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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
The Dangote Refinery IPO took another step forward. Bloomberg confirmed that Stanbic IBTC Capital, Vetiva Advisory and FirstCap have formally been appointed as financial advisers for a pan-African offering targeted for June-July 2026 — with our own Investor Memo, "The $50 Billion Test," breaking down what the cross-border architecture means and why it could redraw how Africa's biggest companies get priced. Separately, Lafarge Africa is asking shareholders to approve a name change to HBM Nigeria Plc at its April 30 AGM, closing the chapter on one of Nigeria's most recognisable cement brands after Huaxin Cement's 83.81 percent takeover.
And Femi Otedola announced that his memoir Making It Big: Lessons from a Life in Business has won the Business Book Gold medal at the 2026 Axiom Business Book Awards — joining previous gold medallists including Robert Shiller, Condoleezza Rice, Doris Kearns Goodwin and Ray Dalio.
Top Stories
Dangote lines up advisers for pan-African refinery IPO Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap confirmed by FirstCap CEO Ukandu Ukandu. The $20 billion refinery now meets over 90 percent of Nigeria's petrol demand and has exported 456,000 tonnes of refined fuel to five African countries.
Lafarge Africa to rebrand as HBM Nigeria Plc after $1 billion Chinese takeover The rebranding follows Huaxin Cement's acquisition of an 83.81 percent stake from Holcim. It would be the fourth name change in the company's history — from West Africa Portland Cement to Lafarge Cement WAPCO to Lafarge Africa and now HBM Nigeria. Huaxin is now in direct competition with Dangote Cement in Nigeria.
Femi Otedola wins Axiom Gold for Making It Big memoir The 2026 Axiom Awards drew over 600 entries from 31 countries. Otedola's memoir has been endorsed by Ngozi Okonjo-Iweala, Akinwumi Adesina and Aliko Dangote. He committed N320 billion of his own cash to First HoldCo after his $750 million Geregu Power exit in December.
Africa Markets
McKinsey report: Africa's banking market hits $107 billion but growth remains uneven Revenues crossed $100 billion for the first time in 2025. But five markets — Egypt, Kenya, Morocco, Nigeria and South Africa — generate roughly 70 percent of the continent's total banking revenue, with South Africa alone accounting for $26.4 billion.
This week's Investor Memo is now available for Elite subscribers:
