Photo: Aliko Dangote address representatives of South African pension fund, Tuesday May 19, 2026.

Representatives of South Africa’s Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) visited yesterday the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited , and expressed interest in the upcoming Dangote IPO.

The planned IPO is expected to involve the sale of about 10 percent equity in the refinery through what the Dangote Group has described as a pan-African public offering.

Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.

According to the company, African investors and institutions are increasingly looking inward to support large-scale infrastructure projects capable of driving sustainable economic growth and accelerating industrial transformation across the region.

The engagement also comes as the refinery moves closer to its planned Initial Public Offering (IPO), which is expected to open up ownership of the facility to a broader pool of investors across Africa.

The company noted that ongoing engagements with major institutional investors reflect growing recognition of strategic infrastructure as a key driver of Africa’s long-term economic transformation and industrial expansion.

Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB) commences the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria.

The agency announced this via a public notice issued on Monday.

NRS said that the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID.

The agency explains that taxpayers will now operate with a single tax identity for all tax-related transactions and engagements across the country.

The NRS added that the initiative would simplify tax compliance processes, including registration, tax filing, and payment procedures.

It also noted that the system would improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection.

In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.

The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed thematic financing facility from the African Development Bank Group for onward lending to enterprises in the industrial sector of the economy including infrastructure and transport, agro-food processing and health.

The facility will also support climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions.

These investments are expected to improve productivity, promote local manufacturing, strengthen healthcare and pharmaceutical value chains, and reduce dependence on imports.

The package is strengthened by a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to boost SME capacity, improve environmental, social, and governance (ESG) practices, support climate-smart initiatives, and enhance BOI’s impact measurement systems.

Dr. Abdul Kamara, Director General of the African Development Bank Group Nigeria Country Department, said the approval demonstrates the Bank’s continued commitment to supporting Nigeria’s private sector and industrial growth ambitions.

Reacting, Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of the Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.

This new facility will further strengthen our capacity to provide long-term financing to enterprises operating in sectors critical to Nigeria’s economic transformation.