Business
Dangote Sugar Seeks To Raise ₦500bn Capital Through Rights Issue
Dangote Sugar Refinery Plc has announced plans to raise up to N500 billion through a Rights Issue.
The company said shareholders have approved the plan to raise capital through the issuance of ordinary shares.
The development was disclosed in a statement signed by the Company Secretary, Temitope Hassan, following the company’s 20th Annual General Meeting held in Lagos.
Subject to regulatory approval, the move is part of efforts to strengthen its capital base and support future growth.
“The Directors of the Company be and are hereby authorised to raise capital of up to N500 billion by way of Rights Issue through the issuance of ordinary shares, on such terms and conditions and at such time as the Directors may deem fit.”
The Rights Issue may be underwritten, depending on terms approved by the Board and regulatory authorities, the company said, noting that any shares not taken up by existing shareholders may be offered to other interested investors.
The company stated that the initiative is aimed at strengthening its financial capacity to support long-term growth objectives.
The capital raise move comes as Dangote Sugar’s financial performance reflects both growth and improvement.
In its 2025 audited results, revenue increased by 24.56% to N829.2 billion, driven largely by strong demand for 50kg sugar, which accounted for N807 billion of total revenue.
Retail sugar sales contributed N17.7 billion, while molasses and freight income added N4.02 billion and N66.4 million, respectively.
Cost of sales rose by 11.35% to N706.5 billion, largely due to raw material costs of N573.3 billion, resulting in a gross profit of N122.6 billion.
The company reported a pre-tax loss of N72.2 billion, an improvement from the N270.8 billion loss recorded in 2024.
Regional sales showed Lagos accounting for 55.82%, followed by the North at 35.35%, the West at 6.45%, and the East at 2.38%.
Dangote Sugar said its share capital will be increased to accommodate the new shares to be issued under the Rights Issue.
The Board has been authorised to allot shares and manage fractional holdings in line with regulatory requirements.
“Any unallotted shares after the exercise will be cancelled as permitted by law”, the notice added, stating that the capital raise ranks among the largest Rights Issues in Nigeria’s corporate history.
Business
Pumpkin Property Introduces Nigeria’s First Starlink-Powered Housing Initiative
Pumpkin Property, a fast-growing real estate development firm committed to creating modern, affordable, and sustainable housing solutions across Nigeria, has announced a groundbreaking initiative that integrates high-speed satellite internet into its housing projects, redefining modern living standards in the country.
Under this initiative, homebuyers in selected Pumpkin Property estates will receive Starlink hardware, professional installation, and three months of complimentary high-speed internet subscription upon purchasing a home.
The initiative will initially be available in Prime Living Estate and Prime View Estate located within Millennium City, Kaduna, as well as Pumpkin Homes located in Karsana, Abuja.
Pumpkin Property focuses on developing well-planned residential communities supported by essential infrastructure—including road networks, drainage systems, street lighting, and modern utilities—while embracing innovative technology that enhances residents’ quality of life.
To support the rollout of this initiative, Pumpkin Property has entered into a collaboration agreement with Konga Online Nigeria Limited for the supply, installation, and technical support of Starlink hardware and related connectivity products across Pumpkin housing projects and real estate developments in Nigeria.
In addition, Pumpkin Property has partnered with TD Africa, an authorized distributor of Starlink solutions in Africa. Through this partnership, Pumpkin Property will have direct access to the latest Starlink hardware, including Starlink kits and accessories, ensuring reliable deployment within its estates.
Starlink, the satellite internet constellation developed by SpaceX, delivers high-speed broadband connectivity through a network of low-Earth orbit satellites. The technology expands access to reliable internet in regions where traditional fibre or terrestrial infrastructure remains limited. As Elon Musk explained:
“Starlink is designed to provide high-speed, low-latency broadband internet to places where access has been unreliable, expensive, or completely unavailable.”
Speaking on the initiative, the CEO of Pumpkin Holdings Limited, Mr Oladeji Bamidele, emphasized the growing importance of digital infrastructure in modern housing developments.
“Connectivity has become as essential as electricity and water in modern communities. By integrating Starlink technology into our housing developments, we are ensuring that our homeowners enjoy reliable high-speed internet from the moment they move in. This initiative reflects our commitment to building future-ready communities across Nigeria.”
By integrating satellite connectivity into its housing projects, Pumpkin Property is positioning itself at the forefront of technology-enabled real estate development in Nigeria, setting a new benchmark for smart living communities.
Prospective homeowners and investors interested in the Starlink-powered homes at Prime Living Estate and Prime View Estate in Millennium City, Kaduna, and Pumpkin Homes in Karsana, Abuja, are encouraged to contact Pumpkin Property for further information on availability and purchase options.
Business
Safety First: Transcorp Hilton Abuja Stages Fire Drill
Transcorp Hilton Abuja has conducted its first-quarter unannounced fire drill simulation as part of efforts to strengthen safety measures and emergency preparedness within the facility.
The exercise, which took place on 19th February 2026, was carried out in collaboration with the Federal Fire Service. The simulation forms part of the hotel’s structured safety programme aimed at ensuring a high level of emergency readiness and effective coordination with relevant authorities.
Management of the hotel said the initiative underscores its unwavering commitment to the safety and well-being of guests and team members.
“We successfully carried out our Q1 unannounced fire drill simulation with the support of the Nigeria Fire Service. This exercise forms part of our structured safety programme, designed to ensure a high level of emergency preparedness and effective coordination with relevant authorities,” the management stated.
The drill comes shortly after the hotel hosted its Valentine’s Day weekend promotion across its rooms and restaurants. The celebration, characterised by romance, entertainment and vibrant experiences, was warmly received by guests.
As preparations begin for the Holy Month of Ramadan, the management reassured guests of a safe, serene and memorable stay.
“We appreciate the understanding of our guests and apologise for any inconvenience the exercise may have caused,” the management added.
Business
NIA trains underwriters on NIIRA 2025, container insurance
The Nigerian Insurers Association (NIA) has commenced a two-day training workshop for underwriters on the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to a statement from NIA, the training is focused on Sections 75 and 76, as well as the Compulsory Container Insurance scheme.
The workshop, which began on Thursday, is scheduled to end on Friday.
The News Agency of Nigeria (NAN) reports that no fewer than 40 underwriters involved in container insurance, were participating in the training held at the Insurers House, Victoria Island, Lagos.
At the opening of the workshop, Director-General of the NIA, Mrs Bola Odukale, said that insurance remained a critical pillar of national development and economic stability.
Odukale noted that a well-regulated and legally backed insurance industry, was essential for economic growth, investor confidence and the protection of the public.
She urged participants to engage actively in the sessions, adding that the training would strengthen professional capacity and improve effective implementation of compulsory insurance provisions for the overall benefit of the economy.
NAN reports that facilitators at the workshop include: Mrs Margaret Ogbonnah, Director at the Nigerian Shippers’ Council; Mr Soji Oni, Controller 1, Technical, NIA, Mr Owolabi Longe, Chief Executive Officer of Ironlink Communications, among others.
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