Business
NDCCITMA will transform Niger Delta economy – Eno
Governor Umo Eno of Akwa Ibom has expressed the hope that the Niger Delta Chamber of Commerce, Industry, Trade, Mines & Agriculture (NDCCITMA) will facilitate the transformation of the economy of the region.
He said this on Wednesday in Uyo during a one-day sensitisation of the people of the state on the Establishment of NDCCITMA.
Eno, represented by the Commissioner for Trade and Investment, Mr John Etim, said that the region had been wrongly portrayed as mono-economy, in spite of its huge resources.
“For too long, the Niger Delta has been erroneously portrayed as a mono-economy, which boasts only of crude oil deposit with negative fallout, such as environmental degradation, ravaging poverty, among others, but our region is much more than that. “We are blessed with abundant human and mineral resources far beyond crude oil.
“In fact, we are the major producers of oil palm and other cash crops in this country. “The region can be both self-sufficient and a net exporter of palm oil and many other food items.
“The NDCCITMA initiative is not only desirable but imperative for the speedy transformation of our region,” Eno said. He commended the Niger Delta Development Commission (NDDC) for seeking the synergy for the implementation of the initiative for the betterment of the people.
In a remark, the Managing Director of NDDC, Dr Samuel Ogbuku, said that the objective of NDCCITMA is to stand in the gap between NDDC and entrepreneurs in the region.
He further said that the chamber would provide the long sought support to sustain the business of those who cannot meet the stringent conditions of financial institutions.
Ogbuku, represented by the state Representative on the Board of NDDC, Mr Abasiandikan Nkono, said that the activities of the chamber would influence development in the region.
“The establishment of NDCCITMA will positively influence the development of a robust transport system, manufacturing, merchandising, mining, marine, and food security for our families.
“We intend to work with the people and bring down the cost of food to affordable level to improve the health of our people,” he said.
The Chairman of NDCCITMA, Mr Idaere Ogan, described the chamber as a forum where people could seek genuine guidance and assistance in developing their businesses and scaling up capabilities. Ogan also said that the chamber would boost trade and commerce from the nano business level through the micro, small and medium entreprises to the large organisation.
He said, “We are poised to work with our development partners, the NDDC, to solve the food problem of the region, enable manufacturing of goods, develop skills and build capacity within the region.”
He called on all the chambers of commerce in the region, business communities, professional associations, governments and individuals to prepare to work with NDCCITMA for accelerated development of the region.
Source: Vanguard
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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