Enterprise Issues
With Siaka Momoh
Throwback piece sourced from Archives Siaka-Momoh
We are going through tough times these days. Yes we are; this is on everyone’s lip. The jobs are not there; there is hunger in the land; this is why there is high incidence of crime on the streets, in work places, etc.
If you want to feel the pulse of the nation, talk to the man on the streets, talk to local bar patrons, talk to the market women, talk to the kitchen managers – the housewives, you will get it right. Sure, you will. The other day, I was chatting with my plumber who called at my instance to do some fixing for me. On occasions like this, he usually kicks up arguments – arguments on the nation’s political economy. If you think it is only our loquacious erudite scholars, grounded in Economics, Politics /Political Science, Philosophy, Sociology, etc that can rightly and confidently discuss national issues, you are wrong, very wrong.
This reminds me of late Siaka Giwa, one of our political elders back home in Ikare, Ondo State. Siaka Giwa was not lettered but he was a rabble rouser, a man of the people whose oratory in the local dialect compelled all to listen. He was natively intelligent and he carried the people along.
Back to our plumber, Stanley. Stanley had a little stint with education and veered into plumbing and he is making ends meet with it. I knew he would come up with an issue and he did. “Them say Buhari say Nigerian youths are lazy.” My response: But Buhari media adviser say he no say all Nigerian youths, but some Nigerian youths.” He retorted: “Abeg make I hear word. All that na gramma. He say we de lazy. The fact be say Nigerian youths not de lazy. Na work no de. Which work him provide for them?” He is right to some extent. Though some jobs have been created, government’s effort is still a drop in the ocean.
It would be recalled that Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has set aside the sum of N1 trillion as part of the efforts to promote lending to the real sector and stimulate the economy. CBN Governor, Godwin Emefiele told newsmen at an event in Ibadan that the approach to real sector development was in three areas. He identified agriculture, Micro, Small and Medium Enterprises (MSMEs) and infrastructure as areas interventions by the apex bank. He said, “the interventions included the N300 billion Real Sector Support Facility RSSF; the N220 billion Micro, Small and Medium Enterprises Development Fund, MSMEDF; the N213 billion Nigeria Electricity Market Stabilisation Fund; N500 billion Non-Oil Export Stimulation Facility; and the N75 billion Nigeria Incentive Based Risk Sharing for Agricultural Lending, NIRSAL.” The end resul,t of this intervention is job creation. But the jobs will not come in one day.
But my plumber wants to see the jobs now. He and his streets compatriots, have no patience with you telling them investment in the real sector will bring about the required jobs.
But before the right jobs will come, we can go for making ends meet. I remember quite well the story of my statistics lecturer at the University of Lagos. He was a lecturer but saw a business opportunity right there at the campus. He looked at the array of cars parked at car parks on the campus and decided to set up a car washing team. He did and approached owners of these cars as they parked offering them his services. He was not doing the washing himself, his company did whilst he continued with his duty in the lecture rooms. I see a replica of this today at the Marina car parks in Lagos Island. The lecturer, from Akwa-Ibom or is it Cross River? (I am not sure which of these two sister states) needed some extra cash to meet his needs.
I once told a cousin of mine, a Physics/Education graduate who needed a job desperately that he could approach the local government back home with a proposal to collect trash for the LGA. He did not go for it because he saw it as a dirty job. But he forgot shit business is good business. He needed late Otunba Gadaffi (Mr Durojaiye) of the shit Business fame (DMT) to give him a lecture on this.
Back in Jesse in present Delta State in the 1960s (Delta was part of Western Region then) my foster father Late Francis Omoerere Okotete, was headmaster in the village. He hunted bush-meat (porcupine and grass-cutter) to augment our feeding need. Making ends meet. Right?
He did same, with fishing, with me as his handyman, in Oghareki in present day Delta State, also in the sixties. I would go early in the morning before school time to bring out the net from the river, release the trapped fishes and bring them home for breakfast. Making ends meet. Isn’t it?
IPO: Investors in Last-Minute Rush for Dangote Refinery Shares as Offer Nears Close
Dangote Petroleum Refinery & Petrochemicals has reported a sharp increase in investor subscriptions as its landmark Initial Public Offering (IPO) enters its final days, with retail and institutional investors accelerating participation ahead of the closing date of 27 October 2026.
The company confirms that the IPO will close on Tuesday, 27 October 2026, as scheduled. This is the final deadline, and no further extension will be granted. Investors wishing to participate must complete their subscriptions before the offer closes.
The surge in demand follows the refinery’s recently released nine-month financial results, which showed exceptional growth in revenue, profitability and cash generation, reinforcing investor confidence in the company’s long-term prospects. Dangote Refinery reported revenue of $22.5 billion and net profit of $4.73 billion for the nine months ended September 30, 2026, representing a significant turnaround from a loss recorded in the corresponding period of 2025. Revenue increased by 144 per cent year-on-year, while EBITDA rose to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins. The company also strengthened its balance sheet, moving from a net debt position to a net cash position during the period.
Management said the strong financial performance, combined with the refinery’s strategic importance to Africa’s energy security and industrial development, has continued to attract broad-based interest from individual investors, pension funds, institutional investors, asset managers, professionals, business owners and members of the African diaspora.
“The level of investor interest we are seeing reflects growing confidence in our business and in the strong financial results we have delivered. Investors are recognising both the quality of our earnings and the long-term value creation opportunity represented by the refinery,” the company said.
According to management, the IPO has become more than a capital-raising exercise, evolving into an opportunity for Africans and international investors to participate directly in the ownership of one of the continent’s most significant industrial enterprises.
The company noted that subscriptions have been received from across Nigeria, other African countries and international markets, underscoring the refinery’s growing reputation as a world-class industrial asset.
“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa. The strong response to the offer reflects confidence in the future of African industry and in our ability to continue generating sustainable returns for shareholders.”
Management also reiterated its commitment to broad-based ownership, emphasising that the IPO has been structured to ensure that ordinary investors can participate alongside institutional investors in the refinery’s future growth
The company confirmed that the IPO will close on Tuesday, 27 October 2026, as scheduled. No further extension will be granted.
Prospective investors who have not yet completed their subscriptions have been advised to do so immediately through their stockbrokers and approved distribution channels before the deadline.
“This is the final opportunity for investors to participate in this historic offer. We encourage all interested investors to complete their applications before the subscription window closes on 27 October.”
Management expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations, market operators and the investing public for their support throughout the offer period.
The company added that the strong demand recorded so far demonstrates growing investor confidence in African-owned industrial enterprises and highlights the increasing capacity of African capital markets to support large-scale transformational investments.
“History is being made. The remarkable investor response is a powerful vote of confidence in Africa’s future, in African enterprise, and in the long-term value that world-class industrial projects can create when opened to public ownership. We remain committed to delivering sustained growth and enduring value for all shareholders.”
