Alia’s achievements speak louder than propaganda – Aide replies PDP over N30bn FAAC

Alia’s achievements speak louder than propaganda - Aide replies PDP over N30bn FAACBenue State Governor’s Special Assistant on Social Media Communications, Asortar James, has defended Governor Hyacinth Alia’s administration against criticism from the Peoples Democratic Party, PDP, over the reported N30 billion monthly allocation from the Federation Account Allocation Committee, FAAC.

James, in a statement dated October 18, 2026, responded to the PDP State Publicity Secretary, Bright Yima Antyo, who questioned the governor’s management of the state’s finances and demanded accountability for the reported allocation.

He maintained that although public officials must be held accountable, such demands should be based on verifiable facts rather than political allegations.

According to him, the administration had introduced reforms and embarked on development projects across various sectors since Alia assumed office on May 29, 2023.

He cited the introduction of free basic education from Basic One to Basic Nine and the recruitment of more than 9,700 teachers as efforts to improve access to education and reduce the financial burden on parents.

The governor’s aide also highlighted road construction, urban renewal, drainage projects and underpass construction, describing them as part of efforts to improve transportation and stimulate economic activities across the state.

In the health sector, he pointed to interventions at the Benue State University Teaching Hospital, the cancer treatment centre and maternal and child healthcare services.

He further listed the implementation of a N75,000 minimum wage and efforts to address inherited salary and pension obligations as measures aimed at improving workers’ welfare.

On security, the statement referenced government support for security operations, the Civil Protection Guards and the joint task force known as Anyam Nyor, noting that efforts were ongoing to protect residents, restore peace and support displaced communities.

James also identified agricultural mechanisation, farmer-support initiatives and agribusiness partnerships as strategies to boost food production and strengthen Benue’s position as Nigeria’s food basket.

He added that initiatives involving Taraku Mills and the Benue Investment and Property Company were intended to attract investments, promote industrialisation and create employment opportunities.

Other projects listed included efforts to strengthen Benue Links, introduce new buses, improve access to affordable transportation and implement the Light Up Makurdi initiative.

On the controversy surrounding the reported N30 billion monthly FAAC allocation, the governor’s aide called for the figure to be assessed against official financial records.

He explained that FAAC allocations fluctuate and that funds received by the state government should be distinguished from allocations belonging to the 23 local government councils.

He also noted that total revenue received by the government does not necessarily represent funds available for new projects, given its obligations to pay salaries, pensions and other statutory expenses.

According to him, the reported allocation alone does not establish financial misconduct or prove that public funds have been mismanaged.

He urged interested parties to examine official revenue records, expenditure statements, audited accounts and project documentation to determine how public funds had been utilised.

Addressing concerns over insecurity, James acknowledged the suffering of affected communities and stressed the need for sustained efforts to protect lives, assist displaced families and achieve lasting peace.

He also maintained that unfinished projects should be subjected to scrutiny but argued that ongoing construction does not automatically constitute evidence of corruption.

He said contract terms, funding arrangements, implementation progress and completion timelines should be considered before conclusions are drawn about projects.

The governor’s aide challenged the PDP to complement its criticism with credible evidence, practical recommendations and solutions to the challenges confronting the state.

He added that allegations of wrongdoing should be referred to the appropriate institutions for investigation, while the government should continue to improve transparency by making financial information and project outcomes accessible to the public.

James urged residents to assess Alia’s administration based on its policies, documented achievements, outstanding obligations and the challenges that remain unresolved.

He stressed that support for development should not amount to blind loyalty, just as opposition should not involve dismissing every government initiative.

He called on political stakeholders to prioritise the interests of Benue State above partisan differences, insisting that accountability, constructive criticism and cooperation were necessary for sustainable development.

2027: INEC faces scrutiny over omission of governorship candidates

2027: INEC faces scrutiny over omission of governorship candidatesThe omission of some governorship candidates from the Independent National Electoral Commission’s (INEC) final list ahead of the 2027 general elections has triggered concerns over political participation, electoral fairness and the credibility of Nigeria’s democratic process.

In Kano and Gombe states, the omission of the Nigeria Democratic Congress (NDC) governorship candidate, Aminu Abdussalam Gwarzo, and the Peoples Democratic Party (PDP) candidate, Isa Ali Pantami, respectively, from INEC’s published list has raised questions about the circumstances surrounding their exclusion, with the NDC alleging political conspiracy and insisting that it complied with the nomination requirements.

The controversy has drawn reactions from political scientists and opposition party officials, who have called for transparency and accountability in the management of the electoral process.

Sufi questions consistency, warns against premature conclusions

A political scientist in Kano, Dr Kabiru Sa’id Sufi, told DAILY POST that the omission of some candidates while others appeared on the final list had raised questions about the commission’s neutrality.

Sufi noted that the development had fuelled speculation about possible partiality, particularly concerning the treatment of candidates from different political parties.

“People saw some names and they did not see some names. So that raises serious questions,” he said.

He explained that the concerns were partly driven by comparisons between candidates whose names appeared on the list and those omitted in states such as Kano and Gombe.

Sufi cited the inclusion of the All Progressives Congress (APC) governorship candidate in Rivers State and the Social Democratic Party (SDP) candidate in Nasarawa State as examples that had prompted questions among political observers.

“Until that explanation is released and people are given satisfactory answers, people will have every reason to begin to see lack of neutrality or due diligence on the part of INEC in the release of the final list,” he said.

The political scientist said the commission’s explanation would be important in determining whether the omissions resulted from the application of electoral requirements or other administrative issues.

NDC alleges political conspiracy over Kano candidate’s omission

The Kano State chairman of the Nigeria Democratic Congress (NDC), Usaini Isah Mairiga, has alleged political conspiracy following the omission of his party’s governorship candidate from INEC’s final list.

In an exclusive interview with DAILY POST, Mairiga said the party had complied with the relevant requirements and expressed surprise that its candidate was not included.

“From the moment we discovered that our governorship candidate’s name was missing, we did not hear anything from the party’s stakeholders because we knew we had not violated any rules. We believe this is a political conspiracy,” he said.

The NDC chairman said the party had submitted a complaint and was awaiting a resolution, expressing confidence that its candidate would eventually be included.

He insisted that the party would not abandon its efforts to secure a place for its candidate on the ballot.

“But I assure you that we are not discouraged, and our candidate will return to the ballot,” Mairiga said.

PDP urges INEC to protect its credibility

The acting publicity secretary of the Peoples Democratic Party (PDP) in Kano State, Kabiru Sani Mai Kwanika, said the omission of candidates could undermine democratic participation if eligible contestants were excluded from the electoral process.

Speaking to DAILY POST, Mai Kwanika insisted that political parties should have a fair opportunity to nominate candidates and compete in elections, provided they comply with the law.

“During the PDP’s reign, every political party had the opportunity to present its candidate, but what is happening now is not right,” he said.

He called on INEC to protect its institutional credibility and ensure that its decisions on candidate nominations were transparent and consistent.

“We have given everyone the freedom to participate. INEC should protect its integrity because the eyes of the world are now on Nigeria,” he said.

The PDP official also urged political parties to strengthen their engagement with legal practitioners and pay closer attention to electoral laws and nomination procedures.

“I urge political parties to work closely with lawyers to ensure they comply with the rules and remain vigilant about the law, especially where some people may want to exploit its provisions for personal gain,” he said.

Lawyer urges INEC to ensure fairness in candidate omissions

A legal practitioner, Barrister Nura Ahmad Muhammad, has said the omission of some governorship candidates from the Independent National Electoral Commission’s (INEC) final list ahead of the 2027 elections raises concerns about electoral justice and public confidence in the electoral process.

Muhammad, however, cautioned against interpreting the omissions as automatic evidence of bias or partiality, noting that INEC has a statutory responsibility to enforce electoral laws and relevant judicial decisions.

He told DAILY POST that the commission must exercise that responsibility fairly, transparently and consistently, without political considerations.

According to him, the central issue is whether the affected candidates were excluded on valid legal grounds or as a result of administrative errors, arbitrary decisions or the improper application of the law.

Muhammad explained that INEC could be justified in excluding candidates where their political parties failed to meet mandatory statutory requirements. However, he said candidates who were wrongly excluded should be able to challenge the decisions through appropriate legal channels.

“To safeguard the integrity of the electoral process, INEC should provide clear reasons for exclusions, apply the law equally to all political parties, and establish transparent mechanisms for correcting genuine errors within the legally prescribed timelines,” he said.

He stressed that neither political interests nor administrative lapses should deprive an eligible candidate of the opportunity to participate in the democratic process, adding that the rule of law must prevail.

Electoral law at the centre of the controversy

The dispute over the missing candidates follows a Supreme Court judgment delivered on September 24, 2026, in the case of INEC v. Zenith Labour Party, which restored provisions of the Electoral Act 2026 concerning political party membership registers.

The provisions require political parties to submit their membership registers to INEC within the prescribed period and use the submitted registers for primaries, congresses and conventions.

Following the judgment, INEC explained that it excluded some candidates because their parties had failed to comply with the membership-register requirements and were therefore ineligible to sponsor candidates in the affected elections.

INEC also said political parties that believed their candidates had been wrongly omitted had until October 24, 2026, to notify the commission of the alleged errors, in accordance with Section 32(2) of the Electoral Act 2026.

The controversy raises questions about voters’ ability to choose among competing candidates and the extent to which procedural requirements can affect political representation.

With the 2027 general elections approaching, the handling of the list of candidates is likely to remain an important test of electoral administration in Nigeria.

LaLiga: You have a lot to learn – Mourinho tells Diomande after Sevilla win

LaLiga: You have a lot to learn - Mourinho tells Diomande after Sevilla winReal Madrid manager, Jose Mourinho, has advised Yan Diomande to focus on improving several aspects of his game.

Diomande was on the scoresheet as Los Blancos thrashed Sevilla 4-1 in LaLiga on Sunday.

It is his second goal for the Spanish giants since he arrived from RB Leipzig in the summer.

After the game, Mourinho admitted that Diomande is still very raw and needs to keep working on himself.

“He still has a lot to learn and several areas of his game to improve, especially his finishing,” Mourinho said.

“He gets into dangerous positions very often, but he needs to learn to stay calmer and make better decisions with his final touch… He reminds me of a young Vinícius Jr.”

Ogun police arrest husband over alleged death of wife in house fire

Ogun police arrest husband over alleged death of wife in house fireThe Ogun State Police Command has arrested a 56-year-old man, Madarikan Emehinola, after his 40-year-old wife, Igbagbo Erobe, died in a house fire in the Igbo-Edu area of Ogun Waterside Local Government Area.

The command disclosed this in a statement issued on Sunday by its Police Public Relations Officer, DSP Oluseyi Babaseyi.

According to the police, the incident was reported at the Abigi Divisional Police Headquarters on Sunday following information that a house had been set ablaze, resulting in the woman’s death.

The police said Emehinola was being held in connection with the suspected arson, while investigations were ongoing to establish the circumstances surrounding the incident.

“The woman’s body has been taken to a mortuary for a post-mortem examination, while arrangements are underway to transfer the case to the State Criminal Investigation Department (SCID) in Eleweran, Abeokuta, for further investigation,” the police said.

The Commissioner of Police in Ogun State, Bode Ojajuni, assured the public that the case would be handled professionally and in accordance with the law.

Ojajuni also reaffirmed the command’s commitment to protecting lives and property and ensuring that serious criminal allegations receive appropriate investigative attention.

The police urged residents to report suspicious activities and provide credible information that could assist investigations and help prevent crime.

Osun intensifies flood-risk assessment, urges vigilance

Osun intensifies flood-risk assessment, urges vigilance Osun State Government has intensified flood-risk assessments and public safety measures as rainfall continues across parts of the state, urging residents to remain vigilant and comply with official weather and emergency advisories.

The government disclosed this in a statement issued on Monday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, noting that preparations were being strengthened to reduce the risks associated with flooding.

According to the statement, “the state is monitoring weather conditions and assessing vulnerable communities to identify locations requiring urgent attention and coordinated interventions.”

The government cited a weather bulletin issued by the Nigerian Meteorological Agency, NiMet on Thursday, October 15, 2026, which provided a three-day forecast covering October 16 to 18, including Osogbo.

It added that further showers and possible thunderstorms had been forecast for the Ede area over the coming days, prompting calls for caution, particularly in low-lying communities and places with a history of flooding.

“As part of the assessment efforts, the Director-General and Special Envoy of the Governor on Climate Change and Renewable Energy had undertaken a preliminary field assessment in Ede North Local Government Area ahead of a proposed stakeholder engagement on flood management.

“The exercise is intended to improve understanding of local conditions, identify vulnerable locations and support evidence-based responses to flooding,” the stwtenr added.

The statement said findings from field assessments, verified incident reports and relevant meteorological and hydrological information would help guide coordination among ministries, departments, agencies, local governments and affected communities.

“The initiative also builds on flood-management directives issued by Governor Ademola Adeleke on 1 October 2026, which included coordinated assessments of affected communities and inspections of damaged roads, bridges and culverts.

“Other measures outlined in the directives include the emergency clearance of critical drainage channels, improved documentation of affected households and the development of a long-term Osun State Flood and Stormwater Master Plan,” it said.

The government said effective flood management required immediate preparedness alongside sustained investment in resilient infrastructure, drainage maintenance, responsible waste disposal, land-use planning and reliable early-warning systems.

Residents were advised to avoid walking, swimming or driving through floodwaters because water depth and current strength could be difficult to determine.

They were also urged to keep drains, gutters and culvert entrances free of refuse and other obstructions.

The statement advised motorists to exercise caution during heavy rainfall and avoid crossing flooded roads, bridges and fast-flowing channels.

“Residents in flood-prone locations are encouraged to monitor water levels and move essential documents and valuables to safer places when water began rising,” it added.

The government also urged residents to report blocked drainage channels, damaged culverts, unsafe bridges and rising floodwaters promptly to local government authorities and emergency responders.

It advised the public to follow updates from NiMet, the Osun State Emergency Management Agency and other relevant authorities.

“Residents in areas experiencing rapidly rising water or immediate danger should move to safer ground without waiting for further announcements and seek assistance from the appropriate emergency services,” the statement said.

The government called on community leaders, transport operators, businesses and public institutions to support preparedness efforts, adding that public safety remained a shared responsibility.

LASCOPA threatens to seal shops selling fake, substandard products

LASCOPA threatens to seal shops selling fake, substandard productsThe Lagos State Consumer Protection Agency, LASCOPA, has threatened to seal shops and business premises found selling fake, expired, adulterated or substandard products across the state.

The agency also urged residents to report businesses involved in unfair practices, including hidden charges, misleading advertisements and failure to display product prices.

LASCOPA General Manager and Chief Executive Officer, Afolabi Solebo, gave the warning during appearances on the ‘@AskLagos’ programme aired on Lagos Traffic Radio 96.1 FM and Lagos Television, LTV.

Solebo said the agency had continued to identify supermarkets and retail outlets selling unwholesome products, but sustained monitoring and enforcement had helped reduce the practice.

“Enforcement actions would be publicised to raise public awareness, encourage compliance and deter further violations,” Solebo warned.

Speaking on price transparency, he urged consumers to report shops and supermarkets that fail to display the prices of their goods. He explained that visible price tags help shoppers make informed decisions and prevent discrepancies between displayed prices and checkout charges.

Addressing the “No Refund, No Return” policy adopted by some businesses, Solebo said such disclaimers do not automatically remove consumers’ legitimate rights to seek redress.

He encouraged residents who purchase defective, counterfeit, substandard or misrepresented products to lodge complaints with the agency.

The LASCOPA chief also advised consumers to check product labels, verify relevant registration details, examine expiry dates and keep receipts as proof of purchase.

He urged residents to report suspicious products, misleading advertisements, hidden charges and other unfair business practices, stressing that receipts could serve as evidence when disputes arise.

For online purchases, Solebo advised consumers to verify sellers, confirm payment terms and use secure payment channels. He also encouraged buyers to inspect goods before paying where payment on delivery is available, subject to the seller’s terms and applicable regulations.

He urged residents to report violations of their consumer rights rather than remain silent, noting that effective consumer protection required the joint efforts of consumers, businesses and regulatory authorities.

Solebo reaffirmed LASCOPA’s commitment to protecting consumers, promoting fair business practices and ensuring a transparent marketplace where residents receive value for their money.

He said residents can report complaints and suspected fake, expired or substandard products through the agency’s social media platforms and email.

Nigerian Exchange deepens cross-border investment t across Africa

NGXNigerian Exchange Group Plc and its partners are advancing cross-border investment collaboration among African capital markets, with engagements in Cairo, Egypt, and Addis Ababa, Ethiopia, exploring how market infrastructure and institutional partnerships can improve investment access across the continent.

Using the Dangote Petroleum Refinery and Petrochemicals FZE offer as a practical context, the discussions focused on connecting investors across jurisdictions and mobilising African capital for industrial development.

Held on Thursday, 15 October 2026, the engagements were hosted in Cairo by the Egyptian Exchange, in collaboration with the African Export-Import Bank, and in Addis Ababa by the Ethiopian Securities Exchange. They brought together exchange leaders, financial institutions and other capital market stakeholders to explore practical approaches to improving market connectivity, broadening investor participation and mobilising African capital for productive investment.

Speaking during the discussions, the Group Managing Director/Chief Executive Officer of NGX Group, Temi Popoola, emphasised the importance of addressing longstanding structural barriers that limit investment flows across African markets

He noted that the continent possesses substantial pools of institutional capital, but stronger market infrastructure and cooperation are needed to connect these resources with investment opportunities across national borders.

“Africa has substantial capital within its own markets, particularly across pension funds and insurance companies. The challenge is how to connect that capital to investment opportunities across the continent. The Dangote Refinery offer provides a practical opportunity to address some of the infrastructure barriers to cross-border investment. Beyond a single transaction, it is about creating connections that enable African capital to finance African growth,” Popoola said.

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, highlighted the refinery as an example of the scale of industrial investment required to strengthen Africa’s productive capacity, reduce dependence on imports and support long-term economic growth.

He emphasised the importance of developing stronger channels through which African capital can support major industrial projects across the continent. He also commended NGX Group for its role in bringing African exchanges together around the initiative and acknowledged the participating exchanges for their collaboration.

The Group Chairman of NGX Group, Alhaji Umaru Kwairanga, stressed that lasting progress would depend on sustained institutional cooperation and the development of market infrastructure that makes cross-border investment more accessible and efficient.

“Our task is not simply to collaborate around one offer, but to develop lasting partnerships that support cross-border investment and capital formation across Africa. This requires cooperation among exchanges, regulators, financial institutions and businesses, alongside investment in the infrastructure and technology that make participation more accessible,” Kwairanga said.

At the Cairo engagement, Executive Chairman of the Egyptian Exchange, Omar Radwan, highlighted the potential for instruments such as Egyptian Depositary Receipts to provide a channel through which Egyptian investors could access selected African businesses. He expressed EGX’s readiness to work with Dangote Industries to explore a possible framework for such an arrangement.

President and Chairman of Afreximbank, Dr George Elombi, reaffirmed the bank’s longstanding financing relationship with Dangote Industries and its commitment to supporting African industrial development. He highlighted the importance of mobilising African investment towards enterprises capable of contributing to the continent’s economic transformation.

In Addis Ababa, discussions focused on expanding investment opportunities for Ethiopian investors and strengthening Ethiopia’s participation in Africa’s evolving capital market landscape. The Chief Executive Officer of ESX, Yodit Kassa, welcomed the engagement, noting its significance for Ethiopian investors and the country’s growing capital market.

“The Dangote Petroleum Refinery offer represents an important opportunity for Ethiopian investors to participate in the growth of one of Africa’s leading industrial enterprises. It also reflects the growing confidence in Ethiopia’s capital market and our readiness to work with leading institutions across the continent,” Kassa said.

The Cairo and Addis Ababa engagements followed earlier stops at the Nairobi Securities Exchange and the Botswana Stock Exchange, extending discussions on cross-border investment across multiple African markets. The discussions also highlighted the practical requirements for cross-border participation, including regulatory recognition, distribution, investor verification, settlement, custody and access to reliable information.

The offer provides a real-world opportunity for exchanges, regulators, intermediaries and financial technology platforms to address these considerations and explore workable solutions within their respective regulatory frameworks. For participating markets, it also raises the question of how local savings can be channelled more efficiently into productive enterprises across the continent.

NGX Group remains committed to working with partner exchanges and financial institutions to strengthen market infrastructure, expand cross-border investment access and advance collaboration among African capital markets, contributing to the continent’s long-term economic and industrial development.

Court hands UBA victory in N156bn debt recovery case

UBAUnited Bank for Africa (UBA) Plc has won a court ruling in its three-year effort to recover money it says Stallion Group owes. The Federal High Court upheld the bank’s receiver, its mortgage security and the liability of the guarantors.

Justice Daniel Osiagor of the Federal High Court Ikoyi, Lagos, resolved every issue in UBA’s favour and granted all the reliefs sought, according to the judgement heard in court.

The court confirmed Romeo Michael as receiver-manager, with the right to take possession of the mortgaged property and seek protective orders.

It also barred the defendants from diverting payments owed to them by government agencies, thereby reinforcing the bank’s ability to protect its recovery interests.

The court held that the defendants did not dispute owing money, only the amount, and that a reconciliation of accounts did not cancel the debt.

The court also dismissed objections raised by the 12th defendant, Barbedos Ventures Limited, holding that it had failed to establish any proprietary rights over the mortgaged property. Consequently, its consent was not required for the creation of the mortgage, and its objections were rejected.

The case began when Justice Akintayo Aluko granted UBA orders to take over assets of Stallion Nigeria Ltd. and its affiliates in Lagos, Port Harcourt and Kano, and to freeze their funds across Nigerian banks. Stallion’s attempts to lift those orders failed in December 2023. The defendants include Von Automobile Nigeria, Stallion Motors, The Honda Place and director Sunil Vaswani.

The decision represents victory for UBA, with the court resolving all issues in the Bank’s favour and granting all the reliefs sought.

The ruling is particularly significant for the enforcement of creditors’ rights in Nigeria, underscoring the legal validity of properly constituted security arrangements and the authority of duly appointed receivers to enforce creditors’ interests.

W’Bank: FG pays N658.9bn to 10.46m poor households

World BankThe Federal Government has disbursed N658.9bn in direct cash transfers to 10.46 million poor and vulnerable households as of September 2026, but the World Bank has urged the authorities to strengthen the programme through wider coverage, adequate payments and consistent disbursements.

The bank said the government needed to build on the reported progress by establishing a sustainable social protection system that would provide regular support to vulnerable Nigerians rather than relying primarily on emergency interventions.

The recommendation was contained in the latest Nigeria Development Update, titled ‘Beyond the Federal Purse: How Higher Revenues Shaped State Priorities’, analysed on Sunday, which examined economic conditions and the role of government interventions in cushioning households against financial hardship.

According to the report, the Federal Government used biometric and digital verification systems to identify beneficiaries and deliver payments under its direct cash transfer programme.

The World Bank said social protection and effective public service delivery could help protect households from the effects of economic pressures, but warned that the impact of such interventions would depend on the number of people reached, the adequacy of the assistance and the regularity of payments.

“Social protection and service delivery can help cushion households against these pressures, though their effectiveness will continue to depend on coverage, adequacy, and continuity,” the report stated.

It noted that although the N658.9bn disbursement had reached millions of vulnerable households, the programme needed to be expanded and strengthened to improve its contribution to household welfare.

“The Federal Government reported disbursing N658.9 billion in direct cash transfers by September 2026, reaching 10.46 million poor and vulnerable households, using biometric and digital verification for beneficiary identification and payment delivery,” the bank stated.

The report called for faster implementation and improvements in the reach, value and consistency of cash transfers to ensure that the programme provided more meaningful relief to beneficiaries facing economic hardship.

“These efforts need to be accelerated and deepened, with continued progress on coverage, adequacy, and consistency of transfers necessary to broaden and strengthen their contribution to household welfare,” it added.

The bank also urged the Federal Government and state governments to establish a long-term funding framework for social protection, arguing that sustainable financing would be essential to maintaining assistance to poor and vulnerable households.

“Building on this progress, the next step is to move from an emergency response toward a regular, sustainable social protection system, with dedicated budget lines at the federal and state levels, gradually increasing financing from government resources, and a shared overarching vision,” the report stated.

The recommendation places responsibility on state governments to complement federal interventions with their own budgetary commitments, rather than leaving the burden of supporting vulnerable households largely to the Federal Government.

Dedicated budget allocations at both levels of government would help make cash transfers more predictable and reduce dependence on temporary interventions, while a coordinated national framework could improve the delivery and monitoring of social assistance.

Dangote: Refinery IPO attracts investors from 51 African countries

Dangote refineryDangote Petroleum Refinery and Petrochemicals has said its ongoing initial public offering has attracted investors from 51 of Africa’s 54 countries, with subscriptions received from more than 90 countries worldwide.

The company said the level of participation reflected interest from investors across the continent in owning shares in the refinery, whose offer is scheduled to close on 27 October, 2026.

In a statement on Sunday, the Chief Financial Officer of Dangote Group, Murat Erden, said, “This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it”.

The company maintained that the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. It attributed the performance to demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.

The refinery recently reported revenue of $22.5bn and a net profit of $4.7bn for the nine months ended 30 September, 2026, compared with a loss of $117.2m in the corresponding period of 2025.

According to the company, revenue rose by 144 per cent from $9.2bn in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation increased nearly ninefold to $5.5bn from $627.6m.

Operating cash flow also rose more than tenfold to $3.68bn, while the company moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.

Erden said the refinery’s financial performance had exceeded the assumptions used in determining the IPO valuation.

“Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects,” he added.

The company disclosed that the offer had also benefited from cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, which it said had helped broaden access and reduce barriers to participation for investors across Africa.

It added that the IPO offered investors an opportunity to become shareholders in one of Africa’s largest industrial enterprises, with the potential for dollar-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.

With the offer scheduled to close on October 27, the refinery said it had intensified investor education and engagement activities across key markets to widen participation.

The refinery stressed that “no further extension of the offer period is currently planned”