Business
What Dangote tells the Nigerian Society of Engineers about his $20 billion refinery
Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far.”
Africa’s richest man and industrialist, Alhaji Aliko Dangote, said yesterday he wouldn’t have attempted his $20 billion refinery, if he knew the magnitude of the facility.
He also expressed commitment to empowering Nigerian engineers and building local capacity through large-scale industrial projects.
Dangote, who stated this while receiving a delegation from Lagos branch of the Nigerian Society of Engineers, NSE, at the Dangote Petroleum Refinery at Ibeju-Lekki, Lagos State, said the scale of the refinery was more than initial expectations.
He said: “Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far.”
He noted that the refinery was designed to handle massive volumes, with up to 600 product vessels and about 240 crude oil tankers expected annually.
Dangote noted that challenges faced during the construction included working on swampy terrain, extensive land clearing, and dredging 65 million cubic metres of sand from 20 kilometres offshore, adding that all were in an effort to protect local fishing communities.
“We had to uproot thousands of trees manually. Sand-filling alone took 18 months but we made a deliberate decision to preserve the livelihoods of those living nearby, especially fishermen,” he said.
The Chairman, NSE Lagos branch, Mrs Olukorede Kesha, described the refinery as an engineering breakthrough for Africa.
She commended Dangote’s initiative, saying the refinery was the first in Africa.
“The NSE exists to ensure continuous professional development, and this visit is part of that goal.“We have heard so much about the refinery but seeing it ourselves has been extraordinary,’’ Kesha 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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