Dangote's planned $5 billion refinery IPO in Nigeria could be followed by a listing in Africa's richest country

Africa's largest stock exchange is positioning itself to host a secondary listing of Dangote Petroleum Refinery, as interest grows across the continent ahead of what could become one of Africa's biggest initial public offerings.

The Johannesburg Stock Exchange (JSE) confirmed it has been in discussions with the Dangote Group and said the company intends to pursue a listing in Nigeria first before exploring a secondary listing in South Africa.

"They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa," a JSE spokesperson told Reuters.

The Johannesburg Stock Exchange (JSE) has a total market capitalisation of approximately ZAR 24.9 trillion (USD 1.52 trillion), making it the largest stock exchange in Africa and accounting for about 60% of the continent's total equity market value

The planned listing follows reports that Dangote Group is seeking to raise about $5 billion through an initial public offering of the refinery. Sources familiar with the matter said the company has already made a preliminary filing with Nigeria's securities regulator and is targeting an October debut on the Nigerian Exchange.

Continental investors show strong interest

Investor interest is extending well beyond Nigeria. Kenya is expected to play a significant role in the share sale, with institutional investors, including pension funds, potentially contributing as much as $500 million—about 10% of the targeted fundraising.

Discussions have also taken place with regulators and market participants in Egypt, Ghana and Rwanda to explore ways investors in those countries can participate in the landmark offering, highlighting the refinery's growing appeal as a pan-African investment opportunity.


Built by Africa's richest man, Aliko Dangote, at an estimated cost of $20 billion, the 650,000-barrel-per-day refinery began producing fuel in 2024 and reached full operating capacity earlier this year. The Nigerian National Petroleum Company (NNPC) owns just over 7% of the facility.

A recent private placement valued the refinery at around $40 billion after investors acquired a 6% stake for $2.5 billion. That valuation positions the refinery among Africa's most valuable privately owned industrial assets and sets the stage for what could become one of the continent's largest-ever public listings.

By Adekunle Agbetiloye, Business Insider Africa

Nigeria announces rescue of 308 kidnapped citizens

More than 300 people who had been kidnapped across Nigeria have been freed in an intelligence and security operation, the government has announced.

“President Bola Ahmed Tinubu warmly welcomes the successful rescue of 308 Nigerian citizens who were abducted in different attacks in Niger and Kwara states,” Bayo Onanuga, a special adviser to Nigeria’s president, said in a statement.

The statement said that 163 of those rescued were abducted from the Woro Community in Kaiama Local Government Area in Kwara State, and 145 were taken from Niger State.

“The victims were rescued from the Kainji Lake National Park Forest in New Bussa Local Government Area of Niger State”, according to the statement, as a result of a “coordinated, intelligence-driven operation”. The operation was carried out by the country’s National Counter Terrorism Centre, involving members of the armed forces, the police force and the Department of State Services.

“It was the largest rescue operation ever carried out on the same day by Nigeria’s joint security team,” the statement added.

The government in Kwara State, near the border with Benin, welcomed the rescue in a social media post, local channel Arise News reported.

“Kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!”, said the Kwara government statement, announcing the release of those abducted during the February 3 attack on local communities in Kaiama.

At least 200 people were killed in the attack, when suspected Boko Haram-linked fighters launched a coordinated assault that lasted several hours, according to the Nigeria-based Punch website.

Kidnapping for ransom by criminal groups, Boko Haram-linked fighters and gangs known as bandits has become a major crisis in Nigeria, especially in areas with little state presence.

Soft targets, including schools, churches and mosques, particularly in vulnerable rural communities with limited state security, have been particularly at risk.

On January 18, 177 people were abducted from three churches in the village of Kurmin Wali in Kaduna State.

Last month, security services freed at least 40 students and teachers kidnapped in May from the southern state of Oyo.

In June, the president announced that the military had “neutralised” more than 13,000 “terrorists” in the past year. The army also said it had rescued 360 people abducted by Boko Haram, which has spread across parts of the country from Borno State, once considered the centre of its operations.

“The successful execution of this intelligence-led operation demonstrates the growing efficiency and collaboration among our security services. I commend our gallant men and women in uniform for their bravery and unwavering commitment to safeguarding Nigerian lives,” the president said in his latest statement.

Al Jazeera

Video - Nigeria launches $552 million drive to improve learning outcomes for 29 million children

Nigeria is partnering with the World Bank on a $500 million program aimed at reducing the number of out-of-school children and improving access to quality education. The initiative will focus on expanding access to classrooms, strengthening teacher training and improving learning outcomes as the country works to address one of its biggest education challenges.

CGTN Africa

Priest murdered, followed by kidnappings at Mass in Nigeria

Two violent attacks against the Catholic Church in Nigeria have been perpetrated in less than a week. A priest was killed and days later, on Aug. 2, gunmen stormed a Mass and abducted several people.

According to the Vatican agency Fides, the slain priest was Father Samuel Opeyemi Oyetoro of the Diocese of Lokoja in Kogi state.

“With deep sorrow but with firm faith in the resurrection of Our Lord Jesus Christ,” on July 30 the Diocese of Lokoja announced “the passing unto eternal glory” of Oyetoro.

Details of the murder were released by state police spokesperson and assistant superintendent Afusat Oyiza Salihu. “On July 29, 2026, around 9:30 a.m., the police received information regarding the discovery of a manʼs lifeless body along Church Road in Ajaokuta,” Salihu said.


Salihu added that police arrived quickly at the scene and confirmed that the victim “had severe machete wounds to the head.” The body was taken to ASCL Hospital, where the priest’s death was pronounced.

According to Salihu, “the investigation is ongoing,” and they are working “to apprehend those responsible.”

“Once the preliminary investigation is concluded, the case will be transferred to the state Criminal Investigation Department for further proceedings,” she explained.

Meanwhile, the governor of Kogi state, Ahmed Ododo, condemned the killing, describing it as “an atrocious and unacceptable act,” according to Fides.

Gunmen storm a Mass

While the local Church was mourning the priestʼs death, still another incident of violence shook Nigerian Catholics.

Fides also reported that on Sunday, Aug. 2, at least seven gunmen stormed St. Joseph’s Church in Inoyi Affa, Enugu state, during the morning Mass.

The attackers abducted three people: a seminarian, a catechist, and a parishioner.

Several attendees at the Mass attempted to pursue the kidnappers but abandoned the effort upon realizing the assailants were armed and to avoid further endangering the lives of the hostages, according to Fides.

Police launched a search operation that led to the release of the catechist. However, seminarian Lawrence Chidera Igbo and a parishioner identified only as Emmanuel remain in captivity.

By Diego López Marina, EWTN NEWS

Nigeria's Tinubu approves up to 80% pay rise for soldiers

Nigerian President Bola Tinubu has approved salary increases of up to 80% for members of the armed forces, benefiting about 250,000 personnel as the government seeks to boost troop morale amid persistent insurgency, banditry and kidnapping.

The new salary structure, announced on Tuesday, will take effect on September 1 and increase the armed forces' annual wage bill from 660 billion naira to 924 billion naira.

Under the package, personnel from private to staff sergeant will receive the highest increase of 80%, while those from colonel to warrant officer will get a 50% raise.

Officers above the rank of colonel, including generals, will receive a 30% increase.

Government cites security challenges

The salary review comes as Nigeria continues to battle multiple security threats, including Boko Haram and Islamic State West Africa Province (ISWAP) insurgents in the northeast, armed bandits in the northwest and widespread kidnappings across several regions.

President Tinubu said the pay increase recognises the sacrifices made by military personnel and reaffirmed his administration's commitment to improving troop welfare while modernising the armed forces with better equipment and technology.

Lawmakers welcome decision

Senator Abdulaziz Yar'Adua, Chairman of the Senate Committee on Army, described the salary increase as a timely morale booster that would strengthen the fighting spirit of troops confronting insecurity across the country.

Senator Ahmad Lawan, Chairman of the Senate Committee on Defence, also praised the move, calling it a strategic investment in national security. He urged the armed forces to respond with greater professionalism and closer cooperation between the Army, Navy and Air Force.

Welfare and modernisation

The government said about 250,000 military personnel will benefit from the revised pay structure, which adds 264 billion naira to the annual military wage bill.

The salary adjustment forms part of broader efforts to improve troop welfare and strengthen operational effectiveness as security forces continue operations against terrorism, banditry and other violent crimes across the country.

By Dominic Wabwireh, AP