By Tony Obiechina, Abuja

The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a special regulatory waiver permitting them to invest pension assets in the planned Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP).

A circular by the Commission on Thursday, said the approval represents a one-off regulatory dispensation designed specifically for the Dangote Refinery IPO due to its strategic economic importance, strong financial structure and potential impact on Nigeria’s industrial growth.

According to the circular signed by A.M. Saleem Director, Surveillance Department.

The Commission, in a circular, said the approval represents a one-off regulatory dispensation designed specifically for the Dangote Refinery IPO due to its strategic economic importance, strong financial structure and potential impact on Nigeria’s industrial growth.

Under the waiver, PFAs will be allowed to participate in the IPO despite the company not fully meeting some of the conventional eligibility requirements ordinarily imposed on equity investments under pension fund regulations, including profitability track record and dividend payment history.

PenCom stressed that the decision followed a detailed assessment of the refinery’s investment fundamentals, broader economic significance and the established performance record of its majority shareholder, Dangote Industries Limited.

According to the Commission, the refinery forms part of a wider $40 billion industrial expansion initiative covering oil refining, petrochemicals, fertiliser production and related industries, all of which are expected to contribute significantly to Nigeria’s economic diversification agenda.

“The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy,” PenCom stated.

“In light of these considerations, the Commission has reviewed the request for a special dispensation that would permit Pension Fund Administrators (PFAs) to invest pension fund assets in the IPO.”The regulator noted that the waiver should not be interpreted as a permanent relaxation of investment rules or a precedent for future IPOs, emphasizing that the approval applies solely to the Dangote Refinery offer because of its exceptional scale and national economic significance.

The Dangote Refinery IPO, expected to open in mid-2026, will reportedly offer about 10 per cent of the company’s equity to the investing public as part of efforts by the Dangote Group to raise fresh capital for further industrial expansion and debt optimisation.

Market analysts estimate that the offering could value the refinery at approximately $50 billion, equivalent to about N70 trillion, making it one of the most valuable corporate listings ever contemplated in Africa’s capital market history.

The development is expected to attract significant interest from institutional investors, including pension fund managers, insurance firms and asset management companies seeking long-term infrastructure and industrial investment opportunities.

Nigeria’s pension industry currently manages assets valued at over N20 trillion, with a substantial portion invested in Federal Government securities due to strict regulatory safeguards designed to preserve contributors’ funds.

Industry observers believe PenCom’s approval could broaden investment diversification within the pension sector while simultaneously supporting local participation in strategic national infrastructure assets.

However, the Commission maintained that PFAs must continue to uphold strict fiduciary responsibilities in evaluating the investment. PenCom directed pension fund operators to independently assess their exposure to the IPO using their internal risk management and investment governance frameworks before committing contributors’ funds.

The regulator also warned that PFAs would remain fully accountable to pension contributors for the outcome of their investment decisions, adding that all existing capital market rules and investor protection mechanisms would remain fully applicable throughout the IPO process.

The Dangote Petroleum Refinery, located in the Lekki Free Trade Zone in Lagos, is regarded as Africa’s largest single-train refinery, with installed refining capacity of 650,000 barrels per day. The facility was established to reduce Nigeria’s dependence on imported refined petroleum products and strengthen energy security while supporting foreign exchange savings and industrial development.

Analysts say the planned listing could further deepen Nigeria’s capital market by increasing market capitalisation, boosting liquidity and providing domestic institutional investors with access to a major industrial asset prev

By David Torough, Abuja

President Bola Tinubu has called on members of the All Progressives Congress (APC) to uphold unity, fairness and sportsmanship as the party begins nationwide primaries for the 2027 general elections on Friday.

In a statement personally signed yesterday, Tinubu described the primaries, which commence with House of Representatives elections and end with presidential primaries on May 25, as a critical test of the ruling party’s cohesion and democratic values.

The President said the APC primaries were more than exercises to select candidates, stressing that they represented “a referendum on our unity, resilience and strength as a party.

Tinubu expressed pride that the APC was entering its fourth election cycle since its formation, noting that the party was built on “progressive politics, consensus democracy, personal devotion and sacrifice.”

He commended ongoing efforts by party leaders and stakeholders to adopt consensus arrangements in line with the Electoral Act 2026 and the APC constitution, saying such moves would help reduce bitterness and internal divisions.

“I note the impressive progress made in this regard and encourage fellow party members to make the most of this window to ensure a seamless process and a more unified party,” he said.

The President, however, maintained that where consensus fails, members should participate peacefully in the primaries and avoid conduct capable of undermining party unity and democracy.

“All participants in the primaries, whether contestants or voters, must keep the peace and act as sportsmen and women in the overall interest of the party and our country,” Tinubu stated.

Warning against “do-or-die politics,” Tinubu urged winners not to gloat and advised unsuccessful aspirants to accept outcomes in good faith and remain loyal to the party.

“Our opponents are waiting for us to be against each other; we should disappoint them,” he said, while urging victorious candidates and party leaders to extend olive branches to aggrieved members.

The President also charged governors and party leaders to remain fair and impartial during the exercise, insisting that all aspirants must be given a level playing field.

“To the party leadership, our governors and other leaders, I urge you to be fair and just. You must rise above sentiment to offer all aspirants participation without let or hindrance,” he added.

Tinubu further called for greater inclusion of women and youths in the party’s internal processes, describing them as critical stakeholders in the nation’s democracy.

He also cautioned security agencies to remain professional and restrict their roles to maintaining peace and order throughout the primaries.

Meanwhile, the Oyo State Governor, Seyi Makinde, has officially declared his intention to contest the 2027 presidential election on the platform of the Allied Peoples Movement.

The governor made this known on Thursday at the joint mega-rally of the Peoples Democratic Party and the Allied Peoples Movement held at Mapo Hall in Ibadan, the state capital.

“The time to reset Nigeria is now. Therefore, today, I, Oluseyi Abiodun Makinde, announce my candidacy for the position of the president of the Federal Republic of Nigeria,” he said.

Makinde said the country’s situation has “continued to deteriorate, putting the majority of Nigerians on survival mode daily.

The governor added that government officials responsible for citizens’ welfare have abdicated their duties.

“This is why, for the past several months, one question has been at the top of my mind: where do we go from here? Is this how we should continue as a nation?

“We have been pushed to the wall with the belief that we will turn against ourselves or worse still, that we will become too weary to survive on a daily basis to fight back.

“They said the opposition cannot unite, but I am here today to say that it is a miscalculation. The opposition in Nigeria is not just a political party. The opposition is the everyday Nigerian for whom the country does not work,” Makinde said.

Makinde said the alliance between the PDP and APM would enable the former ruling party to field candidates for all positions in the 2027 general election.

“So today in Ibadan, the first grand alliance was formed. The alliance of the Peoples Democratic Party (PDP) and the Allied Peoples Movement (APM).

“This handshake will allow us to field candidates at all levels. We will field candidates from top to bottom. We will field candidates from the presidency to state assemblies, and everything in between,” Makinde said.

Makinde had earlier led the Taminu Turaki faction of the PDP in Oyo State to sign a Memorandum of Understanding with the APM as part of a strategic alliance for the forthcoming elections.

The governor and the National Chairman of the APM, Yusuf Dantalle, signed the agreement on behalf of both parties.

Under the agreement, candidates of the PDP faction contesting for governorship, Senate, House of Representatives and State House of Assembly seats are expected to run on the platform of the APM rather than the PDP in the 2027 elections.

Ghana says it will evacuate 300 citizens from South Africa following a recent wave of protests against foreign nationals.

Foreign Minister Samuel Okudzeto Ablakwa said in a post on X on Tuesday that the Ghanaian president had granted approval for their “immediate evacuation”.

He said the “distressed” Ghanaians had registered at the country’s embassy in Pretoria to be rescued in response to an advisory by the foreign ministry “Following the latest wave of xenophobic attacks”.

Last week, South African authorities denied that anyone had been attacked, saying the widely circulated videos were fake.

On Monday, South African President Cyril Ramaphosa said the recent “protests and criminal acts directed at foreign nationals” did not reflect government policy, describing them as “isolated acts of criminality”.

He added that South Africa would “regulate migration, secure our borders and enforce our laws”.

Thousands of South Africans joined protests against illegal immigration, demanding the mass deportation of undocumented foreign nationals. Protesters say illegal immigration has had an impact on jobs, housing and crime.

On Tuesday, the Ghanaian embassy in South Africa advised nationals to be highly cautious and prioritise their safety by avoiding public gatherings and shut their shops or businesses in the port city of Durban ahead of a protest planned on Wednesday.

Ghana and Nigeria have recently summoned the South African envoys to their respective countries over the mistreatment and harassment of their citizens.

Ghana has also written to the African Union (AU) asking it to discuss the issue, saying it posed a “serious risk to the safety and wellbeing” of Africans in South Africa.

South Africa responded by saying it had “nothing to hide”. The government has condemned the circulation of what it called “fake videos and images” described by some as recordings of attacks on foreign nationals.

Other countries that have warned their citizens in South Africa include Kenya, Malawi, Lesotho and Zimbabwe.

According to official figures, South Africa is home to more than three million foreigners, or about 5% of the population, but there are believed to be many more without papers.

Xenophobia has long been an issue in the country and has been accompanied by occasional outbursts of deadly attacks.