The Federal Government has announced that sales of crude oil to the Dangote Refinery and other local refineries will commence on October 1, 2024. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the Implementation Committee on Monday in Abuja. In a post on…
The African Export-Import Bank (Afreximbank) reported a significant increase in gross income, reaching $1.47 billion in the first half of 2024, up from $1.12 billion at the end of 2023. This information was disclosed in a statement following the release of the bank’s consolidated financial statements for the six months ending June 30, 2024. Afreximbank,…
By Ayomide Otitoju FirstBank, West Africa’s premier financial institution, has officially announced the commencement of its 2024 Corporate Responsibility and Sustainability (CR&S) Week, scheduled to take place from August 19 to 24. This year’s event aims to deepen the bank’s commitment to empowering communities, reducing environmental impact, and advancing the United Nations’ Sustainable Development Goals…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that it owes international oil traders $6.8 billion and that it has failed to remit funds into the federation account since January. In a statement issued on Sunday, Chief Corporate Communications Officer Olufemi Soneye dismissed the allegations, clarifying that while it is…
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has firmly denied recent reports alleging that it is selling employment slots to the public. In a statement released on Saturday by the company’s Chief Corporate Communications Officer, Olufemi Soneye, the public, especially job seekers, were urged to disregard these rumors. Soneye emphasized that there is no…
The 2024 Ecobank Fintech Challenge has identified 12 finalists, including Nigerian firms Sawport Video Banking and Sproutly Africa, following the first semifinal event held on Wednesday at the Ecobank Pan African Centre, Lagos. The announcement was made by Ecobank Nigeria’s Director/Regional Executive, Bolaji Lawal, and Executive Director/Chief Risk Officer, Niyi Olagbami. Other finalists in the…
By Ayomide Otitoju First City Monument Bank Limited (FCMB) has announced the appointment of Ademola Adebise and Mrs. Olufunmilayo Adedibu to its board of directors. In a statement released on Wednesday, the bank described Adebise as a highly respected figure in Nigeria’s financial industry, and Adedibu as a distinguished lawyer with extensive experience in legal…
Despite substantial investments totaling N200 billion since 2021, Nigeria’s efforts to rehabilitate and repair its aging refineries have yielded little success, leaving the facilities largely non-functional. In 2021, the Nigerian National Petroleum Company Limited (NNPCL) reported that it was spending N8.3 billion monthly on the rehabilitation of its four refineries: the Port Harcourt refineries, Kaduna…
Aliko Dangote, the renowned business magnate behind Nigeria’s $20 billion refinery project, has experienced a significant drop in his wealth this year, losing over $1 billion. The decline, primarily attributed to the sharp depreciation of the naira and a recent decrease in the value of his equity holdings, has impacted Dangote’s position on the global…
