Category: Markets & Finance

LAGOS, Nigeria (NPA) — President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has commended the leadership of Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market and positioning the Exchange for greater participation.

Dangote made the commendation on Monday at the Facts Behind the Offer presentation and Opening Gong ceremony for the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, held at the Nigerian Exchange in Lagos.

Reflecting on his tenure as President of the Exchange, Dangote recalled his efforts to mobilise stakeholders towards repositioning the institution as a world-class exchange.

He credited NGX Group Chairman, Alhaji Umaru Kwairanga, and the Group Managing Director and Chief Executive Officer, Temi Popoola, with advancing that vision.

“I must thank the Exchange, led by its Group Chairman, Kwairanga, who I think I must thank for not disappointing us. And we have the very capable Temi Popoola, a truly exceptional and level-headed leader,” Dangote said.

He described Kwairanga and Popoola as “two great guys” behind what he called the transformation of the Exchange.

“I never thought this exchange would be at this level in 2026,” he added.

The Dangote Refinery IPO is expected to deepen the connection between a major Nigerian enterprise and the domestic capital market while creating an opportunity for broader ownership of the company.

Marketed as an “IPO for the People”, the offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer opened on September 14, 2026, and is scheduled to close on October 13, 2026. It is expected to raise approximately N2.15 trillion and is open to retail, institutional and eligible African investors.

Speaking on the significance of the offer, Popoola said the refinery IPO represented an important development for Nigeria’s capital market beyond the size of the transaction.

“The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents: a capital market where more Nigerians can participate in the value created by the country’s most important businesses,” he said.

Popoola said NGX Group had spent the past three years developing infrastructure aimed at expanding access to investment opportunities.

He said NGX Invest now connects the offer to more than 100 distribution channels covering stockbrokers, banks, fintechs and other financial institutions.

“Through API-based connectivity, we are taking investment opportunities closer to the platforms and channels that people already use,” he said.

According to him, the approach would help create what he described as an “ownership economy”, in which Nigerian businesses could access long-term capital while more Nigerians have opportunities to participate in their growth.

“This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth,” Popoola said.

He said NGX Group would continue to strengthen market infrastructure and investor access while supporting further large-scale capital raises in Nigeria and across the continent.

“At NGX Group, we will continue strengthening market infrastructure and investor access as we support further large-scale capital raises across Nigeria and the continent,” he added.

LAGOS, Nigeria (NPA) — The Nigerian Exchange (NGX) recorded a marginal gain on Wednesday, with the benchmark All-Share Index (ASI) rising by 0.04 per cent to close at 244,912.24 points, as renewed investor interest in selected stocks lifted the equities market.

The market performance also pushed the Equity Market Capitalisation higher to ₦158.33 trillion, according to the NGX Daily Market Snapshot released on Wednesday.

Despite the positive performance in equities, the fixed income and Exchange Traded Products (ETPs) segments closed lower during the trading session.

The Fixed Income Market Capitalisation declined by 0.05 per cent to ₦56.70 trillion, while the ETPs Market Capitalisation slipped by 0.16 per cent to ₦67.89 billion.

Market activity showed investors maintaining cautious optimism, with buying interest concentrated in selected insurance and consumer goods stocks.

Linkage Assurance Plc emerged as the day’s best-performing stock, appreciating by 9.94 per cent to close at ₦1.77 per share.

It was followed by AVA Plc, which gained 9.55 per cent to settle at ₦10.90, while FGI Plc advanced 7.69 per cent to close at ₦2.80 per share.

Also, among the top gainers were McNichols Plc, which appreciated by 7.34 per cent to ₦5.85, and Coronation Plc, which rose 5.51 per cent to close at ₦2.49 per share.

According to market analysts, the modest appreciation in the equities market reflected renewed investor confidence in selected counters, particularly within the insurance and consumer goods sectors.

They, however, noted that investors in the fixed income market remained cautious, contributing to the slight decline recorded in that segment.

The mixed performance across the various asset classes underscores the cautious sentiment among investors as they continue to monitor market fundamentals and emerging economic developments.

LAGOS, Nigeria (NPA) — Access Bank Plc has unveiled a vehicle financing initiative aimed at making car ownership more affordable and accessible for individuals, small businesses and corporate organisations across Nigeria.

The initiative, tagged Access Auto Fest, is being implemented in partnership with leading automobile distributors, including CFAO, CIG Motors, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion.

Speaking at the launch in Lagos, Executive Director of Corporate and Investment Banking at Access Bank, Iyabo Soji-Okusanya, said the programme was designed to remove financial barriers that prevent many Nigerians from owning vehicles.

According to her, mobility remains a key driver of productivity, commerce and economic participation.

“At Access Bank, we see mobility as more than transportation. It is productivity, commerce, inclusion and economic participation,” she said.

“This conviction is the foundation of Access Auto Fest and our broader vehicle asset financing initiative. Our proposition is simple and powerful: convert aspiration into ownership.”

Soji-Okusanya disclosed that customers can access financing of up to 90 per cent of a vehicle’s value with a minimum equity contribution of 10 per cent.

She added that credit decisions would be delivered within 72 hours through a fully digital application process.

The bank said the platform allows customers to select either new or certified pre-owned vehicles, secure financing and complete the purchase process seamlessly.

Group Head of Access Bank Mobility, Ishmael Nwokocha, said the initiative was developed to bring together vehicle buyers, dealers, financiers, insurers and relevant government agencies on a single platform.

He noted that successful applicants would receive their vehicles and documentation within 72 hours after meeting the required conditions.

According to Nwokocha, the scheme caters to individuals, Small and Medium Enterprises (SMEs) and corporate organisations, including businesses seeking fleet acquisition solutions.

Also speaking, Head of Retail Banking at Access Bank, Olumide Olatunji, said the programme is available nationwide and is designed to simplify vehicle ownership for both individuals and businesses.

Managing Director of CIG Motors, Eniola Olutimilehin, described the partnership as a major step towards making vehicle ownership easier, faster and more affordable for Nigerians.

Representatives of CFAO, Elizade, Kewalram Chanrai Group, Mikano Motors Division and Stallion also highlighted the benefits of the initiative to vehicle buyers and the wider automotive industry.

Responding to questions from journalists, Group Head, Products and Segments at Access Bank, Chizoba Iheme, said the financing scheme covers both new and certified pre-owned vehicles.

She added that customers experiencing repayment difficulties would have access to loan restructuring options.

Iheme noted that the programme is open to individuals, SMEs, schools, hospitals and corporate organisations requiring vehicles for operational purposes.

LAGOS, Nigeria (Agency Report) — The African Export-Import Bank (Afreximbank) has invested approximately $83 billion in Nigeria since its establishment, with a significant portion of the funding channelled into projects in Lagos, as the state strengthens its position as a leading hub for trade, investment, and industrialisation in Africa.

The disclosure was made at the Invest Lagos 3.0 Summit held in Lagos, where government officials, investors, development finance institutions, and business leaders explored opportunities for economic growth under the African Continental Free Trade Area (AfCFTA).

Speaking at the summit, the Executive Vice-President of Afreximbank, Kanayo Awani, said the bank remains committed to supporting investments that drive industrialisation and economic transformation across the continent.

Awani, who was represented by Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, said Lagos has emerged as a strategic gateway to African markets.

According to her, the bank’s decision to support initiatives aimed at expanding trade and investment opportunities in Lagos was straightforward given the state’s economic importance.

“We did not need to think twice,” she said.

Awani noted that Afreximbank has invested heavily in industrial parks and special economic zones across Africa to reduce barriers to investment through the provision of critical infrastructure, including roads, power, and transport networks.

She cited projects in Benin Republic and Gabon as examples of how targeted industrial investments can boost local value addition, stimulate manufacturing, and create employment opportunities.

“Lagos is in that position of a gateway to Africa,” she said.

The Afreximbank executive also highlighted the bank’s support for the Dangote Refinery project, describing it as a demonstration of the transformative impact of investment-led industrial development.

A major highlight of the summit was the announcement that Lagos will host the next Intra-African Trade Fair (IATF), one of the continent’s largest trade and investment events.

The Secretary-General of AfCFTA, Wamkele Mene, described Lagos as a critical centre for commerce and industrialisation on the continent.

“Lagos is indeed the gateway to the African market,” Mene said.

He disclosed that 50 African countries are currently implementing the AfCFTA framework, while intra-African trade has grown to approximately $230 billion.

According to him, Nigeria now exports more goods to African markets than to any other region of the world, reflecting the growing benefits of continental economic integration.

Mene said the forthcoming trade fair is expected to attract major investment commitments and commercial transactions from across Africa and beyond.

Also speaking at the summit, Commonwealth Secretary-General Shirley Botchwey said global investors increasingly prioritise markets that offer stability, talent, trust, and long-term growth prospects.

“That is why Lagos matters,” she said.

Botchwey described Lagos as a commercial powerhouse, logistics hub, and cultural centre that exemplifies Africa’s economic potential.

She urged governments and businesses to convert emerging opportunities into jobs, infrastructure development, innovation, and inclusive economic growth.

“Lagos is not simply a city of potential. It is a city of proof,” she added.

Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, said Lagos remains Nigeria’s foremost aviation gateway, accounting for about 67 per cent of international passenger traffic into the country.

According to him, the state’s strategic location positions it as a natural aviation hub connecting Africa with Europe, the Middle East, and South America.

Keyamo disclosed that the Federal Government is investing $500 million in the modernisation of the Murtala Muhammed International Airport, Lagos.

He also revealed plans to extend a rail line to the airport in collaboration with the Lagos State Government to improve connectivity and ease passenger movement.

“Lagos is just ready for the next big step,” the minister said.

Stakeholders at the summit agreed that Lagos remains central to Nigeria’s economic future and is well-positioned to deepen regional trade, attract global capital, and strengthen its role as one of Africa’s leading business and investment destinations.