₦airaland Forum

Platforms are opening for Ghanaians and Kenyans to take part in the IPO as well. This is a good one. This could mean instead of cross listing across Africa (which would be difficult), the African countries would likely be able to access the shares easily on the NGX via their local platforms and buy it in naira but receive dividends in dollars. All they may have to do is open a USD wallet on the app.

https://mystocks.africa/dangote-ipo/ghana

Also for Kenyans:

https://mystocks.africa/dangote-ipo/kenya

Ding

BUA Cement dividend 👌

NGX market cap growth trajectory since 2021:

Year
NGX Market Cap (Naira)
Approx. Avg Official FX Rate
NGX Market Cap (USD)

2021
₦22.3 trillion
₦411 / $1
$54.26 billion

2022
₦27.9 trillion
₦428 / $1
$65.19 billion

2023
₦40.9 trillion
₦636 / $1
$64.31 billion

2024
₦62.8 trillion
₦1,420 / $1
$44.23 billion

2025
₦99.4 trillion
₦1,530 / $1
$64.97 billion

2026 (YTD)
₦159.7 trillion
₦1,370 / $1
$116.57 billion

zendi:
So which bank was left out?

Dangote is a genius at using other people's money.

All Nigerian banks worked under his coordination to build the refinery.

The mastery of the money king;

His only job is to conceive a project and all banks will beg to provide the money.

He offered his cement equity as collateral. Then he was worth $25 Billion (around 2014) majorly due to his cement empire.

Dangote said:

“The Banks that have helped us to get to where we are, they would continue to be with us (to benefit from our growth) because we are not fair weather friends”

Banks that have supported the refinery are:

1. African Export-Import Bank
* Largest known financier overall.
* Has committed and underwritten multiple facilities tied to the refinery, including:
* US$2.5 billion underwriting in a US$4 billion syndicated refinancing (2026)
* Earlier US$1.35 billion financing facility (2025).

2. Access Bank
* Co–Mandated Lead Arranger in the major US$4 billion refinancing syndication with Afreximbank.
* One of the biggest Nigerian banking participants.

3. First Bank of Nigeria
* One of the key early Nigerian lenders to the refinery project through consortium financing.
* Participated heavily in local-currency and syndicated facilities tied to construction phases.

4. United Bank for Africa
* Major Nigerian lender involved in syndicated project financing and working-capital support.

5. Zenith Bank
* One of the leading domestic banks financing the refinery during development and commissioning stages.

6. Guaranty Trust Bank
* Participated through Nigerian banking syndicates backing the project.

7. Stanbic IBTC Bank
* Involved in debt-market and structured financing support around Dangote entities.

8. Standard Chartered
* International banking participant in parts of the refinery financing structure and trade-finance support.

9. Deutsche Bank
* Reportedly participated in international financing/trade arrangements connected to the refinery.

10. Islamic Development Bank
* Provided support linked to industrial and energy infrastructure financing.

Otedola to invest $100 million in Dangote refinery

😀😀

2004 because of Henry, Kanu, Bergkamp and the professor.

Odunharry:
Congrats to you and other Arsenal supporters on the thread

Thanks

Streetinvestor2:
Really..how old whr you than to be saying this rubbish. Food was the least of low and middle families in nigeria. Infact your neighbours could easily provide for thr children and children around .We go to church then because free food dey always dey from different families

When was this?

Take 1993 for instance compared to 1983. The naira had moved from 1/$ to 21/$. Inflation was 54%. Or was it 1999/2000 or 2003 or even 2006 with the Africa China song? Or in 1974, 1980?

Maybe from 2007 things got better to an extent up until 2015 but hardship has been a common complaint in Nigeria for as long as I know.

awesomeJ:
It's already happening 🎉🎉🎉🎉

We will party tonight.

Aye

awesomeJ:
You're right.

I didn't participate in the 08 crash.
I was still battling Laplace and Fourier in college. Too bad they ended up not being relevant in real life 😁

But stilk, the best use of something like money is really to make impact.

Cos how much food can one eat, you can't drive two cars at once etc.

So even if it's 1%.

But obviously you're more experienced than I am, so I believe you know this already. You're either practicing it already or you have a great reason why you aren't.

Let me go see if our 22 year wait for a trophy will finally end tonight.

I’m hoping we get the trophy this time. I’ve been waiting since our unbeatable performance in 2004.

ositadima1:
But are you counting Dangote’s achievement as this government’s achievement? Fuel stability is because we now have a refinery, which the government tried to squash and failed. It’s the same way some people attribute GSM to Obasanjo, when GSM was new and already making its way into almost every country at the time.

Were you not here when several government agencies were tackling the Dangote refinery? The fight with NNPC, the fake claims that government refineries had reopened, the fake claims about low-quality petrol, and then you come here attributing fuel availability to this government.

I think you all deserve whatever you get, good or bad.

NNPC refineries opening was no fake claim. They did open and they worked but were not profitable. This means you are not getting profit from the sales after putting in crude oil. This current management of NNPCL was more concerned about the books (rather than patiently waiting for it to increase capacity) and felt NNPC shouldn’t continue to make losses on it by supplying it crude and realising no profit when same crude could either be exported or given to Dangote.
As for NMPDRA chairman who fought Dangote, he has eventually been sacked because of Dangote. Mele Kyari also sacked. The VP called a Dangote a national treasure when PENGASSAN was attacking him. What else do you guys want this Government to do for Dangote for you to believe they are not against Dangote?

awesomeJ:
By the way, the talk of devaluation is now STALE!!!
IT was only an issue in 2024!
Now it's no longer a valid issue to raise, as we can see from company's results.

Here's how the currency moved in the parallel market from COVID to 2023.

2020: 360
2021: 450 (usd gained 25%)
2022: 600 (usd gained 33%)
2023: 750 (usd gained 25%)


So using the same 25% expected annual loss rate.

Dollar in 2024 should have been: 937.5
2025: 1171
2026: 1464

So as of now, the currency is stronger than it would have been if the old terrible policy had been kept, and it's much more accessible too.


For fuel subsidies.

Electricity subsidies as currently enjoyed by low income people is more important than any unnecessary fuel subsidies


It makes no sense for anyone to buy fleet of V6 and V8 vehicles and expect to buy fuel at #200.

The average joe doesn't even drive an I4.

so their exposure to fuel prices is mostly often overstated.

On most routes, transport costs have only increased by 3x over the past 3 years, even though pms prices are now 7x costlier.

The V8 guys are definitely paying the full 7x, but the exposure on the masses isn't more than 3x.

Thank you. People continue to assume that if we continued with Emiefele’s policies, the FX rate would have remained at 750. They forget that inspite of the interventions by Emiefele ($17 Billion in 2022 for instance), the parallel market continued its run away reaction because something was broken since COVID (2020).

What would more likely have happened if Emiefele continued or we continued his policies is that the parallel market would still have gotten to 1200 but Emiefele would peg the official rate at 500 or leave it at a crawling peg around the 600 level thereby doubling the gap between official and parallel rates. That would have not only been a worse problem for the economy but increased the backlog to over $10 Billion.

In addition, we would have kept subsidy and NNPC would continue to bleed and not remit for the most part as was the case in 2022.
To also have a reasonable budget and maintain the whole shenanigan, we would have increased our printing. Printing was also increasing every year from 2020 - 2023.

I just can’t imagine. It’s crazy.

As they say, Economics do not give you answers. It gives you trade offs. Choose your poison.

mikeapollo:
As far as I know, for the first time in the recent history of this country, hard working labourers, petty traders, peasant farmers, civil servant, workers, self-employed youth, artisans etc. matched and demonstrated shouting ''ebi n pawa'' meaning we are dying of hunger, due to the harsh economic policies of the govt without any safety nets to cushion the citizens.!
That should speak volumes in our ears and conscience anytime we are tempted to be swayed by govt's humongous, naira-propelled propaganda that they have done exceedingly well.

Nigerians have always cried of hunger from the 1970’s onwards. It was even worse in the 1980’s down to early Obasanjo period.

mikeapollo:
My friend, we don't need to drag anything.
If you and I pretend or lie that there was no statement like that, it is fine. Good luck.

I am the only one who has shown proof of anything here between the two of us and the readers can see for themselves. So, good luck.

mikeapollo:
So, if you do not know where the original comment/interviewing is, why do you say he was clarifying a misunderstanding?
Was he just talking loosely or anyhow without reference to an earlier comment? Do you clarify what does not exist?
i tire for this ''project'' of yours ooo

But you were the one who initially alleged he advised printing and you doubled down on it even when I showed you his tweet from 2020 against printing, by saying his initial statement was clear and he was just covering up. So what initial statement on printing were you referring to?

mikeapollo:
This latter response was an after-thought and a damage control.

The original comment/interview was widely reported and it was in simple English language which everybody understood.
When you see some trying hard to interpret what was written in very simple basic English language, then you know that the person ''don cast''
He has not challenged or sued the newspapers that carried the story for misrepresenting him. So rest.

Where is the original comment/interview?

Lol. He should sue newspaper for minsterinterpreting his economic lecture? Haba 😆😆.

mikeapollo:
You start from "printing more money". That iwas the kind of reckless advice and re ommendation that the president (who you are defending or praising right now) gave to ptevious govt.
When I say this govt can be reckless,e get why. It is not personal

This was Tinubu clarifying this misunderstanding immediately in 2020

HesInMe:
I'm not sure what this trying to say. If you double interest rates and collapse your currency, by default your economy becomes more attractive to foreign investors.

And your people and local economy will suffer greatly.

So a better illustration would be to add some measure that tracks poverty to the line graph.

If your external reserves are low and you have a backlog of $7 Billion at a point where external creditors have started rejecting your letters of credit because they are not sure of how much reserves the CBN have, where do you start from?

“In less than 4 years, average FX inflow (dotted lines) during BAT’s presidency has essentially caught up with the GMB 8 year average. Both GMB & BAT are still far behind the average of GEJ.”

megawealth01:
Jagaban sha must tax the Nigerians that his government is dealing with

But my able mega foreign investor, you have tax id in America now. Don’t you?

[quote author=AkoniMoipei post=139449536][/quote]I’m not disputing this but addressing your point on the Nigerian girl and why she is surprised. I am saying that even Germans may be surprised because they pay telecom companies like 02, Vodafone etc for router installations and only very few install for free (maybe during special bonanzas). My point is that lack of free WiFi is not perculiar to Nigeria like your post made it seem.

AkoniMoipei:
He says some but its actually MOST. Sometimes Kenyans are shocked at the things that shock Nigerians. Getting a Wi-Fi router for free is standard for most companies in KEnya so long as you pay the first month's internet package. Kenya being a largely cashless economy needs not be gain-said with around 80-90 % of Kenyans paying digitally for everything they need.

Well I live partly in Germany and no, getting a WiFI router even in Germany is not free for the most part.

deathwing:
Nobody is bringing back subsidy...that train has left the station. The stock market will not react because all the leading opposition candidates are pro-business.

Exactly. Stock market would only react negatively if a candidate like Sowore wins. Because then he would declare minimum wage to be 1 million naira immediately believing the revenue for it would come automatically when he jails every politician stealing 😀

“Tinubu’s 2026 budget signals shift to expansionary spending strategy—Analysts

President Bola Tinubu’s 2026 budget may be a pointer to a change from the 2025 economic stabilisation approach to a more expansionary and infrastructure-driven policy, as the administration humps up spending despite rising debt and widening fiscal deficits.

This is according to analysts , who shared their views on the budget with Nairametrics.

A comparison of the 2025 and 2026 federal budgets, based on data from BudgiT Foundation, suggests that the Tinubu administration is evolving from managing the impacts of tough restructurings to pursuing broader economic consolidation through hefty public investment, increase in security spending, and strengthening government institutions.”

rmx:
Interesting 19b , that high

What’s the valuation of mtn Nigeria

Sorry I got that from Claude AI and it got that from a blog that got it wrong. My mistake.

MTN Ghana is $8 Billion and Ecobank is 3rd in their market after Ashanti Gold currently.

MTN Nigeria is 17.2 trillion naira which is around $12.5 Billion

crownprince2017:
Any market whisper to why fidson is rallying too fast, I just don't want to be behind the information curve because as price keeps increasing it becomes risky to hold the stock.

I'm happy it's rallying but I'm also scared at the same time because the margin of error in earnings is declining very fast.

Abi I'm the one being overwhelmed by overthinking.

I am also interested in getting answers to this.

“ President Tinubu admits that before he embarked on the Sokoto-Badagry expressway, he called Dangote and Rabiu (BUA) to supply cement for the construction.

Both companies are listed on the 🇳🇬 market“

Streetinvestor2:
On a serious note why do u guys feel every one will be interested in the ipo
For me I am no longer interested in any ipo because most of them showed me shage like all alhaji ipo I participated
I plan to buy after it is listed as opportunity will always be available when it is listed...my opinion

I would have preferred Alhaji listed the fertiliser separately as it is also a very big business, export oriented (could be worth $5 Billion presently) and it has way lesser politics.

nosa2:
I have a feeling the refinery IPO will end the bull run

It would be a third of the market (33%). You would then for a while have a similar situation to what is found in Kenya and Ghana where Safaricom and MTN respectively single handedly control the market.
Only NNPC listing would challenge that.

In Ghana’s case for instance, out of a $25 Billion market cap, MTN Ghana is said to be worth $19 Billion. The next is Ecobank at $1.1 Billion

Ovamboland:
S&P has moved Nigeria's sovereign credit rating from B- to B due to maturing reforms and ensuing economic stability

What impact is this likely to have on the stock market on Monday?
Can it trigger another long bull run?

For the first time since 2012.