Business

The signing ceremony for the Dangote Petroleum Refinery’s initial public offering marked a major step in the company’s plan to take the refinery to the capital market.

Market capitalisation rose from N159.558 trillion at the opening to N160.600 trillion at the close, representing a gain of N1.042 trillion.

The figure was disclosed by the Nigeria Customs Service Board at its 65th Regular Meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

Dangote Refinery has completed the endorsement of its offer documents, clearing the way for its $1.6 billion initial public offering, which is scheduled to open next week.

Oyedele gave the charge during his first Board meeting at the Customs headquarters in Abuja since becoming Chairman of the NCS Board.

The company’s Managing Director and Chief Executive Officer, Olajumoke Cecilia Ajayi, disclosed this at the AOW Energy Conference in Accra, Ghana, during a session titled, ‘The Future of the African Operator: Building the IOCs of Tomorrow’.

The IPO could become one of the largest capital market transactions in Nigeria, with the refinery offering 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer is expected to raise approximately ₦2.15 trillion.

The numbers coming out of Guinness Nigeria Plc are impressive enough to invite celebration, especially amid deep economic headwinds.

Beyond the continent, oil prices surged as tensions around Iran intensified, government bond yields climbed, and stronger U.S. jobs data revived expectations of higher interest rates. From Lagos to global markets, investors had plenty to digest.

According to the latest market report from FMDQ Securities Exchange, total FX turnover stood at $2,414.85 million in the week ended September 4, down by $656.67 million from the $3,071.52 million recorded in the preceding week ended August 28.