Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive

Dangote Sugar Refinery Plc has begun plans to raise approximately ₦485.9 billion through a rights issue, in a major capital market move aimed at strengthening its financial position and supporting ongoing expansion projects.

According to a regulatory filing, the company has submitted an application to the Nigerian Exchange Limited (NGX) seeking approval for the listing of 8,097,918,827 ordinary shares of 50 kobo each at a price of ₦60.00 per share.

The proposed offer will be executed on a 2-for-3 basis, meaning shareholders will be entitled to acquire two new shares for every three shares already held.

The company stated that the rights issue will give existing investors an opportunity to increase their stake while enabling Dangote Sugar Refinery to raise fresh capital to fund strategic growth initiatives, expand production capacity, and strengthen its operational efficiency.

A qualification date has been fixed for April 20, 2026, meaning only shareholders recorded on the company’s register as of that date will be eligible to participate in the offer.

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The transaction is being facilitated by a consortium of stockbrokers, including Meristem Stockbrokers Limited, Stanbic IBTC Stockbrokers Limited, and Vetiva Securities Limited, who are responsible for coordinating regulatory approvals and execution of the offer.

Market analysts say the planned ₦485.9bn capital raise ranks among the largest equity issuances on the Nigerian stock market in recent years, reflecting strong corporate appetite for expansion funding amid evolving economic conditions.

They also noted that the pricing structure and rights ratio could encourage strong investor participation, particularly given Dangote Sugar’s dominant position in Nigeria’s sugar production and refining sector and its long-term growth strategy.

The move comes at a time when listed companies in Nigeria are increasingly turning to the capital market to raise funds, as firms respond to inflationary pressures, foreign exchange challenges, and rising production costs.

If fully subscribed, the funds are expected to support backward integration projects, including agricultural expansion and improved refining infrastructure aimed at reducing import dependence and boosting local sugar production.

Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.

The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.

Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.

Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.

In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.

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In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.

The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.

Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.

In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.

The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.

Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.

Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.

Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.

Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.

The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.

“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.

“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”

The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.

Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.

Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.

It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.

Jetour Nigeria consolidates as sole authorised distributor, gets global market award