The planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals has received a major boost with the completion of a $1 billion underwriting programme ahead of the proposed listing. The funding arrangement comprises a $600 million private placement that has already been completed and funded, alongside a further $400 million underwriting commitment to support the refinery’s planned IPO. The programme was structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group. The development could strengthen the capital markets foundation for what is expected to be one of Africa’s most significant industrial listings, while opening the…
Author: Elvis Eromosele
South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech giant OPay ahead of the company’s proposed $4 billion initial public offering in the United States. Bloomberg reported that Africa’s largest bank by assets is considering an investment in OPay before the fintech proceeds with its planned US listing, citing people familiar with the discussions. The potential deal has not been concluded, and there is no guarantee that an agreement will be reached. The size of the proposed investment and the percentage stake Standard Bank is seeking remain unclear. OPay declined to comment on the…
May & Baker Nigeria Plc has disowned a purported investment scheme branded “M&B Equity Stake,” warning investors and members of the public not to fall victim to fraudsters using the company’s name. The pharmaceutical company issued the warning in a public notice dated August 17, 2026, following reports that individuals and entities were allegedly soliciting investments from the public while claiming to represent May & Baker. The company said it has no connection with the promoters of the scheme and does not operate, endorse or support any investment programme outside its official communication channels and regulatory disclosures. May & Baker…
Nigeria’s food inflation rate accelerated sharply to 20.31 per cent year-on-year in July 2026, reaching its highest level since September 2025 and highlighting continued pressure on household food budgets. The latest figure was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The surge in food prices came despite a moderation in Nigeria’s overall inflation rate. Headline inflation fell to 15.43 per cent in July, down from 15.91 per cent in June, according to the NBS. The contrasting movements suggest that while broader price pressures are easing, consumers are yet to see similar…
The Lagos State Chapter of the Nigerian Institute of Public Relations (NIPR) has recorded another milestone in professional development with the successful introduction of a PR Movie Edition of its Monthly Meeting/PR Clinic, attracting more than 200 public relations professionals and other participants. Held on Thursday, 6 August 2026, at the Eko FM Multipurpose Hall, Agidingbi, Ikeja, Lagos, the innovative edition moved beyond the conventional lecture and presentation format by using film as a platform for professional learning, reflection and peer-to-peer exchange. The special PR Clinic featured the screening of a highly acclaimed PR strategy film, followed by an interactive…
By Muyiwa Akintunde The results of last Saturday’s governorship election in Osun State will be studied in political science classes for years to come. Not because it was the first, or the last, but because it was a masterclass in what still works in Nigerian democracy: the resilience of the people, and the power of their will. While the final declaration by the Independent National Electoral Commission (INEC) has been made, the real winner in Osun was not just a party or a candidate. It was a message. And parties and politicians across the country would be wise to take…
Google is planning a future in which smartphones do more than respond to commands – they could take on everyday tasks for users with little or no supervision. Sameer Samat, president of Google’s Android ecosystem, said the company is developing Android around a vision where users can simply state what they want to achieve and allow AI to handle the steps required to get it done. The vision is emerging as Google and other technology companies race to make AI agents a central part of smartphones. Google’s latest Pixel 11 devices offer a glimpse of that direction, with new features…
The Bank of Agriculture (BOA) is stepping up efforts to improve women farmers’ access to finance, agricultural inputs, mechanisation and markets as part of a broader strategy to increase food production and strengthen Nigeria’s agricultural value chains. The bank said its interventions are designed to address the challenges limiting the productivity of women and other smallholder farmers, while ensuring agricultural financing supports the entire production cycle rather than stopping at the disbursement of loans. As part of the initiative, BOA recently engaged women farmers in Bwari Area Council of the Federal Capital Territory, providing agricultural inputs to support their farming…
The National Drug Law Enforcement Agency (NDLEA) has destroyed nearly 330 tonnes of illicit drugs and psychotropic substances valued at an estimated N301.06 billion in Lagos. The destruction exercise was carried out on Monday, August 17, at Navy Town in the Ojo area of Lagos, following orders from the Federal High Court, Lagos Judicial Division. The drugs were linked to concluded cases that were not contested, as well as abandoned seizures recorded by the agency. The exercise was attended by senior government and security officials, including Lagos State Governor Babajide Sanwo-Olu, represented by the Secretary to the State Government, Bimbola…
The Transmission Company of Nigeria (TCN) has commissioned two major transmission projects in Lagos, adding significant capacity to the power network serving the Apapa corridor and surrounding industrial, commercial and residential areas. The projects involve the installation of two 60MVA, 132/33kV gas-insulated substations (GIS) at the upgraded Apapa Road Transmission Substation and two new 100MVA power transformers at the 132/33kV Ijora Transmission Substation. The projects were commissioned on Monday, August 17, 2026, by Engr. Sule Ahmed Abdulaziz, TCN Managing Director and Chief Executive Officer. According to TCN, the upgrades have increased the capacity of the Apapa Road Transmission Substation from…