Dangote Refinery Completes $2.5bn Equity Raise in Africa’s Largest Private Placement Offer attracted 3.7 times subscription compared to initial size International, African investors back refinery’s expansion Proceeds to strengthen capital structure, fund growth, says company
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark $2.5 billion
private equity placement, with the offer attracting subscriptions 3.7 times above its initial size in what
the company described as Africa’s largest publicly disclosed primary equity private placement by value.
The company, in a statement yesterday, said the transaction resulted in the issuance and
allotment of approximately $2.5 Continued on page 8
Oil Hits $100 for First Time Since May After Attacks by Iran-backed Militants... Page 5 Friday 24 July, 2026 Vol 31. No 11429. Price: N400
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For Retaining Shettima, N’East Leaders Vow to Deliver Zone to President, APC in 2027... Page 6
N’Assembly Updates Inland Waterways Law to Align with Recent S’Court Ruling Approves other bills on FCT courts, tobacco control, ratifies Sept. national security summit Adjourns for annual recess, to resume September 15 after endorsing key reforms
Sunday Aborisade in Abuja
The National Assembly has passed
the National Inland Waterways Authority (Repeal and Re-enactment) Bill, 2026, a major reform aimed at
bringing Nigeria’s inland waterways law into line with the Constitution and a landmark Supreme Court
judgment. The bill, which is a House of Representatives legislation, repealed and
replaced the existing National Inland Waterways Authority (NIWA) Act, following Supreme Court’s decision
in the legal dispute between the Continued on page 8
In Rebuilding Security, Tinubu Expands Army to 12 Divisions, 28 Thousand New Men
Lauds COAS, officers, others for their commitment to defend nation’s sovereignty Reorganisation exercise in two phases to be completed by September, December this year
Deji Elumoye and Linus Aleke in Abuja President Bola Tinubu has approved the expansion of the Nigerian Army’s structure from eight to 12 divisions—a move designed to enhance the country’s security architecture and improve the operational effectiveness of the Nigerian Army. Presidential spokesperson, Bayo Onanuga, in a release stated that the approval underscored President’s unwavering commitment to equipping the Armed Forces to address Nigeria’s evolving security challenges effectively and to strengthen national defence capabilities further. The expansion built on the administration’s sustained investments in the Armed Forces, including Continued on page 8
UNVEILING OF ENIOLA BELLO’S BOOK TITLED, SHADOWS...
L-R: INEC Commissioner, Professor Sani Adams; Chairman of INEC, Professor Joash Ojo Amupitan; the author and Managing Director, THISDAY Newspaper, Eniola Bello; and INEC PHOTO: GODWIN OMOIGUI Commissioner, May Agbamuche at the unveiling of the book titled “Shadows” at the Shehu Yar’Adua Center, Abuja ... yesterday (Story on page 12)