Dangote targets$50Bn refinery valuation ahead of Nigeria listing
Aliko Dangote, Africa’s richest person, is targeting a valuation of about $50 billion for Dangote Petroleum Refinery & Petrochemicals FZE ahead of a planned stock market listing later this year, according to people familiar with the matter. The proposed valuation highlights growing investor confidence in the 650,000 barrels-per-day refinery, which has transformed Nigeria’s downstream oil sector by reducing dependence on imported petroleum products and positioning the country as a regional refining hub.
The Lekki-based refinery, regarded as the largest single-train refinery in the world, has steadily ramped up production of petrol, diesel, aviation fuel, and petrochemicals for both domestic and export markets. Analysts say the planned listing could become one of the biggest corporate offerings in Africa, while strengthening Nigeria’s capital market and reinforcing Dangote’s influence in the continent’s industrial and energy sectors.
Insurers scramble to meet the July recapitalisation deadline
As the July 30, 2026, recapitalisation deadline draws closer, pressure is mounting across Nigeria’s insurance industry as operators scramble to raise fresh capital, attract investors and restructure their operations to meet new regulatory requirements. Several insurance firms are exploring mergers, acquisitions and strategic partnerships in a bid to strengthen their balance sheets and remain competitive in an increasingly demanding market environment.
Industry stakeholders say the recapitalisation exercise is expected to reshape the sector by weeding out weak players and improving the financial capacity of surviving firms to underwrite bigger risks. While some companies have already made progress in securing additional funding, others are facing growing uncertainty over their ability to comply before the deadline, raising concerns about possible consolidation and regulatory sanctions in the months ahead.
Nigeria spent one-fifth of its poverty income on data Q1
Nigerians spent nearly one-fifth of the income required to remain above the poverty line on mobile internet data in the first quarter of 2025, underscoring the deepening cost-of-living crisis and the growing burden of digital access in Africa’s largest economy. The rising cost of telecommunications services, driven by inflation, currency depreciation, and higher operating expenses for telecom operators, has continued to erode disposable incomes despite the increasing importance of internet connectivity for business, education, banking, and social interaction.
The development highlights the widening gap between income levels and the affordability of essential digital services, with many households struggling to maintain regular internet access amid soaring living costs. Analysts warn that the trend could worsen digital exclusion, particularly among low-income earners and small businesses that rely heavily on mobile data for daily operations. Industry stakeholders have also raised concerns that persistent economic pressures and infrastructure costs may force telecom providers to review tariffs further, potentially placing additional strain on consumers already grappling with high food prices, transport costs, and broader economic uncertainty.
President appoints retired General Fadewa as adviser on homeland security
President Bola Ahmed Tinubu has approved the appointment of retired Major General Adeyinka A. Fadewa as Special Adviser on Homeland Security, in a move aimed at strengthening Nigeria’s internal security architecture. The appointment was disclosed in a statement issued by Chris Ugwuegbulem, Information Officer in the Office of the Secretary to the Government of the Federation.
According to the statement, Fadewa is expected to provide strategic guidance on homeland security matters and support the administration’s efforts to address emerging security challenges across the country. The appointment underscores the Tinubu administration’s continued focus on enhancing national security coordination and improving responses to threats affecting lives and property nationwide.
Speaker Abbas declares a fifth-term bid in the mandate renewal
Speaker of the House of Representatives, Abbas Tajudeen, on Saturday formally launched his bid for a fifth term in the National Assembly, declaring his intention at a grand mandate renewal ceremony attended by a massive crowd of supporters and constituents. The event, which drew political allies, traditional leaders, youth groups and party loyalists, underscored Tajudeen’s growing influence within his constituency and the ruling political structure ahead of the next general elections.
Addressing the gathering, Tajudeen expressed gratitude to his constituents for their continued support and confidence in his leadership, pledging to sustain developmental projects and effective representation if re-elected. Supporters at the event hailed his legislative achievements and constituency interventions, describing his renewed ambition as a reflection of the trust and popularity he enjoys among the people.
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