Senate Approves Factoring Law To Unlock $50 Billion SME Financing Market In 2026

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Senate Approves Factoring Law To Unlock $50 Billion SME Financing Market In 2026

Nigeria’s Senate has passed the Factoring Assignment and Receivables Financing Bill, 2026, paving the way for micro, small and medium enterprises to access a global debt factoring market valued at over $50 billion, a space where the country currently accounts for less than one per cent of activity.

The legislation, approved following concurrence with the House of Representatives, establishes a formal legal and regulatory structure for factoring transactions, enabling businesses to convert unpaid invoices and credit sales into immediate liquidity without relying on traditional bank loans.

According to Brandspur Banking News Desk, the bill is positioned as a major financial reform aimed at expanding alternative funding channels for businesses struggling with cash flow constraints, particularly within Nigeria’s MSME sector.

During plenary, Senate Leader Opeyemi Bamidele explained that the framework is designed to support domestic and international trade by standardising factoring contracts and clearly defining the rights and obligations of all parties involved in receivables financing arrangements.

Also read: https://brandspurng.com/2026/06/12/microsoft-xbox-announces-major-layoffs-and-budget-cuts-after-revenue-decline-in-2026-restructuring/

Further legislative backing came from Adetokunbo Abiru, who noted that Africa’s factoring market—driven largely by institutions such as the African Export-Import Bank—has expanded beyond $50 billion, while Nigeria continues to lag behind despite being the continent’s largest economy. He stressed that structured receivables financing would significantly improve liquidity access for small businesses.

Under the new framework, companies will be able to sell outstanding invoices to financing institutions in exchange for immediate cash, reducing dependence on conventional credit systems and improving working capital circulation across supply chains.

Lawmakers further highlighted that the reform aligns Nigeria’s commercial law with modern trade finance practices, enhancing the country’s competitiveness in regional and global markets while improving financing access for businesses across sectors.

The bill has now been transmitted for presidential assent, marking a key step toward opening up a broader financing ecosystem that could reshape liquidity access for MSMEs and strengthen Nigeria’s participation in the global factoring market.

Microsoft Xbox Announces Major Layoffs And Budget Cuts After Revenue Decline In 2026 Restructuring

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Microsoft Xbox Announces Major Layoffs And Budget Cuts After Revenue Decline In 2026 Restructuring

Microsoft is preparing significant layoffs and budget reductions within its gaming division, Xbox, following a sustained revenue slowdown and rising operational pressures, according to internal communications ahead of the close of the company’s fiscal year on June 30, 2026. The restructuring is expected to begin shortly after the fiscal year ends, although the final scale of job cuts has not yet been disclosed.

The planned measures come amid internal concerns over declining performance metrics, including a reported drop in accountability margin to 3%, alongside more than $20 billion spent over the past five years on content development, platform infrastructure, and hardware subsidies. During the same period, revenue is said to have fallen by nearly $500 million, prompting leadership to initiate cost controls and reassess long-term investment priorities.

According to Brandspur Banking News Desk, the restructuring represents the first major strategic overhaul under new Xbox chief executive Asha Sharma, who assumed leadership in January 2026, as the division moves to tighten financial discipline and recalibrate its gaming ecosystem strategy.

Also read: https://brandspurng.com/2026/06/12/peak-4-5-6-celebrates-nigerian-children-across-major-cities-while-unveiling-refreshed-packaging-in-nationwide-2026-campaign/

The internal shift also includes significant operational changes, with Microsoft directing staff to discontinue the use of Claude Code and transition fully to GitHub Copilot CLI as part of a broader effort to standardise engineering tools and reduce operating costs across its development environment. The move follows earlier internal deployment of competing AI coding tools before the decision to consolidate usage under a single platform.

Further adjustments have also been made to Microsoft’s gaming ecosystem, including changes to pricing structures for the Game Pass subscription service and the discontinuation of day-one releases for future Call of Duty titles on the platform. These changes reflect a wider effort to improve profitability across Xbox’s content and subscription business model amid slowing hardware demand.

While the exact number of affected roles remains unclear, the restructuring signals a broader reset for Microsoft’s gaming strategy as it seeks to rebuild platform efficiency, improve margins, and stabilise long-term revenue performance in an increasingly competitive global gaming market.

Peak 4-5-6 Celebrates Nigerian Children Across Major Cities While Unveiling Refreshed Packaging In Nationwide 2026 Campaign

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Peak 4-5-6 Celebrates Nigerian Children Across Major Cities While Unveiling Refreshed Packaging In Nationwide 2026 Campaign

Peak 4-5-6 Growing Up Milk has marked this year’s Children’s Day with nationwide celebrations across Lagos, Abuja, and Port Harcourt, combining large-scale family events with the unveiling of its refreshed packaging as part of a brand engagement campaign focused on child development, nutrition, and talent discovery.

The multi-city activation brought together thousands of families and children in a series of coordinated events designed to promote creativity, confidence building, and interactive learning through games, performances, and talent-based activities held across the three major cities.

The campaign highlights were anchored at the Balmoral Convention Centre in Lagos, where a carnival-style celebration featured interactive experiences for children and families, while parallel events in Abuja and Port Harcourt reflected similar themes of excitement, participation, and community engagement.

According to Brandspur Brand News, the initiative forms part of a broader brand strategy aimed at strengthening consumer connection while reinforcing awareness around early childhood nutrition and developmental support through experiential marketing across Nigeria.

At the centre of the campaign is the introduction of a refreshed packaging design for Peak 4-5-6 Growing Up Milk, which retains its established nutritional formulation while presenting a more modern visual identity targeted at improving brand appeal among parents and caregivers.

The product continues to be fortified with essential nutrients, including DHA, positioned to support cognitive development and overall growth in children aged four to six during critical formative years.

Also read: https://brandspurng.com/2026/06/12/three-crowns-alat-by-wema-betking-and-others-lead-winners-list-at-markhack-5-0-awards-in-lagos-2026/

Brand representatives emphasised that the Children’s Day activations were designed not only as entertainment-driven events but also as platforms to encourage talent discovery and holistic child development through structured engagement activities.

Medical professionals who participated in the campaign engagement underscored the importance of balanced nutrition and developmental support during early childhood, noting that such interventions contribute to both physical and cognitive wellbeing in growing children.

Beyond the physical events, the campaign was extended through strategic radio collaborations with youth and family-focused stations, expanding conversations around parenting, nutrition, and child development to wider audiences across multiple Nigerian cities.

The initiative reflects FrieslandCampina WAMCO Nigeria’s continued investment in child-focused nutrition products and community engagement programmes, reinforcing its position in the dairy nutrition sector through sustained consumer education and experiential brand activation.

The campaign concluded with widespread participation across all locations, leaving families with interactive experiences and reinforcing the message that early childhood development remains central to long-term national growth and human capital development.

Three Crowns, ALAT By Wema, BetKing And Others Lead Winners List At MarkHack 5.0 Awards In Lagos 2026

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Three Crowns, ALAT By Wema, BetKing And Others Lead Winners List At MarkHack 5.0 Awards In Lagos 2026

Leading brands, innovators, and marketing professionals have been honoured at the MarkHack 5.0 Awards Night in Lagos, where organisations including Three Crowns, ALAT by Wema, BetKing, and OmniRetail emerged top winners across multiple categories recognising excellence in innovation, digital transformation, and technology-driven marketing performance.

The awards ceremony, held alongside the MarkHack 5.0 Hackathon finale, brought together industry leaders from marketing, technology, finance, retail, and entertainment sectors to celebrate individuals and organisations driving digital economy growth and advancing innovation across Africa’s business landscape.

According to Brandspur Brand News, the event highlighted the increasing role of artificial intelligence, data analytics, and digital platforms in reshaping marketing effectiveness, customer engagement, and business strategy across key industries in Nigeria.

The Data and Insight Excellence Award went to Olawande Meyoungbo, recognised for his outstanding work in leveraging data analytics and consumer insights to improve business decision-making and commercial performance in competitive market environments.

In the emerging creator economy category, Comfort Obiagbaoso, known as Comfitech, was named AI-Driven Content Creator of the Year for her work in simplifying complex technology topics and expanding digital knowledge accessibility across online audiences.

BetKing emerged winner of the AI Innovation in Betting, Gaming and Entertainment category, recognised for its use of advanced digital technologies to enhance customer experience, personalisation, and engagement within the entertainment and gaming ecosystem.

OmniRetail secured the Retail Technology Platform of the Year award for its contributions to improving commerce efficiency, strengthening distribution systems, and enabling digital transformation across retail supply chains in Nigeria.

In the financial services category, ALAT by Wema was named winner of the AI-Powered Banking Experience of the Year, recognised for its innovation in digital banking services, customer experience enhancement, and technology-driven financial solutions within Nigeria’s evolving fintech sector.

Also read: https://brandspurng.com/2026/06/12/marketing-leadership-shift-gains-momentum-as-nigerian-cmos-reposition-into-chief-business-officer-roles-in-2026/

The CMO Digital Transformation and Growth Award went to Onyinye Ikenna Emeka for her leadership in driving measurable business growth through technology adoption, digital strategy implementation, and marketing innovation within her organisation.

In the CMO Innovation and Future Impact category, Majolie Obaje was recognised in the female segment for her forward-thinking marketing leadership, while Ilyas Kazeem won in the male category for his contributions to innovation-led marketing transformation and strategic industry impact.

Makemation emerged winner of the AI Innovation in Film and Content Production category, recognised for its creative application of artificial intelligence in storytelling and digital content production, highlighting the growing influence of AI in Africa’s creative economy.

The final category of the night, AI-Generated FMCG Campaign of the Year, was won by Three Crowns, which was recognised for its innovative marketing campaign that effectively combined creativity, technology, and consumer engagement to strengthen brand impact within the fast-moving consumer goods sector.

The ceremony concluded the MarkHack 5.0 edition, reinforcing its position as a leading platform for recognising innovation, marketing excellence, and technology-driven business transformation across Nigeria’s rapidly expanding digital economy.

Marketing Leadership Shift Gains Momentum As Nigerian CMOs Reposition Into Chief Business Officer Roles In 2026

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Marketing Leadership Shift Gains Momentum As Nigerian CMOs Reposition Into Chief Business Officer Roles In 2026

Senior marketing executives in Nigeria have signalled a major shift in corporate leadership structure, with growing consensus that the traditional Chief Marketing Officer role is becoming obsolete and is being replaced by a broader Chief Business Officer model focused on full commercial accountability and enterprise-wide growth.

The position was strengthened at the inaugural MarkHack CMO Circle held in Lagos, where top marketing leaders across FMCG, financial services, telecommunications, real estate, consulting, and media discussed the evolving expectations placed on marketing leadership in a data-driven and performance-focused business environment.

According to Brandspur Brand News, participants concluded that marketing leadership can no longer remain confined to brand management and communications functions, but must now integrate directly into revenue generation, profitability strategy, and overall business performance delivery.

Discussions at the high-level roundtable, hosted at The Wheatbaker Hotel, Ikoyi, highlighted that the traditional CMO role has historically focused on brand equity, awareness building, campaign oversight, and agency management, but these responsibilities are now considered insufficient for modern corporate demands.

Industry leaders argued that marketing functions have often operated in isolation from financial and operational decision-making, resulting in a disconnect between marketing activity and measurable business outcomes such as profit growth, shareholder value, and revenue performance.

The forum noted that this gap has contributed to marketing being perceived in many organisations as a cost centre rather than a strategic revenue driver, particularly where CMOs are unable to translate campaign performance into financial impact using board-level commercial language.

A key theme of the discussions was the need for marketing leaders to fully understand unit economics, including gross margin structures, pricing strategy, distribution efficiency, and the direct financial impact of marketing investment decisions on overall business performance.

Also read: https://brandspurng.com/2026/06/12/team-lena-wins-markhack-5-0-hackathon-in-lagos-as-education-tech-innovation-takes-centre-stage/

Participants emphasised that modern marketing leadership must extend beyond communication strategy into ownership of commercial metrics such as revenue contribution, customer lifetime value, and profitability drivers, aligning marketing decisions with core financial outcomes.

The evolving consumer landscape was also identified as a major driver of this transformation, with digitally empowered customers now making highly informed purchasing decisions through real-time price comparison, online research, and peer-driven recommendations across digital platforms.

This shift, according to participants, requires deeper integration between marketing, data systems, customer analytics, and business operations, ensuring that consumer insights directly influence product development, pricing structures, and distribution strategies.

The discussions further highlighted that marketing leadership must now operate across multiple business functions, including sales, customer experience, digital product development, and supply chain alignment, in order to effectively drive demand generation and sustainable growth.

Industry stakeholders at the session agreed that the future of marketing leadership lies in a hybrid role where strategic brand building is combined with direct accountability for commercial performance, transforming the CMO into an enterprise-level business leader rather than a functional department head.

The gathering concluded that organisations that fail to adapt to this shift risk limiting the strategic influence of their marketing functions, while those that embrace the Chief Business Officer model are more likely to achieve stronger alignment between marketing investment and long-term business growth.

Team Lena Wins MarkHack 5.0 Hackathon In Lagos As Education Tech Innovation Takes Centre Stage

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Team Lena Wins MarkHack 5.0 Hackathon In Lagos As Education Tech Innovation Takes Centre Stage

Team Lena has emerged as the overall winner of the MarkHack 5.0 Hackathon held in Lagos after a competitive final pitch event that brought together young innovators, entrepreneurs, and technology developers presenting solutions across education, commerce, gaming, and digital infrastructure.

The grand finale, hosted at the Oriental Hotel, Lagos, featured multiple startup teams drawn from different institutions and professional backgrounds, each given a structured pitching session to present their innovations before a panel of industry judges evaluating scalability, impact, and market viability.

The competition highlighted Nigeria’s growing innovation ecosystem, with Brandspur Brand News reporting that the event reinforced increasing investment interest in youth-led technology solutions across education, marketing technology, and digital commerce platforms.

Team Lena secured the top position with its adaptive learning platform designed to improve educational outcomes for children by combining curriculum-based gaming with personalised tutoring features aimed at making learning more interactive and accessible across African markets.

Market Navigators emerged as first runner-up with its digital infrastructure solution designed to improve navigation within informal markets through QR-code mapping systems that connect shoppers to vendors and simplify product discovery in large commercial spaces such as Lagos markets.

Team Adminting finished as second runner-up with a creator economy-focused platform designed to connect brands with micro and nano influencers through community-driven engagement systems that support measurable digital marketing outcomes for businesses seeking authentic consumer connections.

Also read: https://brandspurng.com/2026/06/12/dufil-prima-foods-and-frsc-expand-road-safety-partnership-nationwide-in-2026/

Other participating teams, including Movable Games, Team Edenn, and Team Readversity, also presented innovative solutions spanning gaming, digital engagement, and educational technology, contributing to a highly competitive final pitch session that attracted attention from industry stakeholders.

The judging panel comprised leading figures from Nigeria’s innovation and marketing ecosystem who evaluated the teams through live presentations and interactive question-and-answer sessions that tested the feasibility and scalability of each proposed solution.

At the conclusion of the event, winners were announced with Team Lena receiving the top prize of ₦2.5 million alongside Amazon Web Services credits to support further development of its educational platform and accelerate product scaling.

Market Navigators received ₦1.5 million and AWS credits as first runner-up, while Team Adminting secured ₦1 million and additional AWS support as second runner-up, with all participating teams also awarded cloud infrastructure credits to support future growth.

Organisers emphasised that the hackathon reflects the rising importance of innovation-driven entrepreneurship in Nigeria’s digital economy, where young developers are increasingly building solutions aimed at solving real-world challenges across education, commerce, and technology systems.

Dufil Prima Foods And FRSC Expand Road Safety Partnership Nationwide In 2026

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Dufil Prima Foods And FRSC Expand Road Safety Partnership Nationwide In 2026

Dufil Prima Foods Plc and the Federal Road Safety Corps (FRSC) have moved to deepen their long-running collaboration on road safety awareness, with both organisations agreeing to broaden their joint programmes across Nigeria as part of efforts to reduce road crashes and promote safer road use among citizens.

The renewed commitment emerged during a high-level engagement at the FRSC headquarters in Abuja, where senior representatives of Dufil Prima Foods met with the Corps leadership to discuss strategies for scaling road safety education, public enlightenment campaigns, and community-focused advocacy initiatives to a national level.

The expanded partnership is expected to target key road users, including motorists, commercial riders, students, and pedestrians, while reinforcing efforts to build a stronger culture of compliance with traffic regulations and responsible road behaviour across the country.

According to Brandspur Brand News, the latest discussions also reviewed the impact of previous collaborations between both organisations and identified new opportunities to support Nigeria’s road safety objectives through broader stakeholder engagement and public awareness programmes.

For more than 15 years, Dufil Prima Foods and the FRSC have worked together on various road safety interventions, particularly at state level. One of the most visible initiatives has been the use of educational platforms to introduce road safety lessons to school children and support advocacy for road safety education within primary schools.

Also read: https://brandspurng.com/2026/06/11/insight-redefini-group-appoints-babatunde-olaifa-as-group-ceo/

The company has also contributed to safety-focused projects aimed at improving awareness and protecting vulnerable road users. These efforts include support programmes for motorcycle riders and infrastructure-related interventions designed to strengthen the operational capacity of the road safety agency.

The FRSC leadership welcomed the continued involvement of the private sector in promoting safer roads, noting that collaboration between government institutions and corporate organisations remains essential to addressing road traffic challenges and reducing accident-related fatalities nationwide.

Both organisations are now exploring additional nationwide initiatives, including school-based advocacy campaigns, expanded public sensitisation programmes, and other strategic interventions that can improve road safety knowledge among Nigerians.

The strengthened alliance comes at a time when road safety remains a major public policy priority, with authorities continuing to encourage behavioural change, increased awareness, and stronger compliance with traffic laws as part of broader efforts to enhance transportation safety across the country.

With the renewed partnership, Dufil Prima Foods and the FRSC aim to leverage their combined resources and outreach networks to deliver wider road safety education, support national awareness campaigns, and contribute to creating safer roads for millions of Nigerians.

Insight Redefini Group Appoints Babatunde Olaifa As Group CEO

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Insight Redefini Group Appoints Babatunde Olaifa As Group CEO
  • Returning to Where It All Began, Olaifa Sets Vision for the Future of Marketing Communications

Insight Redefini Group, Nigeria and West Africa’s largest integrated marketing communications network and a member of Publicis Groupe, has appointed Babatunde Olaifa as its new Group Chief Executive Officer.

For Olaifa, the appointment is more than a leadership transition. It is a return to the organisation where his professional journey began more than two decades ago and an opportunity to help redefine the role of marketing communications in a rapidly changing business environment.

Reflecting on his return, Olaifa said his perspective has been shaped not only by his years in advertising, but also by experiences across technology, education, business strategy and digital transformation.

“I am returning with a deeper understanding of the challenges businesses face today,” he said. “The world has changed dramatically. Consumers are more connected, markets are more volatile, technology is evolving at an unprecedented pace, and organisations are under increasing pressure to deliver measurable value. The role of agencies must evolve accordingly.”

Olaifa noted that many organisations today are navigating complex realities that extend beyond traditional marketing challenges, from digital transformation and changing consumer behaviour to operational pressures, data management, and business resilience.

“Businesses are looking for partners that can help solve real problems, not just create campaigns,” he said. “The opportunity before us is to combine creativity, technology, data, strategy and culture to help clients unlock growth and navigate complexity. That is where the future of our industry lies.”

He added that the convergence of technology, artificial intelligence and data presents a unique opportunity for marketing communications professionals to reclaim a more strategic role within organisations.

“For years, creativity has been our strength. Today, we have an opportunity to complement that strength with deeper business understanding, stronger analytical capabilities and emerging technologies that allow us to create greater value for clients. Technology is not replacing creativity; it is amplifying what creativity can achieve.”

Before his appointment, Olaifa served as Country Head of GoMyCode Nigeria, where he led initiatives focused on digital technology education and talent development. His career also includes leadership roles at X3M Ideas, Prima Garnet Ogilvy and Google, where he served as SMB Business Development Manager for Sub-Saharan Africa, helping to drive digital adoption and business growth initiatives across the continent.

Drawing from these experiences, Olaifa said his focus will be on strengthening the group’s integrated capabilities while fostering a culture of innovation, curiosity and continuous reinvention.

“Insight Redefini has always been known for creativity, bold thinking and industry leadership. The next chapter is about building on that legacy while preparing for the future. We want to create an environment where talent can experiment, innovate and solve business challenges in new ways.”

Also read: https://brandspurng.com/2026/06/11/enza-awarded-payment-service-provider-psp-enhanced-licence-in-ghana/

He continued: “Our ambition is simple. We want to be indispensable to our clients. We want to be involved not only when a campaign is needed, but when business challenges need solving. We want to sit at the intersection of creativity, technology, culture and commerce, helping organisations navigate change and seize opportunities.”

Insight Redefini Group said the appointment reflects its commitment to strengthening its position as an integrated growth partner for businesses across Nigeria and West Africa.

With access to the global capabilities, technology infrastructure, data intelligence and strategic resources of Publicis Groupe, the group said it remains focused on delivering connected solutions that help brands remain relevant, competitive and future-ready.

Insight Redefini Group is a member of Troyka Holdings, West Africa’s leading marketing communications and business solutions group. Its portfolio includes Insight Publicis, Leo Burnett Lagos, All Seasons Zenith, Starcom Media Perspectives, Quadrant MSL, Digitas and Publicis Nourish.

As he begins the new role, Olaifa describes the appointment as both a homecoming and a call to action.

“The industry is evolving, and so are we,” he said. “This is a moment to rediscover our sense of adventure, embrace new possibilities and build stronger bridges between creativity and business growth. That is the future we are committed to creating.”

About Insight Redefini Group

Insight Redefini Group is Nigeria and West Africa’s largest integrated marketing communications network and a member of the Publicis Groupe network. Through its portfolio of specialist agencies;Insight Publicis, Leo Burnett Lagos, All Seasons Zenith, Starcom Media Perspectives, Quadrant MSL, Digitas and Publicis Nourish, the group delivers integrated solutions across creative, media, digital, public relations, strategy, commerce, and consumer engagement, helping brands drive growth and measurable business impact in a rapidly evolving marketplace.

enza Awarded Payment Service Provider (PSP) Enhanced Licence In Ghana

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enza Awarded Payment Service Provider (PSP) Enhanced Licence In Ghana

enza will enable customers using its technology to differentiate
themselves in the Ghanaian market by combining deep African payments
expertise with world-class payments technology

ACCRA, Ghana, June 11, 2026/ — enza (www.enzaGroup.Global [6]) is
delighted to announce that it has been awarded a Payment Service
Provider Enhanced licence by the Central Bank of Ghana.

The award of the PSP Enhanced licence marks an important milestone for
enza, Ghana’s financial services sector, and the continued development
of regulated digital payments infrastructure across Africa.

The Bank of Ghana’s licensing and oversight framework has been developed
to support a safe, efficient and innovative payments ecosystem. The
Central Bank’s framework states that effective payment system oversight
is intended to promote the safety, security and reliability of financial
transactions, which are vital to monetary and financial stability, while
also promoting innovation, competition and financial inclusion in the
use of payment products.

Also read: https://brandspurng.com/2026/06/11/africas-largest-bank-backs-dangote-refinery-ipo/

Hany Fekry, Group Chief Executive Officer of enza, said:

“We are delighted and deeply proud that enza has been awarded a PSP
Enhanced licence in Ghana. This is a significant moment for our business
and an important step in our mission to liberate the world of payments
across Africa. Ghana has long been one of the continent’s most dynamic
digital finance markets, with strong regulatory leadership, an
innovative financial services sector, and a clear commitment to
expanding secure, inclusive and modern payment services.

With this licence, enza is well positioned to work with banks, financial
institutions and  fintechs to deliver world-class payments technology
that is adapted to Ghana’s local market conditions, supports growth, and
enables its partners to serve consumer and business customers more
effectively.”

enza will enable customers using its technology to differentiate
themselves in the Ghanaian market by combining deep African payments
expertise with world-class payments technology designed for speed,
scalability and local relevance.  The business will launch its
innovative payments capabilities with its first customers over the
summer months.

Africa’s Largest Bank Backs Dangote Refinery IPO

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Africa’s Largest Bank Backs Dangote Refinery IPO

Africa’s largest financial institution, Standard Bank Group, the
parent company of Stanbic IBTC Holdings, has reaffirmed its commitment
to support the growth of Dangote Industries Limited, pledging backing
for the planned listing of the Dangote Petroleum Refinery while
expressing readiness to finance future expansion projects across the
continent.

L – R: Wole Adeniyi, Chief Executive, Stanbic IBTC Bank; Yinka Sanni, Chairman, Stanbic IBTC Bank; Devakumar V. G. Edwin, Vice President (Oil & Gas), Dangote Industries Limited; Sola David-Borha, Chairman, Stanbic IBTC Holdings; Sim Tshabalala, Chief Executive, Standard Bank Group; David Bird, Chief Executive Officer, Dangote Petroleum Refinery & Petrochemicals and Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, at a visit to Dangote Refinery in Lagos recently.

The commitment came during a strategic visit by Standard Bank Group
Chief Executive, Sim Tshabalala, and senior executives to the Dangote
Petroleum Refinery and Dangote Fertiliser complex in Lagos.

Speaking after touring the facilities, Tshabalala described the refinery
as a transformational industrial project with far-reaching implications
for Nigeria and Africa.

“We are here because the Dangote Group is a large and important global
player and a significant force on the African continent,” he said.

“Standard Bank is the largest financial institution in Africa and we
have partnered with Dangote on a variety of initiatives. We are here to
lend support, to see this magnificent refinery and to discuss Vision
2030 and how we can continue supporting the Group’s growth
ambitions.”

Tshabalala disclosed that Standard Bank intends to play a leading role
in the refinery’s planned Initial Public Offering and future growth
initiatives.

“As Dangote lists, there is an IPO coming up and we are a leading
player in that process,” he said.

“As the Group continues to expand in Nigeria and across Africa, there
will be opportunities for financial advisory services and balance sheet
support, and we stand ready to provide both.”

He described the refinery as “a wonder of the world,” noting that
its impact is already being felt through stronger foreign exchange
earnings, improved balance-of-payments performance and enhanced energy
security.

Also read: https://brandspurng.com/2026/06/11/zoho-corporation-unveils-nathu-la-a-designed-in-house-server-in-a-move-towards-technological-sovereignty/

“This is a wonder to behold. It is massive, productive and
transformative. It is already making a significant contribution to
Nigeria’s economy through its impact on foreign reserves, the balance
of payments and the lives of ordinary Nigerians,” he said.

Group Vice President, Oil and Gas, Dangote Industries Limited, Devakumar
Edwin, said the visit represented a significant milestone in a
partnership that began during the refinery’s construction phase.

“The bank visited us during construction and understood the scale of
what we were building,” Edwin said. “Today, the refinery is fully
operational and they can see what their support has helped to create. It
is like nurturing a tree and eventually seeing it bear fruit.”

He added that both organisations are exploring opportunities to deepen
collaboration as Dangote expands its industrial footprint across Africa.

Managing Director and Chief Executive Officer of the Dangote Petroleum
Refinery, David Bird, said the visit highlighted the importance of
long-term partnerships in delivering large-scale industrial projects.

“Standard Bank has been one of our strongest supporters throughout the
history of the refinery and the broader Dangote Group,” Bird said.

“This visit was an opportunity to demonstrate what that support has
enabled. Seeing is believing, and it allows our partners to appreciate
the scale of what has been achieved.”
The visit also coincided with a major operational milestone for the
refinery, which has now exceeded its original design capacity.

Bird disclosed that the refinery recently completed performance test
runs at 700,000 barrels per day, above its nameplate capacity of 650,000
barrels per day.

“We have always believed there was engineering flexibility built into
the design,” he said. “Achieving sustained production of 700,000
barrels per day is a testament to the technical capability of our people
and the strength of the systems we have built.”

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