Business

Billionaire businessman Femi Otedola on Tuesday warned oil gangs in the country to dismantle their depots and sell them for scrap before it is too late. He made the suggestion in a post on his X platform shortly after the launch of Premium Motor Spirit (PMS) which is known as petrol from the Dangote Refinery. Otedola described the launch of …

Nigeria’s equity market maintained its bullish sentiment on Tuesday as investors made N46 billion at the close of trading for the day. This follows the rise in share prices of stocks such as IMG, CIL EASING and GUINEAINS among others on the trading floor. After five hours of trading in the capital market, equity capitalization jumped to N55.67 trillion from …

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on Tuesday that the Dangote Refinery will supply 25 million litres of petrol to the Nigerian market daily starting this month. The oil industry regulator revealed this in a post on its X platform, adding that refineries will increase supply to 30 million liters daily in October. The article reads: …

Cryptocurrency exchange platform Binance Holdings Limited on Tuesday filed a fresh appeal to the Federal Government to release its detained executive, Tigran Gambaryan. The platform also expressed its readiness to “resolve any alleged past issues” with the Nigerian government as it has done with the governments of Brazil and India where the platform has recently been involved in legal disputes. …

Businessman Aliko Dangote announced on Tuesday that the Federal Executive Council (FEC) is working on setting a new pricing structure for petrol produced at the Dangote Refinery. The refinery, which has a production capacity of 650,000 barrels per day, officially launched its refined gasoline on Tuesday, with Dangote indicating that the product would be available at filling stations within the …

After more than a year since its launch in May 2023, the Dangote Refinery, on Tuesday, launched its first Premium Motor Spirit (PMS), also known as petrol, from its 650,000 barrels per day capacity facility. This was even expressed by the company’s chairman, billionaire businessman Aliko Dangote, who stated that “today is a day of celebration” for Nigerians. He further …

Purchasing SRC, a concessionaire, has moved Jeety Rubber LLC from a rubber processor company to a processor and a concessionaire. Monrovia, September 2, 2024: Indian philanthropist and businessman Mr. Upjit Singh Sachdeva (Mr. Jeety) has saved over 900 jobs after purchasing the Salala Rubber Corporation (SRC), potentially relieving thousands of families whose breadwinners were headed for unemployment. Through his Jeety Rubber …

The Nigerian equity market kicked off the new week and September on a positive note as investors raked in profits of N123 billion at the close of trading on Monday, September 2, 2024. This follows the rise in share prices of stocks such as Oando, IMG and ETranzact among others on the trading floor. After five hours of trading in …

The Nigerian stock market rallied again last week following strong performances from stocks such as Oando, Julius Berger, Eterna, Deapcap and others. After five days of trading, investors smiled home with profits of N348 billion last week. The Nigerian stock market rose in four of the five trading sessions as the All Share Index (ASI) rose 0.63% to close the …

Former Vice President Atiku Abubakar has slammed the Nigerian National Petroleum Company Limited (NNPCL) over its $6 billion debt to petrol suppliers. After months of denial, NNPCL on Sunday admitted that the cause of the country’s prolonged fuel shortage was debts to suppliers. Confirming the debt in a statement, NNPCL Head of Communications, Mr. Olufemi Soneye, said severe financial pressure …