In a surprising twist, Africa’s richest man, Aliko Dangote, has revealed that his flagship Dangote Refinery is importing between 9 and 10 million barrels of crude oil monthly from the U.S. and other nations. This admission comes during the West African Refined Fuel Conference in Abuja, and it raises eyebrows since Nigeria is renowned as…
According to the National Bureau of Statistics (NBS) in its recently published rebased data, Nigeria’s gross domestic product (GDP) increased by 3.13 percent in real terms during the first quarter of 2025 (Q1 2025), up from 2.27 percent in Q1 2024. The Statistician General, Prince Adeyemi Adeniran, announced this in Abuja, explaining that after the…
Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has emphasized the need for stronger collaboration between the media and the Commission to enhance public understanding of Nigeria’s oil and gas reforms. He made this appeal during the opening of a two-day Strategic Media Workshop tailored for oil and gas…
First City Monument Bank (FCMB) has given out prizes to 3,016 customers in its tenth season of the ongoing Millionaire Promo. So far, 12 winners have taken home the top prize of 1 million Naira each, while 3,004 others received various cash rewards. Winners were chosen through electronic draws conducted from January to June, allowing…
The Central Bank of Nigeria has scheduled its 301st MPC meeting for Monday and Tuesday, July 21 and 22, 2025. This information was shared on the bank’s official website over the weekend. The MPC, which is the bank’s top body for making key monetary decisions, will gather in Abuja to discuss the country’s interest rates…
Alhaji Aliko Dangote, head of the Dangote Group, has said Nigeria’s government-run refineries in Port Harcourt, Warri, and Kaduna might never work properly again. This is despite reports claiming over $18 billion has been spent to fix them. While hosting Global CEO Africa at the Dangote Petroleum Refinery, Dangote explained that his plan to build…
Rand Merchant Bank Nigeria Limited has announced that it served as the lead issuing house for Stanbic IBTC Holdings PLC’s N148 billion rights issue. In a statement released on Wednesday, RMB highlighted its collaboration with Stanbic IBTC to effectively structure, coordinate, and execute a smooth capital raise, enabling the Group to meet and surpass the…
The naira continued its upward trend against the dollar in the official foreign exchange market on Wednesday, marking its third consecutive day of gains this week. According to data released by the Central Bank of Nigeria, the naira strengthened to N1,526.15 against the dollar on Wednesday, up from N1,529.57 on Tuesday. This represents a daily…
The Nigerian economy is estimated to have expanded by approximately 3.7% in the first half of 2025, fueled by improved business conditions and a rise in crude oil production. This information was revealed in a report from the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI), compiled by S&P Global and released on Tuesday. Muyiwa…
The Recently experienced a notable appreciation against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira strengthened to N1,536.08, up from N1,549.26 the previous day, marking a gain of N13.18 against the dollar. This marks the first increase for the Naira in the official exchange…
