Business

Aliko Dangote, chairman of Dangote Industries Limited has revealed that he will no longer invest in the Nigerian steel industry following allegations of monopoly by some parties. Speaking recently during a tour of his oil refinery in Lagos, Africa’s richest man said the organisation’s board decided to avoid the steel industry “to avoid being branded a monopoly”. Dangote also said …

Aliko Dangote, owner of Dangote Refinery and Petrochemicals has refuted claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) about the quality of petroleum products from the refinery and allegations of attempts to monopolise the industry. He spoke during a tour of the Dangote Oil Refinery and the Dangote Fertiliser Limited complex located at the Lekki Free Trade …

In a damning ruling, the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) has declared the quality of petroleum products from the Dangote Refinery, as well as those from other refineries such as Watersmith, Aradel, as inferior to imported products. This comes even as the agency revealed that the 650,000 barrels per day refinery has not been granted an operational …

In a bid to meet the demand for foreign exchange transactions, the Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to qualified bureaux exchange (BDC) operators at a rate of N1,450|$1. Eligible BDCs will be allowed to purchase up to $20,000 but must sell it to eligible end-users at a margin of no more than …

Investors in the Nigerian stock market enjoyed a rally on the NGX floor after making a gain of N320.84 billion in the just-ended trading week. The exchange recorded profits on four of the five trading days and losses on only one trading day. Market capitalization rose by N320.84 billion to N56.93 trillion from N56.44 trillion in the previous week. Similarly, …

Buying a house is one of the biggest decisions you will make in your life. In Nigeria, where the real estate market can be tricky, it is important to be smart and careful when looking for a good deal. This article you are about to read will give you 10 useful tips to help you ensure that you get the …

Nigeria’s equity market ended the week with a gain of N20 billion for investors on Friday. This follows the increase in stock prices such as SOVRENINS, CUSTODIAN, and NAHCO among others on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.92 trillion from N56.90 trillion posted by the exchange on Thursday. …

President Bola Tinubu said on Friday that his administration would make Nigeria a global investment destination. The President, according to a statement issued by his Special Adviser on Media, Ajuri Ngelale, stated this when a delegation from international energy company, ENI, led by its Chief Executive, Claudio Descalzi, visited him in Abuja. Tinubu said his administration was determined to transform …

The Government of Liberia is optimistic about moving national growth to 5.8% by next year. Monrovia, Liberia, July 19, 2024 –The Ministry of Finance and Development Planning is projecting Liberia’s economic growth to accelerate from 5.2% in 2024 to 5.8% in 2025. Acting Minister of Finance and Development Planning, Anthony G. Myers, provides a mid-year update on Liberia’s economy, forecasting …

The Central Bank of Nigeria (CBN) has issued new directives to banks and financial institutions operating in Nigeria on dormant accounts. Under the new directive, the central bank will take over funds in these dormant accounts and invest them in treasury bills and other securities. This is contained in a circular FPR|DIR|PUB|CIR|002|011 issued on Friday by John S. Onojah, Acting …