The Nigerian Equity Market experienced a downturn on the first trading day of the week on Monday mirroring the broader global market decline. This decline resulted in a N93bn loss in market capitalisation which now stands at N55.40tn. The All-Share Index fell to 97,582.41 points, down 0.17 per cent from […]

Top 10 Largest Refineries in the World

The Central Bank of Nigeria (CBN) has granted approval for a financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. A statement by the CBN Acting Director, Corportae Communications, Mrs Sidi Ali Hakama on Tuesday, said, “This strategic move is designed to bolster the stability […]

The federal government says the Nigeria Youth Investment Fund (NYIF) has been restructured with a capital base of N110 billion to support youth-led businesses. The minister of youth, Jamila Ibrahim, stated this in Akure on Tuesday during a town hall meeting for South-West youths. Ms Ibrahim said since the relaunch of the NYIF, […]

Katsina Billionaire Begins Cement Production, Builds $1.5bn Plant in Kogi, Rolls Out First Bag Another Nigerian billionaire, Dahiru Mangal, has reportedly completed a $1.5 billion cement plant in Kogi State. The facility has rolled out the first bag of cement and has promised to produce about 200 trucks daily The […]

Lagos State Governor, Mr. Babajide Sanwo-Olu, has urged agro and food processing companies to work toward reducing their prices during this time of economic hardship as a way of giving back to the society and ensuring food security in Nigeria. Governor Sanwo-Olu made the call on Thursday during a courtesy […]

As the anticipation for petrol from the Dangote Refinery builds, independent marketers express scepticism, indicating that only the Nigerian National Petroleum Corporation (NNPC) can manage the pricing deal currently in play. The comments come amid widespread speculation about the potential impact of Dangote Refinery on Nigeria’s petroleum market, especially as […]

The naira continued its decline against the dollar on the foreign exchange market on Monday. FMDQ data showed that the naira further weakened by N2.11 to N1,611.40 per dollar on Monday from N1,609.29 traded last Friday. Similarly, the naira-to-dollar exchange rate at the black market dropped by N5 to N1,600 on Monday from […]

Many depots for Premium Motor Spirit, popularly called petrol, are currently dry, leading to fuel scarcity and attendant queues in Lagos, Ogun, parts of Abuja, Niger, and some other states across the country. The PUNCH reports that black marketers have taken advantage of the situation, selling as high as N1,300 […]