Business/Finance
Dangote to List All Group Companies, Promises Dollar Dividends
President of Dangote Group, Aliko Dangote, has disclosed plans to list all companies under the Dangote Group on the stock market, saying the move will allow Nigerians and other Africans to own stakes in the businesses.
Dangote made the disclosure while discussing the ongoing initial public offering of Dangote Petroleum Refinery in an interview with Al Jazeera uploaded on Monday.
According to the billionaire businessman, the refinery’s IPO is not primarily aimed at raising funds but at creating wealth by giving ordinary people an opportunity to become shareholders in the business.
Dangote said the public offering was designed to enable people from different income groups, including workers and members of the public, to participate in the ownership of the refinery.
He said the initiative was intended to replicate the ownership model common in developed economies, where successful businesses eventually invite members of the public to acquire stakes and benefit from their growth.
“The IPO we are doing is not that we want to raise money. It is purely we want the poor people, people like my driver, my cook, your driver, your cook, yourself, your wife, your kids to have piece of action.
We want to see how do we create wealth,” Dangote said.
He explained that after building and establishing a successful business, the owners could invite other people to participate in its ownership rather than retaining the entire investment within the original ownership structure.
“The same way, what we are actually trying to do, we are trying to do exactly what’s going on in America and other parts of the Western world, where now you go, when you create a business, you incubate a business, you create it, it turned out to be a great business because you have a great idea.
“And now, instead of you to keep that money alone to yourself, you are now inviting other people to come and now join you. And you grow together,” he added.
All Dangote companies to be listed
Dangote said the plan would not be limited to the refinery, stressing that every company operated by the Dangote Group would eventually be listed on the stock market.
He said the group was expanding across different sectors and expected its fertiliser business to become the world’s largest urea producer by 2028.
“The whole thing is that the group is having different sorts of segments of the business. Like by 2028, we will be the biggest urea company in the world,” he said.
“Every single company now that we are operating will end up listing it to make sure that the society at large are part owners of all these investments, be it fertiliser, be it, you know, even smaller ones, we’ll list them.”
According to Dangote, the planned listings would also strengthen corporate governance across the group as the businesses transition towards broader ownership and more formal management structures.
He said the group was now focusing on building professional management structures alongside its businesses.
“It wasn’t like the way that we did things before. Right now, we’re building our own management ahead of building the businesses,” he said.
Dangote further said the planned public ownership structure would extend beyond Nigeria, giving people across Africa an opportunity to participate in the businesses.
“It’s a milestone for Africa, not Nigerians.
Africans, you’ll be surprised, everybody will participate,” he said.
Dangote promises dollar dividends
The Dangote Group president also said investors in the refinery would receive their dividends in US dollars.
He explained that the refinery generates its income in dollars, which would enable the company to pay shareholders dividends in the same currency.
“And that’s why our dividend, because 100% of our income is in dollars. And that’s why we’ll pay people in dollars. You collect your dividend in dollars,” Dangote said.
He said the refinery listing would take the Nigerian capital market to “a totally different level” by broadening participation in the ownership of one of the country’s largest industrial investments.
Refinery expands petrochemical operations
Beyond refining petroleum products, Dangote disclosed that the refinery was expanding its petrochemical operations, including plans to manufacture linear alkyl benzene, a major raw material used in the production of detergents.
He said the facility would produce 400,000 tonnes of linear alkyl benzene as part of its expanding petrochemical operations.
Describing the refinery, Dangote said, “This is the most advanced refinery on earth.
This is the lowest-cost refinery on earth.”
IPO investors to see nine-month financial figures
Dangote also disclosed that investors would have access to the refinery’s nine-month financial figures before the IPO closes on October 10.
He explained that the refinery underwent planned repairs in January and February, which affected its operations during the period.
According to him, the financial figures covering the subsequent period would reflect an improvement in the refinery’s performance.
The planned IPO represents a major step in the Dangote Group’s stated strategy of broadening ownership of its businesses through the Nigerian capital market, with the group expected to gradually take more of its companies to the stock exchange.
Business/Finance
Apapa Customs Generates N302bn Revenue in October, Records 7.13% Growth
The Nigeria Customs Service (NCS), Apapa Area Command, has generated N302bn in revenue in October 2026, representing an increase of N20bn compared with the N282bn collected in September.
The command’s Public Relations Officer, Isah Sulaiman, disclosed this in a statement on Thursday, noting that the October collection represented a month-on-month growth of approximately 7.13 per cent.
“The Apapa Area Command generated N302bn in October 2026, representing an increase of N20bn over the N282bn recorded in September 2026. This represents a month-on-month growth of approximately 7.13 per cent,” Sulaiman said.
He described the performance as another significant revenue achievement, noting that the command had surpassed the N300bn threshold following its record-breaking collection of over N323bn in July 2026.
He said the consignments were jointly examined with relevant sister agencies, demonstrating the command’s commitment to preventing the use of Nigeria’s maritime gateway for illicit trade and safeguarding public health and national security.
The Customs Area Controller reiterated that the command would continue to strengthen revenue generation, intensify enforcement operations and build stronger partnerships with stakeholders to improve port efficiency.
He maintained that the command would sustain a balanced approach that protects government revenue and national security while creating an enabling environment for legitimate trade and economic growth.
Business/Finance
Reps Invite CBN Governor Cardoso Over Unpaid Pension Arrears
The House of Representatives has resolved to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to explain alleged breaches of pension agreements and the non-payment of outstanding benefits to retired employees of the apex bank.
The resolution followed the adoption of a motion on Tuesday titled, “Need to investigate the Central Bank of Nigeria for alleged breach of approved pension agreements, non-implementation of harmonisation policy and exclusion of pensioners from general pension increases.”
The motion was moved by the member representing Igabi Federal Constituency of Kaduna State, Hussaini Jallo, who raised concerns over the alleged failure of the CBN to honour agreements governing the pension entitlements and welfare of its retired employees.
Presenting the motion, Jallo said the alleged non-implementation and faulty execution of the pension harmonisation policy might have created disparities in pension payments and led to the accumulation of unpaid arrears, leaving affected retirees in financial hardship.
He expressed concern that pensioners who depend on their retirement benefits for their livelihood were being denied entitlements allegedly due to them.
“The House is concerned that the alleged non-implementation and faulty execution of the harmonisation policy may have led to disparities in pension benefits and the accumulation of unpaid arrears, ultimately denying rightful entitlements and imposing severe financial hardship on affected pensioners who depend on these funds for their livelihood,” he said.
The lawmaker also questioned allegations that some retired CBN employees had been excluded from general pension increases because of additional or extra-statutory demands that might not align with existing laws, binding agreements or approved pension policies.
Jallo further disclosed that the number of CBN pensioners had dropped from 5,104 in 2011 to approximately 3,000, representing a decline of more than 2,100 retirees.
He said the figures indicated an average reduction of about 140 pensioners annually, warning that the mortality rate could increase as the surviving retirees continued to advance in age.
According to him, prolonged delays in the payment of pension benefits could expose elderly and vulnerable pensioners to poverty, ill health and avoidable loss of life.
He maintained that Nigerians who had served the country deserved fairness, transparency and the prompt payment of all benefits lawfully due to them.
“The House acknowledges the need for legislative oversight to establish the facts, determine the extent of any breaches or administrative failures, and ensure that all eligible pensioners receive their lawful entitlements,” Jallo said.
The motion received overwhelming support from lawmakers during a voice vote conducted at plenary presided over by the Speaker, Tajudeen Abbas.
Following its adoption, the House urged the CBN and other relevant authorities to verify and pay all outstanding pension arrears lawfully due to affected retirees within a reasonable and clearly defined period.
It also called for the extension of applicable general pension increases to eligible pensioners in accordance with relevant laws.
The lawmakers subsequently invited Cardoso and other relevant officials, alongside pension administrators, regulators and representatives of the affected pensioners, to appear before the House and provide explanations.
They are also expected to submit relevant documents to assist the investigation.
The House mandated its Committee on Pension to investigate allegations of non-compliance by the CBN with contractual agreements governing the administration and payment of retirement benefits to its former employees.
The committee is expected to examine the terms and obligations contained in the agreements, particularly the circumstances surrounding the non-implementation of the harmonisation policy, the reasons for the delay and the total amount of outstanding arrears.
It will also investigate the alleged exclusion of eligible pensioners from general pension increases on the basis of extra-statutory demands and determine whether such actions comply with applicable laws, contractual obligations and approved pension policies.
As part of its assignment, the committee will review relevant documents, including contractual agreements, policy circulars, payment records and actuarial reports, to establish responsibility for any administrative failures or breaches.
It is also expected to recommend appropriate corrective measures, including the non-discriminatory extension of applicable general pension increases to all eligible retirees in line with relevant laws and approved policies.
Business/Finance
EFCC Recovers N114m From Cyber Fraud Suspect, Returns Money to Microfinance Bank
The Economic and Financial Crimes Commission (EFCC) has recovered and returned N114 million stolen from a microfinance bank through a cyber fraud scheme.
The commission disclosed this in a post on its official X handle on Friday, stating that the recovered funds were handed over to the financial institution on Thursday.
According to the EFCC, the Acting Zonal Director of its Benin Zonal Directorate, Deputy Commander Sa’ad Hanafi Sa’ad, presented a bank draft worth N114 million to a senior official of the bank, Samuel Ikechukwu.
The recovery followed a petition filed by Ikechukwu in August 2024, after the financial institution discovered that one of its customers’ accounts had been fraudulently hacked and funds withdrawn without authorisation.
The recovery followed a petition filed by Ikechukwu in August 2024, after the financial institution discovered that one of its customers’ accounts had been fraudulently hacked and funds withdrawn without authorisation.
The commission said its investigators traced the stolen money to several suspects, leading to the arrest of one of them, identified as Obumneme Bright.
It added that N114 million was recovered from Bright following his arrest and subsequently returned to the affected financial institution.
The EFCC, however, disclosed that efforts were ongoing to track down and apprehend other suspects allegedly connected to the cyber fraud.
The recovery highlights the commission’s ongoing efforts to investigate financial crimes, recover illicit funds and return stolen assets to their rightful owners.
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