Business
Dairy Manufacturers Seeking Policy Mix To Boost Nigeria’s Over 100 Million Litres of Milk Needs
Dairy manufacturers in Nigeria are requesting the government to put in place a policy mix that will allows them to be importing some of the raw materials while developing the sector through backward integration.
Ben Langat, the Managing Director of FrieslandCampina WAMCO Plc, spoke the minds of the industry’s operators, during a media chat.
” To be able to meet the total dairy nutrition demands in Nigeria, the local milk currently available is still very much inadequate.
So, in my opinion, the model that the country will run will still have a reasonable mix of importation of some of the raw materials, while local content is developed over a period,” he said .
Again, he said : We don’t produce the required machinery locally nor do we produce all raw materials locally; so there will always be something that needs to be imported.
From a milk production point of view, Nigeria has a hot, humid environment which typically is very good for beef cattle and that is why you see a lot of the Fulani cows doing very well.
To grow high milk-yielding cows, you have to put in extra effort and this is what we have been doing for many years. For over 12 years, FrieslandCampina WAMCO has continued to invest in the Nigerian dairy sector as it has been sourcing raw milk locally for manufacturing.
We are also the highest off-taker of fresh milk produced locally from five states in Nigeria (Oyo, Osun, Ogun, Ondo, and Kwara States and also in the north).”
He said that that some of the company’s products are 100 percent locally sourced, however, in terms of the dairy nutrition needs of the country, local milk sourcing is still at a very low level.
” It’s such a big task that we have ahead of us as a nation. That notwithstanding, at FrieslandCampina WAMCO, we want to prove that it is doable, as we source about five million litres of milk per annum locally today. We are the highest so far as no other organisation has reached that number.
Nevertheless, we’re talking about a country that requires more than 100 million litres of milk, so when you do the calculations, you would see that the percentages are still low. There is still a long way to go.
Countries like Kenya and South Africa started local dairy development way back and they have continued on that journey. Nigeria kind of left this topic for a long time and that is why we are still in this phase of backward integration.
He urges the newly inaugurated government of President Bola Ahmed Tinubu to, consult FrieslandCampina WAMCO on dairy development topics, asserting ” we are a subject matter expert on local milk sourcing and knowledge transfer.
They can engage us on some of these topics leveraging forums like MAN – Manufacturers Association of Nigeria, NECA -Nigeria Employers’ Consultative Association as well as the Food and Beverage Associations, and AFBTE, among others.
We are there as industry leaders. Let them consult us before taking sharp policy decisions,” he 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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