Business
Delta State Governor Oborevwori Congratulates Julius Rone At 51
Delta State Governor, Rt. Hon. Sheriff Oborevwori, has extended heartfelt felicitations to the Managing Director and Chief Executive Officer of UTM FLNG Limited, Mr. Julius Rone, OFR, as he marks his 51st birth anniversary on June 25.
Governor Oborevwori in a statement issued in Asaba by his Chief Press Secretary, Sir Festus Ahon, described Mr Julius Rone, fondly known as “The Gas King,” as a proud son of Delta State who has played a vital role in the growth and advancement of the state and Nigeria through his strategic investments in the oil and gas industry, as well as other sectors of the economy.
He called on other indigenous entrepreneurs to emulate Rone’s strategic investments and commitment to Delta and Nigeria’s economy, noting that his contributions remain a source of pride and inspiration.
Oborevwori, said: “On behalf of my family, the Government, and the people of Delta State, I extend warm congratulations to my brother and friend, Mr. Julius Rone, OFR, on the occasion of his 51st birthday.
“Through diligence, resilience, and unwavering determination, you pioneered the establishment of UTM FLNG Limited, Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility, a groundbreaking achievement for our nation.
“I join your family, friends, and associates in celebrating your life of excellence, service, and patriotic devotion.
“It is my sincere prayer that you will continue to flourish in your business endeavours and enjoy sound health and many more years of impactful service to humanity and God.”
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.
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