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Femi Otedola’s Winning Streak

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When billionaire businessman, Femi Otedola, announced that he would be quitting the oil and gas sector by selling of his shares in Forte Oil in June 2019,   many business analysts saw this as a wrong move.

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Reason: they could not fathom why he should quit the business that made him a household name and a business phenomenal in Africa’s business sector.

But those who know the brainy business mogul very well did not doubt his ability, shrewdness and brilliance.

This group of people maintained that he still had the magic with which he turned around the moribund African Petroleum, AP, which he rechristened Forte Oil.

Besides, they insisted that Otedola must have thought it out.

As predicted, Otedola, who is blessed with proven magic wand, successfully re-jigged the company from its former declining state to a flourishing  one that became a brand to beat in the sector.

Indeed, barely a year after he diversified into the power business, he has proved his critics wrong.

Evidence that  he still possesses the Midas Touch,  and that his muse has not left him, his N64.3bn investment in the energy sector, Geregu  Power Plant, is already giving his rival a sleepless night is that the  company is not only yielding good investment it has  changed the energy sector for good.

As a son of a former Lagos State governor, the late Sir Michael Otedola, providence has been magnanimous enough to him.

So, many would argue that his paths were already laced with roses because of his background.

But what many do not know is that he himself had sowed with sweats. In other words, the foundation of his business empire was laid with sweat, determination and hard work.

Of course, you cannot rule out the divine grace in his life.

Many years after he floated his business, he resolved to pursue his dream on a global stage.

Though it looked an impossible task, he was determined to pursue his ambition of ruling the world with unwavering doggedness.

Today, the company is not only recognised around the world, but the Lagos State- born  has been listed as one of the richest on the continent of Africa.

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Tinubu to Open Niger Delta Economic Summit in Port Harcourt

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Tinubu

Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth

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Dangote Refinery Sets ₦525 Share Price for Landmark IPO

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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.

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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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Glo @23: Staff Unite for a Memorable Sports Celebration

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Glo marks its 23rd anniversary with a lively staff sports fiesta in Lagos, featuring football, games, prizes and celebrations centred on teamwork (more…)

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