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Ecozone investments poised for banner 2026, says Peza

The Philippine Economic Zone Authority (Peza) is confident that investment approvals could reach a new high in 2026, having already secured nearly three-fourths of its P300-billion full-year target with four months to spare.

At its current pace, the investment promotion agency could surpass the record P312 billion in investment approvals registered in 2012, according to Peza Director General Tereso Panga.

‘That will allow us to reach the highest [investment approvals] based on our historical performance,’ Panga said, pointing to the agency’s performance as of August.

Peza had approved P216.46 billion worth of investments in the first eight months, equivalent to 72.16 percent of its full-year target.

Breaking the P312-billion record would bring investment approvals back to levels last seen during what Panga had described as Peza’s ‘heydays’ under the administration of President Benigno ‘Noynoy’Aquino III.

From 2011 to 2015, the agency approved an average of about P290 billion in investments annually.

Panga is drawing confidence partly from big-ticket projects already in Peza’s investment pipeline.

The agency is also seeing heightened interest from foreign investors in Philippine ecozones, where qualified enterprises can avail themselves of fiscal and nonfiscal incentives, including income tax holidays and duty-free importation of capital equipment and raw materials.

‘We’re getting a lot of heightened interest, because this time, not only are investors coming from China, there’s also from Taiwan,’ Panga said. ‘We see also some movements from companies putting up redundancies in the Philippines out of Vietnam.’

Panga said investments from Japan were likewise ‘bouncing back.’

Japan was Peza’s largest source of foreign investment pledges in 2025, accounting for P32.6 billion out of the P107.06 billion committed by overseas investors that year.

As of August this year, Peza identified the Netherlands, South Korea, Singapore and Taiwan among its biggest foreign sources of investments.

‘Probably it’s because of restored confidence in the Philippines,’ Panga said, pointing to Japan’s participation in the Luzon Economic Corridor, which began as a trilateral initiative among the Philippines, Japan and the United States before expanding to include more international partners.

Manufacturing will also be crucial to Peza’s bid for a banner year, Panga said.

Atiku seeks accountability for subsidy savings, oil revenues

Former Vice President Atiku Abubakar has called on the Federal Government to provide full accountability for revenues, savings and deductions accruing since the removal of fuel subsidy, as Nigerians contend with petrol selling for as much as N1,470 per litre.

Speaking on Monday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said subsidy removal was presented to Nigerians as a policy that would free resources for education, healthcare, infrastructure and other essential services.

Nearly three and a half years later, he said, citizens are facing high fuel prices and deserve a clear explanation of how the proceeds have been applied.

‘Petrol at N1,470 per litre is not merely a figure at the filling station. It enters the price of transportation, food, school runs, farming, manufacturing and virtually everything Nigerians buy. Every increase at the pump travels directly into the household budget.

‘After all the sacrifices made by Nigerians, they have a right to ask: where are the subsidy savings and how have they been applied?’ he said.

Atiku referenced official Federation Account Allocation Committee (FAAC) records, noting that in June 2025, gross Federation Account revenue was reported at N4.232 trillion, while N1.818 trillion was distributed, with substantial amounts categorised as cost of collection, transfers, interventions, refunds and savings.

The presidential candidate of the African Democratic Congress (ADC) called for a comprehensive reconciliation of Federation Account revenues from 2023 to date, detailing gross collections, all deductions made before distribution, the statutory basis for each deduction, the receiving accounts and the ultimate application.

‘Nigerians deserve accounts they can interrogate and understand, not accounting labels that discourage questions,’ he said.

The former Vice President also urged full disclosure on the Renewed Hope Infrastructure Development Fund, OML 143, oil-production revenues, NNPC’s international LNG trading operations, and other oil-related revenue flows, to allow for independent verification.

‘Every barrel can be measured, every cargo identified and every legitimate payment traced. Publish the records and allow independent forensic auditors to reconcile them. Transparent records will provide clarity,’ he said.

Atiku also questioned the impact of global crude prices on domestic pump prices.

He noted that with crude oil around $102.52 per barrel, petrol is selling for as much as N1,470 per litre in Nigeria, compared to 2008, when crude reached about $147 per barrel and petrol sold for N65 per litre under the Yar’Adua administration.

He said economic policy must ultimately protect citizens’ welfare.

He further compared domestic fuel costs to those in the United States, where petrol is about $4.31 per gallon, roughly $1.14 per litre, while the U.S. federal minimum wage is $7.25 per hour, compared to Nigeria’s N70,000 monthly minimum wage.

Atiku said that after the hardship associated with subsidy removal, Nigerians are entitled to a detailed account of how savings and oil revenues have been managed.

‘With petrol at N1,470 per litre, Nigerians are asking legitimate questions: where are the savings, where are the revenues, and how have they been utilised for the benefit of the people?’ he said.

Group targets 90 percent of Ondo votes for Tinubu, APC

Ahead of the 2027 general elections, the BTO4PBAT27 Support Group has set a target of securing 90 per cent of votes in Ondo State for President Bola Ahmed Tinubu, while mobilising support for all duly nominated candidates of the All Progressives Congress (APC).

The group said the target would be pursued through sustained grassroots mobilisation, voter engagement, reconciliation and the deployment of its political structures across the 18 local government areas of the state.

In a statement signed by its Director-General of the group, Adesuyi Adojutelegan, the group said its objective was to consolidate the gains of the Tinubu administration’s Renewed Hope Agenda and strengthen the APC at the grassroots ahead of the elections.

Adojutelegan said the 90 per cent target was not intended as mere political rhetoric, but as a benchmark for measuring its mobilisation efforts before and during the elections.

According to him, achieving the target would require effective organisation at the community, ward and polling-unit levels, as well as sustained engagement with voters and other stakeholders.

‘President Bola Ahmed Tinubu deserves our full support for a renewed mandate, and every duly nominated APC candidate in Ondo State will receive the committed support of our political structure,’ he said.

Adojutelegan said the mobilisation strategy would bring together youths, women, traders, artisans, professionals, community leaders and other stakeholders, with emphasis on expanding the party’s grassroots reach and translating political support into votes.

He maintained that the strategy would cover the presidential, National Assembly and State House of Assembly elections, stressing that its structures would work towards ensuring victory for the party’s entire ticket.

He said its political philosophy was inspired by the leadership and grassroots approach of the Minister of Interior, Hon. Olubunmi Tunji-Ojo, popularly known as BTO, adding that political strength should be measured by service, organisation, unity and measurable electoral results.

He however, pledged to support all candidates eventually nominated by the APC, regardless of individual interests, saying there would be no ‘politics of selective loyalty’ after the party’s nomination process.

‘Our message across Ondo State will remain consistent: one party, one mission and one collective responsibility to deliver victory,’ it said.

He expressed confidence that a united APC would retain its electoral strength in the state, describing its 90 per cent target as the standard against which its mobilisation campaign would be assessed.

‘From the grassroots to the ballot box, BTO4PBAT27 is ready. For President Tinubu, we will mobilise.

‘For every APC candidate, we will work. For Ondo State, we will organise. For 2027, our mandate is total victory,’ he said

Ogun Exco okays new roads, hospitals, power investment, MSME Agency

Ogun State Executive Council has approved a fresh package of infrastructure and economic development projects, including new road constructions, two general hospitals, a power-generation investment and establishment of an agency to drive the growth of micro, small and medium-sized enterprises (MSMEs).

The decisions, approved at the weekend, further reinforce the administration’s drive to expand infrastructure, strengthen health care delivery, support businesses and provide the energy required to sustain Ogun’s rapidly growing industrial economy.

Briefing reporters on the outcome of the Exco meeting yesterday, the Special Adviser to the Governor on Information and Strategy, Kayode Akinmade, said the Council approved the reconstruction of the 4.87-kilometre Siun Junction-Iperu Junction Road, linking Obafemi Owode and Ikenne local government areas.

It also approved the reconstruction of the 4.87-kilometre Simawa-Lukosi/Ogijo Road in Sagamu Local Government.

Akinmade said the Council further approved variations for the reconstruction of the Sango-Ota-Ijoko-Agbado-Oke-Aro-Akute Road (Phase I) in Ifo Local Government Area and the 69.2-kilometre Abeokuta-Abule Egba Road.

He said the projects would improve connectivity, ease the movement of people and goods and open up more opportunities for economic activities across the state.

In the health sector, the Council approved the building of new General Hospitals at Itori in Ewekoro Local Government and Aiyepe in Odogbolu Local Government.

According to Akinmade, the projects would expand the state’s health care infrastructure and bring medical services closer to residents, particularly in communities where demand for health care services continues to increase.

In a major boost to enterprise development, the Exco also approved the establishment of Ogun State Enterprise Development Agency, with a mandate to coordinate and strengthen support for MSMEs across the state.

The agency is expected to promote entrepreneurship, facilitate access to business opportunities and strengthen the capacity of small and medium-sized businesses to expand, create jobs and contribute more to the state’s economy.

The Council also approved Ogun State’s participation in power generation through the adoption of Gateway Power Limited, in furtherance of the administration’s plan to provide more reliable electricity for the state’s expanding industrial and commercial base.

Akinmade said the power initiative was particularly important to Ogun’s economic development, given the state’s growing concentration of industries and businesses, adding that a more dependable electricity supply would enhance productivity and strengthen the environment for investment.

The Council approved the appointment of Otunba Osunsina Olumide John as the new Olu of Ifo in Ifo Local Government.

The latest approvals cut across critical areas of Ogun’s development agenda-transport infrastructure, health care, enterprise development and energy-reflecting the administration’s strategy of building the infrastructure and economic ecosystem required to support sustained growth across the state.

VP Trial Day 24: Court to tackle alleged unexplained wealth

The Senate impeachment court on Monday is set to open the presentation of exhibits for impeachment article II, or Vice President Sara Duterte’s alleged betrayal of public trust for amassing unexplained wealth disproportionate to her lawful income.

Under article II, the House prosecution asserted that not only does Duterte have unexplained wealth, but the wealth she supposedly amassed was not declared in her statement of assets, liabilities and net worth (SALN). It also claimed that Duterte gained revenue from prohibited businesses.

With only 12 trial days dedicated to the article, the prosecution plans to present 14 witnesses and over 1,800 bank, tax, and financial records of the vice president.

For the first week of presentation, the prosecution is anticipated to present retired Sandiganbayan presiding judge Amparo Cabotaje-Tang, Ombudsman Records Division officer-in-charge Karen Batu, and Securities and Exchange Commission (SEC) Director Gerardo Del Rosario.

Cabotaje-Tang will be the first witness to establish governing principles on undisclosed and unexplained wealth, and prohibited business interests.

She will be followed by Batu, who will testify on the SALNs submitted to the Ombudsman by the vice president.

For his part, Del Rosario is expected to verify the companies linked to Duterte and her husband, Manases ‘Mans’ Carpio.

The prosecution has wrapped up its presentations for article IV, or Duterte’s supposed grave threats against President Ferdinand Marcos Jr., and article I, referring to the vice president’s supposed misuse of P612.5 million in confidential funds.

Duterte’s financial records have been in contention since the impeachment’s pre-trial conference. The vice president’s defense lawyers insisted that the examination of her bank and tax records after the complaints have been filed may lead to a ‘fishing expedition.’

But the prosecution recalled the impeachment of former Chief Justice Renato Corona whose financial records were also later accepted into evidence, adding that such records would give the ‘entire picture’ of Duterte’s finances as a public official.

After the parties’ oral arguments, the court granted to subpoena Duterte’s bank, tax, and Anti-Money Laundering Council records, along with those of Carpio, the Carpio Lawyers partnership and 19 other business entities.

Only two companies associated with the couple were barred from having financial records submitted due to insufficient evidence connecting them to Duterte.

Alden Richards emotional recalling ‘failed’ relationships, lack of self love in ‘GGV’

Alden Richards became emotional as he opened up about his past relationships and his struggles with self-love during the pilot episode of the returning ‘Gandang Gabi Vice’ on Sunday, Sept. 13.

The actor got candid about matters of the heart while talking with host Vice Ganda, who returned to television with the revived talk show after its original run ended in 2020. Richards served as the first guest of the new season.

The conversation began when Vice Ganda asked Richards’ how many times he had been in love in show business.

‘Lima (five),’ answered Richards, as he noted that all of them were only ‘almost relationships.’

The actor opted not to name names out of respect for the other parties, but shared that the last relationship ended because both of them no longer wanted to pursue it.

Richards admitted that he made mistakes in the past relationships as he shared that he initially ghosted the first showbiz girl he pursued.

‘Feeling ko, ‘yung love life sa akin medyo mailap siya for the past fifteen years na kasi sinusubukan kong hanapin,’ he said.

The Kapuso star said that while he feels pressure by the society’s expectations that he should have settled down at his age, Richards explained that he would allow love find him naturally now instead of trying to chase it.

‘Hindi ko sinasabing hindi ko hinihintay ‘yung taong darating para sa akin. Kasi for the longest time, hinahanap ko ‘yung para sa akin, so baka for a change, hintayin ko naman siya ngayon,’ he expressed. ‘Seven billion [people in the world], imposibleng walang isa doon na para sa akin.’

Richards then broke down into tears as he opened up that the lack of self-love also might have contributed to his struggles of finding love.

‘Siguro for the longest time, naghahanap ako ng pagmamahal from another person, na, na-realize ko pagmamahal pala sa sarili ‘yung kulang,’ he said in tears.

Vice Ganda comforted the Kapuso star by holding his hand and giving him a hug. Richards continued to cry for a few minutes. The audience was also captured emotional.

After the moment went viral, Vice Ganda took to X to share that he no longer wanted to continue the interview after Richards turned to tears.

‘That breakdown took almost 10 minutes. And parang ayaw ko ng ituloy yung interview kasi awang awa ako sa kanya. Grabe yung iyak nya. But he insisted to still continue. Haaaayyy!!! love you Alden!’ wrote the comedian.

UN, AfDB express willingness to support Nigeria on gender inequality

The United Nations and the African Development Bank have expressed willingness to support Nigeria in its efforts to reduce gender inequality.

Ms. Beatrice Eyong, United Nations Women Country Representative to Nigeria and ECOWAS, and Mrs. Patience Ekechukwu, Gender Equality and Women’s Empowerment Specialist, African Development Bank, Nigeria Country Department, made the commitment on Monday in Abuja at the opening of a two-day capacity-building workshop on gender-responsive planning and budgeting.

Eyong stressed that the cost of gender inequality in Nigeria is substantial and affects economic growth, productivity, public finances and social development.

She emphasised IMF analysis showing that if Nigeria reduced gender inequality to the level seen in comparable countries, real GDP per capita growth could be about 1.25 percentage points higher per year.

‘This is because gender gaps reduce labour productivity, entrepreneurship and the efficient allocation of talent.

‘Nigeria’s Gender Profile and Roadmap to Equality 2030 also cited evidence that closing gender gaps could increase Nigeria’s GDP by two to three per cent annually, while the Nigerian Economic Summit Group estimated that gender inequality costs Nigeria approximately US$26 billion annually through lost earnings, lower productivity and reduced human capital development.’

She therefore assured Nigeria, ‘At UN Women, we remain committed to supporting the Government of Nigeria to strengthen institutional mechanisms for gender equality and women’s empowerment.’

‘We look forward to working with all stakeholders to ensure that gender-responsive planning and budgeting becomes an institutional standard rather than an exception.

She explained that gender-responsive budgeting is not simply about allocating resources for men and women.

‘It helps us deliberately address the different needs, priorities and constraints experienced by women, men, boys and girls.

‘Gender-responsive planning and budgeting is therefore not merely a gender agenda; it is a governance, public finance and development effectiveness agenda.

‘It is about ensuring that public resources are allocated and utilised in ways that produce equitable outcomes and maximise development impact for all citizens.

‘Across the world, evidence consistently shows that public institutions that integrate gender perspectives in planning and budgeting into decision-making are more responsive, more transparent and ultimately more impactful.

‘Nigeria’s development aspirations under the National Development Plan and the SDGs cannot be achieved while nearly half of the population faces barriers to full participation.

‘Gender inequalities have tremendous costs on development, affecting, as I have said, economic growth, poverty reduction and human development outcomes.’

She said that the objective of the workshop therefore ‘is to ensure that gender-responsive planning and budgeting becomes embedded within our systems.’

Mrs Patience Ekechukwu, Gender Equality and Women’s Empowerment Specialist, African Development Bank, Nigeria Country Department, said gender equality and women’s empowerment is central to achieving inclusive and sustainable development across Africa.

She pointed out that ‘gender-responsive planning and budgeting is a strategic policy instrument that helps governments identify and address gender and inequality gaps in access to opportunities, resources, services and economic participation.

‘By ensuring that development policies, programmes, domestic resource mobilisation and public procurement respond justly to the priorities of women and men, girls and boys, it promotes more equitable, efficient and impactful use of public resources.’

She also noted that ‘Ultimately, gender-responsive budgeting strengthens accountability, improves development outcomes and contributes to more inclusive and sustainable economic growth by closing gender inequality gaps.’

She added, ‘The importance of gender-responsive budgeting lies in its ability to translate commitments on gender equality into concrete investments and measurable results.

‘A policy commitment to gender equality must be reflected in data measuring the gaps, planning processes, programmes and project designs. This requires moving beyond simply identifying women as beneficiaries of development programmes.

Gender-responsive budgeting strengthens both the effectiveness and the equity of public resources, including public procurement and public expenditure, by aligning public resources with the distinct needs and constraints of different population groups.

‘It helps governments close gender inequality gaps and allocate resources more efficiently.

Therefore, the African Development Bank remains committed to supporting African countries in advancing inclusive development, strengthening institutions and promoting gender equality.

The representative of the Permanent Secretary, Federal Ministry of Women Affairs and Social Development, Mrs. Nko Esuabana said gender planning and budgeting simply means mainstreaming gender considerations into decision-making within the annual budget cycle and other key decision-making processes.

‘By this, we promote awareness of gender inequalities and their causes, undertake policy analysis, review and appraisal, and then design gender-responsive programmes which will address existing inequalities in order to cater for the different disaggregated needs of our population, especially women, children and other persons with special needs.’

Dr. Deborah O. N. Odoh, Permanent Secretary, Federal Ministry of Budget and Economic Planning in her welcome remarks said the mission of the Ministry in the execution of its mandate, remains committed to strengthening the integration of gender-responsive approaches across government activities.

She stressed that gender-responsive planning and budgeting is not just about getting resources to women and girls.

According to her, ‘It requires us to understand how policies, programmes and public expenditure affect women, men, girls and boys differently, identify existing inequalities and ensure resources are directed towards addressing these challenges.’

The current programme, she said recognised gender equality and inclusion as essential to achieving the objectives of the Nigeria Agenda 2050 and the Sustainable Development Goals.

She added, ‘Our planning and budgeting processes must therefore recognise the different needs, circumstances and opportunities of women, men, girls and boys, and ensure that public resources are deployed in ways that address identified inequalities and promote equitable development outcomes.

‘The Federal Government has demonstrated its commitment to strengthening gender considerations within national development planning and public financial management.

‘In this regard, the Federal Ministry of Budget and Economic Planning recognises gender-responsive planning and budgeting as a critical instrument for ensuring that national policies, development plans and public expenditures contribute meaningfully to reducing gender disparities, strengthening human capital development and improving the well-being of Nigerians.’

Dangote bets scale will rewrite Africa’s place in global refining

The Dangote Petroleum Refinery, the world’s largest single-train refinery, opens its books to public investors today, seeking to raise $1.6 billion in an initial public offering that will test whether investors see Africa’s newest energy giant as a durable, cash-generating business or a one-off beneficiary of a chaotic year for global oil.

Owned by billionaire Aliko Dangote, the refinery posted revenue of $13.9 billion in the first half of the year, with earnings before interest, tax, depreciation and amortisation of $2.6 billion and net income of $1.82 billion, a reversal from a $475.8 million loss in 2025.

The listing is Nigeria’s largest in years and a test case for whether the country’s capital market can absorb a transaction of global scale.

‘The significance of this transaction goes beyond its scale; it demonstrates the depth, capacity and investability of Nigeria’s capital market, as well as our readiness to support businesses of global ambition,’ Temi Popoola, group managing director and chief executive officer of Nigerian Exchange Group, said.

He added, ‘Our objective is to use landmark transactions to build a market where many more Nigerian businesses can access long-term capital and where more investors can participate in Nigeria’s growth.’

Now, as shares in the refinery go on offer to investors, Africa’s biggest refinery is positioning itself as a large-scale merchant refiner capable of supplying West Africa while competing for customers in Europe and other international markets.

‘Dangote Refinery’s scale-up should deepen economies of scale, lower fixed costs per barrel, strengthen operating leverage, and reinforce the refinery’s structural cost advantage relative to regional and several global peers,’ analysts at Cardinal Stone said in a note sent to BusinessDay.

BusinessDay’s findings showed Dangote is entering the stock market just as the economics of global refining are being reshaped by geopolitical disruptions, refinery closures in mature markets, new capacity in Asia and the Middle East, and the gradual shift away from gasoline as electric vehicles gain ground.

Analysts argued that the refinery has moved beyond its difficult commissioning period and into a phase where utilisation, operating efficiency and cash generation can begin to justify its enormous capital cost.

‘Dangote Petroleum Refinery has moved beyond its initial commissioning and ramp-up phase into a period of materially higher utilisation and operating stability,’ Harrison Osagiede and Charles Njoku, analysts at Zedcrest Research, said in a note seen by BusinessDay.

Dangote Refinery recorded a gross refining margin of $33.70 a barrel in the first quarter, before it moderated in the second quarter. Its first-half average was still $24.50 a barrel, well above the $13.70 recorded in 2025 and $10.70 in 2024.

But the analysts cautioned against treating that profit surge as a permanent feature of the business.

‘The key question is therefore not whether the refinery can reproduce a $33.7/bbl Q1 margin, but whether it can sustain a structurally higher margin and utilisation profile than it achieved during its initial ramp-up period,’ Osagiede and Njoku wrote.

That distinction may prove crucial for investors buying into the IPO.

Global refining benefited from a series of disruptions in 2026, including attacks on Russian refining infrastructure and outages in the Middle East that tightened gasoline, diesel and jet-fuel markets.

Analysts said those conditions are set to ease as disrupted capacity returns and product inventories recover. Yet Dangote’s investment case does not rest entirely on a temporary refining boom.

Its core advantage is scale combined with integration.

The Lagos facility has about 700,000 barrels a day of crude-processing capability, making it the world’s largest single-train refinery, according to Zedcrest. It also includes an 830,000-tonne-a-year polypropylene operation, storage facilities, marine infrastructure and a deep-sea jetty.

That configuration gives Dangote several ways to make money from the same crude barrel.

Instead of relying solely on petrol, the refinery can produce diesel, aviation fuel, LPG, naphtha, fuel oil and petrochemical feedstocks.

That flexibility matters at a time when demand for different petroleum products is moving in different directions.

The International Energy Agency estimates showed that electric vehicles displaced about 1.7 million barrels a day of oil demand in 2025, and that displacement could rise to about 5 million barrels a day by 2030 under current policies.

Petrol refining is likely to face the greatest pressure, while aviation fuel and middle distillates are expected to prove more resilient.

For Dangote, that creates an incentive to optimise its product slate rather than simply maximise petrol output.

The geography of demand also works in its favour.

Advanced economies are already seeing stagnant or declining oil consumption, while emerging economies, particularly in Asia and Africa, are expected to account for a larger share of incremental demand as populations grow, cities expand, and vehicle ownership increases.

Africa remains particularly attractive because refining capacity is low relative to its population and petroleum-product requirements.

That is where Dangote’s ambitions stretch beyond Nigeria.

The refinery is increasingly behaving less like an import-substitution plant and more like a regional merchant refinery. Nigerian seaborne petroleum-product shipments averaged about 561,000 barrels a day in the second quarter, with roughly 350,000 barrels a day exported, according to Zedcrest.

The planned expansion could amplify that role.

Dangote has announced a $14.3 billion expansion that would take processing capacity from about 700,000 barrels a day to 1.4 million barrels a day by 2029. Zedcrest said the project could put the refinery on a scale comparable to some of the world’s largest refining complexes.

But bigger is not automatically better.

The refinery already requires enormous quantities of crude. Nigeria’s production recovery, although encouraging, remains insufficient to comfortably supply a future 1.4 million-barrel-a-day facility while meeting exports and the requirements of other domestic refiners.

The refinery therefore cannot rely exclusively on Nigerian crude. It has increasingly operated as a merchant buyer, sourcing barrels internationally when domestic supplies are insufficient or commercial terms are unattractive.

That flexibility is itself a competitive advantage, according to experts.

Analysts at Zedcrest Research said over time, the key competitive advantage should therefore be viewed as logistics flexibility rather than simply lower freight costs.

‘A large, modern refinery capable of combining domestic crude with international feedstocks and supplying both Nigeria and export markets is better positioned to optimise its delivered crude cost and product netbacks across different market conditions,’ Zedcrest Research said.

It added, ‘This flexibility should become increasingly valuable as Dangote expands toward 1.4 mbpd and competes for crude and product-market share across the wider Atlantic Basin’.

Beyond the balance sheet, analysts are framing the IPO as a test of Nigeria’s retail investment culture.

Bismarck Rewane, managing director and chief executive officer of Financial Derivatives Company Limited, urged Nigerians to weigh the offer against the temptation to sell their Permanent Voter Cards for quick cash ahead of elections, a practice he said trades long-term value for short-term consumption.

‘You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,’ Rewane said.

He called the offer’s ambition to reach 10 million investors a milestone in itself.

‘The reality is that targeting 10 million investors is also a milestone,’ he said, adding that if the company reached that mark, ‘the Dangote Refinery will have the largest number of shareholders in the world.’

Fiona Ahimie, president of the Chartered Institute of Stockbrokers, said the listing gives Nigerians a stake in a strategically important asset.

‘The refinery combines a strong integrated business model with the scale and strategic importance required to contribute meaningfully to the country’s energy security and industrial growth,’ Ahimie said. ‘It also gives Nigerians an opportunity to participate in the ownership of an important national enterprise. Investors with a long-term outlook should consider being part of this opportunity.’

She said the offer could deepen public understanding of how Nigerian savings connect to productive enterprise, and that the country’s network of licensed stockbrokers stands ready to help investors through the process.

Sehinde Adenagbe, chairman of the Association of Securities Dealing Houses of Nigeria, said the offer adds depth to the market.

‘Bringing an enterprise of this scale to the public market broadens participation, supports wealth creation and adds depth to Nigeria’s investment landscape,’ Adenagbe said. ‘The stockbroking community welcomes the offer and is ready to support a seamless process so that investors across the country can take part.’

Property management and the future of Nigerian real estate investment

Real estate is often described as one of the safest forms of investment because land and buildings generally retain significant economic value over time. Nigerians invest billions of naira in residential houses, commercial buildings, shopping complexes, office spaces, estates and other forms of property with the expectation that these assets will generate rental income, appreciate in value and provide financial security for their owners. Yet, while considerable attention is paid to acquiring and developing properties, surprisingly little attention is given to what happens after construction is completed. This is where property management becomes critical. A well-designed and beautifully constructed building can gradually lose its attractiveness, functionality and market value when it is poorly managed. Conversely, a properly managed property can remain productive and valuable for many years. Unfortunately, poor property management has become one of the silent factors undermining the performance of real estate investments in Nigeria. Many property owners regard maintenance as an unnecessary expense and only respond when something has broken down completely. A leaking roof is ignored until the ceiling collapses; faulty electrical installations are tolerated until they become dangerous; blocked drainage systems are neglected until flooding occurs; damaged plumbing systems are left unattended until water damage affects other parts of the building. By the time attention is finally given to the problem, what could have been a relatively inexpensive repair has become a major financial liability.

The problem is not simply that some Nigerian properties are old. Even relatively new buildings can deteriorate rapidly when there is no effective management system in place. Buildings are living assets in the sense that they are continuously exposed to weather, human use, mechanical stress, environmental conditions and changing occupancy patterns. Every building therefore requires regular inspection, preventive maintenance, repairs and periodic improvements. Unfortunately, the prevailing approach among many property owners is reactive rather than preventive. The owner waits for the tenant to complain before calling a technician. The facility manager, where one exists, is often provided with funds only after a serious problem has occurred. This approach may appear economical in the short term, but it is expensive in the long run. A property with recurring plumbing problems, unreliable electricity, broken doors and windows, poor drainage, deteriorating walls, inadequate security or malfunctioning elevators will gradually develop a negative reputation. Prospective tenants become reluctant to occupy it, existing tenants begin to look for alternatives and rental income may decline. In commercial properties, poor maintenance can directly affect the businesses operating within the building because customers generally associate the physical condition of a business environment with the quality of the services provided there. Property management is therefore not merely about collecting rent. It is about protecting the physical asset, preserving its functionality, maintaining tenant satisfaction and ensuring that the property continues to produce an acceptable return on investment.

One of the most significant consequences of poor property management is the gradual erosion of property value. Property value is not determined solely by the amount of money originally spent on construction. Location, building quality, condition, functionality, income-generating capacity, neighbourhood characteristics, infrastructure and prevailing market conditions all influence what a property is worth. Two buildings located on the same street and constructed with similar materials may therefore command significantly different values because one has been properly maintained while the other has been allowed to deteriorate. This distinction is particularly important in Nigeria’s increasingly competitive property market. Tenants today are becoming more conscious of their environment and are willing to move when a property consistently fails to meet their expectations. A property with poor sanitation, inadequate water supply, unreliable power infrastructure, damaged common areas or persistent maintenance problems may eventually experience higher vacancy rates. For investment properties, vacancy means lost income, while declining income can itself negatively affect investment value. In income-producing properties, therefore, poor management can create a vicious cycle: inadequate maintenance reduces tenant satisfaction, poor tenant satisfaction contributes to vacancies, vacancies reduce income, reduced income makes maintenance more difficult to finance, and the property deteriorates even further.

Another major challenge is the absence of proper maintenance planning and sinking-fund arrangements among many property owners and residential developments. Property owners should not wait until major components of a building fail before making financial provision for their replacement or rehabilitation. Roofs, pumps, generators, transformers, elevators, air-conditioning systems, water-treatment facilities, drainage infrastructure and other building services have useful lives and predictable maintenance requirements. Professional property management should therefore involve preparing maintenance schedules, estimating future expenditure and making appropriate financial provisions. In multi-unit developments, this becomes even more important because common facilities are shared by several occupants. Where there is no transparent system for collecting and managing service charges, disputes frequently arise between landlords, tenants, residents’ associations and facility managers. The result can be delayed repairs and declining common facilities. A professionally managed property should have clear responsibilities, documented maintenance procedures, transparent financial arrangements and regular inspections. The objective should be to identify problems before they become emergencies. Preventive maintenance may require regular expenditure, but it is usually far less costly than emergency repairs and major rehabilitation. The old saying that prevention is better than cure applies just as strongly to buildings as it does to human health.

Technology is also changing the way properties can be managed, and Nigerian property owners need to take advantage of these opportunities. Digital platforms can assist property managers in monitoring rent payments, service charges, maintenance requests, utility consumption and tenant complaints. Building management systems can help monitor energy use and equipment performance, while digital records can provide useful information about recurring faults and maintenance costs. Even where sophisticated technology is not available, simple digital maintenance registers, inspection schedules and property databases can significantly improve management efficiency. More importantly, property owners should recognise that professional property management is an investment rather than an avoidable cost. Estate surveyors and valuers, facility managers, engineers, architects and other built-environment professionals each have specialised roles to play in ensuring that buildings remain functional and economically productive. The involvement of professionals is particularly important in large estates, commercial properties, shopping centres, office complexes and other properties where poor management can result in substantial financial losses. The property owner should also establish clear performance expectations for managing agents and facility managers, including maintenance response times, financial reporting, inspection procedures, tenant communication and compliance with safety requirements.

Ultimately, Nigeria needs to change the way it thinks about property ownership. Acquiring or developing a building is only the beginning of the investment process. The real test of a property investment is whether the asset can remain productive, functional and valuable throughout its economic life. Property owners who spend heavily on construction but little on maintenance are effectively allowing part of their investment to disappear gradually. Government and private developers should therefore place greater emphasis on whole-life property management from the design and construction stages. Developers should consider maintainability when choosing building materials, installing building services and designing common areas. Property owners should establish preventive maintenance programmes and appropriate financial reserves. Tenants, on their part, must also recognise their responsibilities in protecting the properties they occupy. Residents’ associations should promote transparent service-charge administration rather than allowing disputes to paralyse maintenance activities. Professional property managers should provide accurate records and regular reports that enable owners to understand the condition and performance of their assets. The Nigerian real estate industry has spent considerable energy discussing housing supply, land prices, construction costs and property acquisition. These issues remain important, but equal attention must now be given to what happens after the keys are handed over. A building is not a successful investment simply because it has been completed. It becomes a successful investment when it is properly occupied, maintained, managed and preserved so that it continues to provide economic and social value. In the final analysis, poor property management is not merely a problem of untidy buildings or delayed repairs; it is a direct threat to investment value. For Nigerian property owners who want their assets to survive economic uncertainty and remain profitable for decades, professional management and preventive maintenance should no longer be considered optional-they should be treated as fundamental components of the investment itself.

Anambra still paying Obi, Obiano-Era debts – Soludo’s govt

The Anambra State Government has revealed that it is still servicing loans incurred during the administrations of former governors Peter Obi and Willie Obiano, as the Chukwuma Soludo-led government continues efforts to reduce the state’s debt burden.

The Commissioner for Finance, Izuchukwu Okafor, disclosed this during a Ndi Anambra podcast released by the state government’s New Media team on Monday, while giving an update on the state’s financial position.

Okafor said the Soludo administration had not obtained any commercial bank loan since assuming office but had continued to make repayments on debts inherited from previous governments.

‘It’s on record that this administration has not borrowed a kobo from any commercial bank since the inception of this administration,’ he said.

The commissioner explained that deductions are made monthly from Anambra’s Federation Account Allocation Committee (FAAC) funds to repay loans secured by previous administrations.

According to him, some of the outstanding obligations were accumulated during the tenures of former governors Peter Obi and Willie Obiano.

‘These loans were borrowed during the time of Peter Obi and Willie Obiano, the past governors,’ Okafor said.

He, however, stated that the Soludo administration had successfully reduced the state’s debt profile by more than 83 per cent while clearing several inherited domestic obligations.

The commissioner listed unpaid contracts, gratuity arrears and pension backlogs among the liabilities addressed by the current government.

‘We have been able to manage the state debt very well, that we have brought it down by more than 83 per cent as of today,’ Okafor said.

He added that Anambra’s domestic debt was now close to zero balance following the repayment of several outstanding obligations.

On external debts, Okafor explained that repayments were tied to agreements with lending institutions, including World Bank-backed facilities, resulting in automatic deductions from the state’s federal allocations.

‘Before they limit Anambra’s own allocation, they will deduct it as such because most of them, World Bank loans and other loans, they committed,’ he said.

The commissioner also disclosed that the state recently cleared one of its outstanding debts, known as CAGS, saying the move had created more financial room for the government to execute development projects.