Dangote refinery extends $1.6 billion IPO to broaden African investor access

Nigeria's Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering by two weeks to October 27, citing strong investor interest across Africa and efforts to ​broaden access to the share sale.

The company said on Monday that Nigeria's Securities ​and Exchange Commission had approved the extension of the offer, which ⁠opened on September 14 and had been due to close on October 13.
Reuters earlier ​reported the extension of what is set to be Africa's largest share sale.

The refinery, owned ​by Africa's richest person, Aliko Dangote, is seeking to broaden ownership of its 700,000-barrel-per-day complex through an offer aimed at up to 10 million retail investors in Nigeria and elsewhere across the continent.

The ​company said the extension would support market-access initiatives in other African countries, including expanding ​distribution channels and facilitating cross-border investment.

It said the additional time would also allow prospective investors to complete ‌account-opening ⁠procedures, identity verification checks and other regulatory requirements needed to participate in the offer.

The prospectus showed the share sale was not registered as a public offering outside Nigeria, forcing investors to rely on local regulations or gain access through a limited number of eligible ​online investment platforms.

The mismatch ​between Dangote's pan-African ⁠ambitions and the uneven take-up beyond Nigeria highlights how fragmented capital markets continue to hinder cross-border investment across the continent.

The IPO aims to ​raise around $1.6 billion — or up to $2.1 billion if an over-allotment ​option is ⁠exercised — from retail investors to help fund the expansion of the Lagos refinery.

The refinery, which began processing crude in early 2024, is central to Nigeria's efforts to reduce fuel imports and ⁠become ​a net exporter of refined petroleum products.

The offering is ​viewed as a major test of pan-African retail investor appetite for ownership in a large industrial asset.

By Chijioke Ohuocha and Macdonald Dzirutwe, Reuters

Related story: Africa's biggest IPO exposes continent's cross-border investing barriers

Video - Nigerian game show promotes Yoruba language

A new game show in Nigeria is using competition, laughter and prizes to encourage people to preserve the Yoruba language, as players are penalized for switching to English during the game. Producers say the initiative seeks to address concerns that younger generations are increasingly favoring global languages over indigenous ones.

CGTN Africa

Kidnapped Nigerian Graduates Freed After Families Pay Ransom

Fifteen young Nigerian graduates kidnapped on October 1 by Fulani militia along the Onitsha–Owerri highway have regained their freedom after families paid ransom, parents told TruthNigeria and other outlets. One mother said she borrowed money from multiple sources to meet the ₦6 million (about $4,400) demanded for her daughter’s release. The freed graduates were later seen walking through Amakohia‑Ubi, a remote farming community about 15 kilometers from the abduction site, disheveled and asking villagers for directions to Owerri.

“I borrowed money from different sources to complete the ₦6 million demanded by the kidnappers”, the parent told News Central TV.

“All the affected parents had to gather at a place called Adamasingba in Ibadan, Oyo state where we put together all the money we raised and thereafter, appointed representatives who travelled to Imo state to deliver the ransom”, she went on to say. “When they got to Owerri, the kidnappers told them to bring the equivalent of the total ransom in dollars and they did.”

In a video posted online by a Human Rights Activist, Mr. Chinonso Uba, on Wednesday 7 October, 2026, the victims numbering 16, including the kidnapped graduates, were seen walking along a village in Amakohia – Ubi located in Owerri west Local Government Area (county) of Imo state while residents and passersby sympathized with them.

The graduates were kidnapped at Umunoha axis of Onitsha – Owerri road in Mbaitoli Local Government Area on 1 October 2026, according to a report by TruthNigeria.

Freed 15 kilometers from point of abduction

Seven days after their kidnap, the graduates were sighted walking along Amakohia – Ubi, a remote farming community located 15 kilometers away from the scene of their abduction.

A resident of Amakohia – Ubi who identified himself as ‘Obidiegwu’ , told TruthNigeria that the graduates attracted the attention of the villagers when they asked a roadside food vendor for information about their location and the direction to a major road leading to Owerri, the Imo state capital.

“They appeared disheveled and could not speak or understand Igbo language”, said Obidiegwu to TruthNigeria. “They asked a food vendor to give them the direction to a place where they could board a vehicle going to Owerri”, Obidiegwu continued.

“Their appearance alone told the story. They communicated to the villagers only in English. The people who saw them realized that they were the prospective corps members who were reported to have been kidnapped on October 1”, Obidiegwu added.

Following repeated attacks by the Fulani Ethnic Militia (FEM) at Amakohia – Ubi, the Imo state police command had in November, 2025, launched a search operation in that area and discovered two forest camps used as operational bases by kidnappers.

Police unaware of ransom payment

Speaking in an interview with Channels Television on Thursday 8 October 2026, the Commissioner of Police in Imo State, Audu Bosso, said he is not aware whether a ransom was paid to the kidnappers.

“I am not aware whether a ransom was paid”, said Bosso.

“We responded swiftly to the distress call”, he continued. “Because of the pressure we gave the hoodlums, they eventually released the prospective corps members, and we rescued them.”

Earlier in a statement on Wednesday 7 October 2026, the Force Public Relations Officer, CSP Ani Iniedu, said the prospective corps members were rescued on 7th October 2026 at Amakohia – Ubi community in Imo state following sustained search-and-rescue operations.

NYSC offers redeployment options

Following the release of the abducted graduates from captivity, the management of the National Youths Service Corps (NYSC) reportedly offered them the opportunity to serve in any state of their choice in southwestern Nigeria.

A parent of one of the freed graduates told Punch that the survivors were allowed to choose the states where they would continue their national service.

“They have been given the opportunity to choose states in the South-West to continue their service with the current batch,” the parent said.

Group calls for localization of service

The pan-Yoruba socio-political organisation, Afenifere, is demanding immediate administrative changes to let graduates serve in their areas of domicile to stop long, hazardous interstate travels through high-risk corridors.

Afenifere came up with the demand following the recent kidnap of 15 prospective corps members in Imo state as well as the recurrence of kidnapping of corps members along the federal highways in Nigeria.

An analysis of media reports between 2024 and October 2026 showed that the 70 corps members were kidnapped across Nigeria’s six geo-political zones, according to BusinessDay. The recurring attacks have heightened anxiety among prospective corps members and their parents regarding travel safety during the mandatory service year.

By Ebere Inyama, Truth Nigeria

President Tinubu vows to expand cash transfers

President Bola Tinubu has applauded the latest World Bank’s Nigeria Development Update, noting that the findings are a testament to the fact that the country’s economic reforms are bearing fruit.

In a statement by Bayo Onanuga, his special adviser on information and strategy, on Sunday, Mr Tinubu said the update shows his administration’s reforms have put the economy on a sound footing for sustained growth.

Since taking office in 2023, Mr Tinubu has pursued an array of reforms aimed at speeding up economic growth in Africa’s most populous country.

Those reforms include removal of costly fuel subsidies, unification of exchange rates, revamp of the nation’s tax system and recapitalisation of the banking and insurance sectors.

In the report issued last Thursday, the World Bank observed that the economy expanded by 4.2 per cent in the first half of 2026, up from 3.9 per cent in the same period of last year, despite the sweeping impact of the Middle East crisis.

It projected the country’s growth to average at least 4.4 per cent this year through 2028.

The World Bank expects inflation, which fell from 27.6 per cent in January 2025 to 15.2 per cent in December 2025, to ease to about 12 per cent by 2028.

Nigeria’s current account surplus rose to $12 billion or 7 per cent of GDP in the first half of 2026, up from $8.6 billion a year earlier, while gross external reserves advanced from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.

The report stated that the reforms have helped raise the federation revenue by 69 per cent in real terms between 2023 and 2025, with states as the largest beneficiaries.

It also noted that Nigeria’s internally generated revenue grew in real terms in 31 of 35 states, with 21 states cutting back their debt-to-GDP ratio between 2021 and 2025. It expects Nigeria’s overall public debt to fall from 40 per cent of GDP in 2025 to 38.1 per cent in 2026.

Mr Tinubu said states used the additional resources to increase capital spending by 151 per cent in real terms over the same period, while much of the increase went to roads and other transport, agriculture, energy and housing.

He added that 29 states shifted their spending towards economic infrastructure, while real social spending per person rose in all but one state.

“These findings confirm that the difficult but necessary decisions to remove the petrol subsidy, unify the foreign exchange market and strengthen fiscal discipline have raised revenues, stabilised the economy and created fiscal space for every tier of government to invest in its people,” Mr Tinubu said.

He vowed that his administration will work more to ensure that the reforms fully translate into better living standards for every Nigerian household, starting with lower food prices and decent jobs for young people.

“We will continue to expand targeted cash transfers, which have already reached more than 10 million households. We will accelerate the deployment of CNG, raise agricultural productivity, and improve access to affordable healthcare and quality education, so that the prosperity being created is shared by all,” he said.

He further urged state governments to deploy their increased revenues more prudently and prioritise projects that improve the health, education and living standards of Nigerians.

By Omotoyosi Idowu, Premium Times 

World Bank sees Nigeria growth averaging 4.4% through 2028

Nigeria's economy is expected to ‌grow by an average of 4.4% a year through 2028, with inflation and poverty declining if the government sustains reforms and improves service ​delivery, the World Bank said on Thursday.

In its latest ​Nigeria Development Update, the lender said reforms including ⁠the removal of petrol subsidies and exchange-rate changes had ​boosted revenues available to state governments, creating scope for higher ​spending on infrastructure, education and healthcare.

Nigeria's economy grew 4.2% in the first half of 2026, up from 3.9% in 2025, driven mainly by ​services and agriculture, while inflation is projected to ease ​to around 12% by 2028 from around 15%, the World Bank said.

Taiwo ‌Oyedele, ⁠minister of finance and coordinating minister of the economy, said at an event where the report was presented that reforms had helped stabilise the economy and put it on ​a path to ​faster growth.

Oyedele ⁠said Nigeria's economy was growing faster than its population, which should help reduce poverty if sustained, ​and added that the government's focus was ​on private ⁠sector-led and job-rich growth.

The World Bank said state revenues rose about 93% in real terms between 2023 and 2025, ⁠but urged ​states to improve spending efficiency ​and invest more in human capital to raise living standards and reduce poverty.

By Camillus Eboh, Reuters