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The Nigerian Exchange Group is positioning the upcoming initial public offering of the Dangote Petroleum Refinery as a continental investment opportunity rather than a local affair. Group Chairman Umaru Kwairanga disclosed the cross-border listing strategy on Friday at the London Africa Summit. To broaden institutional participation, the exchange has already commenced formal engagements with multiple…
A group of 397 Nigerians are undergoing official screening in South Africa ahead of an emergency evacuation. The diplomatic exercise serves as a direct response to a surge in anti-foreigner campaigns across major South African cities. Officials began the documentation process on Thursday and intend to conclude the initial phase on Sunday. Three separate South…
An aggressive wave of profit-taking wiped 5.15 trillion naira off the Nigerian Exchange in just four trading days. The sharp equity contraction marks a brutal start to June for domestic and foreign portfolio investors. Widespread sell-offs targeted previously resilient blue-chip corporations, dragging the market capitalisation down to 155.36 trillion naira. The sudden downturn ended a…
The three publicly traded entities owned by Aliko Dangote grew their combined net profit by 52.3 percent during the first quarter of 2026. Financial statements submitted to the Nigerian Exchange Group show that Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries generated N161.43 billion in profit after tax. This corporate surge follows a combined…
Nigeria’s Permanent Representative to the United Nations, Senator Jimoh Ibrahim, has secured the chairmanship of the global body’s Fifth Committee. The 193-member General Assembly elected Ibrahim to lead the influential group responsible for administration, human resources, and the budget. The appointment positions a Nigerian diplomat at the core of the financial management of the United…
The Central Bank of Nigeria has launched an aggressive financial strategy to drive the country toward a one-trillion-dollar economy. Dubbed the Payments System Vision 2028, the blueprint aims to drag an additional 50 million citizens into the formal banking system. Governor Olayemi Cardoso presented the four-year roadmap in Abuja, framing electronic payment channels as vital…
Nigeria’s largest private refinery has lowered its wholesale fuel prices to stay competitive in a newly deregulated domestic market. The Dangote Petroleum Refinery reduced its gantry price for premium motor spirit to N1,250 per litre, down from N1,275 per litre. The facility operators also slashed the wholesale price of automotive gas oil by N100, bringing…
NATO has sharply condemned Moscow’s mounting geographic recklessness after a Russian drone crashed into a residential high-rise building in eastern Romania. The overnight strike occurred in the border city of Galați as the Kremlin launched fresh aerial bombardments against nearby Ukrainian infrastructure. Romanian defense officials confirmed that the drone’s full explosive payload detonated on the…
The Central Bank of Nigeria has abruptly halted its monetary easing cycle, frozen by an unexpected resurgence of global and domestic price pressures. The Monetary Policy Committee voted unanimously to maintain the benchmark interest rate at 26.5 per cent, defying previous expectations of progressive rate cuts. Central bank officials chose this cautious hold to protect…
The Nigerian naira maintained a stable trajectory against the United States dollar across both official and parallel foreign exchange markets this morning. Data from the Nigerian Foreign Exchange Market showed the local currency trading at an official rate of 1,372.84 naira per dollar. This figure represents a minor adjustment from the 1,372.64 naira recorded at…
