Browsing Category
Business
60% of our crude feedstock supplied by NNPC, says Dangote refinery
The Dangote refinery says since it commenced full operations, it has processed 50 million barrels of crude — with 60 percent of its feedstock coming from the Nigerian National Petroleum Company (NNPC) Limited. Aliyu…
Naira crude sale has dollar fee headache
The federal government’s push to sell crude oil in naira is facing a brick wall of dollar-denominated regulatory and royalty fees, senior industry sources…
CBN sells N216.09bn T-Bills as yield drops
Robust investors appetite for the one-year bills on Wednesday exerted downward pressure on one-year bills yield, contracting to 28.02 percent from 28.36 percent recorded in the previous auction. The stop rate at…
Naira gains N10 on black market after CBN’s retail auction
The naira on Thursday gained N10 against the dollar on the parallel market also known as the black market, after the Central Bank of Nigeria (CBN) auctioned $876.26 million through the retail Dutch auction system.…
OPEC says Dangote refinery’s diesel, jet fuel supplies to disrupt Europe’s oil & gas industry
…It is a big plus to Nigeria’s economy The Organisation of Petroleum Exporting Countries, OPEC, has said supplies from Nigeria-based world's largest…
PoS Takes Over Cash Dispensing Services As Cash Dries In ATMs
With most Automated Teller Machines (ATMs) of banks not dispensing cash, most bank customers have resorted to use of…
Why CBN Injected N700bn Bailout In Unity Bank-Providus Bank Merger
The Central Bank of Nigeria approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Daily Trust. According…
Dangote Group’s listed firms incur N400b FX losses in six months
Dangote Group’s three listed companies including Dangote Sugar Refinery, National Salt Company of Nigeria (NASCON) and Dangote Cement incurred combined foreign exchange (FX) losses of close to N400 billion in half-year…
Stock market rebounds, investors gain N97bn
The Nigerian stock market rebounded with positive momentum on Wednesday, adding N97 billion to investors’ portfolios. Specifically, the market capitalisation of listed equities, which opened at N55.033 trillion,…
FCMB and FMO Seek Agricultural Solutions in Nigeria with Agritech Hackathon
First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) are joining forces to ignite innovation in Nigeria's agricultural sector…
CBN sells $876.26m at N1,495 in retail auction
The Central Bank of Nigeria (CBN) on Wednesday sold a total of $876.26 million to end users whose bids were submitted by some 26 banks, in the apex bank’s…
FG to sell $500 million dollar-denominated bonds, targets 200% subscription
The Federal Government of Nigeria has launched its Series I Domestic USD Bond, as it hopes to raise at least $500 million from local and…
CBN steps in to save naira with retail dollar auction
The Central Bank of Nigeria (CBN) will be hoping it can halt the naira’s downward spiral by selling dollars at a retail auction today. The apex bank has received a list of all outstanding FX demand by end…
EXPLAINER! Fitch Ratings: Is Dangote Industries going bankrupt?
Nigerian giant Dangote Industries Limited (DIL)has been making headlines for some months now, mostly due to the opening of its new refinery. The $20 billion Dangote Oil Refinery, which started operating in…
AXA Mansard’s pre-tax profit grows by 57.79% in the second quarter of 2024, as revenue skyrockets
AXA Mansard published its 2024 second-quarter results, reporting a pre-tax profit of N14.9 billion. This indicates a 57.79% year-over-year increase from a pre-tax profit of N9.4 billion reported in 2023. The…
CBN injects N700 billion bailout in Unity Bank-Providus Bank merger
Nigeria’s Central Bank approved a financial package worth N700 billion to support the proposed merger between Unity Bank Plc and Providus Bank Limited, according to a document seen by Nairametrics. According to…
BREAKING: CBN approves financial support for Unity Bank, Providus Bank merger
The Central Bank of Nigeria (CBN) has granted approval for financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. This is according to a statement released by the…
Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group, Africa’s largest conglomerate, is exploring the sale of a 12.5 percent stake in its newly…
First Bank sacks over 100 employees after ₦40bn fraud, freezes their personal accounts
First Bank sacked over 100 employees in July 2024, four months after discovering that Tijani Muiz Adeyinka, a manager on the operations team,…
BREAKING: Jumia records $20.2 million operating loss in Q2 2024 as revenue decline
Africa’s e-commerce group, Jumia, posted a $20.2 million operating loss in Q2 2024 amid a 17% decline in revenue. The Q2 loss, however, shows that the company was able to cut down its losses by 8%…
No crude sale in naira yet – Refinery Operators
Operators of private refineries in Nigeria have said that the Dangote refinery and other local refineries in Nigeria had yet to start buying crude oil from NNPC in naira as directed by President Tinubu. The Crude Oil…
Rating: GCR affirms Dangote Industries Limited AA+(NG)/ A1+(NG)
· strong earnings prospects from the new refinery GCR Ratings (GCR) has affirmed the national scale long-term and…
MTN buys out minority investor in MoMo PSB — now sole owner of subsidiary
MTN Nigeria Plc says it has successfully bought the 7.17 percent shares of Acxani Capital Limited, a minority shareholder in its payment service bank, better known as MoMo PSB. Uto Ukpanah, MTN Nigeria’s…
Court Grants N50m Bail To MTN Hackers Over N1.9bn Fraud
Justice Akintayo Aluko of the federal high court in Lagos, on Monday granted a N50 million bail sum to alleged fraudsters who…