Dangote Refinery secures $1 billion underwriting ahead of IPO

 

Nigeria's Dangote Refinery has secured ‌a $1 billion underwriting programme for its planned stock market listing that could become Africa's largest IPO, marking a major step toward bringing the continent's biggest refinery to investors.

The underwriting comprises a fully funded $600 million tranche for the refinery's completed private placement and ​a further $400 million commitment to support the planned initial public offering, the deal's co-financial advisers Marob ​Strategies and Lilium Capital said on Tuesday.

Dubai-based advisory firm Marob and Washington-based investment group ⁠Lilium said it was implemented through Pan-African Refinery Investment, a special purpose vehicle and subsidiary of Lilium.

In ​IPO transactions, underwriting is a service offered by capital firms and investment banks to a company to guarantee ​the sale of its shares to investors.

Majority-owned by Africa's richest man Aliko Dangote, the refinery has submitted an application for a $5 billion IPO to Nigeria's Securities and Exchange Commission, a source familiar with the matter told Reuters two weeks ago, although ​the final size of the offering has yet to be determined.

"The successful completion of the private placement, together ​with the $400 million underwriting commitment ... in support of the planned IPO, reflects confidence in the refinery's strategic role," Aliko Dangote ‌said ⁠in the joint statement.

OCTOBER LISTING

The $20 billion facility near Lagos, which processes about 700,000 barrels of crude a day, has emerged as a major beneficiary of supply disruptions linked to the Iran war,exporting jet fuel across Africa and into Europe as buyers sought alternative supplies.

That has sparked widespread interest in the sale of shares in the ​plant, African market participants say.
The $400 ​million underwriting commitment would ⁠be implemented upon the launch of the IPO, subject to market conditions and regulatory approvals, Marob and Lilium said.

The public offering is expected to receive regulatory approval ​in the coming weeks and to list on the Nigerian market in October, ​with other ⁠African capital markets also involved.

Investors have responded strongly to the deal, the advisers said, citing African and Caribbean sovereign wealth funds, governments, institutional investors and other eligible investors.

"It is expected to help deepen African capital markets, broaden ownership ⁠of a ​strategic African enterprise and demonstrate how African institutions can mobilise ​long-term capital for industrialisation," the advisers added.

Dangote is also planning to build a new refinery along Kenya's coast, together with East African governments.

By Chijioke Ohuocha and Duncan Miriri, Reuters

Nigeria legend Jay-Jay Okocha picks Lionel Messi over Cristiano Ronaldo in GOAT debate

 

Weighing in on the GOAT debate

The long-standing debate between Messi and Ronaldo has captured the imagination of supporters and legends alike for nearly two decades. Few players understand individual brilliance quite like former Nigeria international Okocha, renowned for his own effortless flair during spells with Paris Saint-Germain and Bolton Wanderers.

Speaking on The Obi One Podcast alongside John Obi Mikel and Chris McHardy, the former Super Eagles captain was asked to settle the rivalry. Without hesitation, Okocha delivered a definitive verdict siding with the Argentine maestro.

Artistic genius versus elite goalscoring

While acknowledging Cristiano Ronaldo's exceptional achievements, Okocha drew a sharp distinction between the Portuguese forward's lethal efficiency and Messi's pure artistry. The Nigerian icon compared Ronaldo's prolific nature to other elite penalty-box operators.

"Messi, Messi. Ronaldo is a special player, but he is for me a goal scorer. He can score 10 million goals. He is a goal scorer. It's like (Erling) Haaland. Haaland is a goal scorer," Okocha explained.

The natural gift of Messi

Expanding on his assessment, Okocha pointed to Messi's innate connection with the ball as the ultimate differentiator between the two modern greats. He emphasized that the Argentine forward plays with an effortless grace that separates him from hard-earned athletic success.

"But Messi, Messi is on another planet. Messi is an art. Messi was born to play football. He'll get ill if he doesn't play football. He's a genius. I mean, you have to give it to him," Okocha added.

Legacy and future perspectives

Okocha's insights underline how elite playmakers view the game, valuing intrinsic creativity and freedom of expression above sheer numerical output. Both Messi and Ronaldo continue to define the modern era, but opinions from iconic figures like Okocha keep the debate fiercely alive.

As both legends write the final chapters of their storied careers, evaluations from former greats offer a unique lens on their enduring impact. Fans across the globe will continue to debate their legacies for generations to come.

By Alvino Hanafi, Goal.com

U.S. Lifts Decade-Old Security Restrictions on Ships Arriving From Nigeria

The United States has lifted security restrictions imposed on vessels arriving from Nigeria after more than a decade, the Marine and Blue economy Minister Adegboyega Oyetola said on Tuesday, in a move expected to cut shipping costs and boost the competitiveness of Nigerian ports.

The restrictions, known as Conditions of Entry (CoE), were introduced by the U.S. Coast Guard in June 2014 and required vessels bound for the United States that had recently called at certain Nigerian ports to comply with additional security measures and undergo enhanced scrutiny before entering U.S. waters.

The Coast Guard said Nigerian ports did not maintain effective anti-terrorism measures, citing deficiencies in the country’s legal framework, oversight by its designated maritime security authority, access control and cargo handling procedures.

Oyetola said the decision followed improvements in the maritime security framework and compliance with the International Ship and Port Facility Security Code. U.S. authorities could not be immediately reached for comment.


The lifting of the restrictions means vessels calling at Nigerian ports before sailing to the United States will no longer be subject to the additional security requirements imposed under the program.

Oyetola said the move would help improve vessel turnaround times, enhance schedule reliability and make Nigerian ports more attractive to international shipping lines.

The U.S. Coast Guard conducted four assessments of Nigeria’s maritime security systems and port facilities between March 2024 and April 2026, the Nigerian Maritime Administration and Safety Agency said.

Industry participants had long argued that the restrictions increased operating costs through additional inspections, documentation requirements and security procedures, while contributing to delays, higher freight rates and increased insurance costs.

By Chijioke Ohuocha, Reuters

Months after U.S. listed Nigeria as emerging lithium source, Chinese-backed firm targets country’s projects with 240,000-tonne trial mine

Australian-listed Chariot Corporation said it has signed a term sheet with China-based C&D Logistics and ZhongNuo Advanced Materials for a direct shipping ore (DSO) lithium operation in Nigeria. The proposed project is expected to begin with a trial mining operation targeting up to 240,000 tonnes of lithium ore.

The proposed Chinese-backed operation builds on Chariot Corporation's expanding Nigerian project portfolio.

In July, Nigeria's Mining Cadastre Office approved the transfer of additional exploration licences to Chariot as part of its acquisition of an 11-mineral-title portfolio from Continental Lithium Limited.

The approvals strengthened Chariot's position in Nigeria's lithium sector and provided the project portfolio that now underpins its proposed partnership with China-based C&D Logistics and ZhongNuo Advanced Materials.

Under the new term sheet, the partners are targeting a direct shipping ore operation that could begin with a trial mining programme producing up to 240,000 tonnes of lithium ore.

The agreement highlights growing interest in Nigeria’s lithium resources at a time when the mineral has become strategically important to major economies because of its use in rechargeable batteries, electric vehicles and energy-storage systems.

The proposed deal comes as Nigeria seeks to establish itself as a significant player in Africa’s lithium industry and capture more value from its mineral resources.

Nigeria is not yet among Africa’s largest lithium producers, but growing exploration and processing investments are rapidly expanding its position in the sector.

In July, President Bola Tinubu commissioned a 6,000-tonne-per-day lithium processing plant in Nasarawa State, built by Chinese firm Diamond New Energy. The $250 million facility was described by Nigeria’s government as Africa’s largest lithium processing plant.

The country is also part of a growing pipeline of lithium projects identified by the US Geological Survey, although several remain at different stages of development and should not be confused with current commercial production.

Nigeria emerges on the global lithium map

The US Geological Survey’s annual Mineral Commodity Summaries (MCS), published in May 2026, lists Nigeria among countries where mineral-based lithium projects are at various stages of exploration and development.

The report places Nigeria within a wider group of emerging sources as technology companies seek to secure more reliable and diversified lithium supplies.

The USGS says lithium supply security has become a priority for technology companies in North America, Europe and Asia, with strategic alliances and joint ventures increasingly being used to secure access to the mineral and reduce supply-chain vulnerabilities.

Lithium is also classified as a critical mineral by the United States, reflecting its importance to the US economy and national security and the vulnerability of its supply chain to disruption. The mineral is essential to rechargeable batteries used in electric vehicles, energy-storage systems and consumer electronics.

This makes the Nigerian projects identified by the USGS part of a broader global effort to develop and diversify future lithium supply, even as Chinese-backed companies continue to expand their presence in Nigeria’s emerging lithium industry.

That strategic importance is driving a broader global push to diversify lithium supplies. The USGS estimates that batteries accounted for 88% of global lithium use in 2025, driven by electric vehicles, grid-scale energy storage and portable electronics. Global lithium consumption reached an estimated 263,000 tonnes in 2025, up 20% from the previous year.

The agency projects that global lithium production capacity could nearly double between 2025 and 2029 as producers respond to rising demand and concerns over supply security. The expected expansion of electric vehicles and renewable-energy storage is intensifying competition to secure new sources of the mineral.

Against this backdrop, the agreement involving Chariot places Nigeria within the broader race to secure future lithium supplies for the global energy transition.

For China, the move further reinforces its established position in the global lithium supply chain. C&D and ZhongNuo are expected to provide logistics, marketing and technical support for the Nigerian project, while Chariot will contribute its local project portfolio.

Nigeria has increasingly promoted lithium and other critical minerals as part of efforts to diversify its economy beyond oil. The latest agreement could accelerate development of the country's lithium resources, although establishing large-scale production and domestic processing capacity will be critical if Nigeria is to capture more value from its mineral wealth.

By Solomon Ekanem, Business Insider Africa

At least 25 killed in attack on Nigeria's Plateau amid reprisal fears

At least 25 people were killed in an overnight attack on a ​village in Nigeria's central Plateau state, local officials and ‌residents said on Tuesday, in violence that has heightened fears of violent reprisals in the restive region.

The incident highlights persistent insecurity in Plateau ​state, where tensions between farming communities and herders often ​spiral into retaliatory violence, leaving people dead, displaced ⁠and homeless.

Lemun Le'an Iliya, a councillor representing the area, said ​23 people were killed in the attack and another victim ​later died in hospital.

Resident Amos John said that an additional victim had died, bringing fatalities to at least 25. He said the attackers went ​from house to house, killing residents with machetes, with ​women and children accounting for most of the victims.

Plateau police spokesperson Alfred ‌Alabo ⁠told Reuters officers were deploying to the area and would issue a statement after assessing the situation.

A local group, the Mwaghavul Youth Movement, accused authorities of failing to protect vulnerable communities ​and called ​for a review ⁠of security in the area.

"The recurring destruction of communities, killing of innocent citizens, burning of ​homes and destruction of farmlands cannot continue to ​be ⁠treated as ordinary incidents," spokesperson Tubwot Joël Sunday said.

Plateau, in Nigeria's Middle Belt, has long been plagued by violence linked to ⁠disputes ​over land, grazing rights and resources, ​often compounded by ethnic and religious divisions.

By Hamza Ibrahim and Ahmed Kingimi, Reuters