Business
Wale Tinubu wows at Afreximbank 2022
MR. ADEWALE TINUBU
The Group Chief Executive, Oando Plc., Mr Adewale Tinubu, on Thursday in Cairo, Egypt, addressed the ongoing meeting of the African Export-Import Bank, Afreximbank, where he spoke on “Catalyzing the Economic Transformation Power of Sub-Sovereigns in the AfCFTA Era.”
Tinubu spoke on the need to support the growth of small and medium-sized enterprises within the framework of the African Free Trade Agreement, an initiative of the African Export-Import Bank, aimed at accelerating the process of diversifying African trade.
Oando Plc., is a gold sponsor of this year’s Afreximbank meeting.
More than 3,000 high-level banking, governmental, and international personalities are participating in the meeting, organized by the Central Bank of Egypt in cooperation with Afreximbank.
In the audience were central bank governors, African heads of government and ministers, and representatives of international and regional organizations led by the United Nations, the African Union, the World Bank, and the International Monetary Fund, among others.
The four-day meeting included the holding of 30 plenary and main sessions, in addition to two exhibitions on the main programmes and initiatives to diversify the African trade for better results.
Blessed with persuasive language, Tinubu does not give public speeches everyday, but the dexterity with which he delivered his address showed his great grasp of development in international business and trade..
The Oando boss was able to wow the audience by his presentation that also showed that the continent of Africa does not lack talents who can hold their heads high anywhere in the world.
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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