Business
Twitter’s IPO gives NYSE momentum in battle against Nasdaq
NEW YORK – Twitter Inc’s successful debut on the New York Stock Exchange could help the Big Board win a title it has never held before: the No 1 US listing venue for technology companies.
Nasdaq OMX Group had easily scored the most tech initial public offerings every year from 1999 until last year, when NYSE Euronext pulled even, according to Thomson Reuters data.
Including Twitter this week, 19 tech companies have chosen to go public on the NYSE in 2013, while Nasdaq has won only 14 listings so far this year. Tech IPO proceeds also favor the NYSE over Nasdaq, at $4.6 billion to $1.9 billion, according to Thomson Reuters data.
The reversal is attributed partly to Nasdaq’s high-profile bungling of Facebook Inc’s debut last year, and partly to changes the NYSE made to its listing standards in 2008 to make it easier for smaller, growing companies to qualify. “I wouldn’t even say they won Twitter, I’d say we lost it,” said Bruce Aust, who has headed Nasdaq’s listings business for the past decade. He said that since 2008, when the NYSE changed its listings rules and lowered requirements for market capitalisation and income limits, every deal has become competitive.
“They did that because they realised that once a company lists on Nasdaq, they really stay with us,” said Aust. Twitter began trading at NYSE. Reuters Facebook’s $16 billion IPO was highly anticipated but a glitch in Nasdaq’s fully electronic system set off a series of events that some market makers said prevented them from knowing their positions in the stock – and led to them to lose $500 million collectively.
Nasdaq is voluntarily compensating firms a total of $41.6 million, and was fined another $10 million by the US Securities and Exchange Commission. In contrast, Twitter’s listing on the Big Board went off without a hitch on Thursday, with the stock gaining an eye-opening 73 percent. The NYSE, one of the last exchanges with a trading floor staffed by human beings, had the world’s media observe the debut, with NYSE and Twitter executives, as well as X-Men and Star Trek actor Patrick Stewart, on hand to help promote the offering.
“Clearly, the Facebook fiasco has hurt Nasdaq and the fact that the NYSE pulled off the Twitter IPO with no technological glitches certainly is good for them,” said Jay Ritter, a professor and IPO expert at the University of Florida. Ritter said the probability was “incredibly good” that had the Twitter IPO gone to Nasdaq, it would have gone smoothly as well, and that in reality, there is not much difference to companies when it comes to listing on one exchange or the other.
But the listing business is largely about prestige. WINNING AND LOSING This year has seen the strongest market for US IPOs since 2007, as equity markets soared, helped by continued economic growth and the Federal Reserve’s efforts to keep interest rates low.
The NYSE and Nasdaq have taken steps this year to form closer relationships with technology firms before they go public. The moves come with the passing of the Jumpstart Our Business Startups (JOBS) Act last year in March, which loosened a number of securities regulations in hopes of boosting capital raising, and thereby increasing job growth.
The NYSE said in September it was getting into the $1 trillion-a-year private placement business through a minority stake in Ace Group Inc, which runs a private issuance platform for equity, debt and other securities. Nasdaq plans to create a market for trading shares of unlisted companies in a joint venture with trading platform SharesPost Inc, which now lists more than 200 private companies, including Pinterest, Foursquare, eHarmony and Tumblr.
“We’ll be involved much earlier with these private companies and eventually we hope they’ll go public on Nasdaq,” said Aust. With tech giants like Apple Inc, Microsoft Corp, Google Inc, and Amazon.com Inc in its roster, Nasdaq traditionally has seemed the natural place for technology listings. In 1999, before the dot-com bubble burst, Nasdaq had 246 technology IPOs, or 95 percent of the listings, while the NYSE had just seven, or 2.7 percent, according to Thomson Reuters data.
Fast forward to 2012, and the NYSE had caught up to Nasdaq in tech IPOs, with each recording 17, though proceeds of the NYSE listings, at 2.8 billion were eclipsed by the Nasdaq listings, at $17.5 billion, which benefited from the Facebook IPO. Nasdaq uses a different system for categorizing tech companies, including, for instance, telecommunications services firms in its count.
Thomson Reuters only includes companies classified as high technology using the Standard Industrial Classification system, which groups telecoms separately. Using Nasdaq’s methodology, it has hosted 24 technology IPOs this year, against the NYSE’s 22. The NYSE uses yet a different classification system, and says it has had 26 technology listings so far in 2013.
Doug Chu, head of the NYSE’s Silicon Valley office, pointed to the Big Board’s 2008 listings change as the turn-around point for technology company IPOs. “The culture at the NYSE has changed over the last few years. We’re more proactive and focused on technology and growth companies,” Chu said. Reuters
Business
Dangote Refinery’s Expansion to 1.4m bpd Creates Jobs for 95,000 Skilled Workers
President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.
Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.
According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.
“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.
Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.
ALSO READ: PwC Recommends Nigeria’s Oil Sector to South African Investors
Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.
Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.
“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.
In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.
“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.
Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.
Business
Airlines Threaten Shutdown over Skyrocketing Fuel Price
Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.
According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.
The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.
Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.
In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.
ALSO READ: Dangote Leads East Africa’s Industrial Revolution
At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.
On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.
Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.
“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”
At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.
“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”
Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.
“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.
According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.
Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).
Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.
In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.
The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.
They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.
As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.
Business
Dangote Leads East Africa’s Industrial Revolution
The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.
To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.
The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.
The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.
Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.
The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.
Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.
The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.
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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.
The facility has also positioned the Dangote Group as a central player in regional energy markets.
The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.
Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.
He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.
According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.
Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.





