The refinery plans to issue 3 billion ordinary shares at $0.35 each, setting the valuation and placing the facility among the most valuable privately held industrial assets in Africa.

Investors have shown strong interest, with indications that demand has already doubled the target before allocation closes.

The minimum entry for investors stands at 1 million shares, costing $350,000. Subscriptions can then rise in blocks of 500,000 shares, while investors will also remain locked in for 365 days after allotment.

The funds will support expansion work, logistics systems, storage capacity, and other corporate needs. The refinery also reveals possible moves into related petrochemical operations, although details are broad at this stage.

The facility, which began production in 2024 after years of construction that cost an estimated $20 billion, processes about 650,000 barrels of crude per day. Output now includes diesel, aviation fuel, naphtha, and premium motor spirit.

Investor appetite has stretched beyond Nigeria as institutional investors and diaspora buyers have shown strong participation. Demand levels suggest oversubscription before the process closes.

Femi Otedola has confirmed plans to invest $100 million, drawing from proceeds linked to his Geregu Power stake sale. His entry adds to the high-net-worth participation in the offer.

The size of the valuation and the level of demand have renewed discussion around a possible future listing. No timeline has been set, but there are expectations that a public offer may follow at some point.

Aliko Dangote has previously indicated interest in listing the refinery on capital markets. The current placement is seen as an early step that could expand ownership ahead of any future initial public offering.

The refinery’s scale already places it at the centre of Nigeria’s energy supply chain. It has reduced dependence on imported fuel and created new export channels. Analysts say this position strengthens its appeal to global investors looking for large infrastructure assets with foreign exchange potential.

The implied valuation exceeds the market value of most listed companies on the Nigerian Exchange when taken individually. This comparison has added weight to discussions about how deep investor appetite could run if a full listing eventually takes place.

The private placement is currently attracting commitments from local and international investors, with the level of demand showing strong confidence in the refinery’s long-term production capacity and its role in regional fuel supply.

This transition dictates how businesses grow and survive in the new year, and the next decade at large.

Recent data shows about 95% of businesses in Africa are SMEs, and they contribute roughly 40% of the continent’s GDP and more than half of its jobs. Most of these firms are now part of digital ecosystems where data flows through every transaction and interaction.

That alone is reason enough to pay attention.

Why the Shift to Data is Important

In the early phase of digital adoption (roughly 2015–2022), the story was about embracing digital payments, online stores and basic apps. 

By 2025, that matured. Digital transactions are now the norm. For example, surveys show over 99% of SMEs in Nigeria accept digital payments, and in South Africa around 90% of SMEs do the same, not just to be modern, but because it improves financial management, cash flow and customer access. 

These payment records generate data. And the most forward-thinking firms are going beyond collecting that data to acting on it.

Data is being used to:

• Spot slow-moving inventory weeks before stockouts happen
• Predict which customer segments are most profitable
• Adjust pricing after analysing local demand shifts
• Evaluate creditworthiness based on transaction histories

This is happening now and companies that learn to turn raw numbers into decisions are gaining advantage.

What “Data-Driven” Really Looks Like on the Ground

Being data-driven doesn’t mean you need a team of PhDs or massive budgets. For African SMEs in 2025, it meant practical actions:

1. Operational Decisions Replace Guesswork

Business owners are looking at sales patterns weekly, not just quarterly. They monitor which products sell at different times and adjust inventory accordingly. Even simple dashboards from payment providers can reveal trends previously invisible.

2. Digital Banking and Lending Get Smarter

Banks across Africa are investing heavily in SME services that use data, not paper forms, to evaluate credit risk. A recent industry report shows 83% of banks now treat SME banking as a strategic priority, using mobile platforms and analytics tools to serve these clients better. 

Mobile banking is especially important because it reaches businesses in rural or underserved regions. These platforms also generate data that lenders and firms can use to make decisions faster and with less bias.

3. Adoption Still Uneven, But Growing Fast

While basic digital tools are widely used, sophisticated data usage is still emerging. Digital onboarding (where a business can open an account entirely online) is fully available in only around 42% of cases, showing that there’s still work to be done.

Unreliable internet in some regions, high data costs, and skill gaps are causing limitations. But where these challenges are overcome, businesses are already seeing results.

The Economic Importance

If SMEs are the backbone of economic activity, and evidence says they are, then better decision-making at this level scales into macro performance:

• Greater resilience to shocks: Firms that read their own data can react quicker to supply delays, currency swings or demand drops.
• Improved access to finance: Data signals help lenders reduce risk, which expands credit availability. Digital lending products using analytics are growing in availability.
• Higher productivity: Data helps reduce waste and simplify operations, both essential in thin-margin environments where small inefficiencies compound quickly.

Enhanced data use directly influences how investment is allocated and how business strategies evolve.

Lessons from 2025

As the year closes, let’s take a look at a few patterns:

1. Digital adoption is widespread, especially for payments and banking interfaces.
2. True data usage is growing, but uneven across regions and sectors.
3. Financial institutions are doubling down on data-enabled services like mobile banking and analytics.
4. Infrastructure continues to improve, with new data centres and cloud partnerships aimed at reducing costs and boosting speed. 

Looking Forward to 2026

If 2025 was the year data went from novelty to necessity, then 2026 will be the year businesses start competing on it.

I expect the following trends to become more visible:

• SMEs using predictive analytics at scale, not just reporting what happened, but anticipating what will.
• Data literacy emerging as a core business skill, not a bonus.
• Policy and infrastructure balance, as governments and service providers invest in reducing data costs and expanding connectivity.

For anyone leading an SME in Africa, pay attention to the fact that technology without data just sits on a shelf. Data is what turns technology into decision power.

Marking its entry into the continent’s expanding digital economy, the launch, attended by representatives of the Central Bank of Nigeria (CBN), key industry partners and regulators, highlighted TGIPay’s goal to drive seamless and secure financial transactions across the continent.

TGIPay was designed to simplify payment collection and processing for businesses of all sizes, offering multi-channel acceptance options, including cards, transfers, USSD, and bank accounts. 

The platform provides real-time settlements, intuitive dashboards, and developer-friendly APIs, making it a comprehensive solution for merchants navigating Africa’s growing digital commerce landscape.

Speaking at the launch, Gbolahan Raji, managing director and chief executive officer of TGIPay, said the company aims to close the gap between financial inclusion and digital adoption across the continent.

“TGIPay is more than a payment gateway; it’s a catalyst for growth,” he said. “We have built a platform that empowers businesses to scale effortlessly, giving them tools to collect payments securely and manage transactions transparently. Our mission is to redefine trust and reliability within Africa’s payment ecosystem.”

Also addressing guests, Olumide Adebowale, chairman of TGIPay, reaffirmed the company’s commitment to innovation and collaboration.

“Africa’s payment landscape is evolving rapidly, and TGIPay is here to set a new standard of excellence,” Adebowale noted. “Our collaborations with banks, fintechs, and regulators demonstrate our commitment to building sustainable solutions that simplify commerce, strengthen compliance, and foster confidence in digital payments.

This vision has been over three decades in the making — a dream conceived more than 30 years ago has thoughtfully been nurtured into reality. Seeing it come to life today is both humbling and deeply fulfilling. I extend my sincere appreciation to everyone who contributed to turning this long-held dream into a thriving platform that will shape Africa’s financial future.”

TGIPay’s technology is built on a unified payment experience that enables merchants to receive payments via cards, bank transfers, USSD, or bank accounts, all from a single dashboard. Its smart settlement system supports real-time tracking and instant notifications, while its PCI DSS–certified security framework ensures robust protection for every transaction.

Tanitoluwa Adebowale, chief technology officer of TGIPay, shed further light on the company’s technology-first approach.

“Our goal from day one was to build a platform that doesn’t just process payments but anticipates risks, ensures reliability, and scales intelligently. Every line of code at TGIPay reflects our commitment to performance, data integrity, and security. This product represents our commitment to innovation and excellence, and we are excited to see how it will positively impact our customers and the market. We are obsessed with creating technology that serves people — safely and seamlessly.”

In line with this, Lanre Adelanwa Basamta, co-founder and CEO of Optimus AI, commended TGIPay’s dedication to building a secure and resilient infrastructure.

“TGIPay’s intentionality toward data protection and user security is impressive. Their architecture shows deep respect for customer trust — a quality that sets them apart in today’s fintech landscape. It’s refreshing to see a platform built with such precision and foresight.”

The launch featured live demonstrations, partner showcases, and networking sessions, underscoring TGIPay’s readiness to reshape how businesses and consumers transact across Africa.

As TGIPay embarks on its continental expansion, its focus remains on building trust, simplifying payments, and accelerating financial inclusion.