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Dangote Refinery Bags $1bn Backing Ahead of IPO

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The Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting programme ahead of its planned Initial Public Offering.

The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, consists of a completed and funded $600m private placement and an additional $400m underwriting commitment in support of the planned IPO.

SEE ALSO: Dangote, CNN Seal Multi-Year Partnership, Launch New ‘Africa Inc.’ Show

The Dangote Group disclosed this in a statement on Tuesday, saying the $600m private placement had been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.

It added that Marob Strategies and Lilium Capital are coordinating the distribution of the underwriting participation across Global Africa, targeting sovereign wealth funds, governments, institutional investors and other eligible investors.

According to the advisers, the response has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.

The programme is also expected to catalyse significant intra-African capital flows and contribute to the development of a more integrated African capital market under the auspices of the African Continental Free Trade Area.

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for the refinery and African capital markets.

“This is an important milestone for DPRP and for African capital markets,” Dangote said.

He added that the transaction reflected confidence in the refinery’s strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.

“The successful completion of the private placement, together with the $400m underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role. The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa,” he said.

Chairman of Marob Strategies, Professor Benedict Okey Oramah, said the transaction demonstrated the appetite for African-led capital market transactions providing access to transformative assets on the continent.

“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.

“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future,” he said.

Also, Chairman of Lilium Capital Group, Simon Tiemtoré, described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets.

“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.

“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.

“We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa,” he said.

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JUST IN: Ex-Delta Governor Emmanuel Uduaghan Is Dead

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Former Delta State Governor, Dr Emmanuel Uduaghan, has reportedly died, according to sources said to be close to his family.

The sources confirmed the development on Monday, October 19, 2026, although details surrounding the circumstances of his death remained unclear as of the time of filing this report.

“Uduaghan is no more; he is dead,” one of the sources reportedly said.

SEE ALSO: Document reveals Akpoti-Uduaghan demanded N10b damages from husband before marriage, firm reacts

The reported death comes months after claims that the former governor had died circulated on social media before being dismissed by his media aide, Henry Unini.

In June, reports of Uduaghan’s alleged death spread across Facebook and WhatsApp, prompting Unini to publicly debunk the claims and assure the public that the former governor was alive.

“I can tell you for a fact that Dr. Emmanuel Uduaghan is alive,” Unini said at the time.

“Frankly, I don’t know where the writer got his information from. The death of someone is not something you take and write about casually,” he added.

Unini acknowledged at the time that Uduaghan had been experiencing health challenges but maintained that he was receiving medical attention.

“It is now common knowledge that Dr. Emmanuel Uduaghan has been sick, but he is receiving proper medical care,” the media aide said.

He also stated that the former governor was recuperating, assuring the public that there was no immediate cause for concern.

“There is no cause for alarm whatsoever,” Unini said.

The media aide thanked friends, well-wishers and residents of Delta State who contacted the family to verify the former governor’s condition. He also urged the public to avoid spreading unverified information.

“The rumour was uncalled for,” he said while addressing the earlier reports.

As of the time of filing this report, further details about the circumstances surrounding Uduaghan’s reported death had yet to emerge.

 

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Delta Begins ₦5bn Empowerment Scheme for 100,000 Beneficiaries

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Economic Hardship: Delta Protest Aborted, Soldiers Arrest Journalist

The Delta State Government has commenced a ₦5 billion grassroots empowerment programme targeting 100,000 small-scale business owners and other beneficiaries across the state’s 500 wards.

The initiative, announced on Monday, will see each beneficiary receive ₦50,000 to support small businesses, strengthen household finances and stimulate economic activities across the state.

SEE ALSO: Two Arrested as Delta Police Uncover Cache of Illegal Weapons

The Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, disclosed this while speaking with journalists in Asaba.

Ifeajika explained that the programme was designed to complement the state government’s investments in critical infrastructure with direct financial assistance to residents.

According to him, Governor Sheriff Oborevwori directed local government councillors to facilitate the distribution of the funds, with each of the 500 wards expected to reach at least 200 beneficiaries.

He added that the initiative reflects the administration’s commitment to improving livelihoods and expanding economic opportunities for Deltans, in line with the people-centred objectives of the MORE Agenda.

 

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Alausa Hails Dangote Foundation’s Plan to Give Four Million Students IPO Shares

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The Minister of Education, Dr Maruf Tunji Alausa, has commended Alhaji Aliko Dangote and the Aliko Dangote Foundation for plans to acquire Initial Public Offering (IPO) shares of Dangote Refinery on behalf of eligible Nigerian tertiary institution students.

Alausa described the initiative as an innovative approach to promoting financial literacy, youth empowerment and wealth creation among young Nigerians.

According to a press release issued by the Federal Ministry of Education on Monday, October 19, 2026, the initiative is expected to benefit up to four million students aged 18 and above, with each eligible student expected to receive 10 IPO shares without requiring prior investment or share purchase.

The minister said the programme would expose students to capital markets, responsible investing and long-term financial planning, preparing them for greater economic participation and financial independence.

He noted that the initiative aligns with the Nigeria Education Sector Renewal Initiative (NESRI) and President Bola Ahmed Tinubu’s Renewed Hope Agenda by connecting education with enterprise, human capital development and inclusive economic growth.

According to Alausa, the initiative reflects the importance of partnerships between the education sector and private organisations in equipping young Nigerians with the knowledge and skills needed to participate in the economy.

He said the Federal Ministry of Education remained committed to strengthening private-sector partnerships to improve educational quality, relevance, equity and efficiency while preparing learners for a changing economy.

While appreciating the foundation’s contribution to youth development, the minister clarified that the ministry’s commendation was based on the initiative’s educational and developmental value.

He stressed that the ministry’s position “does not constitute an endorsement of any particular investment decision.”

Alausa also encouraged other corporate organisations to support similar initiatives that promote financial awareness, economic productivity and entrepreneurship among young Nigerians.

He urged businesses to support NESRI and the Renewed Hope Agenda in building a financially informed and economically productive generation.

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