Business
African Union launch continent’s first credit rating agency
African leaders have long accused Western ratings agencies including S&P, Moody’s and Fitch of failing to fairly assess the risk of lending to African countries and of moving too quickly to downgrade them during crises such as conflicts and pandemics.
The African Union on Wednesday launched the continent’s first credit rating agency—Africa Credit Rating Agency (AfCRA).
AfCRA, launched in Port Louis, the capital of Mauritius, where it will be based. is seeking to provide an alternative to the “big three” global ratings agencies as debt burdens weigh on many African economies.
“AfCRA complements existing global credit rating agencies by offering a perspective rooted in African data, expertise and realities,” the AU said in a statement.
African leaders have long accused Western ratings agencies including S&P, Moody’s and Fitch of failing to fairly assess the risk of lending to African countries and of moving too quickly to downgrade them during crises such as conflicts and pandemics.
The agencies reject that criticism, saying they apply the same methodologies globally.
Rating experts said the success of the initiative will hinge on the perceived credibility of the new agency, especially in times of crisis.
“A new rating agency begins with a promise while investors ultimately require a track record,” said Dennis Shen, a lecturer in finance at the International School of Management in Berlin and former sovereign analyst at Scope Ratings.
“The hardest test, however, will come when markets are under stress, because a rating agency’s credibility is tested most severely when its conclusions are uncomfortable rather than when it is highly convenient.”
AfCRA may provide a counterweight to established rating agencies, but it must meet global standards, former Nigerian Vice President Yemi Osinbajo said.”It can’t just be a chauvinistic or nationalistic agency,” he said.
AfCRA, which will rate sovereign borrowers, financial institutions and private companies, will operate independently and be funded through shareholder capital and its operations, the AU said.
Business
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.
[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.
Business
Dangote Visit London Stock Exchange Ahead of November Cement Listing
Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.
Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc prepares a proposed $1 billion share sale and a secondary listing in the United Kingdom.
The company is reportedly targeting November 2026 for the listing, subject to market conditions and regulatory approval.
A video circulating on social media captured the visit, with exchange officials and attendees welcoming Africa’s richest man.
The trip is part of efforts to pull international investment into his business empire.
The proposed deal could see Dangote Cement offer about 10% of its equity to international investors, potentially raising roughly $1 billion.
The final timetable is not fixed and remains subject to market conditions and regulatory requirements.
Unlike an initial public offering, a secondary listing would let Dangote Cement, already listed on the Nigerian Exchange, set up an additional presence in London.
That could raise the company’s visibility with international institutional investors, including pension funds, asset managers and other investment firms.
The share sale has not been completed. Its final structure, valuation and pricing are still subject to confirmation.
Business
Olagunju to head JPMorgan’s Proposed Nigerian Merchant Bank
The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.
The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria.
The regulator also approved Adedapo Adedayo Olagunju as Managing Director of the proposed JPMorgan Merchant Bank Nigeria Limited.
The approval came on Friday, October 23, 2026. The bank has not received its final operating licence.
Olagunju has led JPMorgan’s West African operations since 2018.
He is an Oxford-trained banker with more than two decades of experience in treasury management, financial markets, institutional banking and structured finance.
His appointment puts him in line to head the American bank’s proposed Nigerian merchant bank once final licensing is completed.
The CBN also approved four non-executive directors and three independent non-executive directors for the proposed institution.
The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos. It could undertake a broader range of regulated banking activities after securing a final licence.
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