that the economy is expected to grow by 4.2 percent in 2026, citing improved performance in the oil, manufacturing, agricultural and services sectors.
The report stated: “Economic growth is expected to strengthen to 4.5 percent in the second half of 2026, bringing full-year gross domestic product (GDP) growth to approximately 4.2 percent’’.
NESG said the oil sector is expected to sustain its growth, supported by improved domestic crude oil production, reflecting better security conditions and the gradual implementation of upstream reforms.
The group said increased domestic refining activity would also strengthen industrial output, reduce dependence on imported refined petroleum products and improve Nigeria’s external position.
“Moreover, manufacturing activity is expected to sustain growth momentum as lower inflation, continued exchange rate stability, and improved foreign exchange liquidity ease production constraints and strengthen business confidence,” the NESG said.
-
Metro2 days agoNDLEA arrests Lagos socialite KC Luxury, seizes cocaine worth N39bn
-
Sports2 days agoNewcastle Discuss Move to Sign Carlos Baleba Ahead of Man Utd
-
Sports2 days agoNewcastle Make Lucas Bergvall Prime Target as Little-Known Transfer Rule Emerges
-
Sports1 day agoTottenham Plotting Move for Illia Zabarnyi
-
Metro2 days agoSuspected gunmen kill 20, injure others in Plateau
-
Sports2 days agoCharlton Athletic Release Statement as Body Found at Stadium
-
Sports2 days agoTottenham Suffer New Savinho Transfer Blow After Jeremy Doku Injury
-
Sports23 hours agoEx-Fantasy Premier League Champion Reveals Starting Squad For Gameweek 1
