Otedola acquires additional N222bn FirstHoldco shares, now controls 26%
By Peter Egwuatu Femi Otedola, Chairman of First HoldCo, parent company of First Bank, has bought additional 1.779 billion shares of the company worth N222.209 billion. According to a statement signed by the company’s secretary, Abiola Baruwa, made available to the Nigerian Exchange Limited, NGX, yesterday, the shares were acquired through Otedola’s investment vehicle, Calvados Global Services Limited. […]
Nigeria’s monthly trade surplus falls 35% to $1.39bn
By Babajide Komolafe Nigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports. The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by […]
Dangote partners Honeywell to raise Refinery capacity to 1.4m bpd
By Udeme Akpan Dangote Group has announced a strategic partnership with Honeywell International Inc. to support the next phase of expansion at the Dangote Petroleum Refinery. The company in a statement said that the collaboration is expected to boost the refinery’s processing capacity to 1.4 million barrels per day by 2028, moving it closer to becoming […]
CBN retains monetary policy rate at 27%
•16 banks cross new capital threshold •Recovers N2trn intervention funds Emeka Anaeto, Business Editor & Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) yesterday retained the Monetary Policy Rate (MPR) at 27 per cent citing the need to allow previous reduction to sufficiently transmit to the economy. Meanwhile the apex bank disclosed that […]
Renaissance takes energy security advocacy to Ibadan varsity
By Udeme Akpan Renaissance Africa Energy Company Limited has taken its energy security and industrialisation advocacy to the University of Ibadan with a commitment to education, youth empowerment, and community development. Speaking at the university’s alumni homecoming event, Managing Director and Chief Executive Officer of Renaissance, Tony Attah, hinged the economic emancipation and growth of Nigeria […]
Nigeria’s money supply surges 75.9% in 2yrs
… as banks’ credit to govt increases By Peter Egwuatu Money supply to Nigeria’s economy has significantly surged to a record N117.8 trillion in two years, amid growing banks’ credit to the government. Vanguard findings from the data released by the Central Bank of Nigeria, CBN, shows that money supply, M3 grew by 75.9% to N117.783 trillion […]
FATF Grey List: SEC tasks market operators on sustained compliance culture
By Peter Egwuatu The Securities and Exchange Commission (SEC) has urged financial sector stakeholders to strengthen and sustain a culture of proactive compliance to safeguard Nigeria’s position in the global financial system following its recent exit from the Financial Action Task Force (FATF) Grey List. Speaking at the Nigerian Capital Market Institute Compliance Summit on Monday, Dr. […]
FOREX gain grows NNPC profit after tax by 63.6% to N5.4trn
•Targets mid-2026 for final decision on refineries By Obas Esiedesa, Abuja Nigerian National Petroleum Company Limited, NNPCL, has declared a profit after tax of N5.4 trillion for the 2024 financial year, a growth of 63.6 percent when compared to N3.3 trillion recorded in the previous year. The company’s revenue also grew to N45.07 trillion from N23.9 trillion […]
CBN to slam 5yr ban on bank customers over dud cheque
By Babajide Komolafe The Central Bank of Nigeria (CBN) is working on a policy that would impose a five-year ban on ‘serial dud cheque issuers’. Under the proposed penalty clause a customer is designated ‘serial dud cheque issuer’ when he/ she issues cheques three times and they are not honoured due to insufficient funds. The CBN announced […]
GENCOS reject FG’s offer to forfeit 50% of N5trn debt
“For them now to draw up individual contracts for the companies and force it down on them is quite unfortunate. he GenCos have again rejected it”
Dangote unveils $700m expansion plan to boost sugar production
Dangote Group is set to end Nigeria’s dependence on imported sugar with an investment of more than $700 million sugar expansion plan aimed at boosting local production. Dangote Sugar Refinery, one of the group’s subsidiaries, is planning to invest the money in land development, equipment, infrastructure, training and community engagement, with the aim to build a supply […]
