Economy
Dangote Taps Vetiva, Others for $20bn Refinery NGX Listing
By Adedapo Adesanya
The Dangote Group has appointed Stanbic IBTC Capital, Vetiva Capital Management, and First Capital as lead issuing houses and financial advisers for its planned listing of its $20 billion Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange (NGX) Limited in the coming months.
According to reports, which cited sources familiar with the matter, the listing could mark Africa’s largest equity offering, with plans to float 5-10 per cent of the refinery at a debut valuation of $40-50 billion. This could potentially boost the Nigerian main bourse’s market cap past N200 trillion from the current almost N125 trillion.
Stanbic IBTC, part of Standard Bank, will handle international book-building and foreign investor outreach, while Vetiva, with prior Dangote listing experience, focuses on local retail and regulations.
Late last month, the chairman of Dangote Group, Mr Aliko Dangote, said that within the next five months, Nigerians should be able to purchase shares of the refining subsidiary of his conglomerate.
The Lagos-based refinery is the largest single-train refinery in the world with 650,000 barrels per day refining capacity. There are efforts to boost the capacity to 1.4 million barrels per day soon.
“Nigerians too will have an opportunity in the next, maybe a maximum of four to five months. There will actually be an opportunity to buy the shares,” he said during a tour of the facility by the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, alongside members of the company’s executive management.
The facility, which is now operating at full capacity, a world-record milestone for a single-train refinery, comes after the completion of an intensive performance testing on the refinery’s Crude Distillation Unit and Motor Spirit production block.
The refinery is now positioned to supply up to 75 million litres of petrol daily to the domestic market, an increase from the 45 million – 50 million litres delivered during the recent festive period.
The development can reshape Nigeria’s energy landscape and reduce the country’s longstanding dependence on imported refined products while positioning the country as a net exporter to West African markets.
Yet, the refinery faces difficulty securing adequate crude oil supplies from Nigerian producers, forcing it to import feedstock from the US, Brazil, Angola, and other countries.
By Aduragbemi Omiyale
The suspension earlier placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted by the Nigerian Exchange (NGX) Regulations Limited.
The regulatory subsidiary of NGX Group Plc placed an embargo on Zichis stocks after the price went up by nearly 900 per cent within one month of its listing on the NGX Limited in January 2026.
The action was taken to find out if there was any form of manipulation in the price movement of the new firm on Customs Street to protect market integrity.
Zichis was listed on the growth board of the bourse by introduction at a unit price of N1.81, but within a month, its share price rose to N17.36 per unit, indicating an 859.12 per cent surge.
In a notice to the investing community today, the Head of Issuer Regulation Department at NGX, Mr Godstime Iwenekhai, confirmed the lifting of the suspension on Zichis.
“Kindly refer to our market bulletin referenced NGXREG/IRD/MB23/26/02/23 and dated February 23, 2026, titled Notification of Suspension of Trading in the Shares of Zichis Agro-Allied Industries Plc, wherein trading license holders and the investing public were notified of the suspension of trading in the shares of Zichis Agro-Allied Industries Plc, pursuant to Rule 7.0: General, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange, 2015 (Issuers’ Rules), as amended.
“Trading licence holders and the investing public are hereby informed that NGX Regulation Limited has concluded its investigation into the trading activities in the company’s shares and has implemented corrective measures to safeguard market integrity in line with its mandate to promote a fair, orderly and efficient market.
“Accordingly, the suspension placed on trading in the shares of Zichis Agro-Allied Industries Plc has been lifted, effective Monday, March 23, 2026,” the notice read.
Business Post reports that the share price of Zichis has been adjusted downward from N17.36 to N8.58 after the suspension was lifted.
By Adedapo Adesanya
The Dangote Petroleum Refinery said it has strengthened Nigeria’s presence in the regional energy market with the successful sales of 12 cargoes, by traders, totalling 456,000 tonnes of refined petroleum products.
The shipments by traders, destined for countries such as Cote d’Ivoire, Cameroon, Tanzania, Ghana, and Togo, represent the refinery’s export of Premium Motor Spirit (PMS) since achieving 650,000 barrels a day capacity in February, according to a statement by the Refinery.
The products were sold on a FOB (Free on Board) basis to the end international traders for deliveries to the above-identified countries of export.
This accomplishment, the Refinery noted, underscores its capability not only to meet but to exceed Nigeria’s domestic fuel demands.
“It also demonstrates the refinery’s growing role in supplying high-quality Euro 5 gasoline and diesel to West Africa — a region long underserved and historically regarded as a dumping ground for lower-quality fuels, and other regions which have become destinations of exports.
“By supplying neighbouring and other economies, the Dangote Refinery is expected to contribute to enhancing energy security in West, East, and Central Africa, reducing logistics and supply chain delays associated with long-distance fuel imports, lowering cost pressures on regional fuel markets through proximity sourcing, and as well as building stronger trade relations between Nigeria and key African economies”, the statement added.
The sale comes amid widening global worries about fuel supplies as the tanker traffic through the Strait of Hormuz, which serves as the critical chokepoint for roughly 20 per cent of global oil and LNG trade, has slowed sharply amid escalating military activity in the Gulf.
The conflict in the region has sent oil prices above $113 per barrel in recent weeks and has made economies worry about inflationary worries.
President Bola Tinubu expressed concerns over the negative impact the crisis in the Middle East would have on the Nigerian economy, noting that efforts are being made to ensure the citizens, especially the vulnerable, are catered to by the government.
Western economies could release additional volumes of crude from storage should the need arise after it released 400 million barrels of crude from OECD reserves to cushion the blow to oil markets.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited operated for only three days last week due to the public holidays observed on Thursday and Friday for Eid al-Fitr.
Data from Customs Street showed that investors transacted 8.761 billion shares worth N267.253 billion in 193,473 deals compared with the 3.321 billion shares valued at N164.845 billion traded in 318,907 deals in the preceding week.
Analysis showed that the ICT sector led the activity chart with 5.330 billion stocks worth N46.825 billion executed in 21,573 deals, contributing 60.84 per cent and 17.52 per cent to the total trading volume and value, respectively.
The financial services industry exchanged 2.765 billion equities for N95.892 billion in 75,103 deals, and the consumer goods space sold 174.484 million shares valued at N20.805 billion in 20,693 deals.
eTranzact, FCMB, and Wema Bank accounted for 6.084 billion shares worth N40.661 billion in 5,570 deals, contributing 69.44 per cent and 15.21 per cent to the total trading volume and value apiece.
Business Post reports that in the week, 48 equities appreciated versus 34 equities in the previous week, 43 stocks depreciated versus 61 stocks in the preceding week, and 57 shares closed flat versus 53 shares of the earlier week.
John Holt topped the advancers’ chart after it chalked up 25.40 per cent to trade at N11.86, BUA Cement expanded by 21.00 per cent to N326.70, Premier Paints rose by 20.62 per cent to N23.40, Zenith Bank went up by 14.64 per cent to N110.00, and Learn Africa appreciated by 13.33 per cent to N9.35.
The laggards’ group was led by Zichis, which shed 50.58 per cent to close at N8.58. Presco went down by 18.37 per cent to N1,701.10, DAAR Communications declined by 13.55 per cent to N1.85, Eterna slipped by 12.77 per cent to N36.90, and Red Star Express crashed by 9.98 per cent to N25.55.
At the close of business, the All-Share Index (ASI) and the market capitalisation appreciated by 1.39 per cent each to 201,156.86 points and N129.126 trillion, respectively.
In the same vein, all other indices finished higher apart from the insurance, AFR Div Yield, consumer goods, energy, Lotus II and commodity indices, which fell by 0.42 per cent, 2.34 per cent, 0.10 per cent, 4.78 per cent, 2.76 per cent and 4.91 per cent apiece, while the sovereign bond index closed flat.
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