Category: Business Day

What is this Dangote Refinery Offering about?

There’s a global buzz about the Dangote Refinery’s IPO, since its launch on the 14th of September 2026, coined ‘The People’s IPO’. Investors are being offered a chance to own shares in *Dangote Petroleum Refinery and Petrochemicals PLC*, the company that owns the $19 Billion refinery in Lekki, Lagos, and brainchild of Alhaji Aliko Dangote, Africa’s richest man. Dangote Refinery is the largest single-train refinery in the world, with a production capacity of 650,000 barrels per day. It started producing petroleum motor spirit (PMS), or fuel, in 2024 and now supplies 60% of Nigeria’s petrol, diesel and jet fuel. It also exports to other parts of the world, including Europe and America.

Introduction: The Most Anticipated Listing in Africa.

For 40 years, Alhaji Aliko Dangote built a cement and commodities empire worth $13.5 billion. But his most ambitious bet was always oil. The Dangote Petroleum Refinery and Petrochemicals complex in Lekki, Lagos, took 11 years to build, cost over $19 billion, and nearly broke the Group. It was first announced in 2013 as a 300,000 bpd refinery. It ended up as a 650,000 bpd behemoth – the largest single-train refinery on earth, capable of processing 2% of global crude output.

Now, the asset that was supposed to end Nigeria’s fuel import dependency is about to become a public company. Management has guided to a dual listing on the Nigerian Exchange, NGX, and the London Stock Exchange, LSE, in Q2 2027, with a target raise of $3-5 billion at a $25-30 billion valuation. Should this be successful, it will turn out to be Africa’s largest IPO ever, surpassing MTN Nigeria and Airtel Africa. It will double the market capitalisation of the NGX. And it will test whether Nigeria can credibly take world-scale industrial assets to the public market. The buzz is huge, and it has also hit the global stage, with adverts shown at Times Square, New York.

This assessment covers seven dimensions every investor must understand before investing in the IPO.

1. The Asset: What Investors Are Actually Buying.

Investors are not buying a concept. They are buying a fully integrated, operational industrial city on 2,635 hectares.

The core asset stack is captured below:

? Refinery Unit: 650,000 bpd nameplate. Single-train configuration means 30% lower opex per barrel than conventional multi-train refineries. It can process all Nigerian crude grades – Bonny Light, Forcados, Escravos – as well as American WTI and Saudi Arabian Light.

? Product Portfolio: Designed for maximum distillate yield: 52% gasoline, 17% diesel, 13% jet fuel, 10% LPG, 8% polypropylene and base oils. All products meet Euro V specifications, 10 ppm sulfur, which allows export to Europe and the US.

? Petrochemicals: 900,000 tonnes per annum polypropylene plant – the largest in Africa. This hedges fuel margins with plastics margins.

? Logistics and Infrastructure: The refinery owns its own 435MW power plant, 2 subsea crude pipelines, a Single Point Mooring 25km offshore, 2 jetties, 126 storage tanks with 4.5 billion litres capacity, and a fleet of 2,900 CNG-powered trucks.

Operational Reality in September 2026:

After commissioning in May 2023 and first products in January 2024, the refinery has ramped up to ~485,000 bpd, 75% utilisation in Q2 2026, according to NMDPRA data. It now supplies ~60% of Nigeria’s Premium Motor Spirit, PMS, and is the sole domestic supplier of jet fuel. It has exported diesel cargoes to Rotterdam, and gasoline to the US and Brazil. The de-risking is crucial. This is no longer a construction risk story. It is an operations and margin story.

2. Financial Assessment: The $19 Billion Question.

The refinery’s capital structure is both its strength and its biggest overhang.

Cost Breakdown:

Total project cost grew from $9bn in 2013 to $19bn in 2024 due to naira devaluation, COVID delays, and scope expansion. It was funded with ~$7bn equity from Dangote Industries Limited and ~$12bn debt syndicated via 15 Nigerian banks led by UBA, Access, Zenith, plus Afreximbank and international lenders.

As of H1 2026, net debt is estimated at $10-11bn after early repayments. Debt was refinanced in late 2025 at 8.5% average cost with a 7-year tenor, reducing near-term pressure.

Profitability: What the Numbers Look Like.

Using current 2026 refining margins, we can model:

– Throughput: 485,000 bpd x 330 days = 160 million barrels per year

– Gross Refining Margin: $15-18 per barrel for African coastal refineries in 2026

– Revenue: 160m bbls x ~$90/bbl blended product price = ~$14.4bn from fuels. Add

polypropylene and LPG: $26-28bn total revenue.

– EBITDA: With opex of ~$3.5/bbl and low crude procurement cost via Naira-for-Crude, EBITDA

margin of 18-20% is achievable. That is $4.8bn to $5.5bn EBITDA.

– Free Cash Flow: After debt service of ~$1.2bn and capex of $300m, FCF of $3.0-3.5bn.

For context, that EBITDA would make it more profitable than Dangote Cement, BUA, and Seplat combined.

Working Capital: The critical change since 2024 is subsidy removal. The refinery sells to marketers at import-parity price, on 15-day letters of credit. No more NNPC subsidy arrears. This is what makes the IPO bankable.

3. Valuation: Is $30 Billion Realistic?

There are three ways to value it. All these point to its estimated $24-30bn enterprise value.

A. Comparable Company Analysis:

– Indian refiner Reliance Jamnagar, 1.24m bpd complex: trades at 6.8x EV/EBITDA

– Middle East refiners like ADNOC Refining: 5.5x-6.5x

– US merchant refiners like Valero, Marathon: 4.0x-5.0x

African assets deserve a discount for country risk, but a premium for growth and scale. Using 5.5x-6.5x on $5.1bn EBITDA = $28-33bn EV. Less $10bn debt = $18-23bn equity.

B. Replacement Cost:

No one could build this refinery today for less than $25bn. EPC costs have risen 35% since 2019. IHS Markit estimates greenfield cost at $32,000 per bpd in Africa vs $22,000 in 2015. 650,000 x $35k = $22.7bn, before land and infrastructure. So $25bn+ is justified.

C. Dividend Discount / Discounted Cash Flow DCF:

Assume 30% payout ratio on $3.2bn net income = $960m dividend. At 7% dividend yield demanded by NGX pension funds, equity value = $13.7bn. But with 8% growth to 2030 from petrochemicals expansion, DCF at 11% WACC gives $24-27bn.

What the IPO will target:

Investment banks will push for $27bn to reward Aliko Dangote’s equity risk. Institutional investors will push for $22bn to get entry discount. The compromise will likely be $25bn post-money, raising $3.75bn for 15% float. This is aggressive but feasible if crude supply and governance are contractually secured.

4. Market and Strategic Rationale: Why List Now?

The timing is deliberate.

Policy Window: The Petroleum Industry Act, PIA, and full deregulation in 2023 removed price controls. The Naira-for-Crude deal approved in October 2024 allows the refinery to buy 445,000 bpd from NNPC in naira, at market price. It sells local fuel in naira, exports in dollars. This natural FX hedge solves the biggest concern of foreign investors in 2021.

Demand Window: Nigeria consumes 65 million litres of PMS per day, ~410,000 bpd. West Africa consumes 800,000 bpd of imports. The Dangote Refinery is the only asset that can serve this. With population growing to 400m by 2050, domestic demand alone will absorb its output.

Capital Market Window: NGX needs a jumbo listing. Its total market cap is ~$40bn, smaller than many S and P 500 companies. Pension Fund Assets under Management are N20 trillion ($13bn), with no large industrial asset to buy. The IPO solves asset allocation pressure. The LSE listing taps EM funds that cannot buy on NGX directly.

Deleveraging Need: Dangote Group needs to deleverage to fund the next projects: expansion of fertiliser to 6m tpa, and the 1,200km gas pipeline from Niger Delta to Lekki. The IPO is the cleanest way to recycle capital without selling control.

5. The Five Critical Risks.

Every prospectus will have these risk factors. These will determine subscription levels.

Risk 1: Crude Supply Reliability.

Nigeria’s crude production has struggled to exceed 1.5m bpd due to theft and underinvestment, vs OPEC quota of 1.74m bpd. If NNPC cannot supply 445,000 bpd, the refinery must import crude at higher cost.

Mitigant to watch for in prospectus: A minimum 10-year crude supply agreement with take-or-pay clause and ability to import via SPM.

Risk 2: Regulatory Creep.

Ahead of 2027 elections, will government cap fuel prices again? Any reintroduction of subsidy would destroy the valuation model.

Mitigant: Listing in London subjects the company to stronger minority shareholder protections. Also, PIA Section 205 makes price control illegal.

Risk 3: Corporate Governance.

DIL has historically been a family-run conglomerate. Public investors will demand: 50% independent board, IFRS audited accounts for 3 years, related-party transaction policy, and separate CEO and Chairman.

Mitigant: The hiring of former Shell CFO and appointment of KPMG as auditor in 2025 signals intent. The prospectus must include a governance charter.

Risk 4: Concentration and Key Man Risk.

Over 80% of equity will still be owned by Aliko Dangote after IPO. His health, political relationship, and succession are material.

Mitigant: Key man insurance, creation of a Management Committee, and gradual sale of 5% per year to increase float to 30% by 2030.

Risk 5: Refinery Cyclicality.

Refining margins are cyclical. In 2020, margins were negative. In 2022, $30/bbl. Currently high, but could fall.

Mitigant: Integrated petrochemicals and polypropylene smooth earnings. Also, African margins are structurally higher than Europe due to import freight.

6. Impact Assessment.

For Nigeria’s Economy:

– FX: Replacing $15bn of fuel imports saves ~$7-8bn FX annually, reducing pressure on naira.

– Fiscal: No more subsidy payments which cost $10bn in 2022. Plus new corporate taxes: ~$800m

annually at full profit.

– Capital Market: Will increase NGX market cap by 62%, trigger index inclusion in MSCI Frontier, and attract $1-2bn of passive flows.

For Retail Investors:

This will be Nigeria’s ‘people’s IPO,’ like MTN in 2019 which had 400,000 subscribers. Expectations: minimum N50,000, oversubscription of 200%. If dividend yield is 6-8%, it beats treasury bills and offers inflation hedge.

For Dangote Group:

It transforms the Group from private to public. DIL can retain 80-85% control while crystallizing value. A $25bn valuation makes DIL’s equity worth $20bn+, allowing it to raise non-recourse debt for other projects.

7. Investment Recommendation.

Who should buy?

– Long-term domestic institutions: BUY. Pension funds and insurance companies need long-

duration naira hedged assets. This is the best proxy for Nigeria GDP growth.

– Foreign EM funds: BUY on dip. Wait for post-listing volatility around election. The dollar

listing in London will be liquid and allow exit.

– Retail investors: SUBSCRIBE for IPO allocation. Do not borrow to buy. Hold for dividends, not

trading. This is a 5-year story.

– Short-term traders: AVOID. Early price will be volatile as 2,900 truck logistics and crude

supply stabilize.

Target Price Framework:

– Conservative case, $20bn equity, $4bn EBITDA: 12-month price target = 15% upside

– Base case, $25bn equity, $5.1bn EBITDA, 7% yield: 35% upside including dividends

– Bull case, $30bn equity at full 650k bpd, polypropylene expansion: 60% upside by 2030

The biggest determinant is not the refinery itself, but trust. If the prospectus provides transparent crude contracts, 3-year audited accounts, and a binding dividend policy, it will be oversubscribed.

If it is opaque, priced too aggressively, and dominated by related-party sales to Dangote entities, it will fail like many African resource IPOs.

Conclusion: Dangote Refinery Offer – More Than an IPO.

The Dangote Refinery IPO is a referendum.

Can Nigeria build world-scale industry? Yes, it has proven that it can.

Can it run it profitably without government support? The 2025-2026 results suggest yes.

Can it now govern it to international capital market standards? That is the question the IPO will answer.

If the answer is yes, this is not just an oil refinery listing. It is the moment Nigeria’s private sector proved it could replace the state as the builder of infrastructure, and use public markets to fund it.

The refinery turned crude into fuel. The IPO will try to turn fuel into trust.

And trust is the scarcest commodity in Nigerian markets.

Sources for Prospectus Review: NNPC 2025 Crude Term Contracts, NMDPRA Refinery Utilisation Data Q2 2026, Dangote Industries Audited 2024 Accounts, IHS Markit Refining Margins Africa, NGX Pension Fund Regulations.

Nigeria will host Madagascar in their opening Group D fixture before travelling to Bissau for their second qualifier against Guinea-Bissau at the 24 September Stadium on Tuesday, September 29.

Chelle demands strong start

Chelle has challenged his players to start the qualifying campaign on a winning note, insisting that Nigeria must target maximum points from their opening game.

‘We have to show everyone from Day One that we want it, and the only way to do that is to go for it with our hearts and refuse to slow down at any point,’ Chelle said.

‘We must go for the points without any hesitation.’

The Franco-Malian coach wants the Super Eagles to avoid putting their qualification campaign under unnecessary pressure by dropping points at home.

The Super Eagles have been drawn in Group D alongside Madagascar, Guinea-Bissau and other opponents, with the opening two fixtures providing an early test of Chelle’s team.

NFF targets maximum points

Emmanuel Ikpeme, NFF acting General Secretary, has also urged the Super Eagles to secure victory against Madagascar.

‘We are back to the familiar surroundings of Uyo, Akwa Ibom State, for another qualifying race. It was here in Uyo that the Super Eagles won the tickets to the 2019 and 2025 AFCON finals,’ Ikpeme said.

‘The NFF has absolute confidence in the team to run another good race and win the ticket with matches to spare.’

Ikpeme said the immediate target was to secure three points against Madagascar before turning attention to the trip to Guinea-Bissau.

‘Surely, the only way we can do that is to start with the maximum three points tomorrow and then with another three points in Bissau on Tuesday,’ he said.

‘However, since we are taking it one match at a time, the focus now is on Madagascar on Friday.

Nigerians are looking forward to victory tomorrow, and I know the Super Eagles will give them joy.’

The match kicks off at 5pm Nigerian time on Friday in Uyo.

Lagos, Nigeria – Nigerian parents weighing the cost and complexity of an international education will have face-to-face access to admissions representatives from leading overseas schools on Saturday, 10 October 2026. On that day, Zeta Brent Education (ZBE) will host the International Education and Future Pathways Conference 2026 at Radisson Blu Anchorage, Victoria Island, Lagos.

The Conference is the centrepiece of ZBE’s 2026 International Education Pathways Programme and comes a decade after the advisory firm began placing Nigerian students in schools and universities abroad. It will convene Lagos secondary schools alongside institutions including The King’s School Canterbury, Mill Hill School, RMS for Girls, Cardiff Sixth Form College, Oxford International College, New Hall School, Queen Ethelburga’s Collegiate, Wellington School and Swiss International School. Between them, these institutions offer GCSE, A-Level, IB, foundation and university pathway routes in the United Kingdom, the United States and the United Arab Emirates.

The format responds to a change in how Nigerian households approach these decisions. Rather than relying on printed prospectuses or recommendations passed between parents, families are increasingly looking for structured, first-hand conversations with the institutions they are considering.

Around the Conference, the programme runs on three connected tracks. The first takes ZBE into Lagos secondary schools for career and future-pathways sessions with students and their parents. The second is a talent assessment through which eligible students can be considered for fee waivers of between 10% and 70%. The third is an education financial planning session with CardinalStone Trustees, ZBE’s official partner, focused on how families can fund a child’s education over the long term.

Utannah Joy Dania, Founder and Chief Executive Officer of Zeta Brent Education, said the programme was built to address the access gap families face at a critical point in their child’s education.

Founded in 2016, Zeta Brent Education is an international education advisory firm that guides students and families through decisions on boarding schools, sixth form, universities and pathway programmes, including selective admissions support for Oxbridge, the Ivy League and other highly competitive universities. The firm has helped more than 530 students and families secure places at leading boarding schools, colleges and universities in the United Kingdom, the United States and Canada, and works with a global network of more than 200 partner institutions. ZBE holds accreditation as a British Council Certified Agent, a Boarding Schools’ Association (BSA) Certified Agent, a BBSN Approved Agent and an ICEF Accredited Agent.

Atiku Abubakar, former Vice President and Presidential Candidate of the African Democratic Congress (ADC), has called on Nigerians to unite and democratically vote out the administration of Bola Tinubu in the 2027 general elections.

Abubakar, who spoke on Thursday in Akure, Ondo State capital while welcoming the former Governorship Candidate of the People’s Democratic Party (PDP) in the State, Eyitayo Jegede and his supporters into the ADC, however, said the Tinubu’s APC led administration has worsened the hardship faced by Nigerians.

According to him, ‘We are committed to restoring subsidy; we are committed to restoring security all over this country. If we are elected, no part of this country would feel insecure anymore.’

He said the ADC is committed to providing an alternative government that would address insecurity, economic hardship and other challenges confronting the country, promising that his administration would restore the petrol subsidy if elected.

Atiku, who served as Vice President between 1999 and 2007, also recalled the economic performance of the country during the period, arguing that Nigeria had moved from being Africa’s largest economy to a lower position under successive administrations.

‘You know what we did between 1999 and 2007. We took Nigeria to be the first finest economy in Africa. Today, we are number five. Who is responsible for taking us down and backward? Is it not APC?’.

The former vice president urged Nigerians to use the 2027 elections to change the government, saying, ‘This is the moment for us to vote them out. And there’s this popular saying now that Tinubu must go.’

Atiku also cited the August 2026 Osun State Governorship election as an example of the importance of voter mobilisation and protection of ballots, urging ADC supporters across the country to replicate what he described as the high voter turnout and efforts to protect votes during the poll.

He said the ADC would build its strength from the grassroots and expressed confidence that Jegede’s defection, alongside the movement of his supporters, would strengthen the party in Ondo State ahead of the 2027 elections.

‘We warmly receive Jegede and his team from the PDP to ADC. We enjoy the support we have received from the people of Ondo State, and I want to see that support reflected in the next election,’ Atiku said.

He added that the party was determined to protect its votes and mobilise Nigerians across the country, saying the outcome of the 2027 election would depend significantly on voters turning out and ensuring that their ballots counted.

Earlier, Rauf Aregbesola, ADC National Secretary and former Governor of Osun State, who represented David Mark, the National Chairman, urged party members and supporters to intensify grassroots mobilisation ahead of the elections.

Aregbesola charged them to ‘go from house to house’ to campaign for ADC candidates, promising that the party would address the rising cost of living if elected.

‘You can see things are costly; we are going to bring it down,’ he said, urging Nigerians to support the ADC at the polls.

He added, ‘It is our vote that would determine the strength of our political party. As we came out today, let’s vote ADC massively.’

Also speaking, Jegede said he defected from the PDP to the ADC to contribute to the party’s efforts to provide what he described as a democratic alternative ahead of the 2027 elections.

Jegede said unemployment, economic hardship and rising living costs had made the situation difficult for many Nigerians, insisting that the time had come for citizens to mobilise for political change.

‘There is unemployment in Nigeria; you can all see it. There is hardship; you can all see that. The suffering is too much. The journey has begun. We want a democratic government,’ he said.

The former PDP governorship candidate expressed confidence in the ADC’s prospects in the 2027 elections, saying the party would mobilise and unite its supporters to contest the presidential, senatorial and House of Representatives elections.

‘We are sure of winning the Senate, House of Representatives and presidency. We are going to mobilise and unite to win come 2027,’ Jegede added.

The Lagos State Parking Authority (LASPA) has taken its parking sensitisation campaign to Ikorodu West Local Council Development Area (LCDA), engaging residents, motorists and business owners on responsible parking practices and the Lagos State Parking Policy.

The roadshow, held on Thursday, formed part of LASPA’s broader public engagement ahead of the commencement of enforcement against parking violations across the state.

The sensitisation exercise was led by Adebisi Adelabu, the general manager of LASPA, who was represented by Deen Sanwoola, the executive assistant to the Governor Babajide Sanwo-Olu on LASPA.

Adelabu emphasised the importance of public education and voluntary compliance, noting that indiscriminate parking contributes to traffic congestion and obstructs the free movement of pedestrians and motorists.

She said, ‘Effective parking goes beyond providing spaces; it’s about understanding where, when and how to park responsibly.’

According to her, responsible parking requires motorists to use designated spaces and ensure that roads, walkways and other public areas remain accessible and safe for all road users.

She explained that the roadshow was designed to deepen residents’ understanding of the Lagos State Parking Policy and clarify the expectations for motorists, businesses and property owners ahead of enforcement.

The LASPA general manager urged motorists and business owners to avoid parking in ways that obstruct traffic, pedestrian walkways, entrances to businesses and access to residential or commercial properties.

She stressed that sustained public awareness, stakeholder engagement and cooperation are essential to achieving an orderly and efficient parking management system across Lagos.

The sensitisation campaign, carried out in collaboration with officials of Ikorodu West LCDA, is part of LASPA’s ongoing efforts to take the parking policy closer to communities, address concerns and promote voluntary compliance before enforcement begins.

LASPA reiterated its commitment to continued engagement with communities and stakeholders as the Lagos State Government strengthens parking management and works towards safer, more accessible and better-organised roads and public spaces across the state.

Nigerian fintech startup Nearpays has won the Fintech for Good Award at Money20/20 Middle East, adding another international recognition to its work in digital payments and financial technology.

Nearpays emerged as the winner after competing against more than 500 applicants, with 25 companies progressing to the semifinal stage. The recognition places the Nigerian startup among fintech companies being recognised for using technology to address challenges in financial services.

The company was recognised for its Soft POS solution, which allows businesses to accept card payments through smartphones without buying traditional physical point-of-sale terminals.

The technology is designed to reduce the cost of accepting digital payments, particularly for small and medium-sized businesses that may face financial barriers when adopting conventional payment devices.

Victor Daniyan, Founder and CEO of Nearpays, said the company was focused on making payment collection easier for businesses across Africa.

‘Nearpays is positioned to positively impact SMBs across Africa by making digital payment collection simpler, more accessible, and affordable. Our goal is to remove the barriers that prevent businesses from accepting digital payments and give them the technology they need to grow.’

During the competition, the organisers highlighted Nearpays’ pitch, its focus on customer value and its use of artificial intelligence and contactless payment technology.

Mareme Paullele, one of the judges at the semifinal stage, also praised the startup’s presentation and product.

‘Nearpays delivered an exceptional pitch and presented a strong product that can easily help scale e-commerce businesses by improving digital payment acceptance.’

The Money20/20 award comes after another international recognition for Nearpays at the AI for Good Innovation Factory in Switzerland, where the company was recognised for its use of artificial intelligence to address real-world challenges.

For the company, the two recognitions point to its efforts to develop technology in Africa for businesses and consumers on the continent while pursuing applications beyond the region.

Daniyan said the awards reflected the work of the Nearpays team and its approach to developing technology.

‘These recognitions are a reflection of the hard work of our team and our belief that African technology can solve African problems while creating solutions with global relevance. We are only getting started.’

Through its Soft POS solution, Nearpays is seeking to expand access to digital payment acceptance by allowing businesses to use smartphones as payment devices.

The company says the technology can help businesses accept payments, reach more customers and participate in the digital economy without the need for traditional POS hardware.

The Money20/20 recognition adds to Nearpays’ international profile as it continues to develop payment technology from Nigeria for businesses across Africa and other markets.

Ghana’s gross international reserves fell to a 12-month low of $11.07 billion in August, despite relatively strong gold export earnings, leaving the country with a narrower foreign exchange buffer as demand for dollars is expected to rise towards the end of the year.

Data from the Bank of Ghana show that reserves dropped by about $1.9 billion between June and August, from $12.94 billion to $11.07 billion. The decline means Ghana has lost about $3.09 billion in reserves since the first quarter of 2026, after ending 2025 with $13.83 billion.

The country’s reserves initially strengthened in the first quarter, reaching $14.16 billion in March, before falling to $13.95 billion in April and $12.94 billion by June. By August, the decline had reduced Ghana’s import cover to 4.2 months, from 5.7 months at the beginning of the year.

The fall in reserves has occurred despite gold remaining a major source of foreign exchange for Ghana. Strong export receipts have provided foreign exchange inflows, but these have not been sufficient to prevent the continued drawdown in the country’s external buffers.

Johnson Asiama, governor of the Bank of Ghana, identified the falling reserves, a projected current account deficit and a pause in gold exports by the Ghana Gold Board since mid-August as key risks to the country’s external position.

Speaking at the opening of the central bank’s 132nd Monetary Policy Committee meeting, Asiama said the developments required close monitoring, particularly as foreign exchange demand typically increases in the fourth quarter.

‘Rebuilding reserves will be a key priority for the Bank in the coming months,’ he said.

The pause in gold exports by GoldBod could add to the pressure on Ghana’s external position because of the importance of gold to the country’s foreign exchange earnings and reserve accumulation. At the same time, the projected current account deficit could put further pressure on the external account.

Caroline Lucas, Director Special Projects at TEXEM UK, the United Kingdom based leadership development organization has told African leaders and CEOs to do more than just acquisition of digital technology if they desire sustainable development.

In her statement on TEXEM’s website, www.texem.co.uk, Lucas said if the leaders want real transformation they should not relax after acquisition of latest technology.

‘Transformation is not technology acquisition. It is the ability to convert digital investment into measurable value,’ the leadership development expert said.

Lucas observed that across Africa, organisations are investing heavily in digital technologies such as, artificial intelligence, cloud platforms, automation, data analytics, enterprise systems and digital communication tools.

She said too many institutions have digitalised their processes without fundamentally improving the experience or outcomes of the people they serve.

‘They may have more platforms, more applications and more data, yet still struggle with slow processes, weak productivity, declining trust, exclusion, poor service delivery and limited institutional responsiveness.

‘The real leadership question, therefore, is not ‘What technology have we acquired?’ but ‘What has improved because of our digital investment?’

‘For African leaders and CEOs, this distinction is critical. Digital transformation should be measured by the value it creates, not by the sophistication of the technology deployed,’ the TEXEM director said.

According to her, a successful digital initiative should make an organisation faster, more productive, more responsive, more inclusive, more transparent and more capable of delivering quality outcomes.

‘Technology is an enabler. Value is the destination. A digital platform that reduces the time required to deliver a service creates value. A data system that enables leaders to make better and faster decisions creates value.

‘An automated process that eliminates unnecessary bureaucracy creates value. A digital service that reaches people previously excluded creates value.

‘Similarly, technology that strengthens transparency and builds confidence among citizens, customers, employees and other stakeholders creates institutional value,’ Lucas explained.

She reiterated that digital transformation requires not only investment in technology, but transformation in leadership, organisational culture, processes, skills, data governance and decision making.

‘When organisations simply digitise inefficient processes, they can end up making inefficiency faster rather than eliminating it. African leaders must therefore move from a ‘technology first’ mindset to an ‘outcome first’ mindset.

‘Before approving a digital investment, leaders should ask: what specific problem are we trying to solve? What measurable outcome should improve?

‘How will productivity, speed or service quality change? Who will benefit, and who might be excluded?

How will the investment strengthen trust?

What capabilities must our people develop?

How will we know whether the investment has delivered value?

‘These questions shift digital transformation from an IT project to a strategic leadership responsibility,’ Lucas said.

The statement also announced that TEXEM will be hosting a programme from 22nd to 26th November, 2026 in Edinburgh, United Kingdom titled, ‘Digital Transformation for Valuable Outcomes’ where African leaders and CEOs will acquire more insights on how to maximize digital transformation for greater productivity and value creation.

Reputable TEXEM faculty expected to deliver the programme are, Professor Wim Vanhaverbeke, Professor Rodria J. Laline, and Professor Paul Griffith.

Professor Wim Vanhaverbeke is a global authority on Digital Transformation, a Professor (Emeritus) of Digital Strategy and Transformation at the University of Antwerp and Antwerp Management School recognised worldwide for advancing open innovation and ecosystem management.

On industry – focused research, his work explores how digital strategies and innovation ecosystems reshape sectors such as healthcare, agriculture, and energy.

With respect to prestigious academic appointments, he has held visiting professorships at top institutions including the National University of Singapore, Zhejiang University (China), ESADE Business School (Spain), and Politecnico di Milano (Italy).

As an influential scholar, he has published in leading journals such as Organization Science, Research Policy, Technovation, and California Management Review.

He is also a renowned author and editor who has co-edited four books on Open Innovation and authored Managing Open Innovation in SMEs (Cambridge University Press); Editor-in-Chief of Technovation, the leading innovation management journal.

He advises global corporations and public organisations on ecosystem strategy, sustainability – driven innovation, and digital transformation; delivers executive and MBA programmes worldwide.

As a thought leader bridging academic and practice, he combines rigorous research with practical insight to help leaders harness collaboration and innovation for competitive advantage in the digital era.

Professor Rodria J. Laline, former CEO of Oracle Asia Pacific, has served as visiting Professor at Harvard, INSEAD and IMD,

invented the first chip used on ATM cards, and advises Presidents of nations, Central Bank Governors and CEOs globally.

Laline is a Professor of Governance and Strategic Management practice with board-level experience across Europe and Asia.

She has led global R and D collaborations and served on or chaired supervisory boards in multiple sectors.

Laline teaches Board Effectiveness, Digital Transformation, and Strategy for directors.

She is also an IMD alumna with a doctorate in Chemical Physics and a regular TEXEM faculty on governance and strategy who frequently delivers sessions on boardroom effectiveness and digital governance.

Professor Paul Griffith is a Professor of Practice, formerly at Ashridge Executive Education, Hult International Business School.

A Strategy, Innovation and Customer Centricity expert, he is widely cited as one of the first Management professors to lead a team that launched a rocket to space.

Griffith advises senior executives on strategic agility, digital transformation and opportunity creation in turbulence.

He is also a London Business School alumnus.

Interested participants in the Edinburgh programme are expected to click on the link: https://texem.co.uk/digital-transformation-for-valuable-outcomes/

The following testimonials from past delegates of TEXEM programmes were also shared in the statement.

‘I found that it’s quite a new approach of workshop than I’m used to because I’ve attended so many workshops organized by other organizations. But, I found that the approach made by TEXEM is quite different.’ ‘…first of all when I found that the first day of the program would be visits to the Shakespeare’s birthplace and also to visit a chocolate factory, I was skeptical. So, I said, I’m in love with Shakespeare but I just said what is it to do with business or whatever it is. But then, after the visit and then to the two places and coming back and then I could see the collaboration between what I’m supposed to know and I really could understand the issues there,’. – Previous TEXEM delegate. Ambassador Mustafa Sam Non-Executive Director Jaiz Bank.

‘TEXEM is a very serious consultancy organization. I’m rating them as such because of the caliber of resources that have been mobilized to interact with us to discuss all the issues that are needed in building our leadership capacity further, in ensuring that theTax Appeal Tribunal becomes the best adjudicator of taxes in Africa and even globally. So I am very, very impressed with them, and I recommend them to other institutions that are serious about ensuring effective leadership and management,’. -Previous TEXEM delegate Prof. Kabiru Isa Dandago Bayero, Hon Commissioner Tax Appeal Tribunal.

‘So many things have inspired me because I have a new look at what leadership is all about now, and then I think the operation and also aspects of that has to do with what I need to do and make decisions at the right time that involves what the future holds. It’s something that really has inspired me, so many ideas; of course I can’t thank the faculties enough you know in terms of what they have done,’. -Previous TEXEM delegate, Muhammad Bello Aliyu, Registrar/CEO, Computer Professional Council of Nigeria (CPN).

UAC of Nigeria Plc is set to sell its 43 percent stake in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of Tropical General Investments (TGI) Group, in a transaction that will transfer UAC’s interest in the logistics company to the diversified Nigerian conglomerate.

UAC disclosed the proposed transaction in a corporate announcement dated September 24, 2026, stating that completion is subject to requisite regulatory approvals.

The deal marks a significant change in UAC’s investment in the logistics business after years of working with DP World Logistics’ management to expand the company.

Fola Aiyesimoju, group managing director of UAC, said the company had worked closely with DP World’s management to support the logistics company’s growth and expansion.

He said UAC believes TGI would become a strong long-term partner for DP World Logistics following completion of the transaction, citing the group’s market knowledge and track record of building businesses in Nigeria.

‘We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector,’ Aiyesimoju said.

The proposed acquisition will bring together TGI’s domestic market and distribution capabilities with DP World’s global logistics expertise.

Farouk Gumel, Vice Chairman of TGI Group, said the transaction reflects both companies’ ambition to reshape trade and logistics in Africa.

‘By combining DP World’s global expertise with TGI Group’s deep market knowledge and extensive distribution network, we are building resilient supply chains that will unlock growth, strengthen regional connectivity and support economic prosperity for generations to come,’ Gumel said.

TGI expands logistics footprint

The proposed transaction allows TGI to deepen its presence in logistics and distribution, alongside its existing operations across agriculture, food processing, FMCG manufacturing, distribution, chemicals, poultry farming, real estate and financial services.

TGI has operated in Nigeria and the broader West African region for more than four decades and has expanded into markets including India and the United Arab Emirates. The group says it has more than 25,000 employees.

For UAC, the disposal comes as the group continues to operate across packaged food and beverages, paints, animal feeds and other edibles, quick-service restaurants, logistics and real estate through its subsidiaries and associates.

DP World Logistics is part of the broader global DP World network, which operates across ports and terminals, marine services, logistics and technology. DP World says it has more than 125,000 employees operating across six continents.

The value of the proposed transaction was not disclosed in UAC’s announcement.

The completion of the sale remains subject to the requisite regulatory approvals. UAC said further information could be obtained through its investor relations portal.

From 27 September 2026, European Union law will ban vague environmental claims such as ‘eco-friendly’, ‘green’ or ‘biodegradable’ unless a company can back them up with recognised proof of excellent environmental performance, or state exactly what they mean. Next week, the same word will appear on the same kind of pack in Nigeria, meaning exactly what it meant last week: whatever the marketing department wanted it to mean.

One word is far more than the new rules laid down in Directive (EU) 2024/825. They ban sustainability labels that are not based on a recognised certification scheme, signalling the end of the era of the self-designed green leaf badge. They prohibit claims about an entire product or business when the benefit lies in just a part of it. They ban ‘climate neutral’ product claims based on buying carbon offsets rather than cutting emissions. Promises such as ‘net zero by 2050’ have to come with a plan for their implementation and for independent verification. Brand names can be claimed if they suggest an environmental benefit, and there is no transition period for products already on the shelf.

Europe was not acting on guesswork. More than half of the environmental claims examined by a European Commission study were found to be vague, misleading or unfounded, with 40% having no evidence to back them up at all. The principle behind the response is simple: the buyer now bears the burden of proof. Speak a specific truth that can be checked, or be silent.

Nigeria has taken the environment seriously, but it has aimed at a different target. For example, Lagos began fully implementing its ban on single-use plastics in July 2025, removing Styrofoam packs, straws, disposable cups, cutlery, and thin nylon bags from its shelves. Instead, PET bottles and sachet water were placed under extended producer responsibility, and new regulations from NESREA now require producers to fund and organise the recovery of what they sell. These are real accomplishments. But they do not control the waste.

What they do not control is a promise. Nigerian advertising rules prohibit misrepresentations and require that advertisements be honest and truthful. However, it does not tell a company what ‘eco-friendly’, ‘recyclable’ or ‘biodegradable’ must mean, or what evidence must underpin them. In practice, the label is free.

The gap between Nigerian green claims and a system that cannot honour them is more important here than in Europe. Nigeria produces some 2.5 million tons of plastic waste annually. Lagos alone generates about 870,000 tons, of which less than 12% is recycled. In Nigeria, a ‘recyclable’ pack is mostly a promise the city’s infrastructure can’t deliver on. Sometimes the shopper pays a premium for the virtue that ends in a city drain. The claim is paid for by the consumer and the environment. The brand comes out on top.

There is also a double standard waiting to happen. Many of the companies that fill the shelves of Nigerian supermarkets also sell in Europe. They have to prove or drop their generic green claims by the 27th of September. This is not a discipline that applies here, and a claim that a company can no longer make in Paris is still worth money in Nigeria. Under no circumstances should Nigeria be the destination of Europe’s retired claims to live. It is not just about protection either. Regardless, Nigerian brands that sell to European consumers, including through diaspora e-commerce, will have to meet the new standard. Those who learn the discipline at home will export more easily.

Business leaders do not need to wait for a regulator. Four steps would position a Nigerian brand ahead of the rules, not behind them. First, audit all environmental words on packs, websites, and adverts, and ask whether they can be proved in Nigeria rather than at a head office abroad. Secondly, use specific facts rather than generic language. For instance, ‘made with 30% recycled plastic’ is a verifiable claim, whereas ‘eco-friendly’ is not. Thirdly, remove self-made green badges not certified by an independent body. Fourth, use the term ‘recyclable’ only if the product can be recycled here, preferably with support from recovery rates that producers are now required to report under extended producer responsibility.

There is a role for regulators as well. The Federal Competition and Consumer Protection Commission and ARCON could issue joint guidance on green claims, modelled on the European list and connected to NESREA’s recovery data, so that a claim on a pack can be verified against what actually happens to the pack afterwards.

When everything is eco-friendly, the word protects no one, least of all the companies that are really trying to do better. Nigerian cities like Lagos have already outlawed plastic. It’s time Nigerian businesses retired from the promise they can’t keep.

Louis Nzegwu is a professor of marketing at the Lagos Business School. He is an expert in marketing operations and teaches a variety of marketing courses, including Sales Management, Marketing Management, Pricing, Marketing Research, and Global Marketing courses, amongst others, and provides thought leadership for the Christopher Kolade Centre of Research in Leadership and Ethics.

Dr Emmanuel Orakwe is a Researcher at the Christopher Kolade Centre for Research in Leadership and Ethics, Lagos Business School.