NIGERIA IN BRIEF: Dangote Refinery draws nearly $2bn in private placement requests ahead of September IPO and other stories.

MTN, Airtel records over N1.5trn combined, data revenue as smartphone  adoption fuels demand

MTN Nigeria and Airtel Africa recorded a combined data revenue of N1.53 trillion in their latest financial results, highlighting the growing importance of internet services in Nigeria’s telecom sector. Airtel’s data revenue rose to N705 billion in the first quarter of 2026 from N498 billion a year earlier, driven by increased smartphone adoption and higher customer data usage, while MTN Nigeria posted N826.07 billion in data revenue, up from N529 billion in the previous comparable period.

Airtel Chief Executive Officer, Sunil Taldar, said the company’s use of artificial intelligence and digital tools improved customer experience and network efficiency. The strong earnings by both operators reflect Nigerians’ growing dependence on mobile internet for streaming, social media, digital payments, remote work, and online learning, as expansion of 4G and 5G infrastructure continues to boost demand for data services.

Dangote Refinery draws nearly $2bn in private placement requests ahead of September IPO

Aliko Dangote, president of the Dangote Group, says investors have submitted nearly $2 billion in requests ahead of the planned private placement and IPO of the Dangote Refinery, highlighting strong market interest in what could become one of Nigeria’s biggest capital market listings. Speaking during a visit by Femi Otedola and executives of First HoldCo to the Lekki refinery complex, Dangote said demand had already exceeded the amount the company intends to offer, with advisers still finalising valuation and pricing ahead of a possible September market debut.

Dangote said the IPO would also allow ordinary Nigerians to own stakes in the 650,000-barrel-per-day refinery, which began operations in 2023 after investments exceeding $20 billion. He described the facility as one of Africa’s most strategic industrial assets and said the long-term vision is to build globally competitive companies capable of delivering sustained value to investors.

Treasury bill yields ease further as liquidity sustains demand

Inflation rose to 15.69 percent in April from 15.38 percent in March, sustaining pressure on real returns in Nigeria’s fixed-income market even as Treasury bill yields continued to ease at Wednesday’s primary market auction. Despite the uptick in prices, elevated liquidity in the financial system drove strong demand for short-term government securities, pushing the benchmark 364-day Treasury bill marginally lower to 16.149 percent from 16.15 percent at the previous auction.

Auction data released by the Central Bank of Nigeria (CBN) showed investors’ appetite remained concentrated at the long end of the curve, with the 364-day bill attracting about N1.84 trillion in subscriptions against an offer of N500 billion, resulting in an allotment of N683.29 billion. The 182-day and 91-day instruments also recorded mixed demand, while analysts, including Ayodeji Ebo of PlutusNeo by Afrinvest, attributed the trend to reinvestment flows and liquidity surplus in the banking system. The moderation in yields was further supported by unmet demand from the Federal Government bond auction conducted earlier in the week by the Debt Management Office (DMO), even as rising inflation and potential future liquidity tightening pose risks to the current downward trajectory.

Naira holds steady after CBN retains interest rate at 26.5%

The naira traded nearly flat in the official foreign exchange market on Wednesday, even as the Central Bank of Nigeria (CBN) held its benchmark Monetary Policy Rate at 26.5 percent. The currency appreciated marginally by 53 kobo to N1,373.34 per dollar at the Nigerian Foreign Exchange Market (NFEM), while turnover fell by 18.65 percent to $286.03 million, reflecting weaker demand.

In contrast, the parallel market weakened to N1,395 per dollar, widening the gap with the official rate. The CBN also retained all key policy parameters, citing stronger external reserves of $49.49 billion and describing recent inflationary pressures as temporary despite a rise to 15.69 percent. Governor Olayemi Cardoso said reforms had strengthened economic stability, a position echoed by analysts who said the decision supports investor confidence and exchange rate management.

Arsenal’s title triumph set to generate record £770m revenue

Arsenal are on course to break Premier League financial records after ending their 22-year wait for the title, with projected revenues expected to reach as high as £770 million this season. The Gunners have already surpassed the previous league benchmark of £715 million set by Manchester City, underlining the scale of their commercial and sporting turnaround.

According to The Times, Arsenal have already generated about £760 million from their Premier League triumph and a strong UEFA Champions League run, with further gains still possible. The club’s earnings, up from £691 million last season, could rise further if they win the Champions League final against Paris Saint-Germain in Budapest. Additional prize money from the Premier League and potential qualification for future global competitions, including the FIFA Club World Cup, would further boost revenues as Arsenal also prepares to reward manager Mikel Arteta with a new contract after their first league title since 2004.