Africa’s richest man, Aliko Dangote, has nearly completed a $2.5bn private share placement for Dangote Petroleum Refinery & Petrochemicals FZE ahead of what is expected to be Africa’s largest initial public offering, according to a Bloomberg report on Friday.

According to people familiar with the transaction, the refinery owner sold a stake representing up to six per cent of the company in a deal that values the Lagos-based refinery at approximately $40bn, underscoring growing investor confidence in the continent’s largest single-train refinery.

The fundraising exercise reportedly drew overwhelming interest from investors, attracting about $4bn in demand, significantly exceeding the amount of shares on offer. People familiar with the transaction said the private placement was executed in phases.

The report stated, “Aliko Dangote has nearly completed a $2.5bn private stock placement for his refinery business, according to people familiar with the matter, as the company prepares for Africa’s largest initial public offering.

“Africa’s richest person sold a stake representing as much as six per cent of Dangote Petroleum Refinery & Petrochemicals FZE at a price that would value the company at about $40bn,” one of the people said, asking not to be identified while discussing confidential matters.

According to one of the sources, “The offer attracted around $4bn in demand. It initially sold about $2bn of shares before a further $500m was raised, largely backed by regional institutional investors.”

The sources, who requested anonymity because the discussions are confidential, said the fundraising marks a major milestone ahead of the company’s planned public listing. Officials of Dangote Industries declined to comment on the transaction.

The private placement follows another successful fundraising exercise in which the company recently secured $750m through a debt offering for the refinery, which currently processes about 700,000 barrels of crude oil per day at its Lekki facility on the outskirts of Lagos.

The report noted that the refinery’s public listing could raise an additional $1.5bn to $2bn, with the initial public offering expected as early as August, although the timeline remains subject to market conditions and regulatory approvals.

One of the people familiar with the plans said, “The IPO could raise a further $1.5bn to $2bn with a listing expected as early as August.” The sources also disclosed that Dangote is deliberately prioritising African participation in both the private placement and the forthcoming public offering.

According to them, “Dangote’s emphasis on African investor participation in the private placements and the retail offering of the IPO is consistent with the billionaire’s push for greater regional ownership in the financing of the continent’s industrial development.”

They added that the planned public offering would be widely marketed to Nigerians, other Africans, and international retail investors. “The expected IPO is likely to be heavily marketed to Nigerians and other African and international retail investors in an effort to attract broad demand from ordinary citizens,” one of the people said.

The fresh capital is expected to support the refinery’s ambitious expansion programme. According to the sources, proceeds from the fundraising will be used to double the refinery’s processing capacity from 700,000 barrels per day to 1.4 million barrels per day by 2028, positioning it among the world’s largest refining complexes.

The expansion comes at a time when global energy markets continue to adjust to supply disruptions triggered by geopolitical tensions, with several countries seeking alternative fuel suppliers.

The Dangote refinery has increasingly emerged as a strategic supplier of refined petroleum products across Africa following disruptions in traditional international supply chains.

Commissioned in 2023 after years of construction, the Dangote Petroleum Refinery is the largest single-train refinery in Africa and one of the biggest globally. The facility was established to end Nigeria’s decades-long dependence on imported refined petroleum products despite being Africa’s largest crude oil producer.

Since commencing commercial operations, the refinery has begun supplying petrol, diesel, aviation fuel, and other petroleum products to the domestic market while expanding exports across West Africa and beyond. The project has also significantly reduced Nigeria’s petrol import requirements and eased pressure on the country’s foreign exchange demand.

The planned IPO represents another landmark in Dangote’s strategy to broaden ownership of the refinery after financing its construction largely through a combination of shareholder funds, bank loans, and debt capital market issuances.

If completed, the listing is expected to rank among the largest capital market transactions ever undertaken in Africa, potentially raising between $1.5bn and $2bn in fresh equity while allowing retail and institutional investors to own shares in one of the continent’s most valuable industrial assets.

The Vice Chairman of the Senate Committee on Petroleum Resources (Upstream), Senator Allwell Onyesoh, on Friday criticised the Nigerian National Petroleum Company Limited for repeatedly failing to honour invitations from the National Assembly, describing the action as a setback to legislative oversight and the fight against crude oil theft.

Onyesoh spoke with journalists after a meeting of the Senate committee investigating crude oil theft and considering amendments to Nigeria’s petroleum laws to strengthen the legal and regulatory framework governing the oil and gas sector.

The Rivers East senator had earlier staged a walkout from the committee meeting in protest over what he described as the recurring absence of the NNPCL’s top management at critical legislative engagements.

He said the corporation’s repeated failure to appear before the committee undermined transparency, weakened legislative oversight and reflected a disregard for democratic institutions

According to him, the committee was merely carrying out its constitutional responsibility by seeking facts, records and explanations from the state-owned oil company.

“We are not contractors. We are simply asking questions. Give us facts. Give us records. We want to study them. That is our constitutional responsibility,” he said.

Onyesoh maintained that the National Assembly has a constitutional duty to scrutinise the activities of government agencies, particularly one responsible for managing Nigeria’s oil resources.

He also rejected the corporation’s repeated explanation that its officials were unavailable due to official engagements abroad.

“They keep writing letters saying they are travelling to Congo, travelling here and there, just to dodge simple things. Was the GCEO appointed to keep travelling or to work?

“Is Nigeria’s problem outside the country or here in Nigeria? How is it possible that the GCEO, his deputy, directors and the entire management are all travelling at the same time? That is not acceptable,” he said.

The lawmaker argued that the corporation’s continued refusal to appear before the Senate only deepened public suspicion about its willingness to submit to parliamentary scrutiny.

“If you are serving the people of Nigeria, first and foremost, you must obey the laws of the land. The highest law-making body in the country invites you, and consistently, you are too big to appear. Who told you that?” he queried.

He insisted that no public institution was above legislative oversight and dismissed suggestions that the NNPCL was answerable only to the Presidency.

Onyesoh also cautioned against linking the corporation’s conduct to President Bola Tinubu, saying the President had consistently shown respect for the legislature.

“I know, Mr President. That is not the President I know. He will not tell any agency to ignore the National Assembly. We all work with Mr President. Whenever issues arise, he engages the legislature with respect,” he said.

The senator disclosed that he would formally engage the Senate leadership over what he described as the corporation’s repeated disregard for parliamentary invitations.

He also lamented the continued underdevelopment of oil-producing communities despite the enormous wealth generated from petroleum resources.

Recalling the history of Umuechem in Etche Local Government Area of Rivers State, one of Nigeria’s earliest oil-producing communities after Oloibiri, Onyesoh said many host communities still lacked basic infrastructure, employment opportunities and meaningful participation in the petroleum industry.

He questioned why employment opportunities, training programmes and other benefits in the oil sector rarely reached people from the communities where crude oil is produced.

The senator also called on the Petroleum Technology Development Fund to publish records showing how many indigenes of Rivers State and other oil-producing communities had benefited from its scholarship and capacity development programmes.

He reaffirmed his commitment to demanding greater accountability, transparency and equitable treatment for oil-producing communities, insisting that the wealth derived from their land should translate into meaningful development and opportunities.

The committee also considered proposed amendments to Nigeria’s petroleum laws, particularly outdated provisions relating to penalties and regulatory enforcement, as part of efforts to strengthen the sector, curb crude oil theft, improve regulatory efficiency and boost crude oil production.

The Nigeria Customs Service has released N7.61bn to nine Pension Fund Administrators for the payment of retirement benefits to 4,237 former officers, with the Comptroller-General of Customs, Adewale Adeniyi, reaffirming the Service’s commitment to improving the welfare of its retired personnel.

Adeniyi disclosed this during a dialogue with retired Customs officers, where he announced that the funds had already been transferred to the Pension Fund Administrators for onward payment into the beneficiaries’ Retirement Savings Accounts.

The development was disclosed in a statement issued by the National Public Relations Officer of the Nigeria Customs Service on Friday.

According to the statement, the disbursement is part of the Service’s broader efforts to ensure that retired officers receive their entitlements promptly while strengthening engagement between the Customs leadership and pensioners.

The statement read, “The Nigeria Customs Service has released N7.61 billion to nine Pension Fund Administrators for payment to 4,237 retirees, as the Comptroller-General of Customs, Adewale Adeniyi, reaffirmed the Service’s commitment to improving the welfare of its retired personnel.”

A breakdown presented during the meeting showed that Access-ARM Pension Managers had the highest number of beneficiaries, with 1,223 retirees, followed by Premium Pension Limited with 2,268 beneficiaries. Leadway Pensions accounted for 403 retirees, Trustfund Pensions had 156, FCMB Pensions had 144, Veritas Glanvills Pensions had 28, Norrenberger Pensions had 11, while Fidelity Pension Managers accounted for four beneficiaries, bringing the total number of retirees covered under the latest payment to 4,237.

Addressing the retirees, Adeniyi stressed that the Nigeria Customs Service must remain financially strong and institutionally stable to meet its obligations to both serving officers and retired personnel.

He said the welfare of former officers who devoted decades of their lives to the Service was directly tied to the future and credibility of the institution.

According to him, “The Service must remain strong and financially capable of meeting its obligations to serving officers and retirees. The welfare of officers who have dedicated decades of their lives to the Nigeria Customs Service cannot be separated from the future of this institution. We are committed to ensuring that our retirees receive the attention and support they deserve.”

The Comptroller-General also appealed to retired officers to continue engaging constructively with the Service instead of relying on rumours or unofficial information.

He said, “I acknowledged your concerns and suggestions raised, and it is in view of this that we called for this dialogue to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the Service and its retired personnel.”

Adeniyi added that regular interaction between the management and retirees would help resolve concerns more effectively while strengthening trust and transparency.

The meeting was attended by the Deputy Comptroller-General of Customs in charge of Human Resources Development, DCG Tijjani Abe, alongside other members of the Customs Management Team.

The senior officers assured the retirees that issues raised during the dialogue would receive appropriate consideration at both the Service’s Board and Management meetings as part of efforts to improve the welfare of former personnel.

Speaking during the engagement, the retirees commended Adeniyi and the Customs management for creating a platform that allowed them to interact directly with the leadership of the Service.

They described the dialogue as timely and appealed for such engagements to be institutionalised to strengthen the relationship between serving officers and retired personnel while addressing emerging welfare issues.

The latest pension disbursement comes amid wider reforms by the Federal Government aimed at improving the welfare of pensioners across the public service.

The Federal Government is currently reviewing statutory provisions governing pensions, including Section 15(4) of the Pension Reform Act 2014, to align them with Section 173(3) of the 1999 Constitution (as amended), which guarantees the periodic review of pensions to reflect prevailing economic realities.

The reforms are expected to improve pension administration and enhance the financial security of retired public servants, including former personnel of the Nigeria Customs Service, as authorities seek to address longstanding concerns over retirees’ welfare and pension payments.

Oil major, TotalEnergies has predicted significant revenue earning in the second quarter as it expects ‌higher energy prices due to the Iran war.

However it expects liquefied natural gas income to drop down due to weak trading, an earnings snapshot published on Thursday showed.

TotalEnergies said hydrocarbon production was expected to reach nearly 2.4 million barrels of oil equivalent per day in the ‌second quarter.

Upstream ⁠earnings were seen rising by about $1 billion from the first quarter as production resumed in several Middle Eastern countries and increased in the United Arab Emirates.

The company now estimates the impact of the Iran war on upstream output at 210,000 barrels of oil equivalent per day, down from 360,000 boed flagged in the first quarter.

The U.S.-Israeli war on Iran which led to Iran effectively shutting the Strait of Hormuz disrupted global supplies and pushed crude oil and gas prices to multi-year highs, delivering a windfall for major energy companies.

Shell and BP flagged strong trading profits in the past week.

All TotalEnergies ⁠divisions are expected to improve except LNG, where earnings will be sharply lower because of what the company called “an underperformance in gas trading amid a broadly flat to declining European market”.

Analysts at JPMorgan called the trading statement “fundamentally fine” in an investor note, adding that UK peers fared better on LNG trading — but still said there were chances Total might hike its share buybacks to $2 billion from the previously stated $1.5 billion.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per ⁠barrel during the April-to-June quarter, up 45% from $67 per barrel a year earlier.

Higher oil prices are expected to boost upstream earnings, although TotalEnergies said the benefit would be partly offset by accounting effects, reflecting that a significant share of increased Middle East production could ⁠not be exported because of disruption in the Strait of Hormuz.

Its integrated power division is expected to show a strong increase in cash flow following the closing in April of its deal with EPH that doubled Total’s portfolio of ⁠European gas plants.

In downstream operations, higher refining margins and strong oil trading are expected to drive a sharp increase in earnings from the first quarter, when Total already showed outsized war-related trading profits.

TotalEnergies reports second-quarter results on July 23.

Sterling Bank and StarTimes Nigeria have launched Sterling Solar Financing Hubs inside StarTimes retail outlets. This initiative embeds on-the-spot solar financing at the point of purchase, with a joint target of reaching ₦2 billion in renewable energy financing by the end of 2026.

 

The initiative builds on an existing partnership that has already facilitated over ₦600 million in solar financing transactions over the past year. The new 2026 target represents more than a threefold expansion, aimed at enabling thousands of Nigerian households and small businesses to transition to reliable, affordable, and sustainable energy.

 

By embedding Sterling’s financing expertise directly within StarTimes’ retail network, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the Bank’s credit assessment.

 

Speaking on the partnership, Darlington Nwankwo, Divisional Head, Renewable Energy and Mobility at Sterling Bank, said, “Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future.”

The first phase of the rollout commences this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island. The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extend the model to more than 200 StarTimes locations nationwide.

Eric Xiao, Vice President of StarTimes Nigeria, added, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy. Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”

As the partnership scales nationwide, Sterling Bank and StarTimes will continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.

 

As one of the pioneering financial institutions in Nigeria with a dedicated Renewable Energy division, Sterling Bank reflects a long-term commitment to financing solutions that drive sustainable development and improve quality of life. Through innovative partnerships such as this, Sterling continues to bridge financing gaps while accelerating the adoption of clean energy across Nigeria.

The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions.

The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF) and the procedures for verifying and recovering legitimate claims.

The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.

Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.

He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.

Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.

He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.

The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.

The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.

He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.

“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.

He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.

The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.

He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.

She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.

Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.

“We will continue to provide partners for citizens to resolve such issues,” she said.

She described the SEC’s outreach as commendable, saying it would help restore assets to their rightful beneficiaries.

The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.