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Afreximbank Avails US$10 billion to insulate African Energy Producers , Exporters from Gulf Crisis

GCRP is designed to, among others sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states.

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Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank on Tuesday commended members of the Board for their approval of a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies.

” This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises,” said Elombi.

He emphasised that the intervention will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks through interventions that transform the structure of their economies.

The conflict, which escalated on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the largest share of the brunt.

Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers, as well as the critical role of the Strait of Hormuz, the outbreak has triggered wider repercussions at a global scale, including adversely affecting African and CARICOM economies.

These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors, investment flows, tourism and remittance inflows.

GCRP is designed to, among others sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states.

It further aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing.

Additionally, it provides short term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis.

The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states, delayed by the conflict.

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MTN Pushes Back Fast Data Depletion Complaints To Subscribers

MTN Nigeria’s General Manager of Network Performance and Quality Assurance, Mr Mike Ndukwe, said video streaming, social media activity and automatic downloads were among the main causes of fast data depletion.

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MTN Nigeria has blamed poor phone settings and unmanaged data consumption for the rapid depletion of subscribers’ data bundles.

The company spoke at its Data on Trial experience in Abuja on Monday, where executives urged users to check how their devices and apps use data.

MTN Nigeria’s General Manager of Network Performance and Quality Assurance, Mr Mike Ndukwe, said video streaming, social media activity and automatic downloads were among the main causes of fast data depletion.

He advised subscribers to disable automatic media downloads, restrict background data usage and set apps to download large files only when connected to Wi-Fi.

Ndukwe argued that data depletion generally comes from users’ online activities or phone settings, not unexplained deductions.

He urged subscribers to understand how their devices and applications consume data.

MTN Nigeria CEO Mr Karl Toriola linked data pricing to the operational costs telecom operators face.

He said operators spend heavily on electricity, transportation and other infrastructure needed to keep telecom sites running.

Toriola said MTN spent about N4.05 trillion on power in the preceding year.

He pushed back against the view that data is always more expensive in Nigeria. “Even within the context of data being perceived as more expensive in Nigeria, the UK is the example I was giving,” Toriola said. “Please, understand that in this country, as well as some other African countries, we are providing power and transportation to all our sites. The cost of electricity, for instance, is higher here than in the UK.”

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Investors from 120 countries participate in Dangote Refinery’s IPO

Investors from all 54 African countries and five other continents participated in the offering, the company said.

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Africa’s richest man Aliko Dangote has closed the continent’s biggest initial public share offering for the oil refinery, claiming to have raised funds from investors in 120 countries.

The IPO for the Dangote Petroleum Refinery was initially due to close on October 13 but was extended by two weeks to allow more Africans to participate. It closed today, Wednesday, October 27.

The company did not disclose how much money was potentially raised by the offering, after saying its target was $1.6 billion.

But Aliko Dangote said earlier this month that it had exceeded that goal by “more than three, four times”.

“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our shared future,” he said in a statement late Tuesday.

The massive refinery has a capacity of 700,000 barrels per day and aims to double its output to 1.4 million barrels per day, potentially making it the world’s largest refinery, surpassing the Jamnagar refinery in India.

Investors from all 54 African countries and five other continents participated in the offering, the company said.

“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” Aliko Dangote said.

“The opportunity to own a stake in a major African industrial enterprise has reached investors across every African country and all six inhabited continents,” he added.

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Dangote Refinery’s IPO Ends Tomorrow

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

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[File photo] Opening ceremony of Dangote Refinery’s IPO on the NGX, September 14,2026

Dangote Petroleum Refinery & Petrochemicals has confirmed that its Initial Public Offering (IPO) will close on Tuesday, 27 October 2026 as scheduled, with no extension.

In a statement, the management said that the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.

“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.

The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.

“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.

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