Business Enterprise Top Story

Driving Success: Strategies and Policies for Capital-Intensive Projects in Nigeria

Undertaking capital-intensive projects in Nigeria, particularly in Lagos, comes with a myriad of challenges that can impede progress and success. Aliko Dangote, founder of the Dangote Group, has firsthand experience with these obstacles. His $19 billion refinery project in Lagos faced repeated sabotage attempts from local and international criminal organisations, which he described as a Read More…

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Business Oil & Gas Top Story

Dangote refinery overcomes ‘Oil Mafia’ sabotage attempts

In a revealing account at the recent Afreximbank Annual Meetings, Aliko Dangote, Africa’s wealthiest individual and founder of Dangote Group, shared a harrowing tale of resilience against sabotage attempts by local and international criminal entities on his ambitious $19 billion refinery project. Dangote described these entities as an “oil mafia,” which he suggests have vested Read More…

Business Cryptocurrency Currency

SEC issues stern warning on Davido meme coin investment

The Securities and Exchange Commission (SEC) of Nigeria has issued a stark warning to investors regarding the burgeoning trend of meme coins, specifically citing the $Davido coin, which has recently gained media attention due to its association with the renowned Nigerian artist David Adeleke, popularly known as Davido. In May, Davido made headlines by entering Read More…

Business Mergers & Acquisitions Oil & Gas Top Story

Seplat Energy nears completion of ExxonMobil asset acquisition amidst legal hurdles

In a landmark move that could reshape the landscape of Nigeria’s oil industry, Seplat Energy is on the verge of concluding its acquisition of ExxonMobil’s Nigerian shallow water oil assets, valued at a colossal $1.28 billion. This development comes after the Nigerian National Petroleum Corporation (NNPC) withdrew its legal challenge against the sale, which had Read More…

Business Economy Top Story

Lagos’ economic success shines at global forum

Governor Babajide Sanwo-Olu highlighted Lagos State’s transformative economic journey and its pivotal role in driving Africa’s growth narrative during the 3rd AfriCaribbean Trade and Investment Forum in Nassau, Bahamas, on Wednesday. Addressing a diverse audience from Africa and the Caribbean, Sanwo-Olu underscored Lagos’ remarkable economic achievements, attributing them to robust internal revenue generation and strategic Read More…

Climate Finance Environment Metro Top Story

Sanwo-Olu calls for increased climate financing at Lagos summit

Governor Babajide Sanwo-Olu of Lagos State emphasised the urgent need for continuous and enhanced financing to combat climate change challenges during the closing ceremony of the 10th Lagos International Climate Change Summit on Thursday. Represented by his Deputy, Dr. Obafemi Hamzat, the governor stressed the importance of collaborative efforts among governments, financial institutions, and international Read More…

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Business Currency

Naira slightly depreciates against Dollar, currency trading volume declines

The Naira experienced a slight depreciation on Thursday, trading at N1476.24 to the dollar at the official market, according to data from the FMDQ Exchange. This marks a decrease of N2.58 or 0.17% compared to the previous trading day, where it traded at N1,473.66 to the dollar. Furthermore, the volume of currency traded reduced significantly, Read More…

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Business Debt Economy Top Story

World Bank approves $2.25 billion loan to bolster Nigerian economy

The World Bank has approved a $2.25 billion loan for Nigeria aimed at stabilising the economy following recent reforms and enhancing support for the nation’s poor, the financial institution announced in a statement on Thursday. In April, Finance Minister Wale Edun revealed Nigeria’s intent to secure up to $2.25 billion in loans from the World Read More…

Business Stocks Top Story

Nigerian Exchange gains momentum with ASI climbing 0.20%, robust trading activity

The Nigerian stock market demonstrated resilience and moderate growth as the All-Share Index (ASI) inched up by 0.20%, closing at 99,832.25. This increment, though modest, reflects a positive sentiment among investors as they navigate the diverse landscape of listed equities on the Nigerian Exchange, including those on the Growth Board. The day saw a substantial Read More…