Nairaland

Dangote Refinery IPO Closes With Record $1.6 Billion Demand From Domestic Investors

2026-10-28T06:24:51Z

The Dangote Refinery initial public offering (IPO), Africa’s biggest, has already secured enough commitments from Nigerian and retail investors to meet its fundraising target, Bloomberg reported, citing people familiar with the matter.

The offering has attracted about $1.5 billion to $1.6 billion of fully funded commitments from domestic and retail investors alone, they said.

That means Dangote Petroleum Refinery and Petrochemicals FZE — whose oil-processing complex in Lagos is the continent’s largest — has effectively reached its funding target before accommodating international demand.

The company is expected to make use of an additional 30% over-allotment option, largely to create room for overseas investors.

Even with the expanded allocation that would take the fundraising to about $2.1 billion, demand from foreign investors could exceed available stock.

Africa’s richest man extended the closing date for IPO applications by two weeks to Oct. 27 as his team criss-crossed the continent to provide structures to broaden participation beyond Nigeria and deepen capital-market integration.

In a first, investors from all 54 African countries asked for allocations, said the people. All together, investors from 119 nations applied to gain access to the IPO.

The offering also includes nominee structures for Standard Bank Group Ltd., Egypt and Ethiopia, as well as global depository receipts being sold by stock exchanges in Kenya and Botswana.

If demand significantly outstrips supply, Dangote could choose to sell part of his stake to investors that fail to secure allocations in the IPO through a secondary sale.

Any secondary offering would depend on Dangote’s assessment of the final order book, and no decision on a secondary sale has been made, they said.

“We have more than reached our target,” the billionaire said in Gaborone, Botswana, on Oct. 14, adding that the refinery has had interest of “more than three times or four times what we are looking for.”

Dangote’s facility is one of Africa’s most strategic industrial assets and provides a rare, large-scale equity transaction for international investors seeking exposure to the continent.

The deal also proves that significant allocation can be secured from African investors, rather than depending on Wall Street or London for investment in local assets.

https://moneycentral.com.ng/markets/article/dangote-refinery-ipo-closes-with-record-1-6bn-funded-demand-from-domestic-and-retail-investors/

AY Apologises After Cardiff Comedy Show Disruption, Calls For Refunds (Video)

2026-10-28T04:48:49Z

https://www.youtube.com/watch?v=PRiqv6wQ0m8

Popular Nigerian comedian and actor Ayo Makun, popularly known as AY, has apologised to fans following the disruption of his comedy show in Cardiff, Wales, United Kingdom.

The show, part of his “AY Live: Single and Not Searching” UK tour, was scheduled for Sunday, October 25, 2026. Reports indicated that audience members waited for hours but left disappointed after the expected performances did not take place.

In his response, AY said he and other comedians travelled to Cardiff and eventually entered the venue, but unresolved payment commitments delayed their appearance. According to him, most of the audience had already left by the time they arrived at the hall.

The entertainer expressed regret over the experience, acknowledging that ticket holders deserved better organisation and timely communication.

AY also called on the event organisers and UK tour management to provide a clear resolution for affected customers, including information about refunds. He urged the public to listen to his full explanation before reaching conclusions about the incident.

As of October 27, 2026, the cited reports had not established a confirmed refund process announced by the organisers.

Despite the disruption, AY said his remaining UK tour dates in Birmingham, London, and Manchester were still scheduled for October 30, October 31, and November 1, respectively.

The incident has renewed attention on the importance of proper event coordination, communication, and clear refund arrangements when live performances are disrupted.

Omah Lay Postpones World Tour Following Knee Injury

2026-10-28T04:47:24Z

Singer Omah Lay has announced the postponement of his ongoing world tour due to a knee ligament injury.

The singer, whose real name is Stanley Omah Didia, made the announcement in a post shared on his X handle.

In the post which he addressed to his fans as “SPIRITS”, Omah Lay said he was heartbroken to share the news, noting that all dates for his ‘Clarity of Mind’ tour from October 30th onwards have been postponed.

“I’m heartbroken to share that due to a knee ligament injury, all CLARITY OF MIND TOUR dates from October 30th onwards are postponed as I focus on recovery over the next 4-6 weeks,” he wrote.

He added that rescheduled dates and ticket updates would be communicated later, while thanking his fans for their love.

The ‘Clarity of Mind’ tour, named after his second studio album released earlier this year, began on September 25 in Edmonton, Canada.

Source: https://thenationonlineng.net/omah-lay-postpones-world-tour-following-knee-injury/

Venezuelan Oil: This Is The First Shipment Of Billions Of Barrels To Come - Trump

2026-10-27T22:27:25Z

I am traveling to Corpus Christi, Texas to a PACKED Rally, where the United States of America will receive ONE MILLION BARRELS of VENEZUELAN OIL as a result of our Highly Successful Military Operation, followed by the Biggest Oil Deal in the History of the World. Thanks to our renewed relationship with Venezuela, which has turned out to be a truly excellent one, the Oil is being provided to the United States at NO cost to the American Taxpayer.

This is just the first shipment of BILLIONS of Barrels to come. By unleashing Energy Dominance from Alaska, all the way down to Venezuela, I have made the Western Hemisphere the Energy Capital of the World. Gasoline and Diesel Prices will soon come plummeting down — JUST WATCH! President DONALD J. TRUMP

Source: https://truthsocial.com/@realDonaldTrump/posts/117513954929880389

Nigerian Yahoo Boy Extradited From Benin Republic To US, Arraigned For $100M Fraud

2026-10-27T22:23:11Z

Nigerian Yahoo Boy Akinade Raheem extradited from Benin Republic to U.S. arraigned over $100 million fraud

The U.S. authorities on Monday arraigned a Nigerian, Akinade Adedeji Raheem, accused of filing fraudulent tax returns seeking over $100 million in refunds, for fraud, identity theft, and money laundering.

The Department of Justice said Mr Raheem, 43, faces maximum penalties of 20 years in prison for conspiracy to commit mail and wire fraud, 20 years for money laundering, and 10 years for access device fraud, as well as a mandatory sentence of two years for aggravated identity theft.

https://gazettengr.com/nigerian-yahoo-boy-akinade-raheem-extradited-from-benin-republic-to-u-s-arraigned-over-100-million-fraud/?fbclid=IwZnRzaAVNwbFleHRuA2FlbQIxMQBwZG9mBWZkaWQWURF1bV2ybujtdVwQkvl_tyRZwV9aB3NydGMGYXBwX2lkCjY2Mjg1NjgzNzkAAR55JyDKUVB9ydd6jHsE4nomCNXVnBo7PuBTox1xSF6DLeAS0U11ztaPlRc6sw_aem_58-U9c5AA2j1dTfyvbPIcw

Press Release

Nigerian Man Extradited from Benin to Face Federal Charges in $100 Million Stolen Identity Tax Scheme

Tuesday, October 27, 2026

ATLANTA - Akinade Adedeji Raheem, a Nigerian citizen who allegedly conspired to file fraudulent tax returns seeking over $100 million in refunds using stolen identities, was arraigned yesterday on federal fraud, money laundering, and aggravated identity theft charges after his extradition from Benin.

“Raheem and his co-conspirators allegedly obtained hundreds of stolen identities, filed fraudulent tax returns using that information, and laundered the proceeds through prepaid debit cards and purchases of used cars that were shipped to Nigeria and other locations,” said U.S. Attorney Theodore S. Hertzberg. “The scope of the alleged fraud is staggering. Thanks to the dedication of the prosecution team and our law enforcement partners around the world, Raheem has been extradited to the United States, and his arrest confirms again that no alleged criminal can escape the reach of American justice.”

“Raheem is an alleged co-conspirator in a nationwide identity theft scheme that victimized hundreds of taxpayers. The fraud also stole from the U.S. Treasury, impacting programs serving us all. These come with repercussions that are long lasting, which is why we place a global emphasis on arresting and extraditing these individuals,” said Special Agent in Charge Christopher J. Altemus Jr., of IRS-CI’s Texas Field Office. “Protect your tax returns with an identity protection pin at IRS.gov and know that we are pursuing financial criminals to take back the stolen money and their freedom.”

“The investigative efforts of the Treasury Inspector General for Tax Administration (TIGTA) and its partners, along with the prosecutorial work of the U.S. Attorney’s Office, demonstrate the commitment to pursuing, capturing, and prosecuting those who try to defraud the American people,” said TIGTA Special Agent-in-Charge Anthony Colello.

According to U.S. Attorney Hertzberg, the charges, and other information presented in court: Between 2018 and 2023, Raheem, who resided in Atlanta, and Abayomi Quadri Eletu, a resident of the United Kingdom and Nigeria, conspired together and with others to claim fraudulent tax refunds using the stolen identities of accountants and American taxpayers. Over the course of their scheme, they allegedly filed more than 300 false tax returns claiming over $100 million in refunds from the IRS.

Raheem, Eletu, and others allegedly obtained sensitive identifying information for tax professionals and taxpayers, including names, addresses, and Social Security numbers, by creating online accounts with the IRS and requesting private taxpayer information. Using the personal identifying information of others, Raheem, Eletu, and their co-conspirators allegedly filed tax returns claiming fraudulent refunds and then directed the IRS to split the refunds among prepaid debit cards shipped to addresses controlled by the co-conspirators.

After the refunds were deposited onto the prepaid debit cards, Raheem and Eletu laundered some of the funds by purchasing, among other things, money orders in amounts low enough to avoid reporting thresholds. They also used the money orders to purchase used cars from auction sites, some of which they shipped to Nigeria, as well as designer clothing and other items.

In April 2026, federal law enforcement agents sought to arrest Raheem at his residence and spoke to a man who identified himself as Raheem through a video doorbell and stated he was not home. Less than a week later, agents learned that Raheem booked a flight from Mexico City to Benin. On April 15, 2026, Raheem flew into Benin and was arrested by local authorities pursuant to an INTERPOL Red Notice. Last week, Benin authorities extradited Raheem to the United States, which was the second extradition to the United States from Benin in history.

Yesterday, Akinade Adedeji Raheem, 43, of Nigeria, was arraigned on a federal indictment and detained in the custody of the U.S. Marshals Service pending further proceedings. On February 24, 2026, a federal grand jury in the Northern District of Georgia indicted Raheem on one count of conspiracy to commit wire and mail fraud, one count of conspiracy to commit money laundering, 14 counts of access device fraud, and 14 counts of aggravated identity theft. Raheem faces maximum penalties of 20 years in prison for conspiracy to commit mail and wire fraud, 20 years for money laundering, and 10 years for access device fraud, as well as a mandatory sentence of two years for aggravated identity theft.

On February 17, 2026, Eletu was indicted in the Western District of Texas. He was later arrested in the United Kingdom, where extradition proceedings are pending.

Members of the public are reminded that the indictments only contain charges. The defendants are presumed innocent of the charges, and it will be the government’s burden to prove the defendants’ guilt beyond a reasonable doubt at trial.

This case is being investigated by the Internal Revenue Service Criminal Investigations and TIGTA. The Justice Department’s Office of International Affairs, the U.S. Department of State’s Diplomatic Security Service provided significant assistance in this matter. The United States also thanks the United Kingdom for its valuable assistance in the investigation and INTERPOL’s National Central Bureau in Benin and Benin’s Ministry of Foreign Affairs; Ministry of Justice’s Office of Judiciary Cooperation; and Ministry of Interior, including the Directorate General of the Police Republicaine; the Airport Police; and the Police Special Operations Group for their valuable assistance in securing Raheem's arrest and extradition.

Assistant United States Attorney Brian Pearce of the Northern District of Georgia, and Senior Litigation Counsel Michael C. Boteler and Trial Attorney Michael Jones of the National Fraud Enforcement Division’s Tax Section, are prosecuting the case.

On April 7, 2026, the Department of Justice announced the creation of the National Fraud Enforcement Division (Fraud Division). The Fraud Division is laser-focused on investigating and prosecuting those who commit fraud against the American people. The Department’s work to combat fraud supports President Trump’s Task Force to Eliminate Fraud, a whole-of-government effort chaired by Vice President J.D. Vance to eliminate fraud, waste, and abuse within federal benefit programs.

U.S. Attorney's Office

EFL Cup: Fleetwood Town Vs Arsenal (5 - 3) On Penalties - Full Time

2026-10-27T22:17:44Z

Arsenal travel to Fleetwood to play in EFL Cup.....
COYG.....

Iran & Qatar Leaders Meet Putin In Moscow To Discuss War (Photos)

2026-10-27T22:10:28Z

Iran & Qatar Leaders Meets Putin In Moscow To Discuss War (Photos)

🇷🇺🇶🇦🇮🇷 Iran’s President Masoud Pezeshkian has met Qatar’s Emir Sheikh Tamim bin Hamad Al Thani on the sidelines of an energy forum in Moscow, Iranian state media reported.

The two leaders “reviewed the current state of relations between Tehran and Doha and emphasised the importance of expanding political and economic relations and utilising existing capacities to enhance the level of bilateral cooperation”, Iranian state television reported on Tuesday.

They also reportedly discussed expanding cooperation in the energy sector at the meeting on the sidelines of the Gas Exporting Countries Forum in Moscow.

There was no mention of a discussion of the US-Israel war on Iran, which has seen Iran conduct missile and drone strikes on a range of targets across the region, including in Qatar.

Doha has been taking part in mediation efforts to end the nearly eight-month-old war. At a weekly briefing on Tuesday, a foreign ministry spokesman called for Iran to stop threatening Gulf states so that diplomacy can help to defuse tensions in the Middle East.

🔗 Al Jazeera | | Times Of Israel

Why We Raided, Arrested 21 Suspects At Applewood Estate – EFCC

2026-10-27T22:08:02Z

The Economic and Financial Crimes Commission (EFCC) has explained that its raid on Applewood Estate, Orchid Road, Lekki, Lagos State, was aimed at arresting suspected cybercrime operators accused of defrauding unsuspecting victims through gift cards, cryptocurrency transactions and international money transfers.

The commission said the operation followed surveillance and reconnaissance on the activities of the suspected fraudsters, who allegedly impersonated various individuals to obtain money from their victims.

The operation, conducted by operatives of the EFCC’s Lagos Directorate 1 at about 5am on Monday, October 26, resulted in the arrest of 21 suspects and the recovery of five exotic cars.

In a statement on Tuesday, the EFCC’s head of media and publicity, Dele Oyewale said preliminary investigations had implicated 19 of the arrested suspects, while two others had been released.

He added that the 19 suspects who were indicted would be arraigned in court immediately.

The commission’s explanation comes amid questions surrounding the operation at the high-profile residential estate, with the agency insisting that the raid was based on intelligence gathering and was conducted professionally.

According to the EFCC, its operatives carried out pre-arrest surveillance to establish the activities of the suspects before moving in to apprehend them.

The agency said the suspected fraudsters allegedly used different methods, including gift cards, cryptocurrency and international money transfers, to obtain money from unsuspecting victims while impersonating other individuals.

The EFCC also addressed the circumstances surrounding the detention of a young woman during the operation.

Oyewale said the woman had attempted to alert the suspects by making telephone calls while the operation was ongoing. Her phone was temporarily confiscated until the operation was concluded but was subsequently returned to her, the commission said.

The agency maintained that the operation was conducted without harassment, intimidation or the unlawful arrest of anyone.

It also urged Nigerians to support efforts to combat economic and financial crimes, warning that cybercrime activities undermine the country’s reputation.

The commission said it remained open to constructive engagement with members of the public but would not allow what it described as blackmail and alarmism to frustrate its statutory responsibilities.

Source: https://leadership.ng/why-we-raided-arrested-21-suspects-at-applewood-estate-efcc/

Russia To Supply Indonesia With Electricity From Floating Nuclear Plant (Photos)

2026-10-27T22:01:10Z

🇷🇺 Russia’s state nuclear corporation Rosatom has signed an agreement with Indonesia to supply electricity to the country from floating nuclear power units, on the sidelines of the Russian Energy Week forum.

Rosatom and Indonesian company PT Pembangkit Listrik Nuklir concluded the agreement to supply electricity to consumers in the North Maluku region of eastern Indonesia using floating nuclear power units, The Caspian Post reports, citing TASS.

Under the project, Rosatom will deliver two PEB-100 floating nuclear power units with a combined capacity of 200 MW to supply electricity to the northern part of Halmahera Island in North Maluku.

“I would like to note that this is the world’s first export agreement for the supply of electricity from a floating nuclear power unit. I am confident that for the global business community, it will be a striking example of how, with systemic government support, private business can initiate large-scale infrastructure projects in the nuclear energy sphere, which are capable of transforming the national economy,” Rosatom CEO Alexey Likhachev said, commenting on the signing of the agreement.

🔗 Caspian Post | | Nuclear Net

Davido, Kirk Franklin Set To Release ‘Hope In You’

2026-10-27T21:58:59Z

Nigerian Afrobeats star Davido has collaborated with American gospel singer Kirk Franklin on a new song titled Hope in You, scheduled for release on Friday, October 30, 2026.

The song will feature on Franklin’s forthcoming 14-track album, I Am What I Am, which blends gospel music with contemporary sounds.

The collaboration was previewed at an album listening event in Atlanta, United States, on October 12, where Davido reportedly performed a verse and joined the choir.

The project also features American musicians GloRilla, Jelly Roll and Tobe Nwigwe, bringing together artists from different musical backgrounds.

The collaboration marks a meeting of Afrobeats and contemporary gospel, with the two artists bringing their distinct musical styles to the project.

Source: https://leadership.ng/davido-kirk-franklin-set-to-release-hope-in-you/

FG Approves ₦70,000 Monthly Transport Allowance For Workers

2026-10-27T21:57:23Z

The Federal Government has approved a N70,000 monthly transport intervention for public service workers across all levels for six months, beginning in November 2026, to cushion the impact of rising living costs.

The approval was one of the resolutions reached at a conciliation meeting between the Federal Government and the leadership of the Nigeria Labour Congress (NLC) in Abuja on Tuesday, following renewed pressure from organised labour over the rising cost of living, workers’ welfare and outstanding agreements.

The government also approved the payment of peculiar allowance arrears, effective from May 1, 2026, in three equal monthly instalments beginning in November.

However, the meeting ended without an agreement on the effective date for implementing the national minimum wage.

Both parties agreed that the Minimum Wage Negotiation Committee would be constituted and commence meetings immediately to address the outstanding issue.

Source: https://leadership.ng/just-in-fg-approves-n70000-monthly-transport-allowance-for-workers/

Man Raises Alarm After Spaghetti Produces Thick Detergent-Like Foam (Pics)

2026-10-27T21:31:36Z

Man Raises Alarm After Spaghetti Produces Thick Foam Like Detergent While Being Washed

A man raises the alarm while in his kitchen after discovering something unusual about a pack of spaghetti he bought.

After parboiling the spaghetti, he pours it into a colander and begins rinsing it under running water, only to discover that it is foaming as if detergent had been added to it. As the water runs over the pasta, it immediately produces thick white foam, similar to what you would normally see when washing with detergent or soap.

He continues agitating the spaghetti with his hand under the running water, but the foam keeps building up. Genuinely shocked, the man speaks up, pointing out what he has discovered and describing the situation as very scary.

The man shares the video as a warning, expressing concern over the unusual foaming, as spaghetti would not normally be expected to produce such thick foam when rinsed.

Watch the video and share your thoughts in the comments.

https://www.youtube.com/watch?v=YYcKkK9IXdk?si=nPd0_rNvjONyBqv7