Dangote Petroleum Refinery and Petrochemicals Chairman, Aliko Dangote, has reacted to a Kenyan court order stopping construction activities at the proposed $17 billion East African refinery project in Lamu County.

Dangote said the company was prepared to deal with the legal challenge and other disputes surrounding the project.

He spoke during a high-level investor engagement for the Dangote Refinery initial public offering (IPO) with East African institutional investors at the Nairobi Securities Exchange in Kenya.

Dangote Reacts to Court Order

The reaction followed an order by the Malindi Environment and Land Court after 133 residents of Chandavai, Lamu County, challenged the refinery project.

The residents opposed the development over alleged forced eviction and destruction of properties, while also claiming that the land designated for the refinery forms part of their ancestral heritage.

Reacting to the court action, Dangote described legal challenges as a familiar experience for major projects undertaken by his group across Africa.

“One court has given an order that we shouldn’t do any construction. I said, no, no, this is normal for us in Africa, we don’t care. In fact, this is even small,” Dangote said.

He cited a previous dispute involving the group’s operations in Senegal, where he said construction was stopped for about a year before the company pursued the matter through the Supreme Court.

“So anybody who wants to cause trouble, we are ready for them. We know who are the people doing all these things, so we’ll face them,” he added.

Dangote said the company was aware of developments surrounding the dispute and was prepared to address the issues.

What the Kenyan Court Ordered

The Malindi Environment and Land Court suspended construction activities at the proposed refinery site following the case filed by the 133 Chandavai residents.

The residents maintain that their families have occupied and farmed the disputed land for generations.

Further directions in the case are expected on October 14, following the order issued on September 25.

The court case remains before the Kenyan judiciary.

Dangote Says Groundbreaking Could Proceed

The Dangote Group had earlier said the court order would not, at that stage, stop the planned groundbreaking ceremony for the proposed refinery.

The company said the order required both parties to refrain from certain activities at the site pending the hearing of the case.

“The court has not halted the groundbreaking ceremony of the refinery at this stage,” the company said in an earlier statement.

The proposed refinery is designed to have a capacity of 700,000 barrels per day.

Kenya Prepares for September 30 Groundbreaking

The Kenyan government has been preparing for the September 30, 2026 groundbreaking ceremony for the East Africa Oil Refinery project in Lamu.

Kenyan Deputy President Kithure Kindiki said authorities were putting final arrangements in place for the event.

The ceremony is expected to attract government officials and other stakeholders from Kenya and the wider East African region.

The proposed refinery is expected to form part of a large-scale energy and industrial hub on Kenya’s coast, with potential implications for crude oil processing and related economic activities.

The ongoing court case has introduced a legal dispute into preparations for the project, while Dangote’s latest comments indicate that his group intends to continue engaging with the issues surrounding the development.

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Workers of the Nigeria Export Processing Zones Authority (NEPZA), under the Association of Senior Civil Servants of Nigeria (ASCSN), have protested in Abuja over proposed changes to the regulations governing free zones in Nigeria.

The workers described the process as a “backdoor” attempt to alter the regulatory framework without adequate participation from NEPZA, the agency legally responsible for licensing, monitoring and regulating free-zone activities.

They called on President Bola Ahmed Tinubu to intervene and ensure that any review of the regulations involves NEPZA, its unions, management and other relevant stakeholders.

NEPZA Workers Raise Concern Over 28-Page Document

Speaking during the protest, ASCSN Chairperson of the NEPZA chapter, Comrade Amaka Ugwu, said the workers were opposing what they considered an attempt to undermine the agency’s statutory mandate.

Ugwu said NEPZA was established under the Nigeria Export Processing Zones Act 63 of 1992 and is responsible for regulating free-zone activities in Nigeria.

She alleged that a ministerial committee had spent about six months reviewing the regulations without adequately involving NEPZA.

According to her, the controversy centres on a proposed 28-page document containing changes to the regulations and guidelines governing free zones.

Ugwu alleged that NEPZA only became aware of the document after it had been completed and forwarded to the Ministry of Justice for gazetting.

She said the document was later returned to NEPZA, after which the agency was allegedly given only two days to participate in a consolidation exercise.

“What they are doing is not asking for NEPZA’s opinion. They are merely asking NEPZA to append its signature to something that has already been concluded,” Ugwu said.

Workers Demand Fresh Review

The ASCSN chairperson called for the current process to be suspended and restarted through a broader committee.

She said the committee should include NEPZA, its unions and management, as well as other stakeholders involved in the free-zone scheme.

“What we want as an agency is very simple. The Honourable Minister should go back to the drawing board and constitute a proper committee,” she said.

Ugwu warned that changes to incentives available to businesses operating within free zones could affect the attractiveness of the scheme.

She argued that weakening the incentives could discourage businesses from operating within the zones and potentially affect employment and investment.

“If the incentives and benefits that are supposed to come with operating in a free zone are removed, what is the sense of coming into the free zone? You might as well operate in the customs territory,” she said.

Workers Link Reform to Jobs and Investment

Ugwu said the dispute was not only about NEPZA as an institution but also about businesses, workers, investment and Nigeria’s economic diversification efforts.

She said free zones were established to attract investment, create employment and promote non-oil economic activities.

The workers also expressed concern that changes made without adequate stakeholder participation could weaken NEPZA’s mandate and create uncertainty over job security.

“We are calling on the Federal Government, particularly Mr President, President Bola Ahmed Tinubu, to intervene,” Ugwu said.

She added that political appointees could change, but NEPZA and its statutory responsibilities would remain.

Federal Government Gives Different Account of Reform Process

The Federal Government has separately said its review of the economic free-zone framework is intended to restore the export orientation of the zones, address concerns around domestic sales and provide greater certainty for investors.

The Ministry of Industry, Trade and Investment said the reform process began in February 2026 with the inauguration of a Special Economic Zones Legislative and Regulatory Reform Committee.

According to the ministry, NEPZA and the Oil and Gas Free Zones Authority, alongside their respective teams, were included in the committee.

The government has said the reforms are intended to provide greater clarity around the legal and fiscal framework while preserving the incentives designed to attract investment into the zones.

The workers said they would continue their protest until their concerns were addressed.

“Until we achieve our objective. Until we get the desired result,” Ugwu said when asked how long the protest would continue.

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AG Mortgage Bank Plc recorded a sharp improvement in its 2025 financial performance, with profit after tax rising by 130 per cent to ₦1.06 billion.

The figures were disclosed at the bank’s 2026 Annual General Meeting, held virtually on September 25.

Gross earnings increased by 42 per cent to ₦4.93 billion in 2025, compared with ₦3.47 billion in the previous year.

Profit before tax also climbed by 89 per cent to ₦1.38 billion, while earnings per share rose from ₦4.59 to ₦10.55.

AG Mortgage Bank Expands Balance Sheet

The bank’s total assets grew by 48 per cent to ₦33.04 billion from ₦22.37 billion in 2024.

Loans and advances increased by 44 per cent to ₦22.71 billion, while customer deposits rose by 14 per cent to ₦9.48 billion.

Shareholders’ funds also strengthened by 17 per cent to ₦7.16 billion.

Managing Director and Chief Executive Officer, Ngozi Anyogu, described the growth in the loan book as particularly significant.

According to Anyogu, the expansion reflected the bank’s increased capacity to deploy funding into mortgage lending while maintaining credit discipline and portfolio quality.

Bank Highlights ₦7.83bn Mortgage Facility

Funding capacity was a major focus of the bank’s presentation to shareholders.

The lender highlighted its ₦7.83 billion Mortgage Refinance and Investment Enhancement Facility (MRIEF), alongside continued access to Federal Mortgage Bank of Nigeria funding for qualifying National Housing Fund lending.

Anyogu said the funding relationships went beyond liquidity, supporting the bank’s participation in programmes designed to expand access to housing finance.

The bank said its product development strategy remains focused on affordable and liveable housing while creating value for customers, employees, shareholders and communities.

Management Emphasises Risk Management

The bank’s board said growth during the year was accompanied by strengthened oversight of credit quality, liquidity, enterprise risk and regulatory compliance.

Management also said its credit risk approach incorporates forward-looking assessments of macroeconomic conditions in line with IFRS 9 requirements.

Chairman of the Board, Rev. Abel Amadi, said the financial results were encouraging despite inflation, elevated interest rates and exchange-rate volatility.

“These results are particularly encouraging because they demonstrate that the Bank was able to achieve meaningful growth while operating within a demanding economic environment,” Amadi told shareholders.

AG Mortgage Bank Proposes ₦50m Dividend

The board recommended a final dividend of ₦50 million, representing ₦0.50 per share.

According to the board, the proposal reflects the bank’s improved performance while preserving its capacity to finance future growth.

AG Mortgage Bank, which marked 21 years of operations in 2026, said its next phase would focus on scale, efficiency, customer reach and sustainable value creation.

The bank also plans to deepen its mortgage business and expand its reach through technology and strategic partnerships.

At the end of the AGM, members of the Audit Committee were re-elected, including Dr. Mark Chigozie, Mr. Monday Ubani and Engr. Eme Tasie.

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Court Convicts 21 Companies Over Unlicensed Investment Operations

The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission.

Justice Anyalewa Onoja-Alapa convicted and sentenced the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission.

The companies were each fined N30 million and ordered to pay an additional N200,000 for every day they committed the offence.

Full list of the 21 companies

The companies convicted by the court are:

1. Ngwuoke Daniels Technologies
2. Credio Banco Ltd
3. Digital Company Ltd
4. Co Request Capital Nigeria Ltd
5. Mega Drop Quality Stores Ltd
6. Norland Global Ltd
7. Oxford International
8. Creative Agriculture Cooperative
9. Qnet Nigeria Ltd
10. Qnet Professional Skill Academy Ltd
11. Mastermind Energy & Agro Nigeria Ltd
12. Atus West Africa Investment Company
13. Eatrich360 Farms
14. Matag Agro General Services
15. Viables X Agribusiness Ltd
16. Kwakol Markets Ltd
17. Light Shade International Ltd
18. Value Growth Ltd
19. B12 Synergy Nigeria Ltd
20. Phresh Farm Ltd
21. Omega Pro Global Resources.

Companies arraigned in September

According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation.

The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The EFCC said the companies were accused of engaging in specialised financial business without valid licences from the Securities and Exchange Commission.

One of the charges, involving Mega Drop Quality Stores Limited, alleged that the company had engaged in the business of a financial institution without a valid licence, including advertising and operating a financial investment management business without a valid SEC licence.

A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.

Court proceedings

The representatives of the 21 companies were absent when the charges were read in court.

Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before proceedings commenced.

The EFCC said the prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish the cases against the companies.

The evidence presented included intelligence reports, statements from investigating officers, letters relating to investigation activities and responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.

Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.

The court also ordered each company to pay N200,000 for every day it had committed the offence.

EFCC links companies to investment fraud investigations

The EFCC said the prosecutions followed actionable intelligence linking the companies to investment fraud and the operation of investment businesses without the required licences.

According to the commission, investigators had invited promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.

The EFCC said the invitations were not honoured.

The commission further stated that the promoters continued to evade interrogation for about five years, eventually leading to the prosecution of the companies.

The convictions underscore the requirement for businesses operating investment-related schemes in Nigeria to obtain the necessary regulatory approvals and licences before offering such services to the public.

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Global attention turned to business and political leadership as Nigerian billionaire Aliko Dangote and United States President Donald Trump secured spots on the prestigious TIME 100 Most Influential People 2026.

The list, released on April 15 by TIME Magazine, recognises individuals shaping global conversations across politics, business, technology, and culture.

Dangote, who was listed in the Titans category, emerged as the only Nigerian on the 2026 ranking. His inclusion highlights the growing global relevance of African enterprise and leadership on the world stage.

Other global figures named on the list include Xi Jinping, Benjamin Netanyahu, Mark Carney, and Pope Leo XIV, alongside tech leaders like Sundar Pichai and Neal Mohan.

For Dangote, this marks a return to the TIME100 list more than a decade after his first recognition in 2014, reinforcing his sustained influence in global business and philanthropy.

As founder of the Dangote Group, he has led large-scale investments across cement production, sugar refining, fertiliser manufacturing, and energy—efforts that have significantly reduced import dependence while boosting local production capacity across Africa.

TIME, in its citation, highlighted Dangote’s long-term vision of building globally competitive industries powered by African resources, noting that his investments continue to play a central role in shaping the continent’s economic future.

Beyond business, Dangote’s philanthropic footprint through the Aliko Dangote Foundation has strengthened healthcare, education, nutrition, and disaster relief efforts across several African countries.

The recognition also comes at a time when the Dangote Group is advancing its Vision 2030 strategy, an ambitious roadmap aimed at scaling the conglomerate into a $100 billion global enterprise. The plan includes expansion into key sectors such as steel, power generation, and deep-sea port development to address industrial gaps across the continent.

Meanwhile, Trump’s inclusion reflects his continued influence on global politics and policy, particularly within the United States and beyond.

The 2026 TIME100 list also featured notable African figures, including Netumbo Nandi-Ndaitwah and Precious Matsoso, signalling broader continental representation across governance, health, and social impact.

With Dangote standing out in industrial scale and enterprise, the latest recognition underscores the rising influence of African leaders in shaping global economic and policy conversations.

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FCMB Capital Markets Limited has emerged as the top performer on the Fixed Income Primary Markets Sponsors’ League Table of FMDQ Securities Exchange Limited after raising ₦1.53 trillion in corporate debt capital in 2025.

The firm, which is the investment banking subsidiary of FCMB Group Plc, achieved this milestone through a combination of bond listings and commercial paper quotations on the exchange.

According to FMDQ’s latest report, FCMB Capital Markets led overall sponsor contributions across both segments, reinforcing its position as a dominant player in Nigeria’s fixed-income market.

Strong Market Share Across Segments

In the bond market, the firm accounted for 11.66 per cent of total listings, securing the top position among market participants.

Similarly, in the commercial paper segment, it recorded the highest share of quotations at 7.68 per cent, outperforming other registration members.

The report noted that 58 registration members participated in listings, while 77 were involved in quotations during the period. However, only 47 institutions actively sponsored fixed-income securities listings or quotations, excluding Federal Government instruments.

Leadership Reacts to Performance

Executive Director of Coverage and Investment Banking at FCMB Group Plc, Femi Badeji, attributed the achievement to strong investor confidence and the firm’s execution capabilities.

He noted that mobilising over ₦1 trillion within a single year underscores the growing demand for capital market funding and highlights the firm’s role in connecting issuers with long-term investors.

Also speaking, the Chief Executive Officer of FCMB Capital Markets, Ikechukwu Omeruah, reaffirmed the company’s commitment to helping businesses access both short-term and long-term financing through structured capital market solutions.

Expanding Influence Across Sectors

Over the past five years, FCMB Capital Markets has played a key role in financing transactions across multiple sectors, including oil and gas, power, real estate, financial services, consumer goods, and telecommunications.

The firm’s performance has also earned industry recognition, including being named Corporate Bond House of the Year by the Association of Issuing Houses of Nigeria at the 2025 Investment Banking Awards.

Driving Capital Market Growth

Market analysts say the firm’s dominance reflects broader growth in Nigeria’s debt capital market, as corporates increasingly turn to bonds and commercial papers for funding amid evolving economic conditions.

FCMB Capital Markets continues to provide advisory services across debt and equity financing, project finance, mergers and acquisitions, and corporate restructuring.

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Nigeria’s electricity industry is facing deepening financial strain as Electricity Generation Companies (GenCos) reveal that total sector debt has climbed to N6.5 trillion, with projections indicating it could rise to N8.8 trillion before the end of 2026.

In a memo addressed to the Federal Ministry of Power, the GenCos warned that persistent liquidity shortfalls are threatening the stability of the entire power value chain and called for urgent structural reforms.

N2.4trn Debt Accumulated in 2025

The power producers disclosed that N2.4 trillion of the total debt was accumulated in 2025 alone, largely due to a recurring N200 billion monthly shortfall.

According to the memo, out of about N280 billion in monthly invoices, only 35 percent is paid, leaving a widening funding gap.

They cautioned that if the trend continues, total debt could escalate to N8.8 trillion by December 2026.

Generation Capacity vs Supply Reality

GenCos also highlighted structural inefficiencies in the sector. Although installed generation capacity has risen to 15,500 megawatts, only about 5,000 megawatts are transmitted to end users.

The companies stressed that despite liquidity challenges, fuel constraints, and infrastructure bottlenecks, they continue operations daily to sustain power generation nationwide.

Call for Presidential-Led Reform

To avert systemic collapse, the GenCos recommended:

• A presidential-led power sector reform initiative

• A long-term debt resolution framework

• Strengthened coordination across the electricity value chain

• Policies aimed at restoring investor confidence

Expert Calls for Governance Discipline

Reacting to the development, energy economist Prof. Wumi Iledare emphasized the need for governance discipline, particularly as states increase participation in electricity generation and distribution.

He noted that the Nigerian Bulk Electricity Trading Plc (NBET) remains central to market stability, serving as a creditworthy intermediary that supports investor confidence in a fragile electricity market.

However, he warned that sustainable reform requires alignment across gas supply, transmission, and distribution, adding that partial or strategic vertical integration may enhance efficiency and reduce market fragmentation.

FG’s N501bn Intervention

The Federal Government recently issued a N501 billion power sector bond under the Presidential Power Sector Debt Reduction Programme to address long-standing arrears owed to generation companies.

The bond, which achieved full subscription, attracted participation from pension funds, banks, and institutional investors. The initiative is expected to ease liquidity constraints that have weakened the sector for more than a decade.

Despite this intervention, GenCos maintain that deeper structural reforms are required to prevent further deterioration of Nigeria’s electricity industry.

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NEM Insurance Plc has announced a 67% rise in pretax profit to ₦5.8 billion for the third quarter of 2025, up from ₦3.4 billion in the same period last year, driven by strong premium growth and robust investment performance.

For the first nine months of the year, pretax profit climbed to ₦23.7 billion, compared to ₦15.7 billion in 2024. Insurance revenue rose 33% in Q3 to ₦32 billion, while the nine-month figure jumped 55% year-on-year to ₦107.4 billion.

After deducting ₦24.2 billion in insurance service expenses and ₦5.7 billion in reinsurance costs, the company’s insurance service result stood at ₦1.9 billion, slightly lower than the ₦2.8 billion recorded a year earlier.

However, investment income more than tripled, with net investment results rising 223% to ₦5.8 billion. Interest income contributed ₦3.8 billion, mainly from fixed deposits, while fair value gains from quoted securities added ₦2.9 billion.

Combined insurance and investment income reached ₦7.6 billion, up 66% year-on-year. After management expenses of ₦1.8 billion, post-tax profit stood at ₦5.02 billion a 72% increase over 2024.

On the balance sheet, total assets grew to ₦165.4 billion from ₦121.9 billion, with financial investments at amortized cost making up ₦74.7 billion and reinsurance contract assets at ₦34.6 billion. Total equity rose 24% to ₦80.9 billion, driven by retained earnings, which increased to ₦53.4 billion.

Total liabilities climbed to ₦84.4 billion, mainly from insurance contract liabilities of ₦69.3 billion. During the period, NEM Insurance received ₦122.2 billion in premiums, up 43%, and paid ₦30.5 billion in claims, representing a 104% increase year-on-year

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Lagos Building Investment Company (LBIC) has posted its strongest financial performance in more than ten years, declaring a dividend payout on the back of a 58% rise in gross earnings for the 2024 financial year.

The mortgage lender reported gross earnings of ₦2.54 billion, up from ₦1.61 billion in 2023. Profit before tax rose 40% to ₦1.16 billion, while profit after tax climbed 36%, reflecting improved operational efficiency and cost management.

The board approved a final dividend of 6.12 kobo per share, amounting to ₦237.58 million, marking a significant milestone in the company’s turnaround efforts.

LBIC attributed the strong performance to strategic initiatives, including a core banking system upgrade, e-tax integration, and enhanced digital banking platforms. These measures have strengthened its capacity to expand access to housing finance and reinforce its role as a key player in Nigeria’s mortgage sector.

Established in 1980, LBIC has financed over 20,000 affordable housing units in Lagos State and continues to focus on delivering sustainable and accessible home financing solutions.

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Swiss cement giant Holcim has completed its long-anticipated withdrawal from Nigeria, sealing a $1 billion deal to transfer its controlling 83.81 percent stake in Lafarge Africa Plc to China’s Huaxin Cement.

The agreement, concluded eight months after the initial announcement, marks Holcim’s full exit from Nigeria’s cement market. The transaction was valued on a 100 percent equity basis, subject to dividend adjustments.

Lafarge Africa, previously part of Holcim’s global operations, is a key producer of cement, aggregates, and ready-mix concrete in Nigeria.

Announcing the completion, Martin Kriegner, Holcim’s regional head for Asia, the Middle East, and Africa, said the divestment would allow the group to concentrate on growth in other regions while ensuring stability for Lafarge’s Nigerian operations under its new ownership.

“We are pleased to hand over to Huaxin Cement, a strong partner committed to investing in the Nigerian market,” Kriegner said, noting that the proceeds would strengthen Holcim’s growth-focused capital allocation strategy.

Huaxin Cement, one of China’s leading cement manufacturers, has been expanding its presence across Africa in recent years, with the Lafarge acquisition expected to deepen its footprint on the continent.

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