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‘Everybody Will Have Stakes’ — Dangote Unveils Refinery IPO

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President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has declared that Nigerians from all walks of life will have the opportunity to own stakes in the Dangote Petroleum Refinery through its Initial Public Offering.

Dangote made the statement on Monday during the official signing ceremony for the refinery’s IPO in Lagos.

“What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said.

SEE ALSO: Dangote Reveals Date for Much-Awaited Refinery IPO

The IPO will see the refinery offer 4.1 billion ordinary shares at ₦525 per share, giving investors an opportunity to become shareholders in one of Africa’s biggest industrial projects.

The official application list is scheduled to open on September 14, 2026, and will close on October 9, 2026, after 25 days.

Investors can subscribe to a minimum of 100 shares valued at ₦52,500, with subsequent subscriptions available in multiples of 50 shares.

The landmark signing ceremony was attended by prominent figures in Nigeria’s business and financial sectors, including Zenith Bank Chairman, Jim Ovia, and Heirs Holdings Chairman, Tony Elumelu.

Located in the Lekki Free Zone, Lagos, the Dangote Refinery has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.

The refinery, which was commissioned in May 2023 after nearly a decade of construction, attracted an investment of approximately $20 billion.

According to details of the IPO, proceeds from the public offer will be used to support a major expansion of the facility, with the company targeting an increase in processing capacity to 1.4 million barrels per day.

If achieved, the expansion would make the facility the largest operating oil refinery in the world, surpassing India’s Jamnagar refinery complex.

At ₦525 per share, the refinery has an estimated market valuation of about $47 billion, while a fully subscribed IPO could increase the total market capitalisation of the Nigerian Exchange by an estimated 30 to 40 per cent.

The company has also proposed paying dividends in US dollars, with foreign exchange earnings from refined petroleum products and petrochemical exports expected to support the dividend plan.

The public offering follows a $2.5 billion private placement completed in July as Dangote Industries seeks to raise additional capital for the refinery’s expansion.

 

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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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