Aliko Dangote

By Usman Abdullahi Koli

Something extraordinary is unfolding on the Nigerian Exchange. A refinery that accumulated nearly two billion dollars in losses during its first two years of commercial operation is now inviting Nigerians to own a piece of the largest single-train industrial complex on the African continent for the price of a modest family grocery run. That is not charity. It is one of the most ambitious attempts to broaden ownership of a strategic Nigerian industrial asset.

Consider what is on the table. Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of ten shares, or ₦5,250. If fully subscribed, the offer raises about ₦2.15 trillion, or $1.63 billion. The company is targeting up to ten million retail investors. Aliko Dangote, who currently controls 87.27 per cent of the company, would retain about 84.34 per cent after a fully subscribed offer. This is not simply a founder cashing out. The refinery is issuing new shares, with proceeds earmarked for growth capital, including the first tranche of a $14.27 billion programme to double refining capacity from 700,000 barrels per day to 1.4 million by 2029.

The financial turnaround behind the offer is striking. The refinery lost about $1.51 billion in 2024 and another $475.8 million in 2025. In the first half of 2026, however, it reported profit after tax of $1.82 billion on revenue of $13.91 billion. Utilisation rose to an average of 83.6 per cent, reaching 700,000 barrels per day in June. Gross refining margins also rose sharply. This is a genuine operational turnaround, not something that should be dismissed simply because the company is now seeking public money. The refinery is also creating strategic value beyond its balance sheet. It is processing Nigerian crude that was previously exported while Nigeria imported refined products at a premium. It has exported jet fuel to international markets and now supplies more than 80 per cent of Nigeria’s domestic petrol demand. Its emergence has altered the country’s position in the regional fuel market and given Nigeria an industrial asset with global relevance.

But the arithmetic demands clear eyes. At ₦525 per share, the offer implies a valuation of roughly ₦65.22 trillion, or about $47.8 billion at the prospectus exchange rate. Some analysts have argued that the valuation is difficult to defend against global refining peers, with one analysis placing fair value considerably below the offer price. That does not make the IPO a bad investment. It means investors are being asked to pay for substantial future performance, not merely today’s earnings. The private placement immediately before the public offer deserves similar scrutiny. Between late June and late July 2026, the refinery sold about three billion ordinary shares to institutional investors at $0.35 per share, raising $2.5 billion. The placement was reportedly oversubscribed. The public offer price was roughly $0.40 per share. There can be legitimate reasons for differences between private and public pricing, including market access, structure and timing. Still, the gap is material enough for a retail investor to ask why institutions with greater negotiating power and access to due diligence paid less.

Debt adds another layer. Total indebtedness stood at $5.67 billion as of June 30, 2026, although net debt to EBITDA was a relatively modest 0.27 times. More important is the expansion bill. The IPO covers only a fraction of the $14.27 billion required to double capacity. The balance will have to come from internal cash flows, debt and potentially additional equity. For an investor buying today, future capital raises therefore matter because they could dilute existing holdings. Taxation is another under-discussed risk. The refinery currently benefits from its free-zone status, although its effective tax rate in the first half was 13.6 per cent. The prospectus indicates that domestic-market profits may become fully taxable from January 2028. If the business moves towards a higher blended tax burden, earnings could fall, and the already demanding valuation would become harder to justify.

Another question is whether the exceptional refining environment of 2026 can last. Geopolitical conflicts have disrupted refining capacity and lifted margins, creating unusually favourable conditions for producers with available capacity. The refinery itself acknowledges that some of its recent performance has benefited from these market disruptions. Investors should therefore distinguish between current profitability and sustainable profitability. A business can be excellent while its current earnings are temporarily exceptional. Yet the most consequential feature of this transaction may not be its valuation. It is its potential effect on the Nigerian capital market. Nigeria now has a much larger population of digitally connected retail investors, and the Dangote offer is deliberately designed to reach them through banks, fintech platforms, mobile money operators and other approved channels. The minimum entry point of ₦5,250 makes ownership accessible to people who could never contemplate buying into a strategic industrial asset through a conventional private placement. The offer opens on September 14 and closes on October 13, with listing expected later in the year.

If it succeeds, the implications could extend far beyond Dangote. It would demonstrate that Nigerian capital markets can mobilise substantial domestic savings for industrial expansion while giving ordinary citizens a stake in productive assets. Other African industrialists would notice. A successful transaction could encourage more companies to consider public ownership rather than keeping strategic assets concentrated among a few investors. But public participation must not be confused with informed investment. The communication around the offer has been powerful, but storytelling is not the same as financial education. The official IPO platform itself warns investors that shares can fall as well as rise and urges them to read the prospectus and seek professional advice where necessary. That warning matters because a ₦5,250 minimum does not make the underlying investment risk-free.

The Saudi Aramco IPO offers a useful comparison. Saudi Arabia successfully mobilised millions of retail investors when it listed a portion of its national oil company in 2019. But the comparison has limits. Aramco entered the market with a long-established earnings record and extraordinary profitability. Dangote Refinery’s transformation is impressive, but its current profitability has a much shorter history. Investors should therefore admire the industrial achievement without allowing admiration to substitute for valuation analysis. It also offers a broader lesson for corporate communication. Every campaign for a transaction of this magnitude should explain not only what investors might gain but what they could lose. The prospectus contains the losses, debt, tax changes, expansion requirements and other risks. The challenge is ensuring that the millions of people being targeted actually understand them. A 25-year-old fintech user in Lagos and a 60-year-old retiree in Kaduna do not necessarily need the same message or the same educational channel.

None of this diminishes the offer’s significance. Dangote deserves credit for attempting to place public ownership at the centre of an African industrial story of this scale. Nigeria has spent decades watching natural resources generate wealth without creating enough broad-based ownership of productive assets. Giving citizens an opportunity to own part of the infrastructure processing the country’s crude is economically meaningful and potentially transformative. But participation is not the same as investment. The person who buys ten shares with money he cannot afford to lose is not making a sound investment simply because the entry price is low. The young professional who borrows to subscribe because he expects the shares to double immediately after listing is not investing on analysis. He is speculating on a narrative.

Another question deserves attention: what happens if the offer is not fully subscribed? The answer should not be treated as a referendum on Dangote’s industrial achievement. Retail investors may simply conclude that the price is too high or that the risks are not adequately compensated. A partial subscription could alter the pace or financing mix of the expansion, but it could also demonstrate something healthy about the market: investors are capable of saying no when the numbers do not convince them. A capital market should reward good businesses without suspending price discipline. Dangote has also spoken about eventually listing the refinery in the United States after expansion. If that happens, the Nigerian retail investor could ultimately own a stake in a company with much wider international visibility. That possibility adds to the long-term attraction, but it should remain a future prospect rather than part of today’s investment case. Investors should buy the business that exists and the prospects reasonably supported by evidence, not a future valuation that may or may not materialise.

The real significance of this IPO is therefore bigger than whether Dangote’s share price rises after listing. It tests whether Nigerians can move from being consumers of large industrial businesses to becoming owners of them. That transition requires more than access. It requires confidence in institutions, credible disclosure, investor education and a market willing to reward both ambition and prudence. If those conditions hold, the Dangote offer could become a landmark in Nigeria’s financial history. If they do not, the country will learn an equally important lesson about the difference between popular participation and responsible ownership. Nigeria needs disciplined participation now. The Securities and Exchange Commission must supervise the market after approval, enforce disclosure rules and guard against manipulation. The Nigerian Exchange must ensure that retail investors receive timely information. The government should resist turning the offer into a political slogan. And investors themselves must accept the responsibility that comes with ownership: read the prospectus, understand the business, assess the price and invest only what they can afford to leave exposed to market risk.

The subscription window opens on September 14 and closes on October 13. Millions of Nigerians will decide whether to buy a stake in one of the country’s most consequential industrial projects. They deserve more than a sales pitch. They deserve to know what they are buying, what they are risking and what assumptions must hold for the investment to work. Dangote has built something extraordinary and has opened the door for Nigerians to own a piece of it. That deserves recognition. But the ₦5,250 question is not simply whether Nigerians can afford to enter. It is whether, at ₦525 a share, the opportunity is worth the risk. That is the question every serious investor should answer before pressing the subscribe button.

Usman Abdullahi Koli wrote via mernoukoli@gmail.com. 

By Hadiza Abdulkadir

The Dangote Refinery Initial Public Offering (IPO) has been declared Shariah-compliant following a Shariah screening exercise conducted by Qistal.

Prof. AbdurRazaq AbdulMajeed Alaro, one of the scholars involved in the assessment, said the screening examined the refinery’s compliance with Shariah standards, including its business activities and income sources.

According to Prof. Alaro, the assessment found that the Dangote Refinery IPO shares are currently Shariah-compliant. However, he stressed that Shariah screening is not a one-time exercise and that subsequent reviews will be conducted periodically to ensure continued compliance.

The announcement provides guidance for Muslim investors seeking to determine whether investing in the refinery’s shares aligns with Islamic investment principles.

By Ahmed Musa Husaini

I’m genuinely fascinated by the Aliko Dangote Skills Acquisition Center in Kano, not just because of how well-equipped it is, but also because of the quality and relevance of the courses it offers.

That center alone has the potential to, in the medium term, send 2,000 skilled Kano artisans to the European market every year. If this was the only thing Aliko Dangote ever did for Kano, I’d say he has paid his dues.

Jobs like electricians, welders, mechanics, plumbers, carpenters, scaffolders, excavator operators, bricklayers, fitters, solar installers, HVAC technicians, and instrumentation mechanics are in very high demand across Europe. And this isn’t a temporary trend – it’s structural – driven by aging populations and declining birth rates. That means the demand for these skilled workers is here to stay.

Currently, Europe faces an estimated shortage of about 5 million skilled artisans, with an additional 400,000 replacement jobs opening up every year due to retirements. In the UK alone, 10,500 new electricians are needed annually just to maintain the current workforce, yet only about 7,500 apprentices are produced, leaving a huge gap.

Countries like Germany and the Netherlands offer expedited visa pathways for skilled workers in these high-demand occupations, with competitive salaries often at par with mid-level professionals, in addition to strong labor protections and social security systems.

Many countries in the Global South are already positioning their citizens to take advantage of these opportunities. In 2024, Kenya signed a comprehensive migration and mobility partnership with Germany, creating legal pathways for skilled Kenyan workers. That same year, Senegal signed its skills partnership with Germany, and Tunisia followed with the Africa Skills for Germany (AS4G) program. Earlier this year, India signed a mobility pact aimed at aligning its national qualifications with European standards, enabling mutual recognition of apprenticeship certifications.

Back home, Nigeria is also part of the Global Skills Program in construction, designed to address labor shortages in Nigeria and Germany through a partnership involving the Nigeria College of Practical Skills Enugu, the International Center for Migration Policy and Development, and private firms from Germany and Austria.

Which brings me back to the Dangote Center.

As impressive as the facility is, I believe the biggest mistake Dangote made was handing over its management to the state government. Governments, especially in Nigeria, are notoriously poor at running institutions like this. At the outset, Dangote had pledged to hire expatriates to run the center and ensure its operations and curriculum remained globally competitive. It is obvious that the pledge never quite materialized.

Going forward, Dangote should take back management of the center through the Aliko Dangote Foundation, or hand it over to a competent private operator. It would be a tragedy of historic proportions if a facility with this much potential is allowed to waste.

Just imagine the impact: 2,000 highly skilled Kano-born artisans working in Europe, each earning  €35,000-€50,000 annually. The cumulative long-term impacts of the remittances alone would transform Kano’s economy, in addition to the new ventures, diaspora connections, and cultural exchanges that would follow. Now imagine scaling that number year after year for the next decade.

That’s not just a skills center, it has the potential to be Kano’s most important incubator of wealth if properly run.

By Sabiu Abdullahi

The Independent Corrupt Practices and Other Related Offences Commission has confirmed the receipt of a petition filed by the Chairman of Dangote Group, Alhaji Aliko Dangote, against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Alhaji Farouk Ahmed.

In a media release issued on Tuesday, December 16, 2025, by the Commission’s spokesperson, John Okor Odey, the anti-graft agency disclosed that the petition was formally submitted through Dangote’s legal representative.

The Commission stated, “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to confirm that it received a formal petition today Tuesday 16th December, 2025 from Alhaji Aliko Dangote through his lawyer. The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed.”

The ICPC assured the public that the allegations contained in the petition would be subjected to due process.

According to the statement, “The ICPC wishes to state that the petition will be duly investigated.”

The confirmation follows recent public attention generated by allegations made by Dangote against the leadership of the NMDPRA, which have sparked debates and reactions across the country.

By Sabiu Abdullahi

The Chairman of Dangote Group, Aliko Dangote, has filed a petition against the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ahmed Farouk, before the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The petition, dated December 16 and submitted through Dangote’s lawyer, Ogwu Onoja, SAN, urged the ICPC to arrest, investigate and prosecute the NMDPRA chief over allegations of corruption and living far above his lawful income as a public officer.

The document, which was received by the office of the ICPC Chairman, Musa Aliyu, SAN, alleged that Farouk spent more than seven million dollars on the education of his four children in Switzerland. The petition claimed that the fees were allegedly paid upfront for a six-month period without any legitimate source of income to justify such spending.

“That Engr Farouk Ahmed has grossly abused his office contrary to the extant provisions of the Code of Conduct for Public Officers and, in doing enmeshed himself in monumental corruption and unlawful spending of Public funds running into millions of dollars.

“That Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over 7million dollars of Public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition read.

Dangote listed the names of the four children, the Swiss schools they attend and the amounts allegedly paid on their behalf, stating that the details would enable the ICPC to verify the claims.

He further accused Farouk of using the NMDPRA as a tool to divert and embezzle public funds for personal benefit and private interests. Dangote said such actions had triggered public outrage and led to recent protests by different groups.

According to the businessman, Farouk has spent his entire adult working life in public service and could not, based on his legitimate earnings, have amassed funds close to the alleged seven million dollars used to sponsor his children’s education abroad.

By Khalid Imam

Today, it is undeniable that only a handful of Nigerian workers’ unions genuinely care about or operate in the overall interest of their collective members without brazenly exploiting (or, if you like, say, robbing) their loyal members, who pay through their skin all union dues monthly, year in and year out. The leadership of these seemingly monopolistic and rigid unions often lives flamboyantly, like kings, in the public glare at the expense of their poorly paid or oppressed members. Mostly, we only hear the phrase “injury to one, injury to all” as a slogan, drummed up by greedy leadership when it fits their vested interests, not those of dutiful Nigerian workers. 

For instance, I have been paying NUT/ASSU dues nonstop for over 20 years now without any appreciable benefits – no workshops, nothing. Despite formally withdrawing my membership, along with other colleagues, our deductions continue to this day by the said self-serving unions, which have been overseeing the collapse of the education system for decades. This lack of freedom to associate or not, plus serious issues of accountability, raises many questions about unions’ purpose and continued relevance in the fast-changing world and strategic economic competitions and innovations we are witnessing, as Nigerians, in other sane nations now strategising to lead in industrialisation, investment, technology, and science, especially in artificial intelligence and artificial super intelligence.

One may ask: Are unions advocating for their members’ rights and welfare, or are they simply enriching only the vultures parading as their leaders? The answers to these questions are evident. Now more than ever before, Nigeria requires a radical systemic overhaul of the whole labour union system and operation, to ensure even unions and the country are rescued from the hawks called labour union leaders, if indeed the unions are to serve their foundation purposes – protecting members’ welfare, etc and helping to develop our betrayed and badly raped country, not enriching insatiable individuals living extravagantly unchecked.

Without genuine reform, unions like those fighting the Dangote Refinery now may continue to hold the entire country hostage. Patriotic Nigerian unionists must wake up from their docility to fight to save our unions. Subjecting all labour unions to public scrutiny should be our collective duty as citizens. Now, if any union with strategic responsibility fails to innovate, it should not blame anyone when it risks losing credibility and relevance in the scheme of things.

We must resist any attempt by any union to insist that Nigeria must live in the past, or Nigerians will continue to suffer in long queues buying fuel at a high cost. The world is fast-changing and innovating; the earlier our so-called labour unions wake up to these realities, the better. Change can’t wait for anyone, and Nigeria must reform to develop.

My sincere advice to serious investors like Dangote is that they should refrain from engaging in verbal battles or heated exchanges with PENGASSAN, etc., and instead focus on effectively mitigating their excesses by boldly advocating for a comprehensive overhaul of trade union laws in the country. There is no harm in pushing for new legislative bills or fighting hard in courtrooms to silence corrupt union leaders shouting about workers’ rights to join unions, all in the pretence of saving Nigerian workers from enslavement. Who is enslaving employees in the real sense: the oligarchy that hijacked the unions or employers striving to create more jobs for our teeming jobless youths while contributing billions to our national treasury? Aren’t most domestic union leaders, in some cases, in the forefront of enslaving Nigerian workers by living lavish lives with their union’s funds?

Yes, let there be unions, but not exploitative and monopolistic ones. I repeat, let there be unions, but not ones that block the country from progressive developments and innovative transformations, like the one we have witnessed with the arrival of the Dangote Refinery. Flexible labour union laws are the water and fertilisers Nigeria needs now. The Dangote refinery represents a significant step forward not only for Nigeria’s economic growth and development but also for Africa as a whole. Unions should support such initiatives rather than hindering them with outdated and rigid labour market laws.

At a time in the US President Trump, was and still woos American tech giant investors like the owner of Facebook to the White House to discuss the future of America, as a Nigerian with Nigeria first in my heart, I urge my President, Asiwaju Bola Ahmed Tinubu, to act as a strategic leader he has been since his days as governor of Lagos state. The President, more than any other person, now has an onerous duty not to allow unionists to prostrate national heroes like Dangote.

PBAT must, in the overall interest of present and future generations of Nigerians, wade in to champion flexible labour union market reforms. This is the best time, presenting him with a rare opportunity to put Nigeria first and attract numerous patriotic investments, not just from visionaries like Dangote, but from both domestic and international investors. Clinging to outdated and rigid labour laws is detrimental to our economy both now and in the future.

The flexibility of labour laws in countries like Germany and China has contributed to their economic stability and China’s soaring dominance amidst global competition. Nigeria should draw valuable lessons from these nations rather than adhering to outdated British-style labour laws that have hindered the UK’s economy from soaring like an eagle.

Finally, I invite all patriotic Nigerians to reject exploitative and monopolistic unions. Dangote is a national asset! His refinery is also a national asset. Dangote, too, must put Nigeria first, always. We have a duty to protect both Dangote and his refinery from vultures who have held our country captive for decades. May God bless Nigeria, Dangote, and his Refinery. Amin.

Imam is a Kano-based published writer of over two dozen books, a teacher, and an Art Administrator. He can be reached via email at khalidimam2002@gmail.com.

By Muhammad Usman

Markets do not exist in isolation; they rely on trust, fair competition, and robust institutions. When corruption remains unchecked, the market becomes skewed in favour of a select few, and ordinary individuals bear the consequences. 

Over the decades, Nigeria has experienced corruption at different levels, from the military era to democratic governments. This article examines corruption under different administrations and how it has affected various sectors of the economy, benefiting elites like MKO Abiola, Aliko Dangote, Mike Adenuga, and other politically connected businessmen.

Under General Ibrahim Badamasi Babangida (IBB), Nigeria’s oil and gas industry, which should have been a national blessing, became a tool for personal enrichment. Instead of promoting a competitive and transparent market, Babangida awarded oil licenses to individuals and companies with close government ties.

A clear example is Mike Adenuga’s rise, who received an oil block from Babangida’s government. This preferential treatment enabled him to build a substantial business empire, including Conoil, while smaller enterprises lacking political connections were excluded. Likewise, Aliko Dangote, who later became Africa’s richest man, gained immensely from government-backed monopolies and exclusive importation rights.

During the first Gulf War (1990–1991), Nigeria earned an estimated $12.4 billion in oil revenue, which was never accounted for. The Pius Okigbo Panel (1994) revealed that these funds were squandered on questionable projects and private accounts instead of being used for national development. Ordinary Nigerians saw no benefit from this windfall, facing rising inflation and economic hardship, while a few became extraordinarily wealthy.

One of Babangida’s most significant economic policies was the 1986 Structural Adjustment Program (SAP). While it was meant to liberalize the economy, it favored those with government connections. Under SAP, state-owned enterprises were privatized, but instead of an open and competitive process, these businesses were sold at giveaway prices to Babangida’s allies.

For example, MKO Abiola, a wealthy businessman and close associate of the regime, gained immensely from these privatisation deals. Meanwhile, ordinary Nigerians suffered as the naira was massively devalued (that’s the beginning of the naira devaluation) that continues to haunt us to this day.

Babangida’s government also enabled massive corruption in public contracts. One infamous case was the $150 million Ajaokuta Steel project, which was riddled with mismanagement and corruption. Similarly, when Babangida moved Nigeria’s capital from Lagos to Abuja in 1991, many development contracts were inflated or abandoned, yet payments were made to political allies.

Furthermore, consider the power sector scandal during Olusegun Obasanjo’s administration, in which over $16 billion was allocated to electricity projects with little to show for it. Examine the Halliburton bribery case from that period, where Nigerian officials allegedly received $180 million in bribes from foreign contractors in exchange for lucrative government contracts. Despite the overwhelming evidence, many individuals implicated were never prosecuted.

During this period (Obasanjo), Aliko Dangote’s business empire expanded rapidly, as he received exclusive waivers and importation rights. While many businesses struggled with high tariffs, Dangote was given government-backed monopolies in cement, sugar, and flour, ensuring that competitors could not challenge his dominance. 

Muhammad Sani Usman writes from Zaria and can be contacted at muhdusman1999@gmail.com.

By Anwar Usman

Kano state governor Abba Kabir Yusuf has promised to complete all abandoned projects at the Aliko Dangote University of Science and Technology Wudil.

The governor who made the promise when he paid an unplanned visit to the university on Sunday, directed the Commissioners for Works, Land and Higher Education to immediately commence the process of construction of Senate building and completion of ongoing projects on Wudil Campus.

This was revealed in a statement issued by the Deputy Registrar, Information and Public Relations, Abdullahi Datti Abdullahi on Monday.

“Giving much emphasis on the need to have a befitting Senate building, the Visitor to the university decried the non-existence of such a structure in the university despite being established about 25 years ago,” he said.

The statement read in part “other projects earmarked for the university include among others, staff quarters and additional students hostels, with a view to reducing daily shuttling to and fro Kano.

Yusuf was quoted saying “Abandoned projects such as the old Faculty of Engineering, Information and Communication Centre, and drainage are also going to be tackled soon”.

Meanwhile, the Governor who visited both male and female students hostels assured them of improved welfare especially in the areas of water and electricity supply.

While expressing his personal affection to the university, Yusuf said henceforth, special attention would be accorded the institution to enable it to rub shoulders with its peers in Nigeria.

On his part, the Vice Chancellor of the university, Professor Musa Yakasai appreciated the state government’s intervention in the past one year, urging for more government’s presence in the university.

The Vice Chancellor had during the visit, led Yusuf and his entourage on a Campus tour where he visited the land earmarked for Campus expansion and construction of Senate building, Faculty of Science, Faculty of Engineering, Entrepreneurship Development Centre, students hostels, Convocation Square and Wudil Commercial Secondary School.

The governor was accompanied by Deputy Governor and Commissioner for Higher Education, Aminu Abdussalam Gwarzo, Commissioners, Special Advisers, politicians and top government officials among others.