England’s Emilio Gay falls for eight on Test debut as he’s caught off the bowling of Kyle Jamieson with the home side 16-1 on the first morning of the first Test against New Zealand at Lord’s.
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A $50 billion refinery valuation tests liquidity across African capital markets.
Dangote Refinery’s initial public offering is shaping up to be one of the most historic capital markets events for the continent—a referendum on whether Africa can mobilize the liquidity and investor confidence required to finance a globally competitive industry.
Chinenyem Anyanwu, CEO of Lagos-based Dependable Securities, said the offering is attracting both institutional investors and first-time investors, including Nigerians in the diaspora.
“The expectation is very high among the investing public,” Anyanwu tells Global Finance. “Some are Nigerians outside the country, while others are foreign investors looking for exposure to a strategic African industrial asset.” Aliko Dangote, chairman of the Dangote Group, disclosed that requests for private placement had surpassed $2 billion.
Speaking during a visit by executives from First HoldCo, the parent company of First Bank of Nigeria, Dangote said the company would be unable to meet all requests. He added that the response demonstrates investors’ confidence in the project.
Interest has also come from prominent Nigerian investors. Femi Otedola, chairman of First HoldCo, has said he plans to invest $100 million in a private placement ahead of the IPO, with proceeds from the sale of his stake in Geregu Power.
Although early market estimates put the refinery at about $50 billion, Dangote has said advisers are still determining the final valuation. Despite plans to offer only 10% of the equity to the public, the IPO would still be unprecedented for African exchanges.
“Ten percent of the refinery is still a substantial offering,” Anyanwu said. “It is larger than the market capitalization of many companies currently listed on the Nigerian Exchange, so demand is unlikely to be a problem.”
The refinery, which began operations in 2024, has already begun reshaping Nigeria’s energy trade by reducing reliance on imported fuel and positioning the country as an exporter of refined petroleum products. Built at an estimated cost of $20 billion, the 650,000-barrels-per-day facility in Lagos, where Dangote Group is headquartered, is expected to expand capacity in the coming years.
This article appears in the June 2026 issue of Global Finance Magazine.
Spinner Shoaib Bashir has been backed as England’s first-choice spinner for the first Test against New Zealand after being overlooked for the entire Ashes series.
Bashir has been named in a 12-man squad for Thursday’s series opener at Lord’s and will take his place in the XI, with England pondering the make-up of their pace attack.
Uncapped seamer Sonny Baker is also in the 12, possibly vying with Gus Atkinson for the final spot in the team.
Bashir has not played for England since the third Test against India on this ground last July, when he took the final wicket to win a thrilling contest despite having broken a finger.
The 22-year-old returned to fitness in time for the Ashes tour, but was ignored by England for the entirety of their 4-1 defeat.
While Bashir struggled in tour matches and in the nets, England explained his absence by pointing to conditions that were not helpful to spin bowlers.
“We firmly believe in Bash as an international cricketer,” England head coach Brendon McCullum told BBC Sport.
“When I look back to why he wasn’t required in Australia, it wasn’t to do with how the ball was coming out of his hand per se, we just felt the conditions were not conducive to spin bowling – as did Australia.
“We remain hugely confident and optimistic about Bash as a cricketer and the role he can play for us.”