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Finance

$4.73bn in nine months: Dangote’s refinery reports ahead of its extended IPO

Dangote Petroleum Refinery reported a net profit of $4.73bn on revenue of $22.48bn for the nine months to September, against a loss a year earlier. Nigeria’s Securities and Exchange Commission has approved extending its share offer, which seeks about $1.6bn, to 27 October.
Mining & Minerals

Ethiopia gold refinery opens with more than 600 tonnes of yearly capacity

Ethiopia has inaugurated a National Precious Metals Refinery with capacity for more than 600 tonnes a year, owned 51% by the state through Ethiopian Investment Holdings. Prime Minister Abiy Ahmed says the aim is to replace raw exports in a country where gold earned about half of last year’s export revenue.
Thought Leadership

Power is No Longer a Commodity: Why Africa’s Energy Future Depends on Solutions, Not Megawatt-hours

Construction can now begin near Kafue Town in Zambia’s Lusaka Province. Globeleq has reached financial close on the 40MWac Kafue solar project, with US$52.1m committed by FMO and British International Investment and a 25-year power purchase agreement with ZESCO in place. Globeleq also owns 51% of Lunsemfwa Hydro Power Company and is developing solar with battery storage at Leopards Hill. It sells to private industrial customers as well as to ZESCO. Here, Alasdair Martin, Director, Private Customer Solutions, writes for ENN on what buyers of industrial power in Southern Africa now want from the companies that supply them.
Oil & Gas

Vaaris Energy agrees to buy Shell’s industrial gas network in Nigeria

Shell has signed an agreement to sell Shell Nigeria Gas, which runs about 170km of pipeline serving more than 130 businesses in Ogun, Abia and Rivers, to the Nigerian company Vaaris Energy. Shell keeps its deepwater and integrated gas positions in Nigeria, including its interest in Nigeria LNG.
Regional

Uganda Mission 300 compact: what will it take to reach its 2030 targets?

Uganda and the African Development Bank Group will host the 11th Africa Energy Market Place in Kampala on 21 and 22 October, where government and private investors will work through how to deliver the Mission 300 compact Uganda launched at the Africa Energy Forum in June.
Thought Leadership

Africa needs an energy ladder

Olamide Niyi-Afuye, chief executive of the Africa Minigrid Developers Association, argues that a connection is the first rung of Africa’s energy ladder, and that the climb has to continue into productive use and industry, with the minigrid sector able to connect 115 million people by 2030.
News

‘Refining capacity is industrial capacity’, says CEF chair as imports reach 61%

mported fuel now meets about 61% of South Africa’s demand, up from 22% in 2019, and Central Energy Fund chairperson Ayanda Noah has called for investment in the SANPC Refinery Development Programme, a proposed 400,000 barrel-a-day refinery estimated at $7.15bn that would create about 12,500 construction jobs.
Interviews

EXCLUSIVE: Off-grid solar’s decade of data wins over local banks

Off-grid solar spent nearly a decade building the audited, standardised performance data investors needed, and in 2025 eighteen new investors arrived, local banks among them. Speaking to ENN ahead of the Global Off-Grid Solar Forum in Kigali, Laura Fortes, Finance and Investment Associate Director at GOGLA, says these deals are the first examples of a pipeline she expects to keep growing.