The Pacesetter Frontier Magazine

Tag: Business

  • Dangote Refinery Sets N5,250 Minimum for Public Share Subscription

    Dangote Refinery Sets N5,250 Minimum for Public Share Subscription

    Aliko Dangote, Chief Executive Officer of Dangote Group, has said investors can subscribe to the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE with a minimum of 10 ordinary shares, worth N5,250.

    Dangote disclosed this on Monday during the signing ceremony for the refinery’s IPO at Eko Hotel and Suites, Victoria Island, Lagos.He said the offering comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share.“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.Dangote explained that the funds would be used not only to finance the refinery’s expansion but also to give a broad range of Nigerians the opportunity to become shareholders in the company.

    He said the offer was designed to enable “drivers, our cooks, our servants, our managers, and everybody” to own a stake in the refinery.

    According to him, the investment would also provide subscribers with an opportunity to build their future savings through ownership of shares in the company.

    The Dangote Group CEO described the public offer as “the IPO for the people”.

    The IPO is expected to fund the refinery’s expansion while widening public participation in ownership of one of Nigeria’s largest industrial assets. The Nation

  • The need to Invest in non-oil exportation

    Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Segun Awolowo, has expressed confidence that through a deliberate synergy between the public and private sector, Nigeria can and will build an army of non-oil exporters.

    Awolowo disclosed this recently when he hosted the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Uche Orji, who was accompanied by Titi Olubiyi at the Export House.

    The NEPC boss, alongside his management team, briefed the delegation on the strategic importance of collaboration and activities under the Export Expansion Facility Programme.

    According to a statement, yesterday, the NSIA delegation was impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan.

    “I was glad to host Orji accompanied by Olubiyi at the Export House. Along with my management team, I briefed the delegation on the strategic importance of our collaboration and activities under the Export Expansion Facility Programme @eefpgov.

    “The NSIA delegation was thoroughly impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan.

    “Together we brainstormed numerous ways to bring about a Nigerian non-oil export centric collaboration between the Nigerian Sovereign Investment Authority and the Nigerian Export Promotion Council. Discussions centered on: The establishment of Domestic Export Warehouses (DEW), the establishment of Export Trading Company (ETC).

    “This collaboration will, no doubt, have a potential ripple effect on not just Nigerian non-oil export quality development but significant improvements in local production quality, export scale growth and drive ultimately earning Nigeria the much needed foreign exchange reven ue,” Awolowo said.

     

     

    Source: www.sunnewsonline.com