12.7 per cent stake in 2024 for loan servicing, Fitch Ratings, a credit rating agency says in a report released on Monday. Fitch recalled that the Nigerian National Petroleum Company Limited had earlier planned to acquire a 20 per cent stake in the refinery. However, the rating agency indicated that the […]

A 5km natural gas pipeline network has debuted in Victoria Island, connecting Eko Atlantic City, Lagos, courtesy of Axxela Limited and NGML. This milestone marks a significant achievement in Axxela and NGML’s ongoing 72.5km pipeline infrastructure project, which will span from Victoria Island to the Lekki metropolis. The newly commissioned […]

The Federal Government is mulling a revamp of the textile industries in Nigeria to leverage on its job creation potentials. To this end, the Vice President, Kashim Shettima hosted a number of stakeholders at the Presidential Villa Abuja on Tuesday, which included the governors of Lagos and Imo State to […]

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 […]