Dangote refinery IPO draws three times target demand

Nigeria's $1.6 billion Dangote refinery initial public offering has drawn about three times the total targeted orders, two people with knowledge of the situation said, underscoring strong demand for what has been billed as "The People's IPO".

The share ​sale, which closes on Tuesday, has about 6.4 trillion naira ($4.78 billion) of orders from ​Nigerian retail and institutional investors, one person involved told Reuters.

Aliko Dangote, the ⁠billionaire owner of the Lagos refinery, has said the sale is targeting millions of ordinary ​Nigerians and Africans who can buy shares with as little as $4.

He said in a statement on ​Wednesday all 54 African countries had participated in the IPO while applications were received from 120 countries, calling it "a historic achievement."

The order book is expected to grow once subscriptions from investors in other African countries are included, ​one of the people said, adding that Dangote had received subscriptions from more than 2 ​million investors through digital channels so far.

Given the demand, Dangote was expected to exercise a greenshoe option that ‌would allow ⁠it to increase the size of the offering to as much as $2.1 billion, the person added.

A Dangote spokesperson declined to comment on the demand and possibility of exercising the greenshoe option.

The IPO comes as Dangote Petroleum Refinery and Petrochemicals FZE has benefited from stronger margins, with higher ​crude oil prices linked ​to the Iran war ⁠lifting earnings.

The refinery, which began commercial operations in early 2024, has steadily increased output and expanded exports, including shipments of jet fuel to Europe ​and other African markets, helping position Nigeria as a potential net ​exporter of refined ⁠petroleum products.

Share allocation will begin next week ahead of the stock's planned listing on the Nigerian Exchange later in November, the company's IPO prospectus said.

Built at a cost of about $20 billion, the refinery ⁠has ​transformed Nigeria's fuel market since it began operating.
It processes about ​700,000 barrels of crude oil per day and aims to double capacity to 1.4 million barrels per day by 2029.

By Chijioke Ohuocha and Macdonald Dzirutwe, Reuters

Nigeria panel says 37 detained miners died from overcrowding and neglect

A group of 37 suspected illegal miners died in detention in ‌Nigeria as a result of severe overcrowding, poor ventilation and neglect, according to a government investigation into their deaths.

The investigating committee, set up after the deaths last month sparked outrage in Nigeria, rejected earlier claims by ​officials that an outbreak of disease was to blame and called for compensation ​for victims and survivors as well as an overhaul of the agency ⁠involved.

The deaths, which included many teenagers working in artisanal gold mines, triggered protests in Nigeria, raising ​fresh concerns about conditions in detention facilities and the treatment of suspects awaiting trial.
Jonathan Kure, chairman of ​the committee, said the deaths were "entirely preventable" and a result of severe overcrowding, deprivation of basic necessities and ignored warnings.

"The tragedy demonstrates the consequences of systemic disregard for detention standards, supervisory responsibilities, and the welfare ​of persons in custody," Kure said after his committee reviewed evidence, including detention records, autopsies, ​hospital reports and communication logs.

NSCDC officials did not immediately respond to a request for comment.

The evidence showed the ‌victims ⁠died from asphyxia, an acute respiratory failure caused by prolonged confinement in a severely overcrowded, poorly ventilated cell, worsened by heat stress and dehydration, Kure said.

"The evidence did not support claims that the deaths resulted from a disease outbreak," Kure said.
The Nigeria Security and Civil Defence Corps (NSCDC), ​the paramilitary agency that ​locked up the ⁠miners as part of efforts to regulate mining, initially suggested the detainees may have died from an unspecified disease before later saying the ​cause had not been established.

The panel recommended 30 million naira (about $22,500) in compensation ​for each ⁠victim's family and 10 million naira for each of the 41 survivors.

The findings are in line with testimonies from survivors who told Reuters that dozens of artisanal miners were crammed into a small ⁠holding cell ​and repeatedly ignored after complaining of overcrowding.

The government has ​suspended senior NSCDC officials pending the investigation, but the panel called for a sweeping overhaul of the agency's leadership.

By Camillus Eboh, Reuters

Related story: Overcrowded and Stifling: Inside the Nigerian Cell Where 33 Inmates Lost Their Lives

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CGTN Africa

Burna Boy makes history at Ballon d’Or awards

 

Nigerian singer Burna Boy became the first Nigerian artist to present an award at the Ballon d’Or ceremony, handing the 2026 Sócrates Award to Arsenal forward Bukayo Saka at the London Palladium on Monday night.
The Grammy-award-winning singer presented the award to Saka, an England international of Nigerian heritage, during the 70th edition of football’s prestigious individual awards ceremony.

The honour recognises footballers who make significant contributions to humanitarian causes and social development beyond the pitch.

Burna Boy used his appearance to talk about his football academy in Nigeria, explaining that he established the initiative to support the sport’s development in his home country.

“Something I started a few years ago, just to support the football culture back home. Hopefully, inshallah, one day I’ll come back here to see one of my people getting an award in the Ballon d’Or,” he said.

The Grammy-winning singer was introduced on stage by the ceremony’s hosts, Kate Scott and former France international Thierry Henry, before presenting the trophy to Saka.

The appearance adds to Burna Boy’s growing association with major international football events. He previously performed at the 2023 UEFA Champions League final kick-off show in Istanbul, Turkey.

Meanwhile, Burna Boy and Wizkid have also explored the connection between music and football in their 2021 collaboration, “Ballon d’Or,” using the prestigious award as a symbol of excellence and success. His appearance at Monday’s ceremony amplifies his association with football’s biggest stages.

Saka honoured for humanitarian work

Saka received the Sócrates Award for his charitable work with BigShoe, an organisation that provides medical assistance to children in need.

Through the initiative, the Arsenal forward supported life-changing surgical procedures for about 120 children in Kano State, Nigeria, in 2022.

He undertook the effort in recognition of his Nigerian heritage and helped children access treatment for conditions requiring medical intervention. He subsequently supported procedures for another 100 children in Rwanda, Kenya and Tanzania in 2023.

During his acceptance speech, Saka thanked France Football and highlighted the importance of giving children opportunities to live healthy lives and pursue their ambitions.

He also read a letter from Biringiro, a 14-year-old boy from Rwanda whose eyesight began deteriorating when he was 12. BigShoe provided the child with eye care after his condition made everyday activities, including moving around his home and reading in school, increasingly difficult.

In the letter, Biringiro described how the treatment had changed his life.

“Then thanks to BigShoe, I received the eye care that I needed. Today, I can read the blackboard even from the back of the classroom,” he was quoted as saying.

Reflecting on the initiative, Saka said helping children regain opportunities they might otherwise lose was important to him.

“We know how it feels to be a child and have a ball at your feet and how much joy you have. Every time I have the opportunity to help another kid have that feeling again, that’s important to me,” the striker said.

The 25-year-old footballer added that he worked with his family and BigShoe to support children who lacked access to opportunities others had.

“It’s an honour to be here, and it’s an honour to receive this award. On behalf of all the children we’ve been able to help, thank you,” he said.

France Football established the Sócrates Award in 2022 in collaboration with Peace and Sport. Named after the late Brazilian footballer Sócrates, the honour recognises humanitarian and social initiatives supported by players and their foundations.

Previous recipients include Senegalese forward Sadio Mané, Brazilian forward Vinícius Júnior and Spanish footballer Jenni Hermoso.

Historic 70th edition

The 2026 ceremony marked the first time the Ballon d’Or awards were held in London. The venue was chosen to commemorate the award’s 70th anniversary.

England captain and Bayern Munich striker Harry Kane won the men’s Ballon d’Or, becoming the first Englishman to claim the award since Michael Owen in 2001. Spain’s Alexia Putellas won the women’s prize for the third time.

Other winners included Barcelona’s Lamine Yamal, who received the men’s young talent award, while Unai Simón and Cata Coll won the men’s and women’s goalkeeper honours, respectively. Paris Saint-Germain and Barcelona were named men’s and women’s clubs of the year.

Meanwhile, Nigerian footballers have featured in the Ballon d’Or rankings, with Nwankwo Kanu, Finidi George and Victor Ikpeba among the early nominees. Victor Osimhen recorded Nigeria’s highest finish, placing eighth in 2023, while Ademola Lookman finished 14th in 2024.

However, no Nigerian has won the award. Liberia’s George Weah remains the first and only African to win the men’s Ballon d’Or in 1995.

Adekunle Gold joins Afrobeats representation

Nigerian singer Adekunle Gold also attended the ceremony’s red carpet, joining Burna Boy in representing the country’s music industry at the event.

The singer, popularly known as AG Baby, shared his excitement, saying, “Another year that I’ll be invited for the Ballon d’Or, and this time, I’ll be performing at the after-party”.

Afrobeats on football stages

Their appearances follow other occasions when Nigerian artistes have featured at major international football events.

In 2023, Rema became the first African artiste to perform at the Ballon d’Or ceremony, delivering his hit song Calm Down in Paris. He also performed at the 2026 FIFA World Cup.

Burna Boy also performed at the 2023 UEFA Champions League final, while Davido performed at the closing ceremony of the 2022 FIFA World Cup in Qatar.

Recently, Ayra Starr also made history as the first African artist to headline a halftime show at the NFL International Games. The latest appearances highlight the growing presence of Nigerian music stars at major international sporting events.

By Ozaveshe Precious, Premium Times

Video - Nigeria tightens Ebola measures as patient recovers

Nigerian health authorities have intensified screening and surveillance measures following a confirmed Ebola case in Abuja, as the patient shows signs of recovery. Contacts have been traced and quarantined, while investigations continue into the source of the infection amid efforts to prevent further transmission.

CGTN Africa