The UEFA Champions League returns for its 72nd season, with the league phase getting underway today, Tuesday, September 8, 2026, and running through Thursday, September 10. This is the third season under UEFA’s expanded 36-team league-phase format, and it culminates in the final at Madrid’s Estadio Metropolitano on June 5, 2027.
Tuesday’s Headline Fixtures
Six matches open the competition today. The standout tie sees Real Madrid host Inter Milan at the newly renovated Santiago Bernabéu, with kickoff at 21:00 CET. The clash carries extra weight because of the touchline reunion it sets up: Jose Mourinho returns to face Inter, the club he guided to a treble in 2010, while Inter are now managed by Cristian Chivu, once Mourinho’s defender during that triumphant campaign.
Elsewhere on the opening night:
Borussia Dortmund vs Villarreal
Porto vs Manchester City
Lille vs Real Betis
Club Brugge host Aston Villa, and AEK Athens welcome Austrian newcomers LASK, both kicking off early at 18:45 GMT
Why The Bernabéu Clash Matters
Both sides arrive with points to prove. Real Madrid were knocked out by Bayern Munich at the quarter-final stage last season, while Inter suffered a shock playoff exit to Bodø/Glimt. Neither result matched the ambitions of two of the competition’s most decorated clubs, making tonight’s opener as much about statement-making as three points.
The Rest of the Week
The action continues into Wednesday and Thursday. Wednesday brings Barcelona vs Feyenoord, Liverpool vs Atlético Madrid, Paris Saint-Germain vs Slovan Bratislava, Sporting CP vs Galatasaray, and Napoli vs Arsenal. Thursday closes out the round with Fenerbahçe vs Roma, Bayern Munich vs Bodø/Glimt, and Manchester United hosting Sabah — the Azerbaijani side making their Champions League debut.
Format Reminder
Under the current structure, all 36 teams sit in a single league table. The top eight finishers advance straight to the Round of 16, while teams placing ninth through 24th enter a two-legged playoff round for the remaining knockout spots. Matchday 1 results won’t decide much on their own, but they set the early tone for a campaign that runs all the way to next June.
Lawyers representing former Kaduna State Governor Nasir El-Rufai have demanded ₦10 billion in damages from the Minister of Defence, General Christopher Musa (retd.), over alleged defamatory statements made about their client.
The demand was contained in a letter before action dated September 7, 2026, and addressed to the Defence Minister at the Federal Ministry of Defence in Abuja.
The legal dispute followed Musa’s appearance on Channels Television’s Politics Today on September 3, 2026, during which he discussed insecurity in Kaduna State and made allegations involving the former governor.
According to El-Rufai’s lawyers, the minister allegedly accused the former governor of deliberately planning the killing of people in Southern Kaduna and paying bandits.
The legal team also alleged that Musa claimed El-Rufai ordered the demolition of houses and used the demolitions to target political opponents.
El-Rufai’s legal representatives, Akpan Ubong Chambers, described the allegations as false and defamatory.
They argued that the statements portrayed their client as a criminal, murderer and sponsor of banditry, and demanded that the Defence Minister publicly withdraw the allegations and apologise.
In addition to the retraction and apology, the lawyers are seeking ₦10 billion in compensation for what they described as damage to El-Rufai’s reputation.
The legal team also rejected the claim that the former governor paid bandits, stressing that El-Rufai had consistently maintained that he would neither negotiate with nor pay bandits.
On the issue of demolitions carried out during El-Rufai’s tenure, his lawyers said the exercises were conducted in accordance with the law and were undertaken for public purposes.
They also dismissed allegations that El-Rufai’s administration divided Kaduna State along ethnic and religious lines, maintaining that his government pursued policies intended to promote unity and development across the state.
The lawyers further argued that the allegations against their client had not been tested or established in court and demanded strict proof of the claims.
Separately, members of El-Rufai’s family have called for the immediate withdrawal of the allegation that the former governor deliberately planned killings in Southern Kaduna.
In a statement issued on Monday and signed by Honourable Mohammed Bello El-Rufai on behalf of the family, the allegation was described as grave and unsubstantiated.
The family said no evidence had been presented to support the claim.
It acknowledged the Defence Minister’s right to express his views but said he should be prepared to provide credible evidence to substantiate such a serious allegation.
The family gave Musa seven days from the date of its statement to either produce evidence supporting the allegation or issue a full public retraction and apology through the same medium.
It warned that failure to comply would leave the family with no choice but to pursue all appropriate legal remedies available under the law.
Dangote Refinery has completed the endorsement of its IPO offer documents, paving the way for the launch of its $1.6 billion public share sale, which is expected to become Africa’s largest-ever initial public offering.
Aliko Dangote, who owns the 700,000 barrel-per-day (bpd) facility, led the sign-off ceremony in Lagos on Monday. The event was attended by advisers and other stakeholders involved in the pan-African offering, which aims to raise approximately N2.2 trillion from investors.
The refinery has set the minimum subscription at 10 ordinary shares, equivalent to N5,250, Mr Dangote announced at the ceremony.
Lagos-based Vetiva Advisory Services Limited is coordinating the capital-raising exercise.
The development comes after the Securities and Exchange Commission (SEC) approved the offering last week. A total of 4.1 billion shares will be available for subscription at N525 ($0.40) per share.
The IPO values Dangote Refinery at nearly $50 billion. Proceeds from the offering are expected to fund an expansion that would double the refinery’s current capacity from 700,000 barrels per day to 1.4 million barrels per day.
The facility occupies a 6,180-acre site on the outskirts of Lagos.
If successfully listed, the refinery’s shares could increase the market capitalisation of the Nigerian Exchange by more than one-third later this year.
The company is also considering a cross-border listing on the Johannesburg Stock Exchange, Africa’s largest stock exchange. It is further exploring potential listings in Egypt, Kenya, Ghana and Rwanda.
In July, Dangote Refinery raised $2.5 billion through a private placement involving institutional investors and high-net-worth individuals. The transaction was reportedly oversubscribed by 270 per cent.
Some investors who were unable to secure shares during the private placement could potentially participate in the public offering. Interest in the IPO had already grown significantly across Nigeria even before regulatory approval, prompting the SEC in June to halt marketing activities linked to the share sale.
The regulator’s decision followed reports that several retail investors, including people with limited knowledge of equity investing, had begun opening trading accounts in anticipation of the IPO.
Investor interest is also expanding among major institutional players. Abu Dhabi National Oil Company (ADNOC), according to Bloomberg, has reportedly opened discussions with Dangote Refinery about acquiring a stake.
Bloomberg, citing sources familiar with the matter, also reported that Dangote Refinery had received approaches from other major investors.
The Dangote Refinery IPO, scheduled to launch on 14 September, is expected to benefit from increased foreign portfolio investment following Nigeria’s return to frontier market status under FTSE Russell.
Nigeria had spent nearly three years under unclassified market status, a situation that discouraged some international investors from participating in the country’s capital market.
An IPO of this scale could also provide a blueprint for other large Nigerian companies seeking to become publicly listed businesses and gain greater access to capital market financing.
NNPC Limited, Nigeria’s state-owned energy company, has considered an IPO since 2021, following its transition to limited liability status. The company revived discussions around a potential listing last November.
For NNPC Limited, whose public image has faced criticism over transparency and the publication of its financial accounts, Dangote Refinery’s public offering could provide a useful example of how a major Nigerian company can approach a large-scale market listing.
Dangote Refinery, which began production in January 2024, has continued to strengthen its position in the international energy market.
In June, the refinery overtook the United States to become the largest external supplier of jet fuel to Europe, a position it reportedly maintained in July.
A devastating fire in Indonesia’s easternmost Papua region has killed 11 people, including six children, after flames swept through a market and nearby buildings on Monday.
The fire broke out shortly after midnight in Paniai, a town in Central Papua province, before rapidly spreading to several shophouses, according to local police spokesman Henry J. Manurung.
“During the inspection, officers found 11 victims who had died with burn injuries. Of the 11 victims, five of them were adults, while the other six were children,” Henry said in a statement.
The six children were between two and nine years old, he added.
The blaze lasted for more than three hours and destroyed at least 40 kiosks and houses. Firefighters deployed fire trucks and water cannons to contain the flames, but the tightly packed structures made the operation difficult.
“The intensity of the blaze and the fact that the houses and stalls were all packed tightly together made the firefighting process take quite a long time,” Henry said.
Authorities have launched an investigation to determine what caused the deadly fire.
Fatal fires are relatively common in Indonesia, where densely packed buildings and markets can make it difficult for emergency responders to control rapidly spreading flames.
In December, 22 people were killed when a fire engulfed a seven-storey office building in Central Jakarta. Police said a drone battery that exploded on the ground floor was the likely cause.
Earlier, in 2023, an explosion at a nickel-processing plant in eastern Indonesia killed at least 12 people.
The Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says demand for the government-backed student loan scheme has been “overwhelming”, as more Nigerian students seek financial support to continue their education.
Sawyerr disclosed this during an interview on Channels Television’s Sunday Politics, explaining that the scheme has provided crucial assistance to students who might otherwise struggle to remain in tertiary institutions.
“The demand has been overwhelming, because clearly a lot of people have struggled to get into these institutions,” he said. “They are hanging on by the skin of their teeth to stay in the institution, and this programme came as a rescue for them.”
According to the NELFUND chief, the organisation is currently assessing the rising demand and analysing disbursement figures to better understand the financial needs of the programme.
He revealed that NELFUND has so far disbursed ₦162 billion in upkeep allowances to students as the scheme continues to expand across public tertiary institutions.
Sawyerr said the programme is also beginning to influence competition among tertiary institutions because students now have greater financial flexibility when deciding where to pursue their education.
The NELFUND boss also rejected allegations that the fund gives preferential treatment to children of members of the All Progressives Congress (APC), describing the claim as “completely ridiculous”.
He explained that the application and disbursement process was designed “without bias”, political affiliation or other considerations, with beneficiaries selected based on established eligibility requirements.
On how NELFUND determines which students require assistance with their fees, Sawyerr said the organisation uses available information and established processes to assess applicants and determine eligibility.
He also referenced research indicating that the programme has helped reduce the rate of students dropping out of tertiary institutions, saying it has “reduced by 20 per cent.”
On repayment of the loans, Sawyerr said beneficiaries should not be subjected to excessive financial pressure, explaining that the repayment structure is designed around their capacity to repay.
He added that beneficiaries would become increasingly traceable as the repayment system is further developed.
The NELFUND chief also addressed President Bola Tinubu’s announcement that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled towards supporting the student loan programme.
According to Sawyerr, however, the recovered funds have not yet been received by NELFUND.
The student loan programme was established under the Student Loans Act, which President Bola Tinubu signed into law in April 2024.
The scheme provides interest-free financial support to eligible Nigerian students enrolled in public tertiary institutions.
It covers approved institutional charges as well as upkeep allowances, while repayment is scheduled to begin two years after beneficiaries complete the National Youth Service Corps (NYSC) programme.
The growing demand, according to NELFUND, highlights the financial challenges facing many Nigerian students and the increasing role of the student loan scheme in helping them remain in school.
At least five people have died after an Amazon cargo plane overshot a runway at Miami International Airport, crashed into several vehicles and caught fire shortly after landing on Sunday, officials said.
Miami-Dade County Fire Chief Ray Jadallah said three of the injured victims were taken to trauma centres “in critical condition”, while two others received treatment at a local hospital.
“The airplane did strike a couple of vehicles,” which left “a couple of victims that were actually trapped in the vehicles,” Jadallah said.
He added that rescuers carried out “A complex extrication with our technical rescue team”, alongside “including a search and rescue of the pilot and co-pilot that were trapped in this aircraft.”
Jadallah did not say whether the pilot or co-pilot survived, while officials declined to take further questions after providing brief updates.
The Boeing 767, operating as Prime Air Flight 7598, arrived from San Juan, Puerto Rico, at about 1:58 pm (1758 GMT) before overrunning the runway.
Footage from the scene showed thick smoke rising from the blue-and-white aircraft as emergency crews rushed to the airport.
Fire officials said the aircraft caught fire following the “crash”.
Jadallah said a large emergency response was deployed to deal with the incident.
“A total of 60 fire apparatuses arrived, just short, just shy of 200 men and women from Miami-Dade Fire Rescue, to begin the actual search and rescue and firefighting,” he said.
He said the investigation would determine what caused the accident.
“The actual cause of the incident will be determined by the FAA and the NTSB,” he added, referring to the Federal Aviation Administration and the National Transportation Safety Board.
Fire officials later said foam was used to put out a fire in the aircraft’s engine compartment.
“One person was trapped under one of the involved vehicles and had to be extricated by specialized technical rescue personnel. Specialized hazardous materials (HazMat) units safely shut down the aircraft’s engine and worked to control a fuel leak,” the statement said.
The National Transportation Safety Board (NTSB) confirmed that the B-767-300 cargo aircraft was travelling from San Juan, Puerto Rico, to Miami when the runway accident occurred.
The agency said it had “launched a go team to investigate Sunday’s runway excursion accident.”
Amazon spokesperson Kelly Nantel said the company would cooperate fully with the investigation.
“We’re heartbroken to learn that five people lost their lives in today’s incident at Miami International Airport. Our deepest sympathies go out to the families, loved ones, and all those affected by this devastating loss,” Nantel said.
Miami Sheriff Rosie Cordero-Stutz described the aftermath as a “really tragic scene” but said there was “no apparent threat to public safety.”
Following the crash, Miami International Airport temporarily closed all runways and taxiways.
Airport officials advised passengers to contact their airlines directly before travelling to the airport because of delays and cancellations caused by the incident.
After several hours of holding flights, the Miami Herald reported that two of the airport’s four runways had reopened later on Sunday.
Miami Mayor Daniella Levine Cava praised emergency responders for their swift intervention.
In a statement on X, she said “our fire rescue team was there within seconds of the crash, so we’re deeply grateful.”
The FAA and NTSB are expected to determine the circumstances surrounding the runway excursion and the subsequent collision with vehicles.
US President Donald Trump has suggested changing the name of the state of New Mexico to “New America”, extending a recent pattern of proposals to rename prominent places across the United States.
Trump made the suggestion on Sunday, prompting an immediate rejection from New Mexico Governor Michelle Lujan Grisham.
The proposal comes just days after Trump signed an order seeking to rename Lake Ontario as “Lake America” amid an ongoing trade dispute with Canada.
“Many people suggested changing the name of New Mexico… to NEW AMERICA,” the Republican president posted on social media. “So much more prestigious and beautiful for the people of that potentially incredible State. Wow, I Love It!!!”
The White House subsequently shared an image depicting the word “Mexico” crossed out in the state’s name and replaced with “America”.
Some US media reports suggested that the proposal may have originated from an internet hoax.
Governor Michelle Lujan Grisham dismissed the idea during an interview with Fox News, insisting that the state’s name was not open for discussion.
She said the name “isn’t up for debate it’s been ours since before the United States existed.”
The governor also accused Trump of attempting to “distract Americans” from pressing issues, including rising fuel prices.
Trump’s latest suggestion follows several other controversial attempts to alter geographical names.
Last week, Trump suggested changing the name of the Strait of Hormuz to “Trump Strait” as the conflict with Iran continues, although he later appeared to indicate that he was not being entirely serious about the proposal.
Trump renamed the Gulf of Mexico as the “Gulf of America” on his first day back in the White House in 2025, a move that Mexico rejected.
Canada has similarly opposed the attempt to rename Lake Ontario.
The proposal to rename New Mexico is therefore the latest in a series of naming initiatives by Trump that have generated political and international reactions.
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called on Nigerians to participate actively in the 2027 general elections and ensure their votes are protected from the polling unit through to the final declaration of results.
Obi made the appeal in a post on his official X handle after a series of engagements with party supporters, stakeholders and residents across Kogi, Benue and Enugu states.
The former Anambra State governor began the latest phase of his consultations in Olamaboro Local Government Area of Kogi State, where he met with party members and stakeholders alongside the NDC’s Kogi East Senatorial candidate, High Chief Peter Ameh.
During the meeting, discussions focused on some of the key challenges affecting Nigerians, including insecurity, healthcare, education, unemployment and poverty.
Obi urged his supporters to remain committed to the democratic process while taking responsibility for protecting their votes throughout the electoral process.
“We urged our supporters to remain dedicated to the democratic process, turn out in large numbers to vote, and, above all, safeguard and defend their votes from the polling unit through the final declaration of results,” Obi said.
The NDC presidential candidate also visited Otukpa in Ogbadibo Local Government Area of Benue State and Obollo Afor in Enugu State, where he engaged with residents and traders along the routes.
He said the issues raised during the various engagements were largely the same, with citizens calling for improved security, employment opportunities, functional hospitals and schools, and better economic opportunities.
“Across all these engagements, the concerns expressed by our people remain essentially the same. They seek security in their communities, meaningful employment opportunities for our youths, access to properly functioning hospitals and schools for their children, and the means and resources to lead decent, dignified lives
“These are not excessive demands. They represent the basic expectations citizens hold of a government dedicated to their welfare. As we move forward on this journey, our message remains unequivocal: Nigeria can succeed, and government can be made to serve its people,” Obi said.
Obi’s latest appeal comes days after he told supporters at a town hall meeting in Port Harcourt, Rivers State, that he was prepared to stand alongside Nigerians in protecting their votes during the 2027 election.
The former Anambra governor was responding to a supporter who said Nigerians were “ready to die” to defend their mandate.
“Don’t be intimidated. Somebody said, ‘We are ready to die.’
“Let me tell you, I’m equally ready to die. So you’re not alone.”
Obi also warned that there could be attempts to manipulate the electoral process but expressed confidence that Nigerians would be more prepared to prevent such efforts.
Obi is seeking the presidency for the second consecutive election cycle after contesting the 2023 presidential election under the Labour Party.
He finished third in the 2023 election with 6,101,533 votes, behind Atiku Abubakar of the Peoples Democratic Party, who secured 6,984,520 votes, and Bola Tinubu of the All Progressives Congress, who won with 8,794,726 votes.
Obi and the Labour Party challenged the outcome in court, alleging electoral irregularities. However, the Presidential Election Petitions Tribunal dismissed the petition in September 2023, while the Supreme Court later upheld Tinubu’s victory.
Ahead of the 2027 election, opposition parties and politicians have intensified efforts to build alliances and realign politically.
Obi has since moved to the NDC, which unveiled him as its presidential candidate in May. He is contesting alongside former Kano State governor Rabiu Kwankwaso, who is his running mate.
Atiku Abubakar, another major opposition contender, is the presidential candidate of the African Democratic Congress (ADC), with former Rivers State governor Rotimi Amaechi as his running mate.
President Bola Tinubu is also seeking another term in office.
According to the timetable released by the Independent National Electoral Commission (INEC), the 2027 general elections will commence on January 16, 2027, with the presidential and National Assembly elections.
The final register of voters is expected to be released on January 11, while political campaigns are scheduled to end on February 18. A possible presidential runoff is scheduled for February 28, with governorship and State Assembly elections expected to hold on March 6, 2027.
The Dangote Petroleum Refinery is taking a historic step into Nigeria’s capital market today, Monday, September 7, as the company signs documents for its Initial Public Offering (IPO).
The ceremony, scheduled for 11am in Lagos, marks a major milestone in the journey of Africa’s largest refinery from a privately owned industrial project to a publicly held company.
But beyond the ceremony, the IPO is significant for what it could mean for Nigeria’s capital market, energy security, industrial financing and the future ownership of one of the country’s most strategic assets.
A landmark capital-market transaction
The Securities and Exchange Commission has approved the offer of 4.1 billion ordinary shares at ₦525 per share.
If fully subscribed, the offer would raise approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates. Reuters describes the transaction as Africa’s largest-ever share sale.
The public offer is expected to open on September 14, following today’s signing ceremony.
This is important because the figures surrounding the IPO have evolved considerably.
Earlier plans pointed to the refinery raising as much as $5 billion through the sale of up to 10% of the business, based on a targeted valuation of around $50 billion. The latest regulatory structure, however, represents a substantially smaller initial share sale, while the company’s reported valuation is now around $47 billion.
That distinction matters: the refinery may be valued at tens of billions of dollars, but the amount being offered to the public initially is about $1.6 billion.
Why the valuation is attracting attention
The proposed valuation places the Dangote Refinery among the most valuable corporate assets in Africa.
The refinery was built at a reported cost of about $20 billion and has a nameplate capacity of 650,000 barrels per day. Reuters reports that the facility reached full capacity in February 2026 and has tested production as high as 700,000 barrels per day.
The valuation therefore reflects not simply the physical infrastructure, but expectations about the refinery’s future cash flows, export potential and strategic position in Africa’s petroleum-products market.
The critical question for investors will be whether the refinery can consistently convert its enormous processing capacity into sustainable revenue and profits.
That will depend on several factors: crude supply, operating efficiency, global oil and refined-product prices, domestic fuel demand, export markets, foreign-exchange conditions and the regulatory environment.
Why investors are watching closely
The Dangote Refinery is not a conventional industrial company. It sits at the centre of Nigeria’s energy economy.
For years, Nigeria depended heavily on imported refined petroleum products despite being one of Africa’s largest crude-oil producers. The Dangote refinery was designed to change that equation by processing crude domestically and supplying products including petrol, diesel and aviation fuel.
Its expansion into export markets also gives the business a potentially much larger addressable market than Nigeria alone.
The refinery has already begun supplying petroleum products beyond Nigeria, strengthening its position as a regional refining and trading hub.
For investors, this creates the possibility of exposure to an energy business with both domestic and international revenue opportunities.
The expansion story
Perhaps one of the most important questions surrounding the IPO is what Dangote intends to do with the capital raised.
The group has said it plans to expand the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day. Reuters reports that the IPO is connected to this broader expansion strategy.
If achieved, the expansion would transform the facility into an even larger refining operation and potentially strengthen Nigeria’s position as a major supplier of refined petroleum products to Africa.
That makes the IPO more than an ownership transaction.
It could become a mechanism for financing the next phase of Nigeria’s largest privately owned energy infrastructure project.
What does this mean for ordinary Nigerians?
For the average Nigerian, the biggest question is not necessarily how much the refinery is worth. It is whether the company’s growth will translate into tangible economic benefits.
A larger and more efficient domestic refining industry could reduce Nigeria’s exposure to imported petroleum products and some of the foreign-exchange pressures associated with imports.
It could also support local employment, logistics, shipping, engineering, financial services and other businesses connected to the petroleum-products value chain.
But investors and consumers should distinguish between a successful IPO and cheaper petrol. The listing itself does not guarantee lower pump prices.
Fuel prices will continue to depend on crude-oil prices, exchange rates, refining costs, taxes, transportation, distribution margins and market conditions.
A major test for Nigeria’s capital market
The IPO is also a test of how much capital Nigeria’s domestic market can mobilise for large-scale businesses.
The proposed ₦2.15 trillion offer is several times larger than many previous Nigerian equity offerings.
It could therefore broaden participation in the refinery’s ownership and deepen the country’s equity market.
For the Nigerian Exchange, the transaction could also demonstrate that the market is capable of supporting mega-sized listings capable of attracting institutional and potentially international investors.
The deal could create a benchmark for other large Nigerian companies considering public listings.
But there are risks
The size and strategic importance of the refinery do not eliminate investment risks.
The most obvious is valuation.
Analysts will have to determine whether a valuation approaching $47 billion is justified by the refinery’s expected earnings and cash flows. Reuters reports that some analysts have questioned the valuation when compared with established international refiners.
There are also operational risks.
Running a 650,000-barrel-per-day refinery at high utilisation requires reliable crude supplies, infrastructure and technical performance.
There is also the question of crude supply.
Nigeria remains a major crude producer, but production has historically been affected by theft, pipeline problems, insecurity and underinvestment. For a refinery of Dangote’s scale, securing sufficient crude at competitive prices is critical.
The company is therefore not insulated from the wider challenges confronting Nigeria’s oil industry.
Why today’s signing matters
Today’s ceremony is therefore more than a corporate event. It represents the transition of one of Africa’s most ambitious private-sector projects into a potentially widely owned public company.
The refinery began as a roughly $20 billion industrial project. It is now being taken to the capital market with a valuation reported around $47 billion and a public offer that could raise approximately ₦2.15 trillion.
If successfully completed, the transaction will give Nigerian and other investors an opportunity to own part of an asset that has become central to the country’s energy-security ambitions.
It could also mark a new phase for Dangote Group — moving from financing and building the refinery to unlocking its value through public ownership while raising capital for further expansion.
Dangote Petroleum Refinery is set to take a major step towards public ownership today, Monday, September 7, with the signing of documents for its Initial Public Offering (IPO).
The signing ceremony is scheduled for 11am at Eko Hotels, Lagos, as Africa’s biggest industrial project moves closer to becoming a publicly traded company.
The refinery, founded by Africa’s richest man, Aliko Dangote, is targeting a valuation of about $50 billion and plans to offer up to a 10% stake, potentially raising around $5 billion.
The Securities and Exchange Commission (SEC) has approved the IPO, which involves the offer of 4.1 billion ordinary shares at ₦525 per share. If fully subscribed, the offer could raise approximately ₦2.15 trillion.
The SEC has also registered the refinery’s existing 120.13 billion ordinary shares as part of the IPO process.
With a capacity of 650,000 barrels per day, the Dangote Refinery has become a major player in Nigeria’s petroleum market, helping to reduce the country’s dependence on imported refined petroleum products.
Today’s signing marks another significant milestone in the refinery’s journey and could rank among the largest capital-market transactions in Nigeria’s history.
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