Business
Cross River Partners Innoson to Launch Assembly Plant at Tinapa
Cross River Innoson assembly plant to create jobs, train youths, and boost industrialisation with CNG vehicles and tyre production at Tinapa Resort
The Cross River State government has unveiled plans to collaborate with Innoson Vehicle Manufacturing Company on setting up an automobile assembly plant at Tinapa.
Also read: UK Investment in Africa Surges as Nigeria Attracts New Business Amid US Trade Decline
Awatt Caleb, Special Adviser to Governor Bassey Otu on Local Content, confirmed the development following a strategic meeting with Innoson Group Chairman, Dr Innocent Chukwuma, in Nnewi.
“This partnership will transform the local economy by training youths and driving investment,” Caleb stated.
The state has offered land at the Tinapa Business and Leisure Resort for the project. Innoson intends to produce Compressed Natural Gas (CNG) vehicles, electric cars, and tyres through a rubber value chain.
In addition to vehicle production, the initiative includes agro-industrial projects and a broader focus on youth empowerment. Caleb highlighted that these efforts are in line with Governor Otu’s “People First” agenda.
To complement this move, the state also plans to organise a Local Content Summit aimed at attracting diaspora investors and professionals.
Also read: Oando Clean Energy, Cross River State, Sign MoU on Renewable Energy Infrastructure
The upcoming summit is expected to support economic revival and further promote sustainable industrialisation in Cross River State.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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.
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)