In this edition: UBA gets a new chairman as Tony Elumelu steps down after 12 years, Dangote Refinery moves closer to a potential $5 billion IPO, MTN’s proposed $6.2 billion IHS deal gets closer, Shein’s public-market debut gets a reality check, and global gas dealmaking hits a decade high.


September is here.

Four months is not a long time in business.

It is long enough for a leadership transition to change an institution, a major deal to reshape an industry, or a capital decision to change a company’s trajectory.

Across corporate Nigeria and the wider global economy, some of those moves are already happening.

Here’s what we’re watching as the year enters its final stretch.


EXECUTIVE SPOTLIGHT

UBA Has a New Chairman. The Bigger Story Is Succession.

Tony Elumelu has stepped down as Group Chairman of UBA after 12 years, with Emmanuel N. Nnorom taking over as Chairman.

Nnorom brings more than four decades of experience across banking, finance, audit, operations and corporate governance. He has previously served as UBA Group CFO, Group COO and CEO of UBA Africa.

But beyond the appointment is a bigger leadership question: how do institutions manage succession without losing the institutional memory, relationships and strategic direction that helped build them?

The answer will matter well beyond UBA.

Read the full announcement from UBA → Here


CORPORATE WATCH

Dangote Is Coming for the Public Markets

Dangote Refinery is reportedly targeting an IPO of about $5 billion, potentially making it one of the biggest capital-market stories in Africa.

The refinery is operating at around 650,000 barrels per day and has tested production at 700,000 barrels per day.

Investors will be watching more than production numbers.

Margins, crude supply, operating costs and the refinery’s ability to scale sustainably will determine the bigger story.

The TCC take: if the IPO moves ahead, this will be a major test of how public markets value one of Africa’s most ambitious industrial projects.

MTN and IHS Are Getting Closer

MTN has proposed acquiring the remaining shares of IHS Towers in a transaction valued at about $6.2 billion.

The deal has received conditional approval from Nigeria’s competition regulator, with MTN required to sell down part of its interest in the Nigerian component of the business.

The transaction raises bigger questions about infrastructure ownership, capital concentration and the future shape of Africa’s telecoms infrastructure market.

The bigger question: what does greater consolidation mean for the infrastructure that supports Africa’s digital economy?

Shein’s Hong Kong Debut Falls Short

Shein began trading in Hong Kong in September, but shares fell on the first day of trading.

The company’s valuation at listing was above $26 billion, a significant reduction from its peak private valuation.

The lesson for businesses is straightforward.

A strong consumer brand does not automatically translate into a strong public-market story.

Investors ultimately want sustainable growth, clear economics and confidence in the future.

Global Gas Deal-Making Is Heating Up

More than $32 billion was spent on gas-production acquisitions globally in the first half of 2026, according to the Financial Times.

Shell’s $16.4 billion acquisition of ARC Resources was among the largest transactions.

Energy security, geopolitical uncertainty and the growing role of gas in global energy systems are pushing more capital into the sector.

The question now is how long this momentum lasts, and who is positioned to benefit.


MARKET PULSE

Businesses Feel Better. The Bills Haven’t Gone Away.

Nigeria’s July Business Confidence Monitor recorded a headline index of 108.6, its strongest level in five months.

Manufacturing, agriculture, services and non-manufacturing all recorded expansion.

But businesses are still dealing with high energy costs, expensive credit, infrastructure challenges and weak consumer purchasing power.

The numbers are improving.

The operating environment still has work to do.

The TCC question: where is the recovery actually showing up in our numbers?


GLOBAL MARKETS

The Global Market Is Entering September With Plenty to Watch

Bond yields have been moving higher in major economies, while oil prices have also climbed.

Investors are watching inflation, interest rates, government debt and energy prices closely as the final months of the year approach.

For businesses, the implication is simple: capital is becoming increasingly sensitive to the economic and geopolitical environment.

Leadership decisions made in the final months of 2026 will have to account for both.


TCC THIS MONTH

The Room We’re Building

The Lagos Executive Roundtable returns on 27 November 2026 at Lagos Intercontinental Hotel.

This year’s theme is Impact as Evidence of Leadership.

What happens when leadership has to show the evidence?

What has actually changed?

What has been built?

What has moved?

The Roundtable brings together executives and decision-makers for focused conversations around leadership, business and measurable impact.

Early-bird registration is now open.

Get your early-bird ticket → Here


THE A-LIST IMPACT SHOWCASE

The People Already Doing the Work

Leadership is often discussed in terms of potential.

The A-List Impact Showcase is interested in results.

We are looking for individuals creating meaningful impact across business, industry, innovation, public service and society.

Because impact deserves more than applause.

It deserves a record.

Submit an A-List Impact Showcase request → Here


TCC SPOTLIGHT

From Connections to Capital

Professional capital is often the capital that never appears on a balance sheet.

An introduction becomes a partnership.

A conversation becomes an investment.

Someone remembers your work when an opportunity opens.

A trusted room creates access that would have taken years to build alone.

Competence matters.

But so does the network through which that competence travels.


ON THE RADAR: SEPTEMBER 2026

Business & Investment

GITEX Nigeria

31 Aug–3 Sep | Abuja & Lagos

AI, digital infrastructure, fintech, startups and investment take centre stage as Nigeria hosts one of the country's biggest technology gatherings.

CIBN Annual Banking and Finance Conference

8–9 Sep | Abuja

A key gathering for banking, finance, regulation and conversations around economic resilience.

The Event Industry Conference 9.0

22–24 Sep | Lagos

Worth watching for leaders across the events, business and creative economy.


Executive Networking

TCC Lagos Executive Roundtable 2026

27 Nov | Lagos

Our curated executive gathering returns for strategic conversations around leadership, business and measurable impact.

Impact as Evidence of Leadership.

Early-bird registration is now open → Here


OPPORTUNITY BOARD

Worth Passing Along

September brings new hiring and leadership moves as organisations finalise their priorities for the final quarter.

TCC will continue to share senior roles, strategic opportunities and openings worth knowing about.

Have one for the network?

Send it our way.


BY THE NUMBERS

$5B — potential Dangote Refinery IPO.

$6.2B — proposed MTN and IHS transaction.

$32B+ — global gas-production acquisitions in H1 2026.

$26B+ — Shein valuation at Hong Kong listing.

27 November — TCC Lagos Executive Roundtable.

That’s September.

The numbers are getting better in some places.

The stakes are getting bigger in others.

With four months left in the year, there is less time to watch from the sidelines.

The moves being made now will tell us a lot about where Nigerian business ends the year.

We’ll keep watching.

We’ll see you in the rooms that matter.

The Connectors Code

theconnectorscode.org