After two years of chasing new funds, meeting tough regulations and pitching to investors, pressure is now building on banks to make better use of their profits before the next earnings season, Daily Sun findings show. With the recapitalisation exercise led by the Central Bank of Nigeria (CBN) now completed, banks have raised a combined N4.65…
Dangote Petroleum Refinery has dragged the Attorney General of the Federation before the court in a fresh legal battle over fuel import licences granted to marketers and the Nigerian National Petroleum Company (NNPC), court documents have shown. The latest suit signals renewed tension in Nigeria’s downstream oil sector, barely one year after the refinery withdrew an…
Africa’s foremost industrialist, Aliko Dangote, has disclosed plans to expand into the power sector with a target of generating up to 20,000 megawatts (MW), as part of a strategy to accelerate industrialisation and economic transformation across the continent. Dangote made this known during a high-level engagement with the Managing Director of the International Finance Corporation…
Dangote Refinery has increased the ex-depot price of Premium Motor Spirit (PMS) or petrol and Automotive Gas Oil (diesel) following a sharp upward movement tied to international crude market pressure. From $105 per barrel on Monday, Brent crude jumped to $118 on Wednesday, and to $125 per barrel as of the time of filing this…
Africa’s richest man, Aliko Dangote, has announced plans to build a 650,000 barrels-per-day refinery in East Africa, mirroring the scale of his flagship facility in Nigeria, as part of a broader push to deepen industrial capacity across the continent. Dangote made the disclosure at a high-level summit in Nairobi on Thursday, where African leaders, financiers,…
The 2025 economic relationship between South Africa and Nigeria has emerged as one of Africa’s most strategically significant partnerships, with bilateral trade topping $2.16 billion despite a headline trade deficit for the Southern African nation. New data released at the end of the 4th edition of the South Africa Week held in Lagos, showed the…
The Central Bank of Nigeria (CBN), in collaboration with financial market dealers, has introduced the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark designed to enhance transparency and strengthen monetary policy transmission. This was disclosed in a statement issued on Friday by the apex bank’s spokesperson, Hakama Sidi Ali. According to the CBN, the NOFR…
Petroleum marketers and experts have rejected the Washington-based World Bank’s recommendations to Nigeria to open the country’s borders for premium motor spirit imports to edge Dangote Refinery. Recall that the World Bank, in its Nigeria Development Update released on April 7, recommended that Africa’s most popular country should prioritize imports. The bank had claimed that…
The World Bank has removed its latest Nigeria Development Update (NDU) report from its website, days after its initial publication, even as the Washington-based institution moved to clarify its position on petrol importation amid growing backlash. The report, titled ‘Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development’, was released on April 7, 2026. However, as of…
Dangote Petroleum Refinery & Petrochemicals has reaffirmed that the price of Premium Motor Spirit (PMS), commonly known as petrol, remains unchanged, allaying concerns over possible volatility in Nigeria’s downstream petroleum market. A source within the company disclosed that its current pricing structure is still in effect, with the gantry price fixed at N1,200 per litre,…
