Business
Olubowale Considers UTM Offshore FLNG Project Capable of Transforming Nigeria’s Maritime Sector
The UTM Offshore Floating Liquefied Natural Gas (FLNG) Project has afforded Nigeria a once-in-a-generation opportunity of transforming her maritime economy, strengthening indigenous shipping, and capturing billions of naira in economic value that has historically flowed offshore.
These views were expressed by a shipping professional and Executive Director of Seamate Maritime Integrated Services Limited, Captain Ladi Olubowale, in a statement titled: “Beyond Gas: Why the UTM Offshore FLNG Project Should Launch Nigeria’s Maritime Industrial Revolution”.
He added that Nigeria has spoken for decades about unlocking the full value of its oil and gas resources.
“Yet one fundamental question has remained unanswered: Who captures the wealth created after the oil and gas leave our shores? This question is becoming even more important as Nigeria enters a new era of gas development under the Federal Government’s Decade of Gas Initiative.
“The UTM Offshore FLNG Project Nigeria’s first indigenous-led FLNG development is rightly celebrated as a landmark investment. It will monetise stranded gas resources, increase LNG exports, create jobs, strengthen government revenues, and reinforce Nigeria’s position in the global energy market.
“However, its greatest contribution may lie beyond gas production itself. The question before us is simple: Will Nigeria merely export LNG, or will we build an entire maritime economy around it? That decision will define whether this project becomes another successful energy investment or the catalyst for a new era of industrial development,” he pointed out.
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On the missing link in Nigeria’s energy economy, he said that every offshore energy project depends on ships, saying that before the first molecule of gas is exported, vessels are already at work transporting equipment, supporting offshore construction, delivering supplies, transferring personnel, protecting offshore assets, conducting inspections, responding to emergencies, and maintaining continuous operations.
Without ships, offshore energy production stops.
According to him, despite Nigeria’s position as Africa’s leading oil and gas producer, much of this critical maritime support continues to be provided by foreign-owned fleets.
“This means that while Nigeria earns revenue from its natural resources, a significant share of the logistics, charter hire, marine services, technical management, and offshore transportation revenues leaves our economy. In economic terms, we continue to export commodities while importing capabilities. That model is no longer sustainable. The real opportunity is the value chain,” he added.
However, he said that the UTM FLNG Project should not simply be viewed as an LNG facility but it should become the anchor project for Nigeria’s maritime industrial transformation.
“Every successful maritime nation understands one principle: Natural resources create wealth only when nations own the value chain that supports them. Norway did not become a global maritime powerhouse simply because it discovered offshore oil. It deliberately built Norwegian-owned offshore service companies, engineering firms, maritime financial institutions, ship management expertise, and highly skilled seafarers”.
“Qatar did not become one of the world’s leading LNG exporters by producing gas “alone. It invested heavily in Nakilat, one of the world’s largest LNG shipping companies, ensuring that transport became an integral part of national value creation.
Singapore built one of the world’s strongest economies without significant natural resources by mastering shipping, ports, finance, and logistics. These countries understood that controlling maritime logistics is not merely about ships—it is about economic sovereignty,” he explained.
He added that Nigeria must embrace the same vision because it is very important as Nigeria possesses over 200 trillion cubic feet of proven natural gas reserves and one of Africa’s largest offshore energy industries.
“The federal government has rightly declared this the Decade of Gas. But gas alone will not transform our economy. Transformation comes from building industries around gas. The UTM FLNG Project creates precisely that opportunity.
Its development and long-term operation will require a broad range of offshore support vessels, marine logistics services, crew transfer operations, emergency response capabilities, security patrols, marine engineering, subsea support, and technical maintenance,” he said.
He warned that the UTM Offshore FLNG Project should not stand alone as an energy project, and it should become the foundation of Nigeria’s maritime industrial revolution.
“Every molecule of gas exported should generate Nigerian freight, Nigerian jobs, Nigerian financing, Nigerian ship management, Nigerian insurance, Nigerian seafarers, and Nigerian prosperity.
“The measure of our success will not be how much gas we export, but how much national wealth we retain. Nations become maritime powers not by owning cargo alone, but by owning the ships, the supply chains, the technology, and the institutions that move commerce. Nigeria now has a once-in-a-generation opportunity to build that future.
“We must seize it, not simply to serve one FLNG project, but to establish a Strategic National Fleet that will carry Nigeria’s economic ambitions across Africa and the world,” he explained.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.
Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.
According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.
“The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come.”
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He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses
Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.
“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated
The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250. The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.
Highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.
At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.
Commenting on the significance of the transaction, NGX Group Chairman, Umaru Kwairanga, described the offer as a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.
Similarly, Lagos State Governor, Babajide Sanwo-Olu, hailed the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilize capital and invest in its own future.
“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.
Also speaking, Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.
For his part, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations. He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.
Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.
“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said.
Photo Caption: L-R: Ooni of Ife, Adeyeye Enitan Ogunwusi; Managing Director, Coronation Asset Management Limited, Aigbovbioise Aig-Imoukhuede; Group Chairman, NGX Group, Dr Umaru Kwairanga; President/CE, Dangote Industries Limited, Aliko Dangote; Group Managing Director/Chief Executive Officer, NGX Group, Temi Popoola; Lagos Governor, Babajide Sawo-Olu; Group Executive Director, Commercial Operations, Oil & Gas, Fertiliser and WAEP, Fatima Aliko-Dangote, at the Dangote Petroleum Refinery & Petrochemicals Initial Public Offering (IPO) Facts Behind the Figure presentation at the Nigerian Exchange (NGX), Lagos on Monday, September 14, 2026.
The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.
The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).
He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.
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He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
He revealed that a more grand ceremony would be held with Tinubu in attendance.
The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.
President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.
Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
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The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.
Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.
He said the group intended to list every company that would operate under its umbrella in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”
The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.
The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.
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