Business
Dangote proposes to build refineries in East Africa if …
Dangote made the pledge at the infrastructure summit – the Africa We Build Summit 2026 – on Thursday in Nairobi, Kenya.
Africa’s leading industrialist and President of the Dangote Group, Aliko Dangote, has said the refinery in Lagos can be replicated in East Africa with the right support.
Dangote made the pledge at the infrastructure summit – the Africa We Build Summit 2026 – on Thursday in Nairobi, Kenya.
The proposed refinery Dangote was referring to would be built in Tanga, Tanzania. A pipeline would be linked to Kenya’s Mombasa port to serve the entire East African region. Kenya, Uganda, and neighbouring eastern African countries would benefit
Dangote said: “I can give commitment to the two presidents that were here; if they will support the refinery, we’ll build the identical one that we have in Nigeria – 650,000 barrels per day.”
The presidents he was referring to are Kenya’s President William Ruto and Uganda’s President Yoweri Museveni.
The proposed refinery Dangote was referring to would be built in Tanga, Tanzania. A pipeline would be linked to Kenya’s Mombasa port to serve the entire East African region. Kenya, Uganda, and neighbouring eastern African countries would benefit.
On the readiness, Dangote said: “There is nothing that can stop it. We have done the one in Nigeria and that’s why we are taking the bold move which was started already. Piling has started, while building to a scale – 1.4 million barrels per day will give us the largest refinery – world number two.
“It is 10% of entire United States of America’s refining capacity.
And this is coming with lot of, you know, petrochemicals. If we look at it today in Nigeria, if not because we have polypropylene, all the plants, all businesses would collapse.
“Cement is packed in polypropylene, flour, rice, grains, everything. So nothing… and the cost now has shot up between just 45 days – from $900 to 3$3,000. There is no way you can afford that. You can’t afford it.
“So, that is why we must learn how to build self-sufficiency. Right now, we have big financial institutions that are very hungry for big ticket items. And we’re also big in terms of our own vision.
“So, it is possible. Africans can do it. Let us not be scared. No. Let us not come and be convinced, as I know somebody needs to carry our own material to go and produce and bring the items here.
“I must really thank the President of Uganda for taking this bold move: stopping the export.
They will be forced. They would come (and) produce. Why do you have to take your material (away), then you’ll bring it back? We have educated people. We have big financial institutions. It’s not like before. Things have changed.”
Business
NGX Debuts Invest WhatsApp Channel
The channel provides investors with an additional, convenient way to participate in public offers.
Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.
The channel provides investors with an additional, convenient way to participate in public offers.
Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.
They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.
As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.
(VANGUARD)
Business
SEC Highlights Focus of National Capital Market Conference 2026
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.
The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.
The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.
In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.
Business
Ghana Moves to Cut Domestic Airfares as Ticket Prices Stay High
Arthur said the GCAA does not fix airfares because ticket pricing is deregulated and largely determined by market forces.
Ghana Civil Aviation Authority (GCAA) is taking steps to lower domestic airfares as concerns over high ticket prices persist.
The Director -General of the GCCA, Rev Stephen Wilfred Arthur, disclosed this, saying that the plan centres on encouraging more airlines to enter the domestic market and reducing operating costs, including through the removal of import duties on aircraft spare parts.
The GCAA said making domestic air travel more affordable will require measures to reduce airlines’ operating costs and increase competition within the market.
Arthur said the GCAA does not fix airfares because ticket pricing is deregulated and largely determined by market forces.
However, the regulator can intervene where airlines engage in anti-competitive practices or price collusion.
The GCAA is encouraging more airlines to enter Ghana’s domestic market.
Arthur said new operators that meet regulatory requirements could increase available seats and competition.
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