Connect with us

Business & Economy

COVID-19: groups Condemns Mass Retrenchment Of Workers, Deduction Of Salaries

COVID-19: Group Condemns Mass Retrenchment Of Workers, Deduction Of Salaries

Published

on

hot trending news today, black celebrities, usa today entertainment

COVID-19

COVID-19
covid-19 Workers Campaign for Democratic and Workers’ Rights has condemned the reduction in the salaries of workers and ongoing mass retrenchment result of the COVID-19 lockdown.

The group also condemned the delay in the payment of March salaries by private organisations in the country.

The CDWR in a statement jointly signed by its National Chairperson, Rufus Olusesan, and Publicity Secretary,  Chinedu Bosah, demanded the immediate payment of salaries and pension arrears by some state governments, noting that some state governments were using the outbreak of Coronavirus as an excuse not to pay workers.

Advertisement

COVID-19 workers

COVID-19Workers

CDWR said, “It has got to our notice that many workers have been informed by their employers that they will not be paid for the period of the COVID-19 lockdown.

“A case in point is Kaduna State where the governor has cut workers’ salaries by 25%. Also, Arik Air has cut pay by 80% while asking 90% of staff to go on compulsory leave without pay.

“While other airlines are set to follow the same direction, job losses, pay cuts, involuntary and unpaid furloughs and non-payment of wages have been reported in the hotel and tourism sector.

Advertisement

“Casual workers who are paid daily or hourly with insecure work contract are the most affected and this set of workers constitute the vast majority of private-sector employees.”

CDWR urged labour union leaders to lead a struggle to protect jobs and salaries of private and public sector workers.

The statement partly reads, “The N30, 000 national minimum wage must be enforced so that the government does not use the excuse of COVID-19 to undermine the payment.

“The trade union leaders also have to put pressure on the Nigerian Government to implement a viable, sustainable and adequate palliative for the masses.

Advertisement

“The trade union leaders will have to lead a struggle against private companies that perpetuate anti-labour practices, including casualization, contract staffing, fractional salaries, and job losses during the period of lockdown and after.”

MORE@AFRILATEST

JOIN US ON FACEBOOK

Advertisement
Advertisement
306 Comments

306 Comments

  1. Dorcas Babalola

    May 4, 2020 at 12:51 am

    This is bad heart

    • Israel Anujue

      May 6, 2020 at 11:40 am

      Is very bad my brother and the government has no solution

  2. Israel Anujue

    May 6, 2020 at 11:39 am

    That is what has been on ground my people.

  3. Mgbemena chukwuemeka

    May 7, 2020 at 8:51 am

    That’s unfair

  4. Anyanwu Bright

    May 7, 2020 at 2:23 pm

    There is nothing wrong with white collar jobs , but you are not secured, while working have a business somewhere controlled by wife or brother… But it is very bad reducing the salary of workers all in the name of covid19.

  5. Mgbemena chukwuemeka

    May 16, 2020 at 6:22 am

    There

  6. Solomon Abiona

    May 17, 2020 at 6:17 am

    Job loss due to covid-19 pandemic is real since the government is not helping out.

  7. Solomon Abiona

    May 17, 2020 at 6:18 am

    That’s why it’s important to have another means of getting legitimate funds.

  8. Chukwuemeka [email protected]

    May 17, 2020 at 7:26 pm

    Watin

  9. Chukwuemeka [email protected]

    May 17, 2020 at 7:27 pm

    Kedu

  10. Chukwuemeka [email protected]

    May 17, 2020 at 7:28 pm

    Bụ

  11. Chukwuemeka [email protected]

    May 17, 2020 at 7:30 pm

    O mere

  12. Chukwuemeka [email protected]

    May 17, 2020 at 7:30 pm

    Covid 19 chai

  13. Chukwuemeka [email protected]

    May 17, 2020 at 7:31 pm

    O gbuola ha

  14. Chukwuemeka [email protected]

    May 17, 2020 at 7:33 pm

    Chisos

  15. Chukwuemeka [email protected]

    May 17, 2020 at 7:34 pm

    Kaduna

  16. Chukwuemeka [email protected]

    May 17, 2020 at 7:35 pm

    Don start

  17. Chukwuemeka [email protected]

    May 17, 2020 at 7:37 pm

    Sharp sharp

  18. Chukwuemeka [email protected]

    May 17, 2020 at 7:39 pm

    No Joy oo

  19. Chukwuemeka [email protected]

    May 17, 2020 at 7:40 pm

    What of

  20. Chukwuemeka [email protected]

    May 17, 2020 at 7:41 pm

    Other’s state

  21. Chukwuemeka [email protected]

    May 17, 2020 at 7:42 pm

    Nko, have

  22. Chukwuemeka [email protected]

    May 17, 2020 at 7:43 pm

    Dey start

  23. Chukwuemeka [email protected]

    May 17, 2020 at 7:44 pm

    Their own

  24. Chukwuemeka [email protected]

    May 17, 2020 at 8:13 pm

    Deduction

  25. Chukwuemeka [email protected]

    May 17, 2020 at 8:16 pm

    Deduction of

  26. Chukwuemeka [email protected]

    May 17, 2020 at 8:18 pm

    Salaries

  27. Chukwuemeka [email protected]

    May 17, 2020 at 8:21 pm

    Of their

  28. Chukwuemeka [email protected]

    May 17, 2020 at 8:21 pm

    Own workers

  29. Chukwuemeka [email protected]

    May 17, 2020 at 8:22 pm

    But nawa

  30. Chukwuemeka [email protected]

    May 17, 2020 at 8:27 pm

    For this our

  31. Chukwuemeka [email protected]

    May 19, 2020 at 8:00 am

    Country self

  32. Chukwuemeka [email protected]

    May 19, 2020 at 8:02 am

    Chaii

  33. Chukwuemeka [email protected]

    May 19, 2020 at 8:04 am

    Niger

  34. Chukwuemeka [email protected]

    May 19, 2020 at 8:05 am

    Nigeria’

  35. Chukwuemeka [email protected]

    May 19, 2020 at 8:05 am

    Damn

  36. Chukwuemeka [email protected]

    May 19, 2020 at 8:25 am

    Nawaz

  37. Chukwuemeka [email protected]

    May 19, 2020 at 8:26 am

    Why tgey

  38. Chukwuemeka [email protected]

    May 19, 2020 at 9:14 am

    Why they

  39. Chukwuemeka [email protected]

    May 19, 2020 at 9:14 am

    1

  40. Chukwuemeka [email protected]

    May 19, 2020 at 9:15 am

    2

  41. Chukwuemeka [email protected]

    May 19, 2020 at 9:17 am

    Ato

  42. Chukwuemeka [email protected]

    May 19, 2020 at 9:17 am

    4

  43. Chukwuemeka [email protected]

    May 19, 2020 at 9:17 am

    5

  44. Chukwuemeka [email protected]

    May 19, 2020 at 9:18 am

    Isii

  45. Chukwuemeka [email protected]

    May 19, 2020 at 9:18 am

    7

  46. Chukwuemeka [email protected]

    May 19, 2020 at 9:19 am

    Asatọ

  47. Chukwuemeka [email protected]

    May 19, 2020 at 9:24 am

    8

  48. Chukwuemeka [email protected]

    May 19, 2020 at 9:25 am

    9

  49. Chukwuemeka [email protected]

    May 19, 2020 at 9:28 am

    10

  50. Chukwuemeka [email protected]

    May 19, 2020 at 9:29 am

    Diez

  51. Chukwuemeka [email protected]

    May 19, 2020 at 9:42 am

    Dix

  52. Chukwuemeka [email protected]

    May 19, 2020 at 9:45 am

    Goma

  53. Chukwuemeka [email protected]

    May 19, 2020 at 9:45 am

    Goma sha ɗaya

  54. Chukwuemeka [email protected]

    May 19, 2020 at 9:51 am

    Onze

  55. Chukwuemeka [email protected]

    May 19, 2020 at 9:52 am

    Iri na otu

  56. Chukwuemeka [email protected]

    May 19, 2020 at 9:53 am

    Once

  57. Chukwuemeka [email protected]

    May 19, 2020 at 9:55 am

    Mọkanla

  58. Chukwuemeka [email protected]

    May 19, 2020 at 9:56 am

    12

  59. Chukwuemeka [email protected]

    May 19, 2020 at 9:57 am

    Twelve

  60. Chukwuemeka [email protected]

    May 19, 2020 at 9:57 am

    Mejila

  61. Chukwuemeka [email protected]

    May 19, 2020 at 10:00 am

    Doce

  62. Chukwuemeka [email protected]

    May 19, 2020 at 10:02 am

    Goma sha biyu

  63. Chukwuemeka [email protected]

    May 19, 2020 at 10:12 am

    Eleven

  64. Chukwuemeka [email protected]

    May 19, 2020 at 10:22 am

    Mẹtala

  65. Chukwuemeka [email protected]

    May 19, 2020 at 10:22 am

    Iri na ato

  66. Chukwuemeka [email protected]

    May 19, 2020 at 10:24 am

    Trece

  67. Chukwuemeka [email protected]

    May 19, 2020 at 10:25 am

    Goma sha uku

  68. Chukwuemeka [email protected]

    May 19, 2020 at 10:26 am

    Treize

  69. Chukwuemeka [email protected]

    May 19, 2020 at 10:27 am

    Donner

  70. Chukwuemeka [email protected]

    May 19, 2020 at 10:28 am

    Biyar

  71. Chukwuemeka [email protected]

    May 19, 2020 at 10:29 am

    Marun

  72. Chukwuemeka [email protected]

    May 19, 2020 at 10:31 am

    Seis

  73. Chukwuemeka [email protected]

    May 19, 2020 at 10:32 am

    Sixz

  74. Chukwuemeka [email protected]

    May 19, 2020 at 10:34 am

    Mẹrinla

  75. Chukwuemeka [email protected]

    May 19, 2020 at 10:35 am

    Iri na anọ

  76. Chukwuemeka [email protected]

    May 19, 2020 at 10:38 am

    Catorce

  77. Chukwuemeka [email protected]

    May 19, 2020 at 10:40 am

    Fourteen

  78. Chukwuemeka [email protected]

    May 19, 2020 at 10:42 am

    Goma sha huɗu

  79. Chukwuemeka [email protected]

    May 19, 2020 at 10:43 am

    Omo wo eh I da vex oooo

  80. Chukwuemeka [email protected]

    May 19, 2020 at 10:43 am

    Ma ndụ na-aga n’ihu

  81. Chukwuemeka [email protected]

    May 19, 2020 at 10:44 am

    Wattin ọkunrin lọ ṣe

  82. Chukwuemeka [email protected]

    May 19, 2020 at 10:45 am

    Awọn ifunni tuka orilẹ-ede Naijiria

  83. Chukwuemeka [email protected]

    May 19, 2020 at 10:46 am

    Dispersión de dispersión de Nigeria

  84. Chukwuemeka [email protected]

    May 19, 2020 at 12:08 pm

    Nke iri atọ na ise

  85. Chukwuemeka [email protected]

    May 19, 2020 at 12:08 pm

    Treinta y cinco

  86. Chukwuemeka [email protected]

    May 19, 2020 at 12:09 pm

    Trente cinq

  87. Chukwuemeka [email protected]

    May 19, 2020 at 12:10 pm

    Marun-din-logoji

  88. Chukwuemeka [email protected]

    May 19, 2020 at 12:14 pm

    Talatin da biyar

  89. Chukwuemeka [email protected]

    May 19, 2020 at 12:16 pm

    Ee

  90. Chukwuemeka [email protected]

    May 19, 2020 at 12:17 pm

    Talatin da hudu

  91. Chukwuemeka [email protected]

    May 19, 2020 at 12:19 pm

    Ọgbọn

  92. Chukwuemeka [email protected]

    May 19, 2020 at 12:20 pm

    Trente

  93. Chukwuemeka [email protected]

    May 19, 2020 at 12:21 pm

    Trente quatre

  94. Chukwuemeka [email protected]

    May 19, 2020 at 12:30 pm

    Thirty minutes

  95. Chukwuemeka [email protected]

    May 19, 2020 at 12:37 pm

    Nke iri atọ na anọ

  96. Chukwuemeka [email protected]

    May 19, 2020 at 12:38 pm

    Yabụ

  97. Chukwuemeka [email protected]

    May 19, 2020 at 12:40 pm

    34.c33

  98. Chukwuemeka [email protected]

    May 19, 2020 at 6:33 pm

    si

  99. Chukwuemeka [email protected]

    May 19, 2020 at 6:34 pm

    Treinta y tres

  100. Chukwuemeka [email protected]

    May 19, 2020 at 6:40 pm

    Nke ato

  101. Chukwuemeka [email protected]

    May 19, 2020 at 6:45 pm

    Oui o

  102. Chukwuemeka [email protected]

    May 19, 2020 at 6:46 pm

    Trente-trois

  103. Chukwuemeka [email protected]

    May 19, 2020 at 6:47 pm

    Thirty three

  104. Chukwuemeka [email protected]

    May 19, 2020 at 6:48 pm

    Mẹta

  105. Chukwuemeka [email protected]

    May 19, 2020 at 6:49 pm

    Talatin da uku

  106. Chukwuemeka [email protected]

    May 19, 2020 at 6:50 pm

    Talatin da ukuu

  107. Chukwuemeka [email protected]

    May 19, 2020 at 6:52 pm

    Talatin da biyu Dakata

  108. Chukwuemeka [email protected]

    May 19, 2020 at 7:13 pm

    10+20

  109. Chukwuemeka [email protected]

    May 19, 2020 at 10:59 pm

    39

  110. Chukwuemeka [email protected]

    May 19, 2020 at 11:04 pm

    30

  111. Chukwuemeka [email protected]

    May 19, 2020 at 11:11 pm

    Na so na so

  112. Chukwuemeka [email protected]

    May 19, 2020 at 11:29 pm

    Chere obere

  113. Chukwuemeka [email protected]

    May 19, 2020 at 11:30 pm

    Attends petit

  114. Chukwuemeka [email protected]

    May 19, 2020 at 11:31 pm

    Ko si gbiyanju mi

  115. Chukwuemeka [email protected]

    May 19, 2020 at 11:32 pm

    Nitorinaa

  116. Chukwuemeka [email protected]

    May 19, 2020 at 11:32 pm

    Mo da

  117. Chukwuemeka [email protected]

    May 19, 2020 at 11:33 pm

    Irorun oo

  118. Chukwuemeka [email protected]

    May 19, 2020 at 11:36 pm

    Dara na 30 Mo da

  119. Israel Anujue

    May 20, 2020 at 1:34 pm

    we dont have good government.

  120. Chukwuemeka [email protected]

    May 20, 2020 at 3:44 pm

    Israel aswear

  121. Chukwuemeka [email protected]

    May 20, 2020 at 3:47 pm

    Najeriya

  122. Chukwuemeka [email protected]

    May 20, 2020 at 3:51 pm

    Soon

  123. Chukwuemeka [email protected]

    May 20, 2020 at 4:57 pm

    29

  124. Chukwuemeka [email protected]

    May 20, 2020 at 5:09 pm

    Hasalima

  125. Chukwuemeka [email protected]

    May 20, 2020 at 5:11 pm

    lri js3

  126. Chukwuemeka [email protected]

    May 20, 2020 at 5:12 pm

    Lri ise

  127. Chukwuemeka [email protected]

    May 20, 2020 at 6:01 pm

    cincuenta y uno

  128. Chukwuemeka [email protected]

    May 20, 2020 at 6:03 pm

    Hasalima daya

  129. Chukwuemeka [email protected]

    May 20, 2020 at 6:04 pm

    Cinquante et un

  130. Chukwuemeka [email protected]

    May 20, 2020 at 6:06 pm

    Aadọta kan

  131. Chukwuemeka [email protected]

    May 20, 2020 at 6:06 pm

    Aadọta meji

  132. Chukwuemeka [email protected]

    May 20, 2020 at 6:08 pm

    Cinquante-deux

  133. Chukwuemeka [email protected]

    May 20, 2020 at 6:16 pm

    No wahala

  134. Chukwuemeka [email protected]

    May 20, 2020 at 6:21 pm

    Iri ise

  135. Chukwuemeka [email protected]

    May 20, 2020 at 6:21 pm

    Fifty two

  136. Chukwuemeka [email protected]

    May 20, 2020 at 6:22 pm

    Iri ise Three

  137. Chukwuemeka [email protected]

    May 20, 2020 at 6:28 pm

    Network

  138. Chukwuemeka [email protected]

    May 20, 2020 at 6:29 pm

    4c

  139. Chukwuemeka [email protected]

    May 20, 2020 at 6:29 pm

    Bad network

  140. Chukwuemeka [email protected]

    May 20, 2020 at 6:34 pm

    Cincuenta y tres

  141. Chukwuemeka [email protected]

    May 20, 2020 at 6:37 pm

    Yes oooooooooo

  142. David Elobisi

    May 20, 2020 at 7:51 pm

    This is actually not fair people need money to survive this pandemic so why reducing salaries their salary the FG aren’t even helping matters

  143. Chukwuemeka [email protected]

    May 21, 2020 at 7:06 am

    Fg aren’t helping

  144. Chukwuemeka [email protected]

    May 21, 2020 at 7:07 am

    Yes I’d not fair

  145. Chukwuemeka [email protected]

    May 21, 2020 at 7:09 am

    What will people do na

  146. Chukwuemeka [email protected]

    May 21, 2020 at 7:10 am

    Nawa for Fg

  147. Chukwuemeka [email protected]

    May 21, 2020 at 7:11 am

    Jehovah help us

  148. Chukwuemeka [email protected]

    May 21, 2020 at 7:22 am

    cinquante trois

  149. Chukwuemeka [email protected]

    May 21, 2020 at 7:31 am

    hamsin da uku

  150. Chukwuemeka [email protected]

    May 21, 2020 at 7:35 am

    Aadọta mẹta

  151. Chukwuemeka [email protected]

    May 21, 2020 at 7:36 am

    Fifty four

  152. Chukwuemeka [email protected]

    May 21, 2020 at 7:40 am

    iri ise na ise

  153. Chukwuemeka [email protected]

    May 21, 2020 at 9:57 am

    aadọta mẹrin

  154. Chukwuemeka [email protected]

    May 21, 2020 at 9:59 am

    Hasalima aya

  155. Chukwuemeka [email protected]

    May 21, 2020 at 10:02 am

    Cinquante quatre

  156. Chukwuemeka [email protected]

    May 21, 2020 at 10:04 am

    Cincuenta y cuatro

  157. Chukwuemeka [email protected]

    May 21, 2020 at 10:05 am

    55

  158. Chukwuemeka [email protected]

    May 21, 2020 at 10:06 am

    Fifty five

  159. Chukwuemeka [email protected]

    May 21, 2020 at 10:09 am

    Awughi

  160. Chukwuemeka [email protected]

    May 21, 2020 at 10:10 am

    Cincuenta y cinco

  161. Chukwuemeka [email protected]

    May 21, 2020 at 10:11 am

    Fify f

  162. Chukwuemeka [email protected]

    May 21, 2020 at 10:11 am

    Cinquante cinq

  163. Chukwuemeka [email protected]

    May 21, 2020 at 10:23 am

    Hasalima Five

  164. Chukwuemeka [email protected]

    May 21, 2020 at 10:25 am

    Aadọta marun

  165. Chukwuemeka [email protected]

    May 21, 2020 at 10:28 am

    56

  166. Chukwuemeka [email protected]

    May 21, 2020 at 10:29 am

    Fift six

  167. Chukwuemeka [email protected]

    May 21, 2020 at 10:31 am

    Aadọta mẹfa

  168. Chukwuemeka [email protected]

    May 21, 2020 at 10:33 am

    Hasalima shida

  169. Chukwuemeka [email protected]

    May 21, 2020 at 10:58 am

    cinquante six

  170. Chukwuemeka [email protected]

    May 21, 2020 at 10:59 am

    Pourquoi na

  171. Chukwuemeka [email protected]

    May 21, 2020 at 11:00 am

    Cincuenta y seis xxxx

  172. Chukwuemeka [email protected]

    May 21, 2020 at 11:01 am

    Iri ise na asaa

  173. Chukwuemeka [email protected]

    May 21, 2020 at 11:02 am

    Cincuenta y siete

  174. Chukwuemeka [email protected]

    May 21, 2020 at 11:05 am

    57

  175. Chukwuemeka [email protected]

    May 21, 2020 at 11:05 am

    Cinquante sept

  176. Chukwuemeka [email protected]

    May 21, 2020 at 11:06 am

    Dubu hamsin da bakwai

  177. Chukwuemeka [email protected]

    May 21, 2020 at 11:07 am

    Aadọta meje

  178. Chukwuemeka [email protected]

    May 21, 2020 at 11:08 am

    Iri ise na asatọ

  179. Chukwuemeka [email protected]

    May 21, 2020 at 11:09 am

    Nonsensical

  180. Chukwuemeka [email protected]

    May 21, 2020 at 11:10 am

    Ghubh

  181. Chukwuemeka [email protected]

    May 21, 2020 at 11:11 am

    Aadọta mẹjọ

  182. Chukwuemeka [email protected]

    May 21, 2020 at 11:11 am

    Hasalima takwas

  183. Chukwuemeka [email protected]

    May 21, 2020 at 11:12 am

    Cinquante huit

  184. Chukwuemeka [email protected]

    May 21, 2020 at 11:14 am

    Cincuenta y ocho

  185. Chukwuemeka [email protected]

    May 21, 2020 at 11:15 am

    Yeah yes

  186. Chukwuemeka [email protected]

    May 21, 2020 at 11:15 am

    Fity nine

  187. Chukwuemeka [email protected]

    May 21, 2020 at 11:16 am

    59

  188. Chukwuemeka [email protected]

    May 21, 2020 at 11:17 am

    Iri iteghete

  189. Chukwuemeka [email protected]

    May 21, 2020 at 11:18 am

    Fifty nineee

  190. Chukwuemeka [email protected]

    May 21, 2020 at 11:19 am

    Cinquante neuf

  191. Chukwuemeka [email protected]

    May 21, 2020 at 11:20 am

    Cincuenta y nueve

  192. Chukwuemeka [email protected]

    May 21, 2020 at 11:21 am

    Aadọta mẹsan

  193. Chukwuemeka [email protected]

    May 21, 2020 at 11:23 am

    Iri isii

  194. Chukwuemeka [email protected]

    May 21, 2020 at 11:24 am

    60

  195. Chukwuemeka [email protected]

    May 21, 2020 at 4:17 pm

    Agota

  196. Chukwuemeka [email protected]

    May 21, 2020 at 4:18 pm

    Sittin

  197. Chukwuemeka [email protected]

    May 21, 2020 at 4:19 pm

    Sesenta

  198. Chukwuemeka [email protected]

    May 21, 2020 at 4:20 pm

    Soixante

  199. Chukwuemeka [email protected]

    May 21, 2020 at 4:21 pm

    Iri isiina ofu

  200. Chukwuemeka [email protected]

    May 21, 2020 at 4:25 pm

    61

  201. Chukwuemeka [email protected]

    May 21, 2020 at 4:40 pm

    Sixty one Eee

  202. Chukwuemeka [email protected]

    May 21, 2020 at 4:41 pm

    Sesenta y uno

  203. Chukwuemeka [email protected]

    May 21, 2020 at 4:43 pm

    Sittin da daya

  204. Chukwuemeka [email protected]

    May 21, 2020 at 4:46 pm

    Ogota meji

  205. Chukwuemeka [email protected]

    May 21, 2020 at 4:48 pm

    62

  206. Chukwuemeka [email protected]

    May 21, 2020 at 4:49 pm

    Sixty geo

  207. Chukwuemeka [email protected]

    May 21, 2020 at 4:50 pm

    Sittin da biyu

  208. Chukwuemeka [email protected]

    May 21, 2020 at 4:51 pm

    Sesenta 2

  209. Chukwuemeka [email protected]

    May 21, 2020 at 4:52 pm

    Sesenta y dos

  210. Chukwuemeka [email protected]

    May 21, 2020 at 4:56 pm

    Soixante-deux

  211. Chukwuemeka [email protected]

    May 21, 2020 at 4:57 pm

    Iri isii na abụọ

  212. Chukwuemeka [email protected]

    May 21, 2020 at 4:58 pm

    Iri isii na ato

  213. Chukwuemeka [email protected]

    May 21, 2020 at 4:59 pm

    Sixty three

  214. Chukwuemeka [email protected]

    May 21, 2020 at 5:00 pm

    63

  215. Chukwuemeka [email protected]

    May 21, 2020 at 5:01 pm

    Soixante trois

  216. Chukwuemeka [email protected]

    May 21, 2020 at 5:02 pm

    Sesenta y tres

  217. Chukwuemeka [email protected]

    May 21, 2020 at 5:03 pm

    Sittin da uku

  218. Chukwuemeka [email protected]

    May 21, 2020 at 5:04 pm

    Ogota mẹta

  219. Chukwuemeka [email protected]

    May 21, 2020 at 5:04 pm

    64

  220. Chukwuemeka [email protected]

    May 21, 2020 at 5:06 pm

    Sixty four

  221. Chukwuemeka [email protected]

    May 21, 2020 at 5:07 pm

    Ogota mẹrin

  222. Chukwuemeka [email protected]

    May 21, 2020 at 5:08 pm

    Sittin da huɗu

  223. Chukwuemeka [email protected]

    May 21, 2020 at 5:09 pm

    Sesenta y cuatro

  224. Chukwuemeka [email protected]

    May 21, 2020 at 5:10 pm

    Soixante-quatre

  225. Chukwuemeka [email protected]

    May 21, 2020 at 5:11 pm

    Iri isiibna ano

  226. Chukwuemeka [email protected]

    May 21, 2020 at 5:12 pm

    Iri isii na ise

  227. Chukwuemeka [email protected]

    May 21, 2020 at 5:13 pm

    65

  228. Chukwuemeka [email protected]

    May 21, 2020 at 5:14 pm

    Sixty five

  229. Chukwuemeka [email protected]

    May 21, 2020 at 5:15 pm

    Soixante-cinq

  230. Chukwuemeka [email protected]

    May 21, 2020 at 5:17 pm

    Sesenta y cinco

  231. Chukwuemeka [email protected]

    May 21, 2020 at 5:18 pm

    Sittin da biyar

  232. Chukwuemeka [email protected]

    May 21, 2020 at 5:20 pm

    Ogota mefa

  233. Chukwuemeka [email protected]

    May 21, 2020 at 5:20 pm

    T66

  234. Chukwuemeka [email protected]

    May 21, 2020 at 5:22 pm

    Sixty sux

  235. Chukwuemeka [email protected]

    May 21, 2020 at 5:27 pm

    Sittin da shida

  236. Chukwuemeka [email protected]

    May 21, 2020 at 5:28 pm

    Sesenta y seis

  237. Chukwuemeka [email protected]

    May 21, 2020 at 5:32 pm

    Soixante six

  238. Chukwuemeka [email protected]

    May 21, 2020 at 5:34 pm

    Ọchịchị

  239. Chukwuemeka [email protected]

    May 21, 2020 at 5:34 pm

    67

  240. Chukwuemeka [email protected]

    May 21, 2020 at 5:35 pm

    Sixty seven

  241. Chukwuemeka [email protected]

    May 21, 2020 at 5:37 pm

    Iri isii na asaa

  242. Chukwuemeka [email protected]

    May 21, 2020 at 5:38 pm

    Soixante-sept

  243. Chukwuemeka [email protected]

    May 21, 2020 at 5:39 pm

    Sesenta y siete

  244. Chukwuemeka [email protected]

    May 21, 2020 at 5:40 pm

    Ogota meje

  245. Chukwuemeka [email protected]

    May 21, 2020 at 5:41 pm

    Sittin da bakwai

  246. Chukwuemeka [email protected]

    May 21, 2020 at 5:42 pm

    Sittin da takwas

  247. Chukwuemeka [email protected]

    May 21, 2020 at 5:43 pm

    68

  248. Chukwuemeka [email protected]

    May 21, 2020 at 5:44 pm

    Sixty eight

  249. Chukwuemeka [email protected]

    May 21, 2020 at 5:48 pm

    Soixante-huit

  250. Chukwuemeka [email protected]

    May 21, 2020 at 5:49 pm

    Iri isii na asatọ

  251. Chukwuemeka [email protected]

    May 21, 2020 at 5:50 pm

    69

  252. Chukwuemeka [email protected]

    May 21, 2020 at 5:51 pm

    Sixty mine

  253. Chukwuemeka [email protected]

    May 21, 2020 at 5:52 pm

    Soixante neuf

  254. Chukwuemeka [email protected]

    May 21, 2020 at 5:54 pm

    Iri itoolu

  255. Chukwuemeka [email protected]

    May 21, 2020 at 5:54 pm

    Sixty nine

  256. Chukwuemeka [email protected]

    May 21, 2020 at 5:59 pm

    Sixty nin

  257. Chukwuemeka [email protected]

    May 21, 2020 at 6:00 pm

    Sesenta y nueve

  258. Chukwuemeka [email protected]

    May 21, 2020 at 6:02 pm

    Ogota mesan

  259. Chukwuemeka [email protected]

    May 21, 2020 at 6:06 pm

    70

  260. Chukwuemeka [email protected]

    May 21, 2020 at 10:28 pm

    Seventy

  261. Chukwuemeka [email protected]

    May 21, 2020 at 10:29 pm

    Saba’in

  262. Chukwuemeka [email protected]

    May 22, 2020 at 7:22 am

    Da safe

  263. Chukwuemeka [email protected]

    May 22, 2020 at 7:50 am

    Aadọrin

  264. Chukwuemeka [email protected]

    May 22, 2020 at 7:52 am

    Setenta

  265. Chukwuemeka [email protected]

    May 22, 2020 at 7:53 am

    Sev

  266. Chukwuemeka [email protected]

    May 22, 2020 at 7:54 am

    Soixante-dix

  267. Chukwuemeka [email protected]

    May 22, 2020 at 8:00 am

    Iri Asaa

  268. Chukwuemeka [email protected]

    May 22, 2020 at 8:01 am

    Seventy one

  269. Chukwuemeka [email protected]

    May 22, 2020 at 8:05 am

    Iri asaa gg

  270. Chukwuemeka [email protected]

    May 22, 2020 at 8:10 am

    Setenta y uno

  271. Chukwuemeka [email protected]

    May 22, 2020 at 8:34 am

    Aadọrin kan

  272. Chukwuemeka [email protected]

    May 22, 2020 at 8:38 am

    72

  273. Chukwuemeka [email protected]

    May 22, 2020 at 8:43 am

    Seventy two

  274. Chukwuemeka [email protected]

    May 22, 2020 at 8:45 am

    mejila din logbon

  275. Chukwuemeka [email protected]

    May 22, 2020 at 8:47 am

    Iri asaaw abiuhd

  276. Chukwuemeka [email protected]

    May 22, 2020 at 8:48 am

    Soixante-douze

  277. Chukwuemeka [email protected]

    May 22, 2020 at 8:49 am

    Setenta y dos

  278. Chukwuemeka [email protected]

    May 22, 2020 at 8:51 am

    Dubu saba’in

  279. Chukwuemeka [email protected]

    May 22, 2020 at 8:52 am

    73

  280. Chukwuemeka [email protected]

    May 22, 2020 at 8:53 am

    Seventy three

  281. Chukwuemeka [email protected]

    May 22, 2020 at 9:04 am

    Jaja

  282. Chukwuemeka [email protected]

    May 22, 2020 at 9:07 am

    Nana

  283. Chukwuemeka [email protected]

    May 22, 2020 at 9:09 am

    Seventy three bbbu

  284. Chukwuemeka [email protected]

    May 22, 2020 at 9:12 am

    Zaza

  285. Chukwuemeka [email protected]

    May 22, 2020 at 9:13 am

    Setenta y tres

  286. Chukwuemeka [email protected]

    May 22, 2020 at 9:17 am

    Gigi

  287. Chukwuemeka [email protected]

    May 22, 2020 at 9:20 am

    Iri asaana ati

  288. Chukwuemeka [email protected]

    May 22, 2020 at 9:22 am

    Seventy three33

  289. Chukwuemeka [email protected]

    May 22, 2020 at 9:23 am

    Zeze

  290. Chukwuemeka [email protected]

    May 22, 2020 at 9:25 am

    74

  291. Chukwuemeka [email protected]

    May 22, 2020 at 9:26 am

    Seventy four

  292. Chukwuemeka [email protected]

    May 22, 2020 at 9:43 am

    Aadọrinfour

  293. Chukwuemeka [email protected]

    May 22, 2020 at 9:48 am

    Soixante quatorze

Leave a Reply

Your email address will not be published. Required fields are marked *

Business & Economy

UK Retail Sales: Why The 0.8% Headline Is Misread

UK retail sales rose 1.3% y/y in September, not 0.8%. The 0.8% is a US monthly figure. What nominal sales data hides about margins and shoppers.

Published

on

UK Retail Sales: Why The 0.8% Headline Is Misread

Any reader who saw UK retail sales described as rising 0.8% year on year in September was handed two errors folded into one sentence. Britain’s own monitor, the British Retail Consortium’s September survey, recorded a 1.3% year-on-year increase, led by health and beauty. A 0.8% rise does exist in the September data. It is American, and it is measured month on month.

The US Census Bureau reported that retail sales rose 0.8% in September after a revised 1.3% gain in August, beating the 0.3% consensus tracked by FactSet, as AP reported. Strip out petrol stations and the gain collapses to 0.2%.

Both figures are nominal. Neither is adjusted for inflation. That omission is the entire story.

UK retail sales
UK retail sales

Where The 0.8% Comes From And Why It Isn’t British

Petrol stations did the lifting. US gas station business rose 6.4% in September, and the average price of regular gasoline hit $4.33 a gallon, according to AAA, up from under $3 before renewed fighting in the Middle East. Michael Pearce, chief US economist at Oxford Economics, wrote that “the large jump in headline retail sales in September was almost entirely due to rising gasoline prices.”

Producer prices confirm the direction. Final demand PPI rose 1.3% on the month in September, taking the annual rate to 6.3%, the highest since December 2022, according to ForexTraders. Energy rose 10.8% and accounted for over 80% of the broad increase, with gasoline up 20.3%. Consumer prices rose 3.7% year on year, up from 3.4% in August, the biggest monthly jump in five months.

The American 0.8% is therefore largely a fuel bill, not a shopping spree. Furniture and home furnishings stores rose 1.3%, electronics and appliances 0.6%, online retailers 0.3%. Clothing and accessories were flat. Restaurants, the only services category in the report, rose 1.1%. Employers added just 29,000 jobs in the same period, which makes the spending look less like confidence and more like necessity.

UK Retail Sales Grew 1.3% Under A Budget Cloud

Britain’s September was not a demand story either. The BRC monitor described a period defined by waiting: households holding back ahead of the October budget and the tax rises it might bring, with a consumer already pressed by a cost-of-living squeeze and rising energy costs. Health and beauty carried the growth.

The inflation backdrop is unforgiving. UK CPI was 3.1% year on year in August with core at 2.6%. September’s reading was expected to climb to 3.4%, above the Bank of England’s 3.0% forecast, as Newsquawk noted in its week-ahead preview, with fuel, airfares and an unwinding of seasonal activity pushing prices higher. Input producer prices were up 8.2% year on year in the second quarter.

The September flash PMI for UK manufacturing sat at 52.1, still in expansion. But the survey described subdued demand, rising prices and weaker business activity, with technology the single bright spot. Any sign of second-round inflation effects would tilt the Monetary Policy Committee toward a November hike. Governor Andrew Bailey speaks on Wednesday. UK retail sales, measured in units rather than pounds, likely fell.

What Volume Declines Mean For Retailers In Lagos

Nigeria’s retail market runs on different plumbing but the same arithmetic. Most trade passes through informal markets and kiosks that never file a sales return, so published figures capture a thin formal slice: supermarkets, fuel forecourts, pharmacy chains. In an economy where transport and diesel generator costs feed straight into shelf prices, a nominal increase tells a retailer almost nothing about whether more goods left the shelf.

The same test applies to UK retail sales comparisons. Divide the cash increase by the price increase. If the answer is below one, the business is shrinking while the till looks busier. Retailers reporting in naira carry an added distortion, because exchange-rate movement can lift the top line while volumes fall.

Who Wins When Sales Rise And Shoppers Don’t

Fuel retailers and energy suppliers win first, because revenue rises with the price of the thing they sell. Discount formats and health-and-beauty chains win next. Discretionary goods lose: US clothing was flat despite a headline beat, and furniture’s 1.3% gain is smaller than price increases in the same categories.

Natalie Kotlyar, who leads BDO’s retail and consumer products practice, warned against reading the US report as evidence of consumer strength. With inflation running above 3% and gas prices high, part of this gain is simply higher prices, and many shoppers are leaning on savings and promotions to stretch their budgets,” she said. Strong sales alongside paychecks that fail to keep pace cannot last, she added, so retailers must protect margins and keep inventory flexible into November and December.

The policy read is muddled. Odds of a 25 basis point Fed hike at the 27-28 October meeting fell to 17% from 22% despite hot inflation, while December hike odds rose. Fed Chair Kevin Warsh declined to signal: “I don’t prejudge meetings,” he said at the IMF and World Bank annual meetings in Bangkok.

For UK retail sales, the practical instruction for operators is to stop quoting the cash number. Pearce still expects consumer spending to run at a 3.3% annualised pace in the third quarter, but he sees momentum fading into the holiday season as higher prices bite. A retailer that budgets on the headline will order too much stock and protect too little margin. One that budgets on volume will do the opposite. In a quarter where fuel rather than shopping drove the number, that is the only defensible position.

Frequently Asked Questions

Did UK retail sales rise 0.8% year on year in September?

No. The British Retail Consortium’s September monitor recorded a 1.3% year-on-year increase, led by health and beauty. The 0.8% figure is the US Census Bureau’s month-on-month retail sales increase for September, a different economy and a different time frame.

Why does the 0.8% US retail sales figure overstate consumer demand?

Because it is not adjusted for inflation and petrol stations did most of the work. Gas station business rose 6.4% in September as the average price of regular gasoline reached $4.33 a gallon. Excluding gas stations, US retail sales rose just 0.2% on the month.

What should retailers in Nigeria and the UK watch instead of the headline sales number?

Volume. Divide the cash increase by the price increase. If the result is below one, the business is selling fewer goods even though revenue looks higher. UK CPI was 3.1% in August and expected at 3.4% in September, so a 1.3% cash gain is a real-terms decline.



5aa647a0185941593488667097ef87940f72812bc139cffa019b59efe5a6c5db?s=80&d=mm&r=g

About Paul Nwogo

Paul Nwogo is an engineer, published author, and the Head Manager at AfriLatest. He has written numerous books available on Amazon covering a diverse range of topics, including health, personal finance, relationships, work ethics, and scam survival. With his technical background and passion for writing, Paul now oversees the editorial direction of AfriLatest, delivering practical, accurate, and engaging content on trending news, music, and global lifestyle topics.

View all articles by Paul Nwogo

Continue Reading

Business & Economy

Nigeria Startup Funding Lead: Capital Is Not Revenue

Nigeria startup funding leads Africa again, but the $635m headline measures capital raised, not revenue. Spectrum, power and skills decide what sticks.

Published

on

Nigeria Startup Funding Lead: Capital Is Not Revenue

Tech Outlook 2027, a technology foresight platform led by the National Information Technology Development Agency and delivered through SATH Foundation Africa, met in Lagos on Tuesday, October 20, with an agenda that had little to do with term sheets. Its subject was whether Nigeria can convert access to technology into domestic capability: data centres, connectivity, computing, skills. That question sits directly beneath the headline that Nigeria startup funding has reclaimed Africa’s lead, with press reports putting raised capital at $635 million.

The distinction matters more than the ranking. Capital raised is a flow of investor money into a company. Revenue is money a customer hands over for something they need. The two figures move on different clocks, and only one of them survives a downturn.

A Platform Built Around Constraints

Nigeria startup funding
Nigeria startup funding

Tech Outlook 2027 is not an accelerator and writes no cheques. It is a policy and foresight exercise, designed to help Nigeria anticipate emerging technology trends and translate them into strategic decisions. Its public output at the Lagos session was a list of constraints rather than a list of winners.

Ushaseer Tembe, lead for Technology and AI, spoke on behalf of Iyinoluwa Aboyeji. He argued that Nigeria has shown it can adapt existing technologies to local needs, but that the next phase requires stronger infrastructure and local talent to sustain AI businesses. He named data centres, connectivity, computing infrastructure, cloud platforms, models and applications as the layers Nigeria must assess to decide where it can build independence, and where economic value can be captured domestically.

The uncomfortable part is what that implies for the Nigeria startup funding headline. Money raised by a Lagos fintech or a Yaba software shop is not evidence that a product is priced correctly, that customers renew, or that the business covers its own power bill. On a continent where network operators are squeezed, those are not abstract questions.

What Nigeria Startup Funding Cannot Buy

The clearest evidence comes from the GSMA’s report on spectrum policy in Africa. African operators hold an average of 570 MHz of mobile spectrum below 7 GHz, about 24 percent less than the global average of 750 MHz, while paying more for it relative to revenue: 0.82 percent of revenue per 100 MHz against 0.66 percent elsewhere.

Average revenue per user across Africa fell by about 49 percent in real terms between 2015 and 2025, according to the GSMA report as covered by BusinessDay. Operators must carry roughly 160 percent more mobile data traffic between 2025 and 2030 while earning less per gigabyte.

For a startup, this is the ground floor. Average mobile download speeds in Africa stood at just over 27 Mbps in 2025, against 98 Mbps in the rest of the world. Users consumed about 3 GB per connection monthly, against 14 GB elsewhere. Only 28 percent of Africa’s population used mobile internet on their own devices in 2025, even though mobile broadband coverage reached 92 percent of the population.

That last number is the one founders should tape to the wall. About 64 percent of the continent’s population lives inside coverage and does not use mobile internet, because devices, data, electricity and digital skills remain out of reach. A product with polished onboarding and no paying user at the bottom of the pyramid is a demo, not a business.

The Burn Rate Nobody Funds

Labour is usually a startup’s largest line item, and the labour market is being squeezed from both ends. In Kwara, the state branch of the Nigerian Medical Association says doctors are losing between N30,000 and N50,000 from their monthly pay to unexplained deductions. Suleiman Rotimi, the NMA state chairman, disclosed the cuts at a news conference in Ilorin marking the 2026 Physicians’ Week, themed “Securing the Future of Medicine in Nigeria.”

Rotimi put Nigeria’s doctor-to-patient ratio at roughly 1 to 9,000 and warned that sub-standard wages, excessive cuts and manpower deficits are driving burnout and emigration, with conditions worse in rural Kwara. The state government’s response is not recorded in the BusinessDay report.

This is not a startup story on its face. It is one underneath. Skilled professionals whose net pay is unpredictable do not form the stable middle class that buys subscriptions, holds savings products, or stays with a fintech app through a bad month. Engineers watching public-sector pay erode price their own risk higher. Companies that cannot hire reliably cannot hold a delivery promise, and churn climbs quietly while the funding announcement stays loud.

Adoption Is Not Absorption

The Lagos session returned repeatedly to the gap between buying software and changing how work is done. Tembe said organisations need to “adopt AI at a native level,” arguing they should measure whether embedding the technology improves processes or increases revenue, not how many pilots they ran.

Itoro Emembolu, a faculty member at Lagos Business School, said the central challenge is not access to technology or talent but the ability of organisations to absorb and use technology effectively. She named leadership, communication and resistance to organisational change as the barriers, and called for investment in change management.

Read that against a Nigeria startup funding announcement and the arithmetic gets uncomfortable. Capital buys pilots. Absorption buys revenue. The first is available at a press conference. The second takes quarters.

What To Measure Instead

The GSMA offers a usable scorecard for reform: track new spectrum allocations, capital expenditure, infrastructure deployment, network speeds and service availability, and monitor internet adoption separately because coverage does not make devices and data affordable. The same discipline applies to Nigeria startup funding.

Ask what share of raised capital converted into paid contracts and renewals. Ask what the business spends each month on electricity and bandwidth. Ask how many customers stayed past the first billing cycle. None of these appear in a funding total, and all of them decide whether the company is still trading in three years.

The projected rewards from reform are real but conditional. The GSMA estimates that spectrum changes could add more than $120 billion in cumulative economic output across Africa between 2026 and 2035, bring an additional 50 million people within 4G coverage and 170 million within 5G, and lift average download speeds by 30 to 50 percent. The report labels these projected outcomes, not guaranteed gains. They hold only if lower costs turn into network investment rather than into margin.

Data governance carries the same weight. Professor Manasoghe, who led discussions on security, privacy and trust, pointed to fragmented databases, unnecessary collection of personal information and weak transparency around breaches as threats to public confidence in digital services, raising questions about compliance with the Nigeria Data Protection Act’s data minimisation principle. Firms that build on shaky identity systems inherit the cost of that shakiness.

Therein lies the test for Nigeria startup funding. The country has reclaimed the continental lead in capital raised. Whether that becomes revenue depends on spectrum, electricity, data governance and the willingness of executives to change how their companies actually work. Tech Outlook 2027’s contribution is to make that dependency explicit, and to move the argument from how much was raised to what it bought.

Frequently Asked Questions

Does Nigeria’s startup funding lead mean startups are profitable?

No. Funding raised is investment capital entering a company. Revenue is money earned from customers. The source material provides no revenue figures for Nigerian startups, so the funding lead says nothing on its own about profitability, renewals or cash flow.

Why does mobile spectrum policy matter to Nigerian startups?

Most Nigerian digital products reach customers through mobile networks. The GSMA reports African operators hold about 570 MHz of spectrum below 7 GHz versus a global average of 750 MHz, and face roughly 160 percent data traffic growth between 2025 and 2030, which affects speed, coverage and the cost of serving users.

What happened to doctors’ pay in Kwara?

Suleiman Rotimi, chairman of the NMA’s Kwara State branch, disclosed unexplained monthly deductions of between N30,000 and N50,000 from doctors’ salaries during a news conference in Ilorin for the 2026 Physicians’ Week. He called for the deductions to be reversed. The state government’s response is not recorded in the source report.

What should investors track instead of funding totals?

Paid contracts, customer renewal rates, monthly spend on electricity and bandwidth, and whether raised capital produced revenue. The GSMA recommends tracking spectrum allocations, capital expenditure, network speeds and service availability, and measuring internet adoption separately from coverage.



    
5aa647a0185941593488667097ef87940f72812bc139cffa019b59efe5a6c5db?s=80&d=mm&r=g

About Paul Nwogo

Paul Nwogo is an engineer, published author, and the Head Manager at AfriLatest. He has written numerous books available on Amazon covering a diverse range of topics, including health, personal finance, relationships, work ethics, and scam survival. With his technical background and passion for writing, Paul now oversees the editorial direction of AfriLatest, delivering practical, accurate, and engaging content on trending news, music, and global lifestyle topics.

View all articles by Paul Nwogo
Continue Reading

Nigerian Business

Dangote Refinery IPO Extended: 4.1 Billion Shares Up for Grabs

Dangote Refinery IPO extended to Oct 27 as subscriptions hit 4x the $1.6bn target. Here’s what the ₦525/share offer means for Nigerian investors.

Published

on

Dangote Refinery IPO Extended: 4.1 Billion Shares Up for Grabs

Dangote Petroleum Refinery and Petrochemicals has extended its $1.6 billion initial public offering (IPO) by two weeks, pushing the closing date from October 13 to October 27. The Dangote Refinery IPO, already the biggest in Africa’s history, has pulled in subscriptions more than three or four times the original target, according to the company. The extension, approved by Nigeria’s Securities and Exchange Commission, is aimed at letting more African investors buy in.

The offer opened on September 14 and was originally scheduled to close on October 13. It puts 4.1 billion shares on the table at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. That values the refinery at about $47 billion. A green shoe option allows an extra 30 percent of the shares to be sold if the offer is oversubscribed, potentially raising the total to about $2.1 billion.

Dangote said the decision to extend was not about the money. “We are going to extend the date because we want a lot of our African brothers and sisters to participate,” he told journalists during a tour of the facility on Monday. “It is not about the amount, it is about the number of people that we want to participate.”

Dangote Refinery IPO
Dangote Refinery IPO

The company said it is working with the Nairobi Stock Exchange to open a route for East African investors through global depositary receipts. Up to $300.4 million of the offer, close to a fifth of the total, has been set aside for East African investors, according to Kenyan media. Kenya’s Capital Markets Authority has already cleared its residents to invest.

“Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation,” Dangote said. “We are now trying to replicate that arrangement with other African exchanges.”

What The Extension Means For Investors

The extra two weeks gives retail investors more time to complete account opening, identity verification, and other regulatory checks. Several trading platforms, including Bamboo and Cowrywise, crashed on the first day of the offer as subscription traffic overwhelmed their systems. That suggests demand is coming from a much wider pool than the typical Nigerian stock market investor.

Only about 5 percent of Nigerian adults invest in the stock market. The refinery is targeting as many as 10 million retail investors, a figure that would transform the Nigerian Exchange’s retail base if achieved. The Aliko Dangote Foundation is also giving away shares worth about ₦40 billion, or $30 million, to tertiary students and vulnerable women. Students who buy 10 shares receive 10 more free.

David Bird, chief executive of the refinery, said the extension “will give more investors across Africa the opportunity to participate in the Offer.”

Under the revised timetable, results will be collated by November 3 and the basis of allotment sent to the SEC by November 10. Trading is expected to begin about 15 business days after shares are allotted.

Why The Refinery Needs The Money

The IPO proceeds will fund a $14.3 billion expansion that would double the refinery’s capacity to 1.4 million barrels a day by 2029. The plant, which cost about $20 billion and began operating in 2024, was designed to process 650,000 barrels a day and now runs at about 700,000 barrels a day. If the expansion goes ahead, it would be the world’s largest refinery, surpassing India’s Jamnagar.

“We are targeting for three years, and probably we may be even doing faster,” said Devakumar Edwin, a group vice president at Dangote Industries.

Dangote is also planning a separate 700,000-barrel-a-day refinery in Kenya, which would bring his total refining capacity to 2.1 million barrels a day. He has already broken ground on a new facility on Kenya’s Lamu island, promising tens of thousands of jobs. But the project faces a lawsuit from the local community over land rights, and Greenpeace has raised objections over the refinery’s environmental impact.

Who Wins And Who Loses

For Nigerian retail investors, the extension is a rare second chance to buy into a company that most would never access at this stage. The ₦525 price and 10-share minimum keep the entry ticket low. The free-share programme for students and women lowers it further.

For the Nigerian Exchange, a successful listing of this size would dwarf MTN Nigeria’s $876 million listing in 2019. Akin Dawodu, Citi’s head of banking for sub-Saharan Africa, said the deal could draw investors back to African bourses. “The size of the stock exchanges across Africa, Johannesburg excepted, is very small relative to the capital available,” he told Reuters. “We have to find a way to unlock that.”

For existing shareholders, the picture is more complicated. Dangote and his affiliates own about 80.7 percent of the company. State oil company NNPC holds 6.8 percent, and Greenview International holds 6.5 percent. The IPO represents about 3.4 percent of the company. If the green shoe is used, that stake gets diluted further, but the new capital funds growth that could lift the value of what they hold.

The risks are real. The refinery’s expansion depends on global crude markets, Nigerian regulatory stability, and the company’s ability to execute a project of unprecedented scale. The Kenya project faces legal and environmental challenges that could delay or derail it. And a stock market listing brings quarterly scrutiny that a private company does not face.

What To Watch

Watch the final subscription figures when they are released. The company has not published exact numbers, only saying demand is three to four times the target. If the green shoe is triggered, the final raise could hit $2.1 billion, making it one of the largest listings anywhere in the world this year.

Watch whether other African exchanges follow Nairobi’s lead. If the depositary receipt model works in Kenya, it could become a template for how African companies raise capital across borders, a shift that would matter for every founder and CFO on the continent.

And watch the share price when trading begins, expected about 15 business days after allotment. A strong debut would pull in the retail investors the refinery says it wants. A weak one would leave them holding paper and wondering why they bothered.

Frequently Asked Questions (Dangote Refinery IPO)

When does the Dangote Refinery IPO close?

The Dangote Refinery IPO now closes on October 27, 2026, after the Securities and Exchange Commission approved a two-week extension from the original October 13 date.

How much does it cost to buy Dangote Refinery shares?

Shares are priced at ₦525 each, with a minimum subscription of 10 shares, which costs ₦5,250. The offer includes 4.1 billion shares and a green shoe option for an additional 30 percent if oversubscribed.

Can non-Nigerians invest in the Dangote Refinery IPO?

Yes. The extension is specifically aimed at allowing more African investors to participate. Kenya’s Capital Markets Authority has approved a route through global depositary receipts on the Nairobi Securities Exchange, with up to $300.4 million set aside for East African investors.


Related Articles



About the Author

AfriLatest covers tech, money, business, education, and automotive news for Nigerian and African readers.

Continue Reading

Trending