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.

Nigerian security forces have arrested a suspected terrorist operative allegedly connected to notorious terror figure Dogo Gide, alongside 60 other suspected collaborators in separate operations across the country.

The arrests were recorded between August 12 and 13, 2026, according to a military situation report released in Abuja on Thursday.

In Kaduna State, troops of the 4 Demonstration Battalion reportedly intercepted a suspected ISWAP operative at the Kadage Checkpoint. The suspect was allegedly transporting seven pairs of sewn foreign camouflage uniforms believed to be destined for a terrorist camp.

Military authorities said preliminary questioning indicated that the suspect was a close associate of Dogo Gide and had allegedly been providing logistical assistance to his network.

Items recovered during the arrest included 23 yards of foreign camouflage material, two mobile phones, three ATM cards and an identity card, among other materials.

In Adamawa State, troops from the 226 Battalion, working alongside local hunters, conducted a raid on a motor park in the Gombi area following intelligence reports concerning suspected terrorist collaborators.

The military said some of the suspects were allegedly operating under the cover of menial workers and hawkers. The operation resulted in the arrest of 60 people, who have been detained while investigations continue.

Authorities are expected to establish the identities of those arrested and determine whether they have links to terrorist activities.

The military also reported a significant recovery in Zamfara State, where troops of the 1 Brigade found an RPG bomb during a fighting patrol around Tunga-Jambako in Maradun Local Government Area.

The recovery followed an earlier terrorist ambush in the area. Troops subsequently carried out searches and expanded their presence to prevent further attacks and restrict the movement of suspected terrorists.

In Benue State, troops operating under Operation Whirl Stroke arrested five suspected terrorists during offensive operations around suspected terrorist enclaves in Chito, Jootar and Ikyior, all in Ukum Local Government Area.

The military said the troops destroyed the identified enclaves and recovered two motorcycles and two locally fabricated firearms, among other items.

The report also disclosed that troops in Borno State intercepted five women and seven children believed to be family members of terrorists after they reportedly escaped from the Gazuwa Camp.

Separately, six male children were intercepted at Ajiri after reportedly fleeing Murofari Village, where violent clashes had occurred between rival terrorist groups.

The military said the operations demonstrate its continued reliance on intelligence-led actions to disrupt terrorist logistics, dismantle support networks and restrict the freedom of movement of armed groups across the country.

About 2,400 school-age children and adolescents in Kajiado County, Kenya, are set to benefit from a new programme providing hygiene supplies and education on water, sanitation and hygiene.

The initiative is being implemented in Bisil, where pupils from Inkati and Noontoto primary schools will participate in sessions focused on practical hygiene habits. Beneficiaries will also receive personal hygiene kits to help them put the lessons into practice.

The programme is part of the Clean Futures Alliance, launched in Kenya by Federal Express Corporation (FedEx) and Feed the Children through the FedEx Cares programme.

Beyond classroom education, volunteers from FedEx are participating in the preparation and distribution of the hygiene kits. The approach is designed to ensure that children have access to both information and basic supplies needed to maintain good hygiene.

The intervention comes as communities in Kajiado continue to face challenges related to access to water, sanitation and hygiene services. Schools therefore provide an important platform for reaching children with health information and practical support.

FedEx’s Managing Director of Operations for Sub-Saharan Africa, Nelson Teixeira, said the company’s community-focused work goes beyond its core logistics business and aims to connect communities with resources that can improve their wellbeing.

Feed the Children’s President and CEO, Emily Callahan, also highlighted the wider benefits of hygiene support, noting that access to essential supplies can contribute to children’s health, confidence and ability to remain engaged in school.

The programme is expected to strengthen hygiene awareness among children in Bisil while providing families and schools with practical resources to support healthier daily routines.