Business
Business news…
Axxela partners with NGML to Launch 5km Natural Gas Pipeline Network in Victoria Island
Lagos, Nigeria – Axxela Limited and NGML have made a significant milestone in their ongoing 72.5km pipeline infrastructure project, with the launch of a 5km natural gas pipeline network in Victoria Island, Lagos.
The newly commissioned pipeline connects Eko Atlantic … Continue Reading
4 Nigeria’s Billionaires See Sizable Increase in Wealth as Naira Depreciation Boosts their Fortunes
In the last 24 hours, the fortunes of Nigeria’s wealthiest individuals have experienced a significant surge, with their combined wealth rising to $25.7 billion, a slight increase from the previous day’s total of $25.3 billion.
The rise in wealth is … Continue Reading
Dangote Refinery to Sell remaining NNPC 12.7% Stake to Service Loans, Fitch Ratings Warns
In a move to service its significant syndicated loan maturing in August 2024, the Dangote Refinery is planning to divest a 12.75% stake in the company.
This decision was revealed in a report by Fitch Ratings, a … Continue Reading
CBN Greenlights Unity Bank, Providus Bank Merger with Financial Support
The Central Bank of Nigeria (CBN) has granted approval for the proposed merger between Unity Bank Plc and Providus Bank Limited, a move aimed at bolstering the stability of the nation’s financial system and averting potential systemic risks.
According to … Continue Reading
Why Fuel Importers Will Frustrate Dangote Refinery – Obasanjo
Former President Olusegun Obasanjo has sounded a warning to those who may be benefiting from the fuel importation business, cautioning that they will stop at nothing to frustrate the Dangote Petroleum Refinery. In an interview with the Financial Times, … Continue Reading
Femi Otedola Advocates for Windfall Tax, Urges Banks to Cut Lavish Spending on private Jets
Leading businessman and financier, Femi Otedola, has thrown his weight behind the implementation of a windfall tax on Nigerian banks, stressing its importance in promoting economic stability and equity. The billionaire also took a swipe at banks’ extravagant spending … Continue Reading
Bank Ordered to Pay N811m to Court Registrar in Chargeback Fraud Suit
A Federal High Court in Lagos has ordered a commercial bank to pay a sum of N811,174,229.25 to the Chief Registrar of the court, pending the determination of a suit filed by Shago Payments Limited against the bank and two … Continue Reading
EU’s Deforestation Policy Could Push Nigeria’s Cocoa Farmers into Poverty, Association Warns
The National President of the Cocoa Farmers Association of Nigeria, Comrade Adeola Adegoke, has written an open letter to the European Union Commission, urging a postponement of the implementation date for the European Union Deforestation Regulation (EUDR). The regulation … Continue Reading
Gabonese Govt woos Dangote for Investment in Cement and Fertilizer Sectors
President Brice Oligui Nguema of Gabon has extended an invitation to Aliko Dangote, CEO of Dangote Industries Limited, to explore investment opportunities in Gabon’s cement and fertilizer sectors.
This development comes after Dangote abandoned plans to invest in Nigeria’s steel … Continue Reading
We must support local champions like dangote – Femi Otedola defends his ‘brother’
Femi Otedola, billionaire businessman and chairman of Geregu Power PLC and FBN Holdings, has come out in strong support of Aliko Dangote, the chairman of Dangote Industries Limited, amid a heated dispute between Dangote and Nigeria’s oil sector regulators.
In … Continue Reading