Business

State Agency Oversteps: ARCON Slams OYSAA Vetting Order

Published

10 months ago

December 18, 2025

ARCON declares OYSAA’s pre-exposure advertising directive unlawful, warning it exceeds the state agency’s constitutional powers

The Advertising Regulatory Council of Nigeria (ARCON) has issued a strong warning to the Oyo State Signage and Advertising Agency (OYSAA), declaring its directive for pre-exposure vetting of certain advertisements unlawful.

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ARCON’s Director General, Dr Olalekan Fadolapo, in a press statement on Thursday, criticised the November 3, 2025, OYSAA letter, which required advertisers and agencies in the out-of-home segment to submit betting- and gaming-related advertisements for mandatory vetting before deployment in Oyo State.

“The directive is unlawful and ultra vires the powers of a state advertising and/or signage regulatory agency,” ARCON said, stressing that advertising regulation in Nigeria is constitutionally domiciled at the federal level.

The council cited Items 49 and 62 of the Second Schedule of the 1999 Constitution, noting that advertising is recognised as a professional occupation and a component of trade and commerce under the Exclusive Legislative List, placing legislative authority solely with the National Assembly.

ARCON emphasised that the enabling law establishing OYSAA cannot override constitutional boundaries, insisting that state agencies have no jurisdiction to vet, approve, or reject advertising content prior to exposure.

“Advertising in Nigeria is established as a professional occupation and trade, and it is the singular responsibility of the National Assembly to enact laws in this regard,” the statement read.

“It is not within a State Advertising and/or Signage Agency’s jurisdiction to request for, receive or approve any advertisement for exposure.”

The council warned that allowing OYSAA’s directive to stand could have serious consequences for the advertising industry, potentially undermining stability, slowing commercial activity, and creating bottlenecks for advertisers operating within Nigeria.

“This action will not only set the industry back but also create a bad precedent,” ARCON added.

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The regulator issued the statement to clarify misconceptions arising from OYSAA’s directive and to reassure industry stakeholders and the public of the legal framework governing advertising in Nigeria.

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Business

Dangote Refinery Sets ₦525 Share Price for Landmark IPO

Published

1 month ago

September 5, 2026

Basit Saba

Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.

The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.

The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.

The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.

The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.

The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.

The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.

The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.

The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.