Naira Appreciates To N1,372/$ At Official FX Market

The Nigerian naira recorded a slight appreciation against the United States dollar at the official foreign exchange market on Thursday, trading at N1,372.3079/$ at the Central Bank of Nigeria (CBN) official FX window.

Data published on the official trading platform of the Central Bank of Nigeria (CBN) showed that the naira traded at a Nigerian Foreign Exchange Market (NFEM) rate of N1,372.3079 per dollar and later closed at N1,372.7500/$.

The latest figure represents a marginal gain for the local currency compared to Wednesday’s trading rate of N1,373.3431/$, indicating that the naira appreciated by about N1 at the official market.

The development comes amid ongoing efforts by the CBN to stabilise the foreign exchange market through monetary tightening, improved dollar liquidity and sustained interventions targeted at reducing market volatility.

Financial analysts attributed the slight appreciation to improved forex supply within the official market, increased market confidence and recent reforms introduced by the apex bank to unify exchange rates and discourage speculative trading.

At the parallel market, commonly known as the black market, the naira also recorded minor movement against the dollar.

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According to data published by Aboki FX, the naira exchanged at N1,392/$ for buying and N1,397/$ for selling on Thursday, May 21, 2026.

Compared to the previous trading session on May 20, the black market buying rate improved by N2, while the selling rate remained unchanged.

Currency traders noted that although the gap between the official and parallel market rates still exists, the spread has narrowed slightly compared to previous months due to improving liquidity in the official market.

Economic experts said the CBN’s sustained interventions, including stricter oversight of Bureau De Change operators and policies aimed at attracting foreign portfolio inflows, are beginning to impact exchange rate stability.

The naira had faced intense pressure over the past year due to rising demand for foreign exchange, inflation, declining oil production and capital outflows.

However, analysts believe recent improvements in crude oil earnings, diaspora remittances and foreign investor confidence could help support the local currency if sustained.

Market observers also warned that inflationary pressure, import dependence and global economic uncertainties remain major risks capable of affecting long-term exchange rate stability.

Meanwhile, businesses, importers and investors continue to monitor movements in the FX market closely as the Federal Government and the CBN intensify efforts to strengthen the economy and improve confidence in the naira.

Naira Appreciates To N1,372/$ At Official FX Market

Otedola Dumps Geregu Stake, Invests $100 Million In Dangote Refinery

LAGOS — Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in the Dangote Petroleum Refinery, revealing that he sold his stake in Geregu Power Plc specifically to fund the acquisition ahead of the refinery’s planned Initial Public Offering (IPO) scheduled for September 2026.

Otedola made the disclosure on Wednesday after leading top executives of First HoldCo on a tour of the Dangote refinery and fertiliser complex located within the Lekki Free Trade Zone in Lagos. The delegation also visited major project sites, including the refinery’s jetty facility built to receive large vessels.

“On a personal note, I’ve appealed to him; I’ve been here with him 25 times. So, my compensation is that he’s going to allocate to me shares worth $100 million in the private placement,” Otedola said.

“That’s one of the reasons why I sold my stake in Geregu Plant — to invest my proceeds in the IPO of Dangote Refinery.”

Otedola’s planned investment comes amid massive investor interest in the refinery ahead of its public listing.

President of the Dangote Group, Aliko Dangote, disclosed that the company is targeting a private placement of approximately $2 billion and has already received requests from investors exceeding that figure.

“Right now, when we say we are going to do private placement, already we have people who have actually requested to buy, and we have requests of almost $2 billion,” Dangote told journalists.

“We are not selling after that, but we’ll see what we can allocate to them.”

According to Dangote, the private placement is part of the refinery’s broader IPO programme expected later this year.

Dangote confirmed that the refinery is expected to go public by September 2026.

“We are trying to make sure that by September, we’ll be out there in the market to sell the IPO,” he said.

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He explained that the IPO is primarily designed to encourage retail participation and allow ordinary Nigerians to own shares in one of Africa’s biggest industrial projects.

“The IPO is mainly retail because our target really is to get the larger part of society to buy. We want ordinary people to benefit from the upside,” Dangote stated.

The upcoming listing is expected to become the largest IPO in African history.

Bloomberg reported on May 12 that the Dangote Group is targeting a valuation of up to $50 billion for the refinery business ahead of the IPO.

In 2025, Dangote hinted that the company could sell up to a 10 percent stake in the refinery, which Bloomberg estimated could raise about $5 billion.

For comparison, the MTN Nigeria listing in 2019 — which raised approximately $876 million — remains the largest IPO previously recorded on the Nigerian Exchange.

The Dangote Refinery IPO is projected to be five to six times larger.

Dangote also disclosed plans for a cross-border listing to attract both domestic and international investors.

The initiative is aimed at enabling Africans across the continent to participate in financing Africa’s industrialisation.

The move has already attracted interest from major African institutional investors, including representatives from South Africa’s Public Investment Corporation and the Government Employees Pension Fund — Africa’s largest pension fund — who recently toured the refinery complex.

According to FirstCap’s Chief Executive Officer, the Dangote Group has appointed several advisory firms to oversee the IPO process, including Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd.

The IPO prospectus was reportedly submitted to the Securities and Exchange Commission (SEC) in April 2026 for regulatory review and approval.

Located in the Lekki Free Zone, Lagos, the Dangote Petroleum Refinery currently has a refining capacity of 650,000 barrels per day, making it Africa’s largest single-train refinery.

The facility commenced large-scale production of diesel, aviation fuel, and petrol in 2024 after years of construction and investments estimated at about $20 billion.

Dangote noted that the refinery would account for approximately 10 percent of the refining capacity of the entire United States.

“It is going to be the largest refinery ever on earth. It is not a small business,” he said.

Beyond the investment announcement, Otedola praised Dangote for what he described as his transformational impact on Nigeria and Africa’s economy.

“I have no doubt in my mind. I’ve seen what he has done in Africa. I’ve been to six countries to commission his cement plants. Very remarkable,” Otedola said.

He described Dangote as “a colossus, a genius, probably one of the greatest men that has come out of Africa, for delivering us out of economic slavery in Nigeria and by extension Africa.”

Otedola also said the visit formed part of First HoldCo’s leadership retreat as the bank pursues its ambition of becoming one of the largest financial institutions in Sub-Saharan Africa within the next five years.

One of the most notable aspects of the planned IPO is the proposed dividend structure.

Under the proposal, investors would purchase shares in Nigerian naira, while dividends would be paid in United States dollars.

The arrangement is expected to be backed by the refinery’s projected $6.4 billion annual petrochemical export revenue, which would provide the foreign exchange needed to support dollar-denominated dividend payments.

However, the structure still requires final approval from the SEC and the Central Bank of Nigeria (CBN).

The IPO has also been structured to attract Nigerian pension funds.

As of the end of 2025, Nigeria’s pension assets under management stood at approximately N22 trillion.

Analysts believe even a modest allocation from pension fund managers could significantly support what is projected to become the largest public offering in Nigeria’s history.

While the official IPO date is yet to be formally announced, Dangote said the company would continue working with advisers to finalise valuation details, complete the private placement process, and conclude all regulatory filings ahead of the September 2026 target.

The private placement — which includes Otedola’s $100 million investment — will allocate shares to select institutional and high-net-worth investors before the public offer opens to retail investors.

Dangote added that not all interested investors may receive allocations due to the overwhelming demand already approaching $2 billion.

For Otedola, the investment signals a strategic shift from power generation into refining and petrochemicals, reflecting growing confidence among Nigerian investors in large-scale industrial projects seen as central to Africa’s economic transformation.

Otedola Dumps Geregu Stake, Invests $100 Million In Dangote Refinery

Forland, TSS Motors strengthen technical capacity with specialised truck training

Forland Motors, one of the world’s leading manufacturers of light commercial trucks, has strengthened its partnership with local assembler and distributor, Transit Support Services Ltd (TSS), through a specialised three-day technical training programme aimed at boosting the competence of technicians handling the brand’s vehicles in Nigeria.

The programme was organised to equip the TSS technical team, comprising assembly and after-sales technicians, with in-depth knowledge of Forland light trucks, which are assembled and distributed in Nigeria by the company. The training covered assembly, installation, troubleshooting, and maintenance, with the goal of ensuring high service standards in both vehicle assembly and after-sales support.

The training, held at the TSS Motors Training Centre on Ikorodu Road in the Anthony area of Lagos, was facilitated by Forland instructors who arrived from China, alongside TSS technical personnel drawn from Lagos, Enugu, and Abuja.

Also in attendance were technical personnel from Yuchai, the major supplier of engines to Forland trucks. Yuchai is one of China’s largest manufacturers of powertrain solutions.

Forland training at TSS office in Lagos

Providing further insight into the programme, the Head of After-Sales Services at TSS, Mrs. Phebian Iwalokun, said the training focused on general maintenance, engine servicing, and preventive maintenance programmes.

According to her, the initiative was designed to ensure that TSS technicians are fully equipped to manage the growing number of Forland vehicles operating in Nigeria.

She added that continuous skill enhancement had become necessary as TSS prepares for an expansion in production capacity amid increasing demand for Forland trucks across the country.

“Forland trucks are currently gaining ground in Nigeria, with over 1,000 units already in operation, mainly among fast-moving consumer goods companies, logistics firms, and last-mile distribution operators,” Iwalokun stated.

A subsidiary of ABC Transport Plc, Transit Support Services assembles Forland trucks at its plant in Enugu and provides technical and after-sales support to customers nationwide.

Forland has continued to build a strong reputation globally as a successful commercial vehicle and light-truck brand, with its products performing strongly in several international markets.

ABC Transport Group founder, Mr. Frank Nneji (right), presented certificates to the participants