Business
BILLIONAIRE BUSINESSMAN, HARRY AYOADE AKANDE’S SIMPLICTY
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in warm embrace of fame
for many decades.
Beyond his famed status as a successful businessman, he has also
remained very relevant owing to his uncommon brilliance, a quality that
has endeared him to many across the globe.
The Agbaoye of Ibadan, who set out to pursue his dreams quite early in
life, had served as a business advisor and consultant to many other
businessmen, including governments of several nations.
Interestingly, in spite of his intimidating curriculum vitae, the
Forbes- rated billionaire comes across as humility personified. Society
Watch gathered that the philanthropist displayed his sense of simplicity
weeks back at an event. Apart from his simple dress, many were
pleasantly surprised to see him shake hands, hug and even take
photographs with journalists and a number of guests on the occasion.
His philanthropy is out this world. Little wonder, his homes in Nigeria
and abroad are always a beehive of activities. The former presidential
candidate of All Nigeria People’s Party (ANPP) obtained his MBA from
the America’s top business school, North Western University’s J L
Kellogg School of Management on, following his graduation in 1967 from
Hampton University with a B.Sc in Accounts and Finance with the highest
honours.
He returned to Nigeria in 1971 after working as a financial consultant
with KPMG Peak Marwick and Standard Oil in the USA. Thereafter, he
registered his first company, International Corporation, which he later
renamed AIC Limited.
The billionaire later became the first president of NAFTEC (New Africa
and Technical Electrical Company), which is the representative company
of General Electric (GE) of America.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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