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South African pension fund expresses interest in Dangote IPO

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.

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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.

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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.

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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.”

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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.

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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.

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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.

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[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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