NEWS
Currency Redesign: Senate Backs Shift in Deadline
In a move considered by observers as mounting political pressure on monetary policy, the Senate has urged the Central Bank of Nigeria (CBN) to shift the deadline for the existing naira notes to June 30, from the slated January 31, 2023.
The Senate made its position known in resolution passed at plenary on Wednesday following a point of order, raised by Sen. Mohammed Ndume (APC-Borno).
Recall that the CBN had on October 26, unveiled an agenda for redesigning the N200, N500, and N1,000 notes.
But riding on Orders 41 and 51 of Senate Standing Rule, Sen. Ndume demanded that the call for extension of the date should be considered as a matter of urgent national importance so as to forestall imminent hardship for Nigerians.
Sen. Ndume said, “This senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of Jan. 31.
“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira note.
“The old notes are expected to be in circulation along the new ones until Jan. 31 when the old ones are expected to be phased out.
“It is expected that many Nigerian businesses will start rejecting the old notes as soon as banks start paying redesigned notes to customers.”
He further averred that access to the new notes would be compounded by recent circular by the CBN which limited the amount of cash withdrawal by corporate entities.
“The withdrawal of old notes from circulation, if not extended beyond January 31, will make many Nigerians to be thrown into hardship. We need to avoid the repeat of 1984 experience in terms of the withdrawal of old notes,” he added.
In his contribution, Sen. Adamu Aliero (PDP-Kebbi) pointed out that rural dwellers were not aware of the currency redesign, describing the motion as “apt and timely”.
“So this motion is very apt and timely. If we insist on the date given by CBN, it will cause a lot of hardship for our rural dwellers. Majority of our people live in rural areas where there are no banks and PoS. It is appropriate we extend the time as suggested in the motion,” Sen. Aliero said.
The much awaited Africa’s largest Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals (DPRP) has been formally flagged off on the Nigerian Exchange (NGX).
President and Chief Executive Officer, Dangote Industries Limited (DIL), Aliko Dangote, marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday.
The transaction marks a significant milestone for Nigeria’s capital market, as the DPRP becomes the first refinery in the Nigerian Exchange’s 66-year history to open its shares to public subscription.
READ ALSO: Dangote Refinery Opens Landmark IPO Today
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, allowing investors to acquire an equity stake in Africa’s largest refinery.
Retail and institutional investors, as well as eligible investors across Africa, can participate in the public offer.
Investors can subscribe for a minimum of 10 shares, requiring an investment of N5,250 at the offer price.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer prospectus.
At the ceremony, Dangote highlighted that the public offer was part of a broader effort to expand public participation in owning his companies.
“We will lease every company that we operate,” he said.
The launch attracted prominent dignitaries, including Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and captains of industry.
The Securities and Exchange Commission (SEC) has warned prospective investors against fraudsters, fake platforms and unauthorised individuals seeking to take advantage of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
The Commission issued the warning in a public notice dated Monday, September 14, 2026, following its approval for the IPO by Dangote Petroleum Refinery and Petrochemicals FZE to open to the public.
The SEC urged investors to exercise caution and ensure that all applications and payments relating to the IPO are made only through the officially designated and approved receiving agents, subscription channels and platforms.
ALSO READ: Dangote Calls Refinery IPO ‘People’s IPO’ as N2.15tn Offer Opens
The Commission advised prospective investors to obtain information about the IPO only from the SEC’s official channels, the issuer’s official channels and other official channels established and approved for the offer.
It also urged investors to verify the authenticity of any website, platform or link before providing personal or financial information.
According to the SEC, investors should follow only the officially announced subscription or application process and IPO timetable and should “Avoid transferring funds to any person or entity claiming to receive applications/subscriptions outside the approved channels.”
The Commission further advised investors to verify that their chosen registered Capital Market Operator’s channels or platforms for the offer are duly authorised and approved.
The SEC also warned investors to “Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation.”
The regulator urged prospective subscribers to carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription.
SEC warns against fake IPO agents
The Commission stressed that the existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors in respect of the offer.
The SEC therefore advised prospective investors to contact SEC-registered stockbrokers, banks or registered Investment advisers for guidance before subscribing.
The Commission also urged the public to “VERIFY” the registration status of companies, entities, platforms or individuals offering investment opportunities before entering into any transaction with them.
Investors can verify the registration status of operators through the SEC’s dedicated portal for registered fintech operators or through the Commission’s Capital Market Operators platform.
The warning comes as the Dangote Petroleum Refinery and Petrochemicals IPO officially opens on Monday, September 14, 2026, following the Commission’s approval.
The Commission listed its contact details as +2342094621168-9 and [email protected], while its WhatsApp contact is 0916 772 3240.
The SEC urged investors to remain vigilant and rely only on verified and authorised channels throughout the IPO process.
Investor demand for the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) has reached a historic level, with subscription activity surging across digital investment channels.
Data released by the Nigerian Exchange (NGX) on its official X handle on Monday showed that total transaction volume had surpassed 402,634, pushing the total subscription value to ₦1,476,171,994,112, approximately ₦1.476 trillion.
The figures, displayed on the #NGXInvest command centre dashboard, highlight the strong appetite among investors for the landmark offering.
More details shortly.
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