Dangote Petroleum Refinery and Petrochemicals has clarified that it has not announced any Initial Public Offering for its listing, warning the public against relying on speculative reports circulating across media and social platforms.

In a statement issued by its management, the company said it had observed the “recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering.”

The firm stressed that the reports were not from it and should be treated with caution. “DPRP further notes that several online platforms and unofficial sources have published unverified, and in some instances, inaccurate information relating to a potential offering. Such reports do not originate from DPRP and should be treated with caution,” the refinery stated.

The refinery added that any decision regarding a possible listing would only be communicated through official channels and in compliance with regulatory requirement

“All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements,” the company said.

It advised investors and the public to ignore speculation and rely only on authorised information. “Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” it added.

The company also emphasised that the communication did not constitute an offer of securities, saying, “This communication is for information purposes only and does not constitute, or form part of, an offer to sell or a solicitation of an offer to buy any securities.”

The clarification comes amid previous indications by the President of Dangote Group, Aliko Dangote, that the refinery could eventually be listed on the stock market.

In an earlier report, Dangote disclosed plans to list a portion of the refinery to attract investors and deepen participation. He said the company intended to sell a minority stake, noting, “We don’t want to keep more than 65 to 70 per cent. Shares will be offered incrementally, depending on investor appetite and market depth.”

Dangote had also previously expressed a broader commitment to listing companies within his conglomerate. Similarly, capital market stakeholders had earlier indicated that the refinery would be listed, with the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, quoting Dangote as saying the refinery would be brought to the stock market.

The refinery’s latest clarification suggests that no official IPO process has been announced, urging stakeholders to await formal disclosures before drawing conclusions, even as a purported IPO document went viral on social media.

The Central Bank of Nigeria has signalled a gradual economic reset, attributing improvements in inflation, foreign reserves, and investor confidence to its monetary and financial sector reforms.

Speaking at the CBN Special Day during the 37th Enugu International Trade Fair on Friday, the Acting Director of Corporate Communications and Investor Relations, Sidi Hakama, said the bank’s policies were yielding tangible results.

“Headline inflation has declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026,” she said, highlighting the apex bank’s efforts in stabilising prices.

Hakama added that the reforms have also spurred capital inflows and strengthened external reserves, with reserves rising from less than $10 billion to $50.45 billion.

Capital and investment inflows, she noted, increased nearly 200 per cent between 2023 and 2025.

“These gains are driven by reforms under CBN Governor Mr Olayemi Cardoso, including a more transparent foreign exchange regime.

“The new FX manual removes restrictive capital controls and simplifies trade and investment procedures, increasing liquidity in the market,” she explained.

She further disclosed that the bank is transitioning to an inflation-targeting framework designed to sustain price stability.

“This represents a significant shift toward a forward-looking, rules-based monetary policy system anchored in long-term price stability. It will help shape market expectations and cushion the economy from shocks,” Hakama said.

On the banking sector, Hakama reported progress in the ongoing recapitalisation exercise ahead of the March 31, 2026 deadline.

“As of March 17, 32 banks have met new capital requirements, with about 28 per cent of recapitalisation investments coming from foreign sources. This reflects renewed confidence in Nigeria’s financial system,” she noted.

The reforms have also earned international recognition, with the CBN receiving the Central Bank of the Year 2026 Award.

The President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, commended the CBN for restoring confidence in the financial system but cautioned that high interest rates could undermine the gains.

“Although the Monetary Policy Rate was recently reduced from 27.0 per cent to 26.5 per cent, borrowing costs remain high. Interest rates need to reach single digits to improve access to credit and boost productivity and GDP,” Onyemelukwe said.

The CBN’s reforms, according to Hakama, demonstrate a clear commitment to stabilising the economy, enhancing investor confidence, and ensuring sustainable growth for Nigeria.

Nigeria’s chemical and pharmaceutical manufacturers face the highest risk from the ongoing US–Israel–Iran conflict, the Manufacturers Association of Nigeria has warned, citing their heavy exposure to global oil price shocks and export dependence on the United States market.

In a position paper made available to Saturday PUNCH on Friday on the implications of the crisis, MAN said the Chemical and Pharmaceuticals Sector remained the most vulnerable, noting that in 2023, chemical products accounted for $136.45m out of Nigeria’s $154.11m manufactured exports to the US.

The association said, “This group is at the highest risk. In 2023, out of the $154,107,280 total Nigerian-manufactured exports to the US, chemical products alone accounted for a staggering $136,446,180 (approximately 88 per cent).”

It added that petrochemical derivatives, which dominate the sector, are highly sensitive to fluctuations in crude oil prices, warning that disruptions in global petroleum markets would have immediate cost implications.

“Petrochemical derivatives are highly sensitive to crude oil price shocks. Any disruption in global petroleum markets will immediately inflate the cost of APIs (Active Pharmaceutical Ingredients) and chemical base materials, squeezing margins and threatening the export dominance of operators within the Sectoral Group,” MAN stated.

The manufacturers’ body explained that the escalating tensions in the Middle East had already triggered volatility in global energy markets, with crude oil prices rising sharply and shipping routes facing disruptions.

MAN said, “For the Nigerian manufacturer, global geopolitics is no longer a television spectacle; it is a direct tax on the cost of production.” It warned that rising crude oil prices, increased freight costs, and higher insurance premiums on global shipping would significantly inflate input costs for local manufacturers, particularly those dependent on imported raw materials.

It noted that the United States remains a critical trading partner, with Nigeria exporting $5.91bn worth of goods to the country in 2024, representing 9.3 per cent of total exports, adding that any disruption to this trade flow would directly affect manufacturing output.

It stated, “We anticipate immediate spikes in global freight forwarding costs, prolonged lead times for imported raw materials, and an imported inflation surge.”

Beyond the chemical and pharmaceutical segment, MAN said other sectors, including basic metals, iron and steel, as well as food, beverage and tobacco, would also face significant pressure from rising energy costs and imported inflation.

It stressed that the broader manufacturing sector was already vulnerable despite recent macroeconomic improvements, warning that the crisis could reverse gains such as easing inflation and improved capacity utilisation.

The association noted that “this sudden geopolitical shock could reverse the hard-won macroeconomic gains.” Drawing lessons from the US–Iraq War, the association warned that similar conflicts in the past had triggered severe downturns in Nigeria’s manufacturing performance.

It stated, “Total manufacturing exports plummeted from $901.35m in 2002 to a dismal $496.87m in 2003, while manufacturing GDP growth collapsed from 17.74 per cent to -10.8 per cent.”

The association called on the Federal Government to take urgent steps to shield manufacturers, including fast-tracking energy transition initiatives, guaranteeing foreign exchange for critical imports, and prioritising domestic supply of refined petroleum products.

MAN said, “We cannot control the geopolitics of the Gulf, but we can and must control our domestic policy responses.”