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Dangote Refinery's IPO draws ₦5.85 trillion of bids against a ₦2.15 trillion target, Nairametrics reports

Dangote Petroleum Refinery's initial public offering drew about ₦5.85 trillion of applications for 11.15 billion shares, against 4.1 billion shares offered and a ₦2.15 trillion target, according to subscription data reported by Nairametrics. The scale of demand, much of it from a few large investors, now passes to an allotment that will decide how much the refinery raises and how its shareholder base looks.

Dataminal Research2 min read
Companies

Corporate moves: Alternative Bank names Gul Khan chief executive and MTN Nigeria adds five directors

Alternative Bank, Sterling Financial Holdings' non-interest bank, has appointed former I&M Bank Kenya chief executive Gul Khan as managing director, and MTN Nigeria is adding five directors, including two former Etisalat Nigeria executives. Several listed companies also filed board changes with the Nigerian Exchange, showing boards reshaping after the banking recapitalisation and ahead of the new year.

Dataminal Research2 min read
Companies

Dangote Cement halts its planned London listing, citing market conditions and strategic priorities

Dangote Cement and its majority shareholder, Dangote Industries, will not go ahead with a secondary listing and share sale on the London Stock Exchange for now, the company told the Nigerian Exchange on 10 November. The decision puts on hold one of the most closely watched attempts by a Nigerian company to reach international equity investors.

Dataminal Research2 min read
Companies

Access Holdings weighs selling at least one foreign subsidiary to meet the CBN's 10% cap

Access Holdings' chairman told Bloomberg the group could exit at least one underperforming foreign market as it cuts Access Bank's investment in overseas subsidiaries from 19.4% of shareholders' funds to the CBN's 10% limit. The move shows how the cap is reshaping the foreign expansion of Nigeria's largest banking groups.

Dataminal Research2 min read
Companies

NAHCO's nine-month profit rises 19.2% to ₦16.04 billion as cargo handling grows

Nigerian Aviation Handling Company grew revenue 16.51% to ₦55.64 billion and profit after tax 19.2% to ₦16.04 billion in the nine months to September 2026, according to accounts reported by ThisDay and Leadership. Cargo handling was the fastest-growing core business, though rising costs narrowed the gross margin.

Dataminal Research2 min read
Companies

Deals this week: IFC lends $50 million to the Bank of Industry, Afreximbank backs NEXIM and Raenest buys a UK payments firm

Development finance led the week's deals, with the IFC lending $50 million to the Bank of Industry, Afreximbank approving $30 million for NEXIM and British International Investment lending $7 million to Okra for rural solar. In the private market, Raenest bought UK payments firm Remitise, Futureview took a 10.45% stake in Zichis Agro-Allied, and Champion Breweries won an option to buy three Bature craft beer brands.

Dataminal Research3 min read