The Prolonged Detention of el-Rufai: Due Process preserves Public Trust

The Network for Democracy and Development (NDD) is a multi-stakeholder civil society platform committed to national transformation through ethical leadership, good governance, and inclusive development.

We restate our full support for measures that advance public integrity and curtail corruption in all its ramifications. Corruption erodes the social contract and must be confronted decisively.

Crucially, however, the credibility of the anti-corruption drive depends on one non-negotiable foundation: the rule of law. No person, irrespective of their social status, is above the law. This equality before the law applies to individuals and organisations, governments and their agencies alike. In the same vein, no process must be conducted in a manner that makes citizens perceive legitimate prosecution as political persecution.

It is in this spirit that we express concern over the continued detention of Malam Nasir el-Rufai, a former Governor of Kaduna State, for over 200 days by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in relation to bailable offences.

Sections 35 and 36 of the Constitution of the Federal Republic of Nigeria (as amended) stand as the twin pillars of constitutional liberty, rule of law, and due process.

While Section 35 guarantees every citizen the right to personal liberty and to trial within a reasonable time, Section 36 ensures the right to a fair, public, and impartial hearing, anchored on the presumption of innocence.

Collectively, these provisions ensure that no individual can be arbitrarily stripped of their physical freedom or condemned without full compliance with the rule of law.

When detention extends far beyond what is reasonable, the implications transcend the individual involved. As we are currently witnessing, it sparks broader institutional concerns and public debates about the fairness and predictability of the process - factors that ultimately undermine public confidence in our justice system.

Due process is not a mere technicality. It is the moral authority upon which the anti-corruption fight stands. A matter before the court is not a conviction; ICPC custody is not a prison sentence.

To this end, NDD calls on the Attorney General of the Federation and the leadership of the ICPC to:

1. Immediately review the basis and duration of the ongoing detention;

2. Ensure strict compliance with constitutional timelines and bail provisions; and

3. Proceed with prosecution, where applicable, in open court and without delay, so that justice is not only done, but seen to be done.

Nigeria’s progress depends on the capacity of the state and its agents to effectively lead by two foundational governing ideals: accountability for public office and fidelity to due process. We cannot sacrifice one to achieve the other.

The Network urges public institutions to act in a manner that strengthens trust, not suspicion. To preserve integrity and legitimacy, the fight against corruption must be anchored in law, clear evidence, and unimpeachable transparency.

The ongoing prosecution of Malam Nasir El-Rufai must, therefore, proceed without any hint of persecution. We all must come under the rule of law.

God bless the Federal Republic of Nigeria

Dangote Refinery IPO: It's a landmark moment for Nigeria, Africa’s Capital Market, says Aig-Imoukhuede

Aigboje Aig-Imoukhuede, Chairman of Coronation Group, says the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will deepen Nigeria’s capital market and support economic growth.

A statement signed on Tuesday by Aig-Imoukhuede, chairman, Coronation Group after the Opening Gong Ceremony and Facts Behind the Offer Presentation at the Nigerian Exchange (NGX), described the IPO as a landmark moment for Nigeria and Africa’s capital market.

He said the IPO demonstrated the market’s capacity to mobilise capital for large-scale productive enterprises.

According to him, the offer will broaden participation in wealth creation by giving Nigerians and other investors an opportunity to own stakes in a major African industrial enterprise.

He said the development underscored the wider role of capital market in economic development beyond providing financing for businesses.

Imoukhuede said the Dangote initiative had demonstrated how the capital market could support the growth of national and continental economies.

“Aliko Dangote has consistently championed a capital market where Nigerian companies could grow while the prosperity created by African businesses is shared more broadly.

“Vision attracts capital, governance preserves capital, and talent and execution compounds capital,” Aig-Imoukhuede said.

Governor Babajide Sanwo-Olu of Lagos State, was also quoted in the statement as describing the offer as a significant development for Nigeria and Africa.

“The IPO demonstrates Africa’s growing capacity to mobilise and deploy capital for its own economic development.

“Today, we are witnessing a company that is changing the landscape of what is possible in Africa.

“We are demonstrating once again that Africa can finance and invest in Africa,” he said.

The statement also quoted Aliko Dangote, the President and Chief Executive Officer of Dangote Industries Limited as saying that the offer would widen participation in Nigeria’s capital market.

Dangote said the initiative would enable more Nigerians and African investors to participate in the value created by leading African businesses.

“We want to share prosperity more broadly with our people. That is the ideal we are working towards,” he said.

He said he had remained committed to the transformation and democratisation of the Nigerian Exchange.

Dangote commended Imoukhuede’s contributions toward making the capital market more accessible to citizens.

“The offer provides investors and members of the public with an opportunity to participate in the growth of the Dangote Petroleum Refinery and Petrochemicals FZE.

“The development is also expected to strengthen the ability of Nigeria’s capital market to attract domestic and international investment into productive sectors of the economy.

“It could encourage more Nigerian businesses to access the capital market, creating additional avenues for financing expansion, investment and job creation,” Dangote was quoted in the statement as saying.

The statement said that the opening of the IPO highlighted the increasing role of Nigerian investors in financing major enterprises and supporting the country’s long-term economic transformation.

It advised prospective investors to study the offer documents carefully, understand the applicable terms and risks, and assess the investment before subscribing.

Credit NAN: Texts excluding Headline

What I will do if Refinery IPO is oversubscribed - Dangote

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed his commitment to making the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery a truly "People's IPO," assuring retail and small investors that they will receive priority allocation should the offer become oversubscribed.

Dangote said the offer was deliberately structured to broaden ownership of one of Africa's most strategic industrial assets and give millions of Nigerians an opportunity to participate directly in the refinery's growth and future value creation. The IPO is designed to deepen financial inclusion and democratise wealth creation by opening ownership to a wider segment of society.

Dangote stated that one of the core objectives of the offer is to build one of the largest shareholder communities in Africa, with a target of attracting not less than 10 million investors from Nigeria and across the continent

Speaking on the public offer, Aliko Dangote said: "This is more than a capital-raising exercise. It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise. From the beginning, our vision has been to create a genuine People's IPO that allows millions of Nigerians to share directly in the success of this refinery."

Dangote emphasised that while the Company welcomes participation from all categories of investors, allocation decisions in the event of oversubscription would be guided by the principle of broad-based ownership.

"If the offer is oversubscribed, retail and small investors will receive priority consideration. We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions. Our objective is not merely to raise capital, but to create millions of shareholders who can participate in the growth and prosperity of the Dangote Refinery. We want as many people as possible to own a stake in this national asset."

According to Dangote, prioritising retail investors is consistent with his long-held belief that economic development should go hand in hand with widespread citizen participation and ownership.

"We believe prosperity should be shared by the many, not concentrated in the hands of a few. This refinery was built to transform Nigeria's energy landscape, and we want millions of Nigerians to be part owners of that transformation."

Dangote further noted that the IPO represents a significant step towards building an ownership economy in which civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora can participate directly in one of Africa's most important industrial enterprises.

He added that the offer has been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels helping to remove traditional barriers that have historically limited participation in the capital market.

Expressing confidence in the success of the offer, Dangote said the IPO would not only deepen Nigeria's capital market but also stand as a landmark example of inclusive wealth creation.

"Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa. That is the essence of the People's IPO. It reflects our conviction that every Nigerian should have the opportunity to participate in the value being created by this world-class refinery."

Credit Dangote Group PR