Business
Dangote: Africa Is Like a ‘Scratch Card’ — Opportunities Are Immense
Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.
| map of Africa by Wikipedia
By Ochefa
Africa is sitting on enormous economic opportunities that remain largely untapped, President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has declared.
Dangote likened the continent to a “scratch card”, saying its vast opportunities would only become visible when Africans and investors take deliberate steps to unlock them.
“Africa is like a scratch card. Unless you scratch it, you don’t see the use of it. The opportunities are immense,” Dangote said.
He spoke in Lagos during the Dangote Petroleum Refinery and Petrochemicals “Facts Behind the Offer” presentation and opening gong ceremony, held to mark the formal opening of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The offer comprises 4.1 billion new ordinary shares at ₦525 per share, giving the issue a value of about ₦2.15 trillion, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Dangote said the group was looking beyond Nigeria as it seeks to expand its industrial footprint across Africa, disclosing plans being explored for the establishment of a refinery in Lamu, Kenya.
The move, he said, reflects the need to build African businesses capable of attracting large-scale international capital while creating greater economic integration across the continent.
According to him, the Dangote Group’s expansion strategy is not simply about building individual businesses, but about creating platforms through which Africans and international investors can participate in the continent’s economic transformation.
“What we are trying to do is to open up the market and make sure that when we open up the market, Africans and non-Africans will join us to have what you call the new Africa rising,” he said.
The refinery IPO represents a major test of Nigeria’s ability to mobilise domestic and international capital behind large-scale industrial projects.
Dangote urged Nigerians and other Africans to seize the opportunity presented by the offer, arguing that the refinery has the potential to become Africa’s largest company by the end of 2026.
His “scratch card” analogy captures the central argument behind the expansion strategy: Africa’s economic potential may be enormous, but unlocking it requires capital, infrastructure, industrial investment and businesses willing to take long-term risks.
For Nigeria, the refinery’s public offering also signals a potentially significant shift in the ownership structure of one of the country’s biggest industrial assets—from a project largely associated with one private investor to an enterprise in which a broader pool of investors can participate.
The development comes as Nigeria seeks to deepen its capital market, retain more domestic savings within the economy and mobilise long-term funding for productive investment.
Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.
Business
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.
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.”
Business
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.
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.
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.
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