News
Dangote Refinery Secures $400m Underwriting Commitment Ahead of $5bn IPO

Dangote Petroleum Refinery has secured a $400 million underwriting commitment as preparations continue for its planned initial public offering (IPO), which could become one of Africa’s largest-ever stock market listings.
The underwriting commitment was announced by IPO advisers Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group. It forms part of a broader $1 billion underwriting programme supporting the proposed offering.
The programme comprises a $600 million completed and funded private placement alongside the new $400 million underwriting commitment.
The refinery, owned by Nigerian billionaire Aliko Dangote, has submitted an application to Nigeria’s Securities and Exchange Commission (SEC) for a potential $5 billion IPO. However, the final size of the offering has not yet been determined and will depend on regulatory approval and market conditions.
According to the advisers, the $400 million underwriting facility will become effective when the IPO is launched, subject to prevailing market conditions and the necessary regulatory approvals.
The development represents another major step in the refinery’s plans to broaden its ownership base and raise additional capital for future growth.
The company has been preparing for a retail-focused Nigerian IPO, with management previously indicating that the offering is intended to give Nigerian investors an opportunity to participate directly in the refinery’s growth.
The proposed $5 billion offering has attracted considerable attention because of its potential scale.
Dangote Refinery is Africa’s largest refinery, with an initial refining capacity of about 650,000 barrels per day. The company has also set out plans to increase capacity to approximately 1.4 million barrels per day within three years, with the expansion expected to be financed partly through IPO proceeds and debt.
The refinery’s management has said preparations for the IPO are progressing, while investor interest has been strong during pre-marketing activities.
A $2.5 billion private placement in July reportedly valued the refinery at around $40 billion. The transaction was said to have been heavily oversubscribed, attracting interest from African and international institutional investors.
Dangote Refinery has also strengthened its position in international fuel markets amid disruptions linked to the conflict involving Iran.
The refinery has become a major supplier of aviation fuel to markets across Africa and Western Europe, with its management saying it became Europe’s largest supplier of jet fuel in June and July.
The company also benefits from its access to Nigeria’s crude oil resources, strong domestic fuel demand and its integrated refining operations.
Unlike plans for an immediate foreign listing, the company currently intends to focus its IPO on the Nigerian market.
Dangote Refinery’s CEO, David Bird, said the company wants the offering to encourage broad participation by Nigerians and create an opportunity for citizens to share in the refinery’s future growth.
A potential foreign listing could be considered later, after the company establishes a longer track record of production and financial performance.
With the new $400 million underwriting commitment and preparations for a potential $5 billion offering continuing, the Dangote Refinery IPO is shaping up to be a major development for Nigeria’s capital market and the country’s energy sector.
News
Court Strikes Out Charges Against Alleged Fake DG Adeniyi Adeyemi

The Federal High Court in Abuja has struck out the eight-count criminal charge against Adeniyi Adeyemi, who is accused of posing as the Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), following legal issues identified in the prosecution’s case.
Justice Mohammed Umar struck out the charges on Monday, October 12, 2026, after the Federal Government applied to discontinue the case before the court and pursue fresh charges at the High Court of the Federal Capital Territory (FCT).
The Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN, told the court that a review by the Attorney-General of the Federation and Minister of Justice had revealed jurisdictional problems with the original charges filed by the Inspector-General of Police.
According to the prosecution, the allegations relating to documents allegedly forged by Adeyemi fell within the jurisdiction of the FCT High Court rather than the Federal High Court, where the case was initially instituted.
Oyedepo therefore asked the court to strike out the existing charges, explaining that fresh charges had already been filed before the FCT High Court and that the government intended to proceed with a new arraignment.
Adeyemi’s counsel, Ibrahim Angulu, SAN, did not oppose the application, following which Justice Umar granted the request.
Adeyemi had been arraigned on September 30, 2026, on eight counts bordering on alleged conspiracy and forgery. He pleaded not guilty to all the charges.
The prosecution alleges that he presented himself as the head of a government agency that was neither established nor authorised by the Federal Government. The allegations also involve purported official documents used in connection with the agency’s activities.
Adeyemi has previously maintained that the organisation was legitimate and denied wrongdoing. The allegations have not been established by a court.
Following his earlier arraignment, he was remanded at the Kuje Correctional Centre pending further proceedings. The fresh charges are expected to be heard by the FCT High Court.
The striking out of the charges at the Federal High Court does not amount to an acquittal on the allegations, as the Federal Government has indicated its intention to continue the prosecution through the new case.
News
Kano Police Arrest 10 Suspects, Recover 12 Stolen Vehicles

The Kano State Police Command has arrested 10 suspected members of an interstate vehicle theft syndicate and recovered 12 stolen vehicles during coordinated operations across Kano and neighbouring states.
The Commissioner of Police, Ibrahim Adamu Bakori, disclosed the development on September 16, 2026, during a press briefing at the Tarauni Area Command in Kano.
According to the commissioner, the operation began on September 7 when operatives of the Special Intervention Squad (SIS), acting on intelligence, arrested five suspects in Adamawa State and recovered a white Mercedes-Benz GLK 350.
Further investigations led to the recovery of 10 additional vehicles from different locations across Kano and neighbouring states. Five more suspects were subsequently arrested on September 12 at Kwankwasiya City Quarters in Tarauni, Kano, bringing the total number of suspects to 10.
Police said the syndicate allegedly stole vehicles and moved them across state boundaries for resale. The suspects reportedly confessed to involvement in vehicle thefts in Kano, Katsina, Bauchi, Gombe and other states, although the allegations remain subject to investigation and judicial proceedings.
Bakori expressed concern that 11 of the 12 recovered vehicles were unregistered, a situation he said made it difficult for investigators to establish their ownership.
He urged motorists to register their vehicles properly and avoid using concealed or improperly displayed number plates, warning that such practices could make it harder to trace vehicles linked to criminal activities.
The police commissioner also commended members of the public and neighbouring police commands for providing information and supporting the operations.
He said investigations were continuing to identify other suspected members of the syndicate and recover additional stolen vehicles. The suspects are expected to be charged in court after the conclusion of investigations.
Owners seeking to identify and reclaim recovered vehicles were advised to contact the Kano State Police Command with valid proof of ownership.
Celebrities
Madam Saje Knew About Some Women I Dated but Never Told My Wife – Yinka Quadri
Veteran Nollywood actor Yinka Quadri has spoken about his decades-long friendship with fellow actress Saje, which dates back to their early days in the movie industry.
According to Quadri, Saje was already close to his wife before the couple married, and she has kept that bond over the years without engaging in gossip. He said she knew about some of his relationships with other women but never passed the information on to his wife, describing her as someone who can be trusted.
The Agba Aki of Oro Kingdom also recalled a time he considered helping Saje’s husband, Rafiu Balogun, during a difficult period in their marriage. He told Saje that Rafiu wanted to accompany him to a movie location, expecting her to object because of their misunderstanding. Instead, she welcomed the idea. Quadri said he felt obliged to inform her because of her friendship with his wife.
The actor also spoke on pay in the movie industry, insisting he would not expect to earn more than younger colleagues simply because of his experience.
Citing Funke Akindele and Lateef Adedimeji as examples, he said, “If I’m being called to a job, and Funke Akindele and Lateef Adedimeji are going to be paid the same amount, I’m an enemy of God if I’m expecting that they should pay me more than him.”
The veteran actor added that actors negotiate their fees differently. Some accept whatever they are offered, while others insist on the amount they want. He concluded that such differences are simply part of life.


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