THE $20 billion Dangote Refinery has concluded plans to import crude oil from the United States in the coming months. Already, traders’ familiar with the matter disclosed that Trafigura Group has sold two million barrels of WTI Midland to the Dangote refinery for delivery by the end of February 2024. According to Bloomberg, this […]
At least 1,500 members of staff of the Central Bank of Nigeria will on Friday resume at its Lagos office following their redeployment from the headquarters, The PUNCH has learned. A source at the apex bank told our correspondent exclusively that the plan, though heavily criticised, was still in motion, and affected staffers would […]
The Central Bank of Nigeria (CBN) has released US$500 million to various sectors to further address the backlog of verified foreign exchange transactions. This comes barely a week after the apex bank paid approximately $2.0 billion to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. The Acting Director of the Corporate Communications […]
The recent increase in electricity tariff by the Nigerian Electricity Regulatory Commission, NERC, has failed to translate to improvement in power supply as on-grid generation fell to 3,383 Mega Watts as at 3pm yesterday. Vanguard checks on the National Grid data posted on the System Operator’s Grid Data Portal showed that as at 3pm […]
The naira has hit a record low at the parallel section of the foreign exchange market. The local currency traded at N1,415 on Thursday — a 3.66 percent decline from N1,365 traded on Tuesday. Currency traders, also known as Bureau de Change (BDC) operators, put the buying rate of the greenback at N1,400 and […]
The Nigerian naira, on Tuesday, continued its downward spiral, dropping to N1,365 per dollar at the parallel section of the market. The figure represents a N35 or 2.63 percent depreciation compared to the N1,330 it traded on January 16, 2024. Currency traders, also known as Bureau De Change (BDC) operators, put the buying price […]
Dangote Cement crossed the N10 trillion threshold on Monday– making it the first Nigerian company to hit the mark. The cement manufacturer, a subsidiary of Dangote Industries Limited, is largely owned by Aliko Dangote, Africa’s richest person. On January 19, 2024, Femi Otedola, a billionaire investor and chairman of Geregu Power, bought an undisclosed number […]
The Nigerian National Petroleum Company Limited, on Sunday, said it would prepay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank last year. NNPCL disclosed this in a document titled, ‘Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi […]
The Nigerian National Petroleum Company (NNPC) Limited says it adopted a lower price benchmark for $3.3 billion crude-for-cash loan to reduce the risk of default and ensure financial stability. The NNPC spoke on the details of the facility in a document signed by Olufemi Soneye, NNPC’s chief corporate communications officer, on Sunday. The document […]
Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets. The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) on Wednesday. […]
