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Business
FX crisis plunges Nigeria’s non-oil exports to $4.5bn
The value of Nigeria’s non-oil export revenue recorded a marginal decrease to $4.5bn in 2023, the Nigerian Export Promotion Council has said.…
Delisting: SEC, court okay GSK share buyback
The Securities and Exchange Commission and the Federal High Court have approved the plan of Glaxo Smith Kline Consumer Nigeria Plc to buy back its…
Dangote Refinery registers MOMAN, IPMAN DAPPMAN members for products distribution
Management of Dangote Petroleum Refinery has commenced registration of distributors for the lifting and distribution of refined petroleum products across the country. So far, members of three prominent…
CBN set to hold 1st MPC under Cardoso
The Central Bank of Nigeria (CBN) is set to hold its first Monetary Policy Committee (MPC) meeting under the new Governor, Mr. Olayemi Cardoso. The meeting is scheduled to hold on February 26 and 27. To this end, the…
Creditors take ownership of Ikoyi Vaults and Garden, including all ‘appurtenances’
Creditors of the popular burial ground, Ikoyi Vaults and Garden, Lagos, have taken ownership of the facility and all its appurtenances. This is according to a Caveat Emptor notice put on the entrance gate seen by Peoples…
Unilever Nigeria stops production, sales of Omo, Lux
Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets. The company disclosed this in its unaudited interim…
Why CBN shouldn’t use dollar trickles to clear backlog
The Central Bank of Nigeria’s (CBN) three-year battle with its foreign exchange backlog seems nearing its endgame, with loans and inflows offering a glimmer of hope. Yet, while the temptation to simply “throw money at the…
FG not averse to Shell asset sales — Lokpobiri
Heineken Lokpobiri, the minister of state for Petroleum Resources (Oil), has said that the Nigerian government was not against the sales of Shell assets, stating that the government remains committed to fostering a…
DisCos to now buy electricity directly from producers
Power distribution companies (DisCos) in Nigeria have been given the green light by the regulator to buy electricity directly from producers of the commodity after over 10 years of relying on an intermediary called…
BREAKING: Otedola buying into Dangote Cement
Billionaire investor Femi Otedola is reportedly acquiring shares in Dangote Cement, according to sources with knowledge of the matter. Dangote Cement is among the SWOOT (Stocks Worth Over One Trillion) with a current…
Dangote Sugar crosses the N1 trillion market cap level
For a moment in the NGX, Dangote Sugar Plc became the second Aliko Dangote-owned company to cross the N1 trillion market capitalization level.…
Africa’s richest man Aliko Dangote’s net worth skyrockets, exceeding $17 billion
Africa’s richest man Aliko Dangote is swiftly recovering from his $3.6 billion wealth setback in 2023. In just 17 days of 2024, he has already regained over…
5000 Travel Agencies Threatened Over $812m Airlines’ Funds’
CBN to continue settlement of verified FX backlog There was more worry yesterday over the foreign airlines’ trapped funds now estimated at $812m with a stakeholder in…
N1.6b debt case: Bank asks court to freeze oil firm’s assets, funds in 25 banks
Nova Merchant Bank Limited has asked a Federal High Court in Lagos to place a lien on the assets of Midwestern Oil and Gas Company Limited with the Central Securities Clearing System…
FG opts for conditional divestment as oil majors trade $4.5b assets
Fresh crises are brewing over Shell’s planned exit from the onshore segment of Nigeria’s oil and gas industry while Nigerian firms scout $4.5 billion to buy out the…
Coronation Insurance to delist, pay off shareholders
Coronation Insurance Plc is set to delist from the capital market as its Board of Directors has agreed to pay off the company’s minority…
FG in talks with World Bank for $1.5 billion loan, contemplates tapping domestic dollar savings
The federal government is in talks with the World Bank for a $1.5 billion loan to support the budget and also provide liquidity in the forex market. The Minister of Finance and Coordinating Minister of the Economy, Wale…
BREAKING: Parallel market exchange rate falls to N1,320/$1 as diaspora Nigerian depart
Naira on Wednesday fell to a record low of N1,320 per dollar following strong demand on the parallel market, also known as the black market. This represents 3.03% or N40.00 weaker than N1,280 recorded at the close of…
Refinery: Dangote investors gain N1.2tn
Equity investors in the stocks of companies under the Dangote Group have gained over 1.2tn during the first two trading sessions of this week. This marked increased appetite in the stocks of the companies listed on the…
Forex turnover records $147.81 million as naira depreciates to N878.57/$1 at the official market
Forex turnover rises by 460.52% to $147.81 as the Nigerian naira tumbled against the dollar on Tuesday, January 16th, 2024, in both the official and black markets. The domestic currency depreciated 4.72% to close at…
Many CEOs fear a second Trump term would be worse than the first
When donald trump left office three years ago, still huffing, puffing and plotting to overturn the results of the 2020 presidential election, the leaders of most of America’s biggest corporations were only too happy…
Fitch Blacklists Union Bank Over CBN Intervention
Fitch Ratings has placed Union Bank of Nigeria Plc’s (UBN) Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative (RWN). The RWN follows the Central Bank of Nigeria’s (CBN)…
After Refinery Take Off, Dangote’s Stocks Appreciate By N514bn
Following announcement that the Dangote refinery had commenced production, investors have rushed to Nigerian Exchange to purchase stocks by Dangote Group which saw an appreciation of N514 billion. Subsequently, three…
BREAKING: Shell to Sell Nigeria Onshore Oil Business for $1.3 Billion
Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval. Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed…