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Aliko Dangote, Africa’s richest person, has announced that the Dangote Petroleum Refinery will begin supplying petrol by mid-July. This update follows a slight delay from the previously anticipated June start date. Speaking during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos on June 9, Dangote provided clarity on the … Read more
In a significant corporate shift, Diageo, the foreign majority shareholder in Guinness Nigeria Plc, has agreed to sell its controlling equity stake of 58.02 percent to Tolaram, a Singaporean multinational company. The agreement, signed on Tuesday, outlines that Tolaram will acquire Diageo’s shareholding and enter into long-term license and royalty agreements to continue producing the … Read more
On Friday, the Naira experienced a slight depreciation in value at the official market, trading at N1,483.99 to the dollar. This marks a N2.50 decline from Thursday’s rate of N1,481.49, representing a 0.16% loss. According to data from the FMDQ Exchange, which manages the Nigerian Autonomous Foreign Exchange Market (NAFEM), the trading volume surged significantly. … Read more
The Nigerian Naira witnessed a positive surge in the parallel market, climbing to N1,495 against the US dollar on Thursday, marking an improvement from its previous rate of N1,510 per dollar on Wednesday. Similarly, within the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also experienced an uptick, reaching N1,481.49 per dollar. Data sourced from … Read more
Adia Sowho has stepped down from her role as Chief Marketing Officer (CMO) of MTN Nigeria. Sowho, who made history in August 2021 by becoming the first female CMO at MTN Nigeria, has left under what sources suggest might be contentious circumstances. Sowho’s career began in 2001 after earning an engineering degree. She initially worked … Read more
The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement to Nigeria under a $3.3 billion crude oil-backed prepayment facility arranged for the Nigerian National Petroleum Company Limited (NNPCL). This latest disbursement for Project Gazelle Funding Limited brings the total funded facility size to $3.175 billion. Afreximbank, acting as the Mandated Lead Arranger, … Read more
The Naira is projected to strengthen in the upcoming months after the Central Bank of Nigeria (CBN) settled over $1.3 billion in foreign exchange (forex) forwards contracts last week, according to analysts. Experts at Rand Merchant Bank in Lagos noted that following this settlement, the outstanding unpaid forex forwards contracts from now until December amount … Read more
Depositors of Heritage Bank, which is currently in liquidation, will begin receiving their insured deposits starting this week, according to Mr. Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC). During a press conference in Abuja, Hassan revealed that over 99 percent of the 2.3 million depositors have accounts with balances of N5 … Read more
In response to circulating online reports, the Central Bank of Nigeria (CBN) has firmly denied any plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. The CBN labeled these reports as false, clarifying on its social media channels, “The content is fake and not from the CBN.” This clarification follows recent … Read more
The naira depreciated to N1,510 per dollar in the parallel section of the foreign exchange (FX) market on Monday, marking a 1.34 percent decline from the N1,490/$ rate observed on May 31. Currency traders, commonly known as bureau de change (BDC) operators, reported buying the dollar at N1,490 and selling it at N1,510, resulting in … Read more