By Aduragbemi Omiyale

To support its expansion drive, which aims to boost the Nigerian economy by ensuring sufficient sugar production in the country, Dangote Sugar Refinery Plc has opened its rights issue.

The sugar refiner hopes to raise up to N485.9 billion from the exercise, which commenced on Monday, May 25, 2026, and will close on Wednesday, June 24, 2026.

A note specifically said the net proceeds will be used to materially deleverage the company’s balance sheet, strengthen liquidity and reposition the organisation on a more sustainable capital structure.

The rights issue size is 8,097,918,827 ordinary shares of 50 Kobo each at N60.00 per share, and would be offered to shareholders on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on April 20, 2026.

Dangote Sugar, a subsidiary of Dangote Industries Limited, refines, distributes, and markets granulated sugar to wholesalers and major players within the food and beverage, pharmaceutical, and personal care industries.

It operates the largest sugar refinery in Sub-Saharan Africa, with a combined installed refining capacity of 1.49 million metric tonnes per annum. Through its backward integration strategy, DSR is advancing plans to produce an additional 1.5 million metric tonnes of locally sourced sugar, further strengthening its position as a leading integrated sugar producer globally.

At its 20th Annual General Meeting (AGM) held last month in Lagos, shareholders approved the floating of a N500 billion rights issue to fund its strategic expansion, especially for its ambitious backward integration projects.

According to the firm’s chief executive, Mr Thabo Mabe, efforts are being made to secure approximately $1.3 billion needed to fulfil the commitment to achieving a production target of at least 600,000 tonnes annually by 2030.

“We have revised our strategic development plan to meet the 2030 objectives, leveraging the combined potential of DSR Numan Operation and Nasarawa Sugar Company Limited estates.

“This integrated plan targets substantial cane production of around 6.05 million tonnes across 45,000 hectares from both sites,” he said at the meeting.

By Dipo Olowookere

The key performance indices of the Nigerian Exchange (NGX) Limited tumbled by 0.55 per cent as a result of sell-offs across the major sectors of the market.

The bourse witnessed weak investor sentiment and low activity level during the trading day ahead of a two-day Sallah break on Wednesday and Thursday.

Analysis of the data showed that investors embarked on profit-taking yesterday, as traders liquidated their shares for holiday spending.

The banking space went down by 1.83 per cent, the insurance counter decreased by 1.41 per cent, the consumer goods index shed 0.77 per cent, the energy sector crashed by 0.14 per cent, and the industrial goods sector closed flat with an insignificant contraction.

Consequently, the All-Share Index (ASI) dropped 1,386.18 points to settle at 249,738.84 points compared with the previous day’s 251,125.02 points, and the market capitalisation crumbled by N889 billion to N160.094 trillion from N160.983 trillion.

There were 18 price gainers and 39 price losers on Customs Street at the close of transactions, representing a negative market breadth index.

Dangote Sugar depreciated by 10.00 per cent to N78.30, Transcorp Power lost 9.97 per cent to trade at N245.50, The Initiates slipped by 9.85 per cent to N27.45, Abbey Mortgage Bank dipped by 9.49 per cent to N6.20, and Fidelity Bank gave up 9.05 per cent to close at N21.60.

On the flip side, Austin Laz and McNichols gained 10.00 per cent each to sell for N4.40 and N7.92, respectively. International Energy Insurance chalked up 9.89 per cent to trade at N4.11, Learn Africa improved by 9.44 per cent to N12.75, and Haldane McCall jumped 8.06 per cent to N3.89.

The busiest stock for the day was Access Holdings with 80.6 million units worth N2.0 billion. Zenith Bank traded 33.8 million units valued at N4.5 billion, Mutual Benefits transacted 31.8 million units for N138.9 million, Neimeth exchanged 22.3 million units worth N233.0 million, and Sterling Holdings sold 22.2 million units valued at N172.4 million.

In all, market participants bought and sold 564.1 million units for N27.2 billion in 65,666 deals versus the 629.4 million units valued at N40.9 billion executed in 82,434 deals a day earlier. This showed that the trading volume, value, and number of deals went down by 10.38 per cent, 33.50 per cent, and 20.34 per cent, respectively.

By Adedapo Adesanya

Brent crude futures climbed 3.6 per cent or $3.44 to $99.58 per barrel on Tuesday after the US military carried out strikes in Iran, creating a fresh setback ‌to hopes of a resolution, though the US West Texas ​Intermediate (WTI) crude fell by $2.71 or 2.8 per cent to $93.89 per barrel.

The US and Iran had signalled that they would reach an agreement to end the three-month war that would also reopen shipping through the crucial Strait of Hormuz. However, US forces struck Iranian-linked targets near the waterway while its government simultaneously pursued a ceasefire and shipping negotiations with Iran.

The US Central Command (CENTCOM) said the strikes were designed “to protect our troops from threats posed by Iranian forces.”

The strikes happened as Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister aimed at reaching an agreement.

President Donald Trump had earlier confirmed that negotiations with Iran over an agreement to extend their ceasefire and reopen the strait were “proceeding nicely.”

The American President, in a Truth Social post on Monday, also urged Saudi Arabia, Qatar, and other countries to join the Abraham Accords and recognise Israel. In a later statement, he said Iran’s enriched uranium would either be handed over to the US or, preferably, destroyed in Iran.

Iran said the US had violated a ceasefire after it conducted what it called defensive strikes in southern Iran, while US Secretary of State Marco Rubio said negotiating a deal to halt the conflict could “take a few days.”

Both sides ​had previously signed a memorandum of understanding that could halt the war and restart shipping through the blockaded, while giving negotiators 60 days to negotiate more complex ‌issues, including ⁠Iran’s nuclear programme.

Ship-tracking data showed three Liquefied Natural Gas (LNG)  tankers passed through the Strait in recent days, bound for Pakistan, China and India, along with a supertanker carrying Iraqi crude to China that had been stranded for nearly three months.

Traders are trying to play the market on hopes of an agreement and largely ignoring the global energy crunch, with most supply from the Middle East still trapped behind the Strait of Hormuz.