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.

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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.

Minister of the Federal Capital Territory, Nyesom Wike, has predicted an easy victory for President Bola Tinubu in the 2027 presidential election, describing the opposition as “crippled and depleted.”

Wike made the declaration on Tuesday in Abuja while reacting to the outcome of the recently concluded Osun State governorship election, which was won by the opposition.

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The minister said the result of the Osun election should not be interpreted as a setback for the Tinubu administration, arguing that the Federal Government allowed the electoral process to run without interference.

He criticised opposition politicians who accuse the government of manipulating elections when they lose but celebrate the same electoral process when they emerge victorious.

“When they lose, they claim the government manipulated the process; when they win, they show off their might. It does not work that way.

“From what I have seen, this government allows processes to run their own way, and they must be given credit for that,” Wike said.
Wike also contrasted the 2027 election with the 2023 presidential contest, which he described as a difficult period for Tinubu.

“2023 was a tough election for him. Nobody knew what the government at the time was trying to do, and even governors were afraid,” he said.

According to the FCT minister, the opposition lacks the organisation and unity required to defeat an incumbent president.

“To remove a government, you need a strong, vibrant opposition that has spent over four years planning, not one that is constantly looking for a party to join,” he said.

Wike particularly criticised the African Democratic Congress, ADC, over what he described as internal divisions and weak performances in recent governorship elections.

He said the dynamics of governorship elections should not be used to predict the outcome of a presidential election, noting that local factors often determine state-level contests.

“Governorship elections rely on local variables, but a national election is a completely different ballgame. If it is this 2027 election against Bola Ahmed Tinubu, forget it. It is over,” he said.

The minister also dismissed the suggestion that the Osun election represented a major breakthrough for opposition parties ahead of 2027, insisting that a national election requires a much stronger political structure.

On economic concerns, Wike urged Nigerians to judge leadership based on concrete actions taken to address problems rather than sentiments.

“Leadership is defined by the steps you take to solve problems. When someone identifies a problem and takes concrete action to fix it, that is the effort people should appreciate,” he said.

Wike’s comments come amid increasing political positioning ahead of the 2027 general elections, with opposition parties and potential presidential contenders seeking to build a coalition capable of challenging the ruling All Progressives Congress.

The Academic Staff Union of Universities (ASUU), Kaduna State University (KASU) chapter, has raised the alarm over the resignation of more than 200 lecturers from the institution amid concerns over poor conditions of service and the non-implementation of the 2025 Federal Government-ASUU Agreement.

Chairman of ASUU-KASU, Dr Abubakar Abdullahi, disclosed this at a press conference in Kaduna on Monday.

Abdullahi said the lecturers, including professors, had left the university for newer institutions within and outside Kaduna State.

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He attributed the mass exodus to poor remuneration and declining welfare conditions, noting that the situation could have serious consequences for teaching, research and academic development at the institution.

According to him, the 2025 Federal Government-ASUU Agreement, which took effect in January 2026, provided improved conditions of service for academic staff in Nigerian universities.

However, he said implementation had yet to commence at KASU, despite several letters written by the union to the university management and governing council.

He added that the Visitor to the university, Kaduna State Governor Uba Sani, had also been notified of the situation.

Abdullahi expressed concern that more than eight months after the agreement was signed, KASU had yet to commence implementation, while many federal universities and some state-owned institutions had already started implementing the agreement.

He said some universities had also announced timelines for the payment of accrued arrears.

The ASUU chairman said the delay had made KASU academic staff among the least-paid university workers nationwide and warned that continued inaction would lead to the accumulation of salary arrears from January 2026.

He further warned that replacing experienced academics who had left the university would take years and require significant resources.

“Replacing highly skilled academics would take years and require significant resources,” he said.

The union has consequently issued a two-week ultimatum to the Kaduna State Government and university authorities to implement and domesticate the agreement.

Abdullahi warned that failure to meet the demands within the stipulated period could result in a total and indefinite strike at the university.

He disclosed that the ASUU-KASU congress met on August 12 to review the situation and resolved to declare an industrial dispute.

According to him, the decision was consistent with a resolution of ASUU’s National Executive Council following its meeting at the University of Abuja on August 8 and 9.

Beyond the implementation of the agreement, Abdullahi listed other unresolved issues affecting members of the union, including university autonomy, excessive workload, promotion arrears, death benefits, group life insurance coverage, wage awards and pension remittances.

He urged the relevant authorities to urgently address the issues, saying timely intervention would help preserve peace and stability within the university.

The ASUU-KASU chairman also appealed to parents and other stakeholders to support efforts to avert industrial action.

He reaffirmed the union’s commitment to pursuing its demands through lawful means and expressed hope that the government and university authorities would take concrete steps before the ultimatum expires.