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Kenya Pipeline Company (KPC) has become the fourth most valuable company on the Nairobi Securities Exchange (NSE), after its shares surged following Aliko Dangote’s acquisition of a 25 percent stake in the state-linked oil infrastructure firm.

KPC shares rose 9.96 percent to a record KSh13.80 on Wednesday, extending their gains to five consecutive trading sessions. The rally has lifted the company’s market value to KSh250.79 billion, an increase of KSh86.14 billion, or about $662.6 million, as investors respond to Dangote’s entry.

The stock has gained 52.32 percent over the rally, moving KPC ahead of several established companies on the exchange, including Co-operative Bank of Kenya, East African Breweries and Absa Bank Kenya.

KPC now trails Safaricom, whose market capitalisation stands at KSh1.33 trillion, Equity Group at KSh361.33 billion and KCB Group at KSh273.14 billion. Its valuation is above Co-operative Bank’s KSh215.33 billion and East African Breweries’ KSh213.11 billion.

The surge follows Dangote’s acquisition of about 24.76 percent of KPC through a block trade involving 4.5 billion shares worth KSh42.5 billion. The deal made him the company’s largest private shareholder and drew fresh attention to its role in transporting petroleum products across East Africa.

KPC operates a pipeline network that moves fuel from the port of Mombasa to inland markets, making it an important part of the region’s energy supply chain. Dangote has also outlined plans to invest a further $1.5 billion in expanding the network, according to reports, although details on the funding and implementation timetable have not been disclosed.

The proposed expansion has given investors another reason to assess KPC’s future growth prospects, as a larger pipeline network could support higher fuel transportation volumes and strengthen regional distribution.

However, the share price rally does not guarantee that the planned investment will translate into higher earnings. The company’s future performance will depend on the execution of expansion plans, demand for pipeline services and its ability to convert additional activity into sustainable revenue.

KPC was listed on the Nairobi Securities Exchange in March 2026, giving investors access to a major piece of Kenya’s energy infrastructure. Its rapid rise in market value shows how a high-profile shareholder and expectations of future investment can reshape market perceptions of a newly listed company.

The Witwatersrand Basin has produced roughly a quarter of all the gold ever mined. In the 1970s, South Africa accounted for almost two-thirds of global gold production. This wealth supported the Bank of England, maintained sterling as the world’s reserve currency, and funded imperial trade. However, little of the resulting industrial capability was developed in Africa.

This paradox defines Africa’s resource narrative: it drives global prosperity without delivering proportional benefits at home. The key question is whether the critical minerals boom will change this pattern.

A second chance, on better terms

The transition to clean energy, digital technology, and AI has raised global demand for minerals such as lithium, cobalt, graphite, manganese, copper, titanium, and rare earths, many of which are abundant in Africa. This demand is long-term, with governments and companies seeking secure supply chains and processed materials rather than raw ore.

This shift gives Africa influence it has rarely held. However, most value is lost before significant industrial development occurs. Estimates compiled from USGS, World Bank, and industry data indicate that less than 10 per cent of Africa’s lithium, graphite, copper, and gold is processed locally for batteries or other uses. For instance, Africa processes only 3 to 5 percent of graphite, despite its importance in battery anodes. Cobalt is the exception, at about 20 percent, achieved only under intense geopolitical and ESG pressure.

Africa’s broader industrial landscape remains challenging. The African Development Bank’s 2025 Africa Industrialisation Index reports that Africa accounts for less than 2 percent of global manufacturing and only 1.4 per cent of manufactured exports. Manufacturing value added per person remains below 2014 levels. Even South Africa, once the continent’s leading industrial nation, has declined since 2010 and now trails Morocco.

The cost of exporting rocks

Commodity dependence is not only a missed opportunity but also a source of instability. For example, copper represents 10 to 15 percent of Zambia’s GDP and 70 to 80 percent of its export earnings. When prices fell and the pandemic struck in 2020, Zambia’s economy contracted, making it the first African country to default on its debt during the pandemic. Without local processing, downturns are more severe, and upturns fail to deliver lasting benefits.

Beneficiation addresses this challenge: Processed products command higher prices, access more stable markets, create skilled jobs, and support supplier ecosystems that endure beyond individual price cycles.

Africa already has the blueprint.

None of this is new thinking. The Africa Mining Vision, adopted by African Union heads of state in 2009, observed that ‘most of Africa’s minerals are exported as ores, concentrates or metals, without significant value-addition’ and called for ‘downstream linkages into mineral beneficiation and manufacturing’. Agenda 2063 envisages regional manufacturing hubs built around beneficiating Africa’s minerals so the continent captures a greater share of the rents from its natural resources; its African Commodities Strategy is a flagship programme for precisely that purpose. The AU’s Green Minerals Strategy, published in 2025, commits to driving ‘value addition at source’.

Africa’s challenge is not a lack of strategy but of execution, with too few bankable projects translating policy into operational facilities.

Nyanza: From policy to plant

South Africa has the world’s second-largest reserves of the titanium mineral, yet none is processed into pigment or metal within Africa. Instead, the continent imports all its pigment and metal requirements. Ilmenite, the primary raw material, is mined and exported from the continent for less than US300pertonne,whiletitaniumdioxidepigment,usedinpaints,plastics,paper,andinks,sellsforoverUS3,000 per tonne-more than ten times higher in value.

Nyanza Light Metals’ US$850 million plant in the Richards Bay Industrial Development Zone will address this gap by producing 80,000 tonnes of pigment annually as Africa’s first large-scale titanium dioxide facility. In July 2021, the African Finance Corporation (AFC) became a co-development partner and intends to participate in the principle investment in the project that will create approximately 3,000 construction jobs and 850 permanent positions, with 45 percent of the permanent roles targeted for women, along with import savings and increased export earnings.

The project’s financial viability was achieved through a phased approach. The support of South Africa’s Department of Trade, Industry and Competition (DTIC), alongside sponsor investment, enabled feasibility studies and the establishment of a testing centre to produce customer qualification samples. In 2021, Afreximbank and AFC joined as co-developers, making them co-developers in the project. East China Engineering Science and Technology Corporation (ECEC), a leading builder of titanium dioxide plants, was selected as the EPC contractor. The sponsors launched the Nyanza pigment brand using products from an existing, built and operated ECEC plant, securing customers before construction began and incorporating protections in sales agreements to reassure lenders. In October, 2025, the African Development Bank approved its US$75 million in senior debt participation. The project commenced construction in June, with early civil works such as piling underway, and production expected within 36 months thereafter.

The project also demonstrates the catalytic role that targeted industrial policy can play in building strategic beneficiation capacity. Early-stage project development support from the South African Government, through the DTIC, helped de-risk critical development activities and laid the foundation for subsequent participation by institutions such as AFC, Afreximbank and the Industrial Development Corporation (IDC).

Nyanza’s impact extends beyond a single plant. Its by-products, skilled workforce, and customer relationships will support a second phase: a battery-grade lithium iron phosphate project for energy storage, electric mobility, and AI infrastructure.

A Nyanza for every mineral

This approach is applicable in other countries and minerals as well. It relies on four factors any resource-rich nation can provide: early public investment to reduce risks, special economic zones with strong infrastructure and incentives, early involvement of development finance institutions, and regional markets large enough to absorb output. Intra-African trade accounts for only 14.4 percent of the continent’s total, compared to 60 percent in Asia, according to the AfDB. Full implementation of the African Continental Free Trade Area would provide processors with the scale that national markets alone cannot achieve.

Africa requires projects like Nyanza across multiple regions and for various minerals. The Witwatersrand enriched other parts of the world; this time, the benefits should remain where the minerals are sourced.

Sulaiman Cisse is VP, Project Development and Technical Solutions at Africa Finance Corporation (AFC). AFC is a co-developer of, and lead arranger for, the Nyanza titanium dioxide project.

Retirees in Edo State have pledged to mobilise support for President Bola Tinubu’s re-election in 2027, following Governor Monday Okpebholo’s approval of their return to the Defined Benefits Scheme (DBS) from the Contributory Pension Scheme (CPS).

The pensioners made the commitment on Wednesday during a thank-you and solidarity visit to the Government House in Benin City, where they commended the governor for addressing their long-standing concerns over the pension arrangement and pledged to help deliver the 2.5 million votes he had promised the president.

Asemota Osagie Andrew, chairman of the Association of Retirees under the Contributory Pension Scheme, said the previous administration’s implementation of the CPS had left many retirees struggling, adding that his experience after 35 years in public service gave him first-hand knowledge of the difficulties faced by pensioners.

He described Okpebholo’s approval of their return to the DBS as evidence of a government willing to listen to the concerns of retirees, saying the association was prepared to translate its appreciation into political support for the governor and Tinubu ahead of the 2027 general election.

‘We are here to thank you for matching words with action. We will support you politically and ensure President Tinubu returns to Aso Rock for a second term. You have promised the president 2.5 million votes. Leave the strategy to us; we will deliver,’ Andrew said.

He recalled that the association had appealed to the governor to return its members to the DBS and was assured that their concerns would be considered.

According to him, the governor approved the request within two weeks of their discussion, a development he contrasted with the continuing struggle of pensioners in Lagos State over a similar demand.

Aikpitanyi Felix, secretary of the association, said the governor’s intervention went beyond what words of appreciation could adequately express, pledging that the retirees would demonstrate their gratitude through their votes in 2027.

Felix accused the previous administration of failing to address the pensioners’ grievances despite their prolonged appeals, adding that the present government had demonstrated concern for both infrastructure development and the welfare of Edo residents.

Other members of the delegation, including Lawrence Osifo, Veronica Ojehumen and Mercy Itohan, also commended the governor and pledged their support for the 2.5 million-vote target.

Responding, Okpebholo said his administration was focused on developing the state and improving the welfare of its residents, insisting that his decisions would be guided by the interests of Edo people.

‘I was voted for because of the plight of Edo people, and I am in office to solve the challenges facing them. You voted for me to develop Edo State, and that is exactly what I am doing. Anything that will not benefit Edo people, I will not do it,’ the governor said.

He also credited Tinubu with supporting his administration, describing the president as a leader who cares about Edo State and whose backing had helped facilitate some of the state government’s decisions and achievements.

In the last post, we established that unhealthy competition is one of the most underestimated reasons products fail. We examined how incumbents deploy the regulatory lever, sometimes filing complaints with regulatory bodies to trigger investigations and delay market distribution. We explored how exclusive distribution arrangements structurally close doors against new entrants before they can build commercial momentum. Red Bull’s entry into the energy drink category demonstrated that survival is possible, but only for challengers who build differentiated positioning early.

This week, we will look at some other tactics incumbents use and how to counter them. When an incumbent cannot block entry through distribution or regulation, it frequently turns to the bluntest instrument available: price. The logic is simple. If the new entrant’s business case is built on a particular price point and margin structure, a sustained period of price reduction by the incumbent, even below profitable levels, can destroy the economic rationale of the challenger’s market presence before it establishes consumer loyalty. However, note that new entrants also use the price logic to tackle existing players.

In some cases, the new entrants may have planned to make losses in their first few years to enter the market. This is precisely what happened when legacy carriers responded to the rise of low-cost airlines. Faced with Southwest Airlines’ growing route coverage, established carriers selectively matched Southwest’s fares on contested routes, absorbing short-term losses to starve the challenger of the price-sensitive passengers it needed to build load factor and profitability. The practice was ruled anticompetitive in some instances, but the commercial damage to several smaller low-cost entrants was already done. Matching an incumbent’s promotional aggression requires capital reserves that most new products simply do not have.

The answer to competitive aggression isn’t to become aggressive in kind or to surrender to the antics of the competitor. It is to build a system that anticipates unethical practices and is designed to survive them. There are several principles that consistently separate products that navigated hostile competitive environments from those that did not.

First, ensure a secure distribution channel ahead of any competitive aggression in your route to market. A product that has already locked in distribution agreements, including secondary and tertiary channel partners, denies the new entrant or a competitor the opportunity to foreclose those channels. Keeping your launch plans confidential as a new entrant is legitimate competitive discipline. It is not lying. Withholding information is different from giving false information. It is competitive intelligence. Move stock quietly. Keep your preparations confidential for as long as possible.

Second, build a regulatory posture, not just a regulatory file. This means going beyond minimum compliance requirements and building proactive relationships with relevant regulatory bodies before experiencing any unethical aggression from your competitor. When a competitor files a complaint, the response of a regulator who already knows your product, has reviewed your documentation, and understands your manufacturing process is categorically different from the response of a regulator encountering your brand for the first time through an adversary’s complaint. Compliance teams must be treated as strategic assets, not administrative functions.

Third, build consumer pull early. The fastest way to neutralise distribution pressure from unethical competitors is to create a consumer who asks for your product by name. Once a retailer’s customers are requesting a specific product, the calculus of exclusivity changes. Unilever understood this with its sampling and market activation campaigns in new territories. PandG understood it in its entry into new markets. Consumer pull isn’t just a marketing objective. In a hostile competitive environment, it is your primary defensive weapon.

Fourth, document everything. If you have evidence of anticompetitive behaviour such as a distributor who shows you the exclusivity clause in their agreement with a market player, a regulatory complaint whose timing is suspiciously precise, a ridiculous price reduction that targets exactly your price point, ensure it is documented. You may never use it legally. However, it gives your commercial and legal teams options, and it forces the competitor to reckon with the fact that their actions are being observed.

Understanding competitive dynamics is therefore not a luxury reserved for those with marketing in their job title. It is a leadership competency. The head of operations treats unexplained delays in clearing raw materials at the port as a possible signal of competitive interference, and the finance manager reads a regulatory audit timed with a product launch the same way. The brand manager who expects the competitor to watch him grow market share without them putting up an aggressive reaction is simply being naive. Your job as a senior executive is to anticipate competitors’ moves and be ready to earn your place in the market.

The Kano State Police Command has arrested two 20-year-old men over an alleged plot to kidnap the village head of Bangare in Gezawa Local Government Area, following a threatening phone call to the traditional leader.

The suspects, identified as Aliyu Naziru Garba and Bashir Alhasan, were arrested after police operatives launched an intelligence-led operation in response to a report of criminal intimidation and an alleged attempted kidnapping.

The village head, Idris, reported the incident at the Gezawa Divisional Police Headquarters at about 1.30am on October 26, 2026, stating that he had received a threatening phone call from an unidentified person at about 9.33pm on October 24.

According to the police, the caller threatened to kidnap him, prompting an investigation that led to the arrest of the two suspects.

The command said the suspects had confessed to the alleged crime, adding that investigations were ongoing and they would be charged to court upon completion of the process.

Ibrahim Adamu Bakori, commissioner of police in Kano State, commended officers of the Gezawa Division for their swift response and professional handling of the case.

Bakori reiterated the command’s commitment to combating criminal activities, including kidnapping, intimidation and conspiracy, across the state.

He said the operation was consistent with the policing vision of Olatunji Rilwan Disu, inspector-general of police, which prioritises intelligence-led and technology-driven policing, professionalism and proactive crime prevention.

The command urged residents to remain vigilant and report suspicious movements or activities to the nearest police station.

It provided the following emergency contact numbers for members of the public to report security concerns: 08032419754, 08123821575 and 09029292926.

The police said the arrests formed part of its ongoing efforts to prevent crime and strengthen security across communities in Kano State.

A small or medium enterprise (SME) founder sees the next order, the new equipment or the second outlet that could transform the business. The bank sees a different question: can this business turn the money it borrows into enough reliable cash flow to repay it?

Both may be right. The entrepreneur may have found a genuine opportunity. The lender may still be unable to verify that the business has the financial records, cost controls, management systems and repayment capacity to pursue it safely.

That is the financing paradox confronting many Nigerian small businesses. They need capital to grow, but the weaknesses that constrain their growth can also make them difficult to finance.

The problem, therefore, is not always finding a bank willing to lend. It is building a business that can demonstrate what it will do with the money, how the investment will generate returns and where repayment will come from.

This is the gap ProvidusUnity Bank is seeking to address through its SME Development Programme, delivered in partnership with the Enterprise Development Centre of Pan-Atlantic University. Its premise is that entrepreneurs need more than access to capital. They need the financial discipline, operational systems and business capabilities to use it productively.

The financing problem beneath the financing gap

The International Finance Corporation estimated unmet credit demand among Nigerian micro, small and medium-sized enterprises at approximately $32.2 billion, equivalent to about ?13 trillion. The estimate was based on research involving almost 1,000 MSMEs in 2021 and 2022. It is not a measure of the current financing gap, but it illustrates the scale of the structural challenge.

The problem is not simply that businesses need money and banks have not supplied enough of it. Lenders must assess whether borrowers can repay. Many small businesses operate with incomplete financial records, limited formal governance, weak business planning or insufficient information to demonstrate how additional capital will generate returns.

PricewaterhouseCooper’s (PwC) 2024 micro small and medium enterprise (MSME) survey, drawing on the National Bureau of Statistics (NBS)/Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) 2021 national survey, reported that micro, small and medium-sized businesses accounted for 96.9 per cent of Nigerian businesses, contributed 46.32 per cent of GDP and represented 87.9 per cent of employment. It also reported that 96.2 per cent of MSMEs operated as sole proprietorships. These figures describe the 2021 survey baseline, rather than a fresh census of businesses in 2024.

The scale of the sector makes the issue consequential. But the prevalence of owner-managed businesses also raises practical questions about how financial decisions are made, how business and personal finances are separated, and whether a company can continue operating effectively beyond the founder’s daily involvement.

For an entrepreneur, becoming finance-ready begins with confronting these questions before applying for a loan.

What changes when a business becomes finance-ready?

ProvidusUnity Bank launched its SME Development Programme in 2020. Over six editions, the initiative has evolved from helping entrepreneurs navigate difficult operating conditions towards strengthening the systems and capabilities required for growth.

In October 2026, the bank announced the graduation of more than 100 entrepreneurs from its sixth cohort. The three-month programme, organised with the Enterprise Development Centre, brought together business owners from Lagos, Abuja and Port Harcourt. Participants received training intended to strengthen their ability to manage and expand their enterprises.

The curriculum addresses areas that influence both business performance and financing decisions: strategy, financial management, operational efficiency, leadership, sustainability, risk management, profitability and growth planning.

These subjects may sound familiar. Their value lies in whether an entrepreneur can translate them into better decisions.

Consider a manufacturer seeking funding to increase production. A larger machine may increase output, but only if the business has sufficient demand, reliable raw-material supplies, trained workers and the cash flow to cover operating costs. The owner must also understand the cost of producing each unit, the margin earned on sales and the time it takes customers to pay.

Without that information, borrowing to expand can magnify existing weaknesses

A finance-ready business is better positioned to show why it needs capital, what the money will finance, how the investment will improve performance and how the resulting cash flow will support repayment.

That does not guarantee a loan. Credit decisions remain subject to a lender’s assessment and applicable terms. It does, however, give the entrepreneur a stronger basis on which to engage a potential financier.

Lessons from businesses already on the journey

The programme’s participants illustrate the variety of enterprises confronting this transition.

Uju Okeke, founder of Ava Collections, joined the programme after more than a decade of building her business. Her experience, reported by BusinessDay, centred on consolidating what she had established and developing the structures needed to support its next stage of growth.

Olatunji Alaaki, founder of Jeun, identified corporate governance, marketing, branding and business structure among the areas in which the programme broadened his perspective. Tunji Onakoya, founder and chief executive of AutoClinic NG and a participant in the sixth cohort, described the intervention as addressing a genuine need within Nigeria’s entrepreneurship ecosystem.

These accounts are useful illustrations of the programme’s intended value. They are participant experiences, however, not independent evidence that the programme has caused a particular increase in revenue, profitability, lending or employment.

The more important question is what entrepreneurs can take back to their businesses and implement.

For one founder, that may mean producing regular management accounts rather than relying on a bank balance to judge performance. For another, it may mean documenting operating procedures so that the business is less dependent on the owner. For a third, it may mean identifying which product lines generate the strongest margins before seeking money to expand.

Finance-readiness is not a presentation prepared for a banker. It is the operating discipline behind the presentation.

From learning to access to capital

ProvidusUnity Bank’s SME offering extends beyond training. Its published proposition includes one-on-one business advisory, investment-readiness support, networking, market access and access to funding opportunities. The bank also advertises financing solutions for working capital and expansion, as well as equity-funding connections for suitable businesses.

Active participants in its SME programme are eligible for access to finance at preferential rates, according to the bank’s published SME banking information. The applicable terms and eligibility conditions should be confirmed directly with the bank.

The distinction between debt and equity also matters. A business requiring short-term working capital to fulfil confirmed orders has a different financing need from one investing in equipment that will generate returns over several years. An equity investment, meanwhile, introduces a different relationship between the entrepreneur and the provider of capital.

Finance-readiness therefore includes matching the financing structure to the purpose and expected returns of the investment.

This is particularly relevant to Nigerian SMEs that experience a mismatch between the duration of their funding and the time required to earn returns. At the second Go Local Summit in September 2026, Ernest Elue, ProvidusUnity Bank’s head of strategy, highlighted the problem of businesses requiring longer-term funding while relying on shorter-term finance. He also stressed the importance of governance, credible cash-flow evidence and reliable financial records.

The implication is straightforward: capital can support growth, but the financing arrangement must fit the business model.

Is your business ready for its next stage?

For founders considering the next phase of growth, the first step is an honest assessment of the business.

Can you explain, using reliable records, how much revenue the business generates and how much profit it retains? Do you know your operating costs, margins, outstanding receivables and cash-flow requirements? Can you demonstrate consistent demand? Are contracts, registrations and ownership records in order? Can the business operate through documented systems rather than depending entirely on the founder?

Most importantly, can you explain precisely what additional capital would achieve, how the investment would improve the business and where the money to repay debt would come from?

These are not merely questions to prepare for a loan application. They are questions that help determine whether expansion is commercially sensible.

ProvidusUnity Bank’s SME Development Programme is designed to help entrepreneurs strengthen these capabilities while building relationships, gaining advisory support and exploring financing opportunities. Business owners interested in the programme can consult the bank’s official SME banking page (https://www.providusbank.com/sme-banking) for information on its offerings and application process.

For Nigeria, the broader opportunity extends beyond helping individual companies obtain finance. It is to build more enterprises capable of using capital productively, employing people, supplying larger businesses and moving from founder-led activity towards organised, scalable operations.

The next stage of growth may require a loan. But before the loan comes the work of building a business that understands its numbers, controls its costs and knows what it will do with the money.

Capital can accelerate a business. Finance-readiness helps determine whether that acceleration creates lasting value.

Dangote Cement Plc’s Nigerian operations generated N1.60 trillion in earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the nine months ended September 2026, accounting for the bulk of the cement maker’s operating earnings as its Pan-African business weakened.

The Nigerian business recorded EBITDA of N1.60 trillion, up 23.7 percent from N1.29 trillion in the corresponding period of 2025, according to the company’s third-quarter financial statements reviewed by BusinessDay.

Group sales rose to N3.77 trillion from N3.15 trillion, a 19.6 percent increase, while consolidated EBITDA rose 23.7 percent to N1.77 trillion from N1.43 trillion.

The figures highlight the growing contribution of the domestic market to Dangote Cement’s earnings, even as the company pursues growth across African markets.

Revenue from sales of cement and clinker reached N3.77 trillion during the period, compared with N3.15 trillion a year earlier. Sales of other products contributed N2.84 billion, bringing total group sales value to N3.77 trillion.

Nigeria generated N2.67 trillion in revenue, up from N2.18 trillion in the prior-year period. Pan-African operations contributed N1.19 trillion, compared with N1.06 trillion previously.

While Nigeria recorded operating profit of N1.48 trillion and profit for the period of N849.40 billion, Pan-African operations posted operating profit of N146.46 billion but ended the period with a loss of N7.86 billion. The African operations outside Nigeria had recorded a profit of N182.73 billion in the corresponding period of 2025.

The divergence suggests that revenue growth across the company’s international markets has yet to translate into stronger bottom-line contributions.

At the group level, EBITDA rose to N1.77 trillion, from N1.43 trillion, while operating profit increased 27.8 percent to N1.57 trillion from N1.23 trillion.

Profit before tax advanced 41.5 percent to N1.47 trillion from N1.04 trillion, while profit after tax increased 31.1 percent to N974.79 billion from N743.26 billion.

Rising costs test earnings growth

The improvement in sales and operating earnings came amid higher production and distribution expenses.

Production cost of sales increased to N1.39 trillion from N1.29 trillion, while selling and distribution expenses rose to N618.87 billion from N500.62 billion.

Haulage expenses, a major component of distribution costs, increased to N489.29 billion from N396.08 billion, reflecting the substantial cost of delivering cement to markets.

Administrative expenses also rose to N226.11 billion from N202.34 billion.

Nevertheless, gross profit increased to N2.39 trillion from N1.87 trillion, indicating that revenue growth outpaced the increase in production costs.

Lower finance costs provided further support. Group finance costs fell to N120.80 billion from N286.04 billion in the corresponding period, helping lift profit before tax.

Cash generation supports investment and debt reduction

Dangote Cement generated N1.83 trillion in net cash from operating activities during the nine months, compared with N1.29 trillion a year earlier.

Cash and cash equivalents increased to N554.54 billion at September 30, 2026, from N179.66 billion at the end of September 2025.

The company also reduced total loans and borrowings to N477.77 billion from N707.53 billion at December 2025, as loan repayments of N992.65 billion exceeded new borrowings of N467.69 billion.

Investment in property, plant and equipment remained significant, with additions amounting to N566.72 billion during the period.

The group paid N753.85 billion in dividends, up from N502.57 billion a year earlier, while earnings per share increased to N58.37 from N43.82.

The cement maker closed its last trading day on Tuesday at N1,341.90 per share on the Nigerian Stock Exchange (NGX), recording a 9.8 percent gain over its previous closing price of N1,222.10. Dangote Cement began the year with a share price of N609.00 and has since gained 120 percent on that price valuation, ranking it 17th on the NGX in terms of year-to-date performance.

The federal government has announced plans to begin construction of a $100 million gas pipeline connecting five South-East states in the first quarter of 2027, as it seeks to expand gas access for industries and unlock investment in the region.

The 400-kilometre pipeline will link the ANOH gas processing plant in Imo State to industrial and commercial centres across Imo, Abia, Anambra, Enugu and Ebonyi, with first gas delivery projected for the second quarter of 2028.

The South East Development Commission (SEDC), through its investment arm, the South East Investment Company (SEIC), is developing the project in partnership with GasSync and NNPC Gas Marketing Limited (NNPC NGML), according to a note issued on Wednesday.

Mark Okoye, managing director and chief executive officer of SEDC, said the commission had committed $3 million to the project after completing technical, financial and legal due diligence.

The commission is also targeting up to $30 million in regional investment participation to mobilise additional capital for the project.

Callistus Mba, a representative of GasSync, disclosed the project timeline at the South-East Gas Infrastructure Investment and Project Development ceremony in Enugu, where he said the pipeline would serve about 150 prospective customers in manufacturing, power generation and agro-processing.

The customers have projected gas demand of 254 million standard cubic feet per day, Mba said.

The network originates from Ohaji in Imo, passes through Owerri and Aba in Abia before connecting Onitsha in Anambra, with extensions to Enugu and Ebonyi States.

Mba said the project would bring gas closer to industrial users and reduce the need to transport compressed natural gas and liquefied natural gas by road.

GasSync is engaging prospective customers, including Geometric Power in Abia, while the pipeline could support the revival of inactive industries in Enugu and the development of agro-processing businesses in Ebonyi.

According to Mba, procurement has commenced, engineering, procurement and construction preparations are progressing, and funding arrangements are moving towards financial close.

President Bola Tinubu, represented by Benjamin Kalu, deputy speaker of the House of Representatives, said the project was intended to address energy constraints that have limited industrial expansion in the South-East.

‘Our ambition is not simply to deliver gas to existing factories. It is to make possible factories that do not yet exist, industrial parks yet to be developed, and investments that have remained on the drawing board because reliable energy was unavailable,’ Tinubu said.

According to him, the initial phase would require about $100 million, calling on development institutions to help mobilise private investment alongside public funding.

‘This is the model I expect from our development institutions: identify strategic economic opportunities, prepare credible projects, commit public resources responsibly and mobilise private capital at a scale government budgets alone cannot achieve,’ he said.

The president said the project must be implemented with commercial discipline, transparency, environmental responsibility, community engagement and adherence to safety standards.

He also called for clear timelines, implementation milestones and regular progress reports.

Peter Mbah, Enugu governor, described the agreement as a step towards investment in the region’s industrial development, pledging support from state governments.

‘What we have just signed here today is an investment agreement, meaning that investment has commenced,’ Mbah said.

He said the South-East governors would accelerate right-of-way approvals and environmental impact assessments to facilitate the project.

Onyekachukwu Ibezim, Anambra deputy governor, urged communities along the pipeline route to support its implementation.

‘I want to urge the communities through which the pipelines will pass to have a buy-in. We are strongly behind the commission,’ Ibezim said.

MTN Nigeria plans to sustain its investment in network infrastructure as it positions connected homes as a major growth opportunity over the next five to 10 years, signalling a shift towards expanding beyond traditional mobile services to meet rising demand for high-capacity internet connectivity.

Ralph Mupita, group president and chief executive officer of MTN Group, at a meeting with MTN Media Innovation Fellows, in Lagos, on Wednesday, said rising smartphone and other device costs would not derail the company’s investment plans in Nigeria, citing the country’s growth potential and increasing demand for data services.

Mupita, who also holds a leadership position within the Global System for Mobile Communications Association (GSMA), said expanding fibre infrastructure would be critical to supporting the next phase of connectivity, particularly as households and businesses consume more data.

The comments come as telecom operators face the twin pressures of rising equipment costs and growing demand for reliable, high-speed connectivity. For MTN, the opportunity increasingly lies in strengthening the infrastructure needed to support data-intensive services and connect homes to faster internet.

Mupita said customer data consumption was increasing by about 30 percent annually across MTN Nigeria’s customer base, reinforcing the need for continuous investment in network capacity.

He explained that mobile networks alone would face limitations in supporting some high-volume connectivity needs, making fibre infrastructure an important part of the company’s longer-term strategy.

Connected homes could provide operators with an additional source of growth by extending connectivity beyond individual mobile subscriptions to household internet services and other data-intensive applications.

However, the pace of adoption will depend partly on the affordability of devices and internet services, as well as the availability of reliable infrastructure. Rising smartphone prices could make it harder for lower-income consumers to access digital services, even as network coverage improves.

Mupita said global demand for memory chips, driven partly by artificial intelligence and data-centre expansion, was putting pressure on device costs. He indicated that the price of entry-level data-capable phones could rise beyond earlier expectations, potentially complicating efforts to expand digital access across African markets.

For Nigeria, the challenge is to expand network capacity while keeping connectivity affordable enough for more households to come online. Higher device costs could limit the number of consumers able to take advantage of improved networks, creating a gap between infrastructure investment and actual usage.

MTN’s investment outlook also reflects the growing importance of fibre in supporting businesses, homes and emerging digital services. Fibre networks can provide higher capacity and more reliable backhaul for mobile infrastructure, while helping meet demand from users who require consistent, high-volume connectivity.

Mupita also discussed MTN’s ambition to develop a large data centre in Nigeria, linking the project to the country’s growing interest in digital sovereignty and local data hosting.

Under the approach he described, sensitive workloads, including some banking, healthcare and national-security data, could be hosted locally, while less sensitive workloads could continue to use public cloud services. The proposed data-centre project and its scope were not detailed in the remarks and should be confirmed with MTN before publication.

The emphasis on local infrastructure comes as governments and businesses increasingly consider where their data is stored, how it is protected and whether domestic infrastructure can support critical digital services.

For MTN, the next phase of growth will therefore depend not only on expanding mobile connectivity but also on investing in fibre, data infrastructure and services that meet the changing needs of households and businesses.

Mupita maintained that higher device costs would not change the company’s commitment to Nigeria, pointing to connected homes and fibre as areas with significant long-term potential.

The strategy nevertheless faces affordability and infrastructure challenges. Expanding network capacity will not automatically translate into broader digital inclusion if consumers cannot afford compatible devices or recurring data and internet subscriptions.

Sheikh Mansour, Manchester City’s owner, has injected an additional £100 million into City Football Group (CFG), reinforcing his financial commitment to the club’s global football portfolio as Manchester City appeal against an independent commission’s findings in the Premier League’s 115-charge case.

Documents filed at Companies House show that CFG raised approximately £100 million by issuing 11,327,163 new shares, all of which were acquired by Newton Investment and Development, Mansour’s investment vehicle. The transaction marginally increased his majority stake in the group.

The investment comes weeks after an independent commission found Manchester City guilty of 114 of the 115 alleged Premier League rule breaches relating to the club’s finances between the 2009-10 and 2017-18 seasons. The commission also upheld three of four alleged breaches relating to the club’s failure to co-operate with the league’s investigation.

Man City have strongly denied wrongdoing and challenged the findings. The club confirmed on October 1 that it had lodged a formal appeal, arguing that the commission’s decision contained material errors of law, principle and fact.

The appeal means the dispute remains unresolved, with the commission’s findings subject to further legal scrutiny. The Premier League has said the question of sanctions will be addressed separately.

CFG, valued at just under £6 billion according to reports cited in the original account, operates a portfolio of football clubs spanning several continents. Its European holdings include Manchester City, Girona, Lommel SK, Troyes and Palermo, while its wider network includes New York City FC, Montevideo City Torque, Bahia, Melbourne City and Shenzhen Peng City.

The additional capital provides further financial backing for the group as it navigates the legal uncertainty surrounding its flagship club. However, the share issue does not in itself indicate how the appeal will be resolved or what sanctions, if any, Manchester City may ultimately face.

Mansour has not publicly commented on the latest investment or the Premier League case.

CFG chief executive Ferran Soriano has previously defended the club’s position, insisting that the Premier League’s allegations about the source of sponsorship funding were false and that City had provided evidence in its defence.

The club has said it intends to pursue the appeal and other available legal avenues to challenge the findings.

The independent commission’s ruling is one of the most consequential developments in the Premier League’s financial-regulation history. The eventual outcome could have significant implications for Manchester City, the league’s enforcement framework and the wider debate over football ownership and financial governance.