Business
Taiwo Oyedele Jaw-Jaw with manufacturers on benefits of new tax laws to them
Oyedele addressed the manufacturers during a stakeholders engagement with the Manufacturers Association of Nigeria (MAN) themed, “From Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers.”
Taiwo Oyedele, the Chairman of Presidential Committee on Fiscal Policy and Tax Reforms, has highlighted on the benefits of the new tax laws for local manufacturers.
Oyedele addressed the manufacturers during a stakeholders engagement with the Manufacturers Association of Nigeria (MAN) themed, “From Legislative Assembly to Factory Floor: What the New Tax Laws Mean for Nigerian Manufacturers.”
Oyedele acknowledged that manufacturers grappled with multiple taxation, high tax burdens and VAT compliance challenges under the old tax regime.
“Today, you can manufacture in Nigeria and imported alternatives will still land cheaper, even after freight, insurance, and duties, which means that even in our own market, we are struggling to compete.
“We want our businesses to compete first locally, then within the region, especially under the African Continental Free Trade Area (AfCFTA).
Otherwise, businesses will be setting up in Ghana, Benin Republic and be sending their products to Nigeria,” he said.
Oyedele noted that manufacturers faced disproportionately higher effective tax rates due to a mix of legal and illegal levies imposed by state and non-state actors.
His words: “We were taxing capital. We were taxing investments. We have one of the highest tax burdens on corporate profits in the world here in Nigeria.
We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.
Manufacturers, more than any other sector, had to deal with a multiplicity of taxes everywhere they turned, and even legal taxes were being collected illegally.
This was not working for us, and it wasn’t going to work. Multiple levies distorted the system. These reforms aim to fix that and support manufacturing.”
He said the tax reforms were designed to make Nigeria’s tax system fairer and simpler, particularly for productive sectors such as manufacturing, to make them more competitive both domestically and globally.
“Manufacturers stand to gain from expanded input VAT claims on assets and services, revised income bands, higher exemption thresholds, and a range of reliefs and allowances aimed at reducing effective tax burdens.
In his remarks, the Director-General of MAN, Segun Ajayi-Kadir, said that the success of the reforms depend on full alignment by sub-national governments.
“We are happy that at least 10 states have passed laws fully aligned with the federal framework. This will help eliminate nuisance taxes and illegal collection practices that have long been the bane of manufacturers.
“Now that states are passing these laws on their own, it bodes well for manufacturers and for the sustainability of the tax reform agenda,” he said.
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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