Business
Nigerian-American Chamber of Commerce To Inaugurate 20th President & Executive Council, Unveils Bold Economic Agenda
The Nigerian-American Chamber of Commerce (NACC) has announced April 12, 2025, as the date for the Presidential Inauguration Dinner & Awards Night at Lagos Continental Hotel, Victoria Island, in honour of Alhaji Sheriff Balogun.
This announcement was made recently at a press conference held at Adna Hotel, GRA, Ikeja, Lagos.
In his welcome remarks, Dr. Ikenna Nwosu, Chairman of the Inauguration Planning Committee, outlined the core objectives of the event, followed by an inspiring opening address from Alhaji Balogun.
The president emphasised the Chamber’s rich legacy as a pillar of excellence in fostering trade relations and economic development.
He also highlighted his personal dedication to advancing economic growth through strategic initiatives, citing his successful organisation of the Annual NACC SME Conference when he was Chair of the Kaduna State Chapter of NACC, which attracted major investors and secured substantial funding agreements.
While addressing the media, Alhaji Balogun unveiled a 10-point strategic agenda aimed at driving economic transformation.
The agenda includes SME development and training, an export focus group, financing opportunities, enhanced member engagement, and geographical crop identification.
Other key areas include synergy between the chapters and headquarters, alignment with national strategies, chapter expansion, business incubator and accelerator programmes, and trade missions and expos.
Deputy President, Ehi Braimah, emphasised the need for stakeholder support, stressing the importance of inducting new members to strengthen the Chamber’s membership.
National Treasurer, Mr. Tobi Oduyale, highlighted the significance of expanding income channels and attracting foreign exchange to sustain the Chamber’s financial strength.
Acting Director General, Ms. Wofai Samuel, acknowledged the media’s role in promoting NACC’s vision and called for increased media and stakeholder support in celebrating visionary leadership across both private and public sectors.
The presidential inauguration dinner and awards night also marks NACC’s 65th anniversary and promises to be a groundbreaking celebration, where distinguished Nigerian and American business leaders across private, public, and social enterprise sectors will be honoured for their contributions to economic development.
“The 65th Anniversary Celebration of the Nigerian-American Chamber of Commerce will be nothing short of a trailblazing, trend-setting, and statement-making event,” Dr. Nwosu declared.
This prestigious event will also mark the unveiling of NACC’s new headquarters building, a 3D model showcasing an architectural multistorey masterpiece, which is clearly a testament to the Chamber’s sustainable growth and long-term vision.
As the chamber embarks on this new chapter, its unwavering commitment to economic prosperity, innovation, and strategic partnerships will continue to drive growth and investment for its members and the broader business community.
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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