Business
Africa’s Largest Bank Backs Dangote Refinery’s IPO
Africa’s largest financial institution, Standard Bank Group, has reaffirmed commitment to support the growth of the Dangote Industries Limited (DIL), pledged backing the planned listing of the Dangote Petroleum Refinery, and expressed readiness to finance future expansion projects across the continent.
The commitment came during a strategic visit by Standard Bank Group Chief Executive, Sim Tshabalala, and senior executives to the Dangote Petroleum Refinery and Dangote Fertiliser complex in Lagos.
Speaking after touring the facilities, Tshabalala described the refinery as a transformational industrial project with far-reaching implications for Nigeria and Africa.
“We are here because the Dangote Group is a large and important global player and a significant force on the African continent,” he said. “Standard Bank is the largest financial institution in Africa and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions.”
Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.
“As Dangote lists, there is an IPO coming up and we are a leading player in that process,” he said. “As the Group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
He described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.
Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Edwin said. “Today, the refinery is fully operational and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
Managing Director and Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group,” Bird said.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved.”
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The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”
Business
Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser
President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania.
Biztellers reports that the discussions focused on transport infrastructure, fertiliser production, power generation, ports and regional trade.
The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.
Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.
“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.
The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.
Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.
President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.
She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.
A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.
According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.
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Dangote Industries already operates one of Tanzania’s largest industrial investments through its US$500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.
The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.
Business
ELPS Project: FG Applauds Lee Engineering, NNPC Ltd, Others
The federal government has applauded the timeliness of Lee Engineering & Construction Company Limited, the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders handling the Escravos-Lagos Pipeline System (ELPS) Midline Compressor Project.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gave the commendation during an inspection tour of the ELPS Midline Compressor Stations at Ologbo and Okada in Edo State, where he expressed satisfaction with the pace of work and urged all parties to sustain the momentum towards the successful completion and commissioning of the facilities.
Ekpo, who was accompanied by the Executive Vice President, Gas, Power and New Energy at NNPC Limited, Olalekan Ogunleye, and the Chairman of Lee Engineering & Construction Company Limited, Chief Leemon Ikpea, said the project remained central to the federal government’s drive to expand critical gas infrastructure and deepen domestic gas utilisation.
On his X handle yesterday, the minister stressed that strategic investments in gas transportation infrastructure were essential to unlocking economic growth, improving energy security and supporting Nigeria’s industrialisation agenda,
“Ekpo expressed satisfaction with the progress recorded and commended NNPC Limited, Lee Engineering and all project stakeholders for maintaining the project’s delivery timeline. He urged them to sustain the current momentum to ensure the successful completion and commissioning of the facilities as scheduled.
“The minister reaffirmed the federal government’s unwavering commitment to expanding Nigeria’s gas infrastructure, noting that strategic investments in gas transportation infrastructure are critical to unlocking economic growth, enhancing energy security and deepening domestic gas utilisation,” he said.
According to the minister, the completion of the ELPS Midline Compressor Stations will significantly increase gas pressure along the Escravos-Lagos Pipeline System, thereby boosting the volume of gas transported to industries, commercial users and power generation plants across Lagos and other parts of western Nigeria.
He noted that the project would improve the reliability of gas supply to critical sectors of the economy while supporting the government’s objective of ensuring adequate gas availability for domestic consumption.
Ekpo reiterated his belief in those handling the project despite its technical complexity, urging them to sustain the current pace until the facilities are completed and commissioned.
The minister highlighted the federal government’s commitment to expanding Nigeria’s gas infrastructure, describing it as a key pillar for achieving sustainable economic growth and strengthening the country’s energy security.
The ELPS Midline Compressor Project is one of the major upgrades to Nigeria’s domestic gas transmission network as efforts intensify to complete one of Nigeria’s most strategic gas infrastructure projects.
With the ELPS II expansion doubling the pipeline’s nameplate capacity from about 1.1 billion standard cubic feet of gas per day to approximately 2.2 billion standard cubic feet per day, the installation of the midline compressor stations is expected to maximise utilisation of the existing infrastructure by increasing operating pressure along the pipeline.
The compressor project is designed to enable the existing network to transport significantly larger gas volumes without laying another transmission line.
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According to the latest progress report submitted by the Nigerian Gas Infrastructure Company (NGIC) to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), construction was 92.7 per cent complete in January 2026 and reached 94.88 per cent in May 2026.
Once operational, the compressor stations are expected to improve gas delivery to thermal power plants, cement manufacturers, fertiliser producers and other major industrial consumers that depend on the ELPS for their energy needs.
Business
World on Edge as Fresh US-Iran Strikes Strain Fragile Interim Peace Deal
A new round of escalating strikes between Iran and the US continued yesterday, further undermining the fragile interim peace agreement between the two countries, and prompting President Donald Trump to threaten violence that would ensure Iran “will no longer exist”.
On Sunday, Tehran launched drone and missile attacks against Bahrain and Kuwait after new US strikes on sites in southern Iran, and threatened a “complete halt” to negotiations to end the war, the UK Guardian reported.
Trump said that a moment might come soon when he abandoned talks and the US would “militarily finish the job”. The US president posted on social media: “If that happens, the Islamic Republic of Iran will no longer exist!”
Kuwait, which hosts a major US army base, said it had intercepted two ballistic missiles and that there were no reports of injuries or damage, while Bahrain’s interior ministry said the Iranian strikes had damaged a residential building near the international airport and that no one had been killed.
Qatar’s interior ministry said one Qatari national had been killed and second person injured by shrapnel from “military operations in the area”. The two were on a boat that went missing on Saturday and was located early on Sunday.
The latest violence has been triggered by efforts to reopen the strait of Hormuz to all shipping without Iran’s direct oversight. The strategically critical waterway, which carried a fifth of the world’s oil and liquid gas supplies before the war, has long been considered an international passageway.
US Central Command said in a statement that its strikes were “in direct response to continued Iranian aggression against commercial shipping” and had targeted Iranian military surveillance, communications, air defence, drone storage and mine-laying facilities.
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Washington has been promoting a southern lane along the coast of Oman, while Tehran, which ultimately aims to charge fees for use of the strait, wants ships to use a northern route through its waters and under its control.
Hundreds of vessels, including tankers laden with oil, have been blockaded inside the Gulf by the closure of the strait since war broke out. Some have chanced the passage through the past two weeks, leading oil prices to drop to close to pre-war levels and bringing relief to economies around the world.
The US military accused Iran of violating the ceasefire on Saturday by attacking the Panama-flagged tanker Kiku, which carried crude oil for the state-run energy company of Qatar. According to ship-tracking websites, the Kiku appeared to be attempting to use the southern corridor near the coast of Oman.
Abbas Araghchi, Iran’s foreign minister, restated Tehran’s claim to sole control of the waterway during a state visit to Iraq on Sunday. He said in Baghdad: “Any interference in this matter, any attempt to establish new or separate arrangements from those currently being carried out by the Islamic Republic of Iran, will only lead to further complications, delay the reopening of the strait of Hormuz, and increase the level of tension.”
Observers say Iran is using its ability to threaten shipping in the strait not just as leverage in negotiations with the US, but to intimidate neighbouring countries and establish a more dominant role in the region, the Guardian report stated.
Aragchi also called for the establishment of a security framework with Gulf countries that would exclude the US. He said: “We should reach a new framework that includes all countries in the region and without the presence or interference of any country from outside the region.”
Mediators from Qatar and Pakistan successfully brought representatives of Washington and Tehran together in Switzerland earlier this month but have been unable to bridge wide gaps on contentious issues such as the future of the strait of Hormuz, sanctions relief for Tehran, and the future of Iran’s nuclear programme. Under the memorandum of understanding signed earlier this month, the two countries have 60 days to work out the details before signing a final agreement.
Leaders in Tehran and Washington face domestic political pressures to avoid a return to conflict and appear committed to a ceasefire for now, despite frequent bellicose rhetoric.
The Islamic Revolutionary Guard Corps claimed responsibility for both new attacks on Sunday. It said: “Let the enemy know that violating the ceasefire … will lead to a complete halt of ongoing processes.”
The IRGC, which controls Iran’s ballistic missile arsenal, has gained influence in Iran in recent months. Its navy command said American bases in the region would “experience hell in the coming days”.
Agency Report (more…)





