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Business
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…
HabariPay’s Squad Launches Take On Squad Hackathon 1.0 For Young Innovators
In line with its mission of empowering businesses and young innovators across Africa, HabariPay's Squad has announced the launch of its first-ever…
How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up
Adebayo Ogunlesi, co-founder of Global Infrastructure Partners, credits his wife Amelia for a career switch that led on Friday to a $12.5bn deal…
Africa’s first black billionaire, Patrice Motsepe’s net worth jumps $400 million in 1 month
Patrice Motsepe, Africa’s first black billionaire and one of South Africa’s richest men, has experienced a notable financial upturn, witnessing a $400 million increase in wealth over the past month. According to recent…
Seven major marketers get approval to sell Dangote fuel
The seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery for the lifting and distribution of refined petroleum products produced by the $20bn plant. Dealers under the aegis of the…
Adebayo Ogunlesi’s net worth to hit $2.3 billion as Blackrock deals mints valuation
Adebayo Ogunlesi, the Chairman and CEO of Global Infrastructure Partners, has seen a significant boost in his net worth to $2.3 billion following the recent acquisition of his firm by American institutional investment…
Central Bank Decongestion Sparks Anxiety Among Staff as 1,533 Face Relocation
The Central Bank of Nigeria (CBN) has set off a wave of uncertainty among its staff with the sudden announcement of a head office decongestion plan affecting 1,533 employees. The move,…
Dangote Refinery seeks approval to hit market with diesel, aviation fuel
THE Dangote Petroleum Refinery has sought the approval of the Federal Government to hit the domestic market with diesel and aviation fuel. The approval is expected from the Nigerian Midstream and Downstream Petroleum…
An influx of Chinese cars is terrifying the West
Is china about to unleash another wave of deindustrialisation on the rich world? About 1m American manufacturing workers lost their jobs to Chinese competition in 1997-2011, as…
African startups raise $2.9 billion last year
Last year, startups across Africa raised a total of $2.9 billion in 2023, which was a 39 per cent year-on-year drop in funding.…
Airlines threaten strike in Nigeria over dollar settlements
Foreign airlines in Nigeria are threatening to strike unless the government allows them to repatriate their earnings trapped in the West African nation that’s been grappling with an acute dollar shortage. The Association of…
Crude oil prepayment facility: UBA, Afreximbank announce $2.25bn initial disbursement
United Bank for Africa Plc (UBA) and the African Export-Import Bank (Afreximbank) have announced an initial disbursement of $2.25 billion under a…
Disquiet in CBN as new management plans relocation of major departments to Lagos
There is growing disquiet within the Central Bank of Nigeria (CBN) following revelations of plans by the new management to relocate major departments from the Abuja headquarters to the former headquarters in Lagos. The…
Elated Aliko Dangote thanks President Tinubu for feat as giant refinery roars to life in Lekki
The giant 650,000 barrels a day Dangote Petroleum Refinery commenced production of diesel and aviation fuel on Friday bringing hope of an early end to the wasteful importation of fuel which has characterized Nigeria’s…
Dangote Refinery commences Production
The Dangote Refinery has started production on Friday, January 12, 2024. The largest single-train refinery in the world started operations in the early hours of Friday. Six million barrels of crude oil supply were…
BlackRock to acquire Adebayo Ogunlesi’s Global Infrastructure Partners for $12.5 billion
BlackRock Inc. is set to acquire Global Infrastructure Partners, owned by Nigerian investment banker Adebayo Ogunlesi, for over $12.5 billion in cash and stock, Financial Times reported on Friday. According to the…
Dangote: Shareholders, experts call for caution in corporate matters
Capital market stakeholders have called for a judicious approach by government and law enforcement agencies in handling…
Dangote Refinery to reach full capacity in June as crude demand up by 2mbpd
Dangote Refinery may produce at its full capacity of 650,000 barrels per day by the second quarter of this year.…
Shippers kick as Maersk imposes arbitrary $300 PSS on Nigeria-bound cargo
· Importers to pay more for cargoes from China, other Asian countries Nigerian shippers have kicked against the imposition of a $300 peak…
Femi Otedola’s net-worth rises to $1.2 billion, rejoins Forbes billionaire list as Nigeria 4th…
Billionaire investor Femi Otedola has surged to the fourth position on Nigeria’s list of top billionaires, with a current valuation of $1.2 billion, according to Forbes. This recent reassessment is attributed to his…
Nigeria dollar bonds fall seven consecutive days following EFCC raid on Dangote
Nigeria’s dollar bonds maturing 2025 have fallen for seven consecutive days for their longest losing streak since September, suggesting that investors are watching what happens…
Hassan Imam: Meet the newly appointed CEO of Keystone Bank
The Central Bank of Nigeria has unveiled the latest executives to assume leadership roles in the recently dissolved boards of three prominent banks. Among the appointees is Hassan Imam, now designated as the Chief…
Meet Yetunde Oni, Union Bank’s new Managing Director/CEO
Following the dissolution of the Board and Management of three prominent banks Union Bank, Keystone Bank, and Polaris Bank on Wednesday, the Central Bank of Nigeria (CBN) announced the appointment of Yetunde Oni as the…