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…
The Federal Government has launched the Customs, Excise Tariff Variation Order 2024, aiming to enhance food security and reduce inflationary pressures across the country. This development was disclosed in a statement signed by Mr. Mohammed Manga, Director of Press and Public Relations at the Ministry of Finance, in Abuja on Thursday. The regulation, endorsed by…
The stock prices of key subsidiaries within the Dangote Group, including Dangote Sugar Refinery and NASCON Allied Industries, have taken a hit, with analysts attributing the decline to foreign exchange losses and the Securities and Exchange Commission’s (SEC) recent rejection of their merger proposal. Market observers noted that the ongoing inflationary pressures and volatility in…
The amount of currency held outside Nigeria’s banking system surged to N3.79 trillion in June 2024, up from N3.61 trillion in April, according to the latest data from the Central Bank of Nigeria (CBN). This growing volume of unbanked money is posing significant challenges to the CBN’s ability to implement effective monetary policies and manage…
Delta Airlines has announced plans to equip its entire fleet of nearly 700 aircraft with free and fast Wi-Fi for passengers, marking a significant enhancement to its in-flight experience. The airline expects to roll out the service by the end of summer, fulfilling a long-held ambition to provide seamless internet access to its customers. In…
The 11th edition of the Financial Times Africa Summit is scheduled to take place on October 29 at The Peninsula in London. This high-profile event is expected to bring together African Heads of State, policymakers, global investors, and business leaders for critical discussions on Africa’s sustainable growth and development. According to a statement released on…
Guaranty Trust Bank (GTBank), one of Nigeria’s leading financial institutions, has clarified that its website was not cloned but was the target of an “isolated incident” involving an attempted compromise of the bank’s domain. The bank’s website has been down since Wednesday night, causing concerns among customers about potential data breaches. However, in a statement…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPCL) announced the discovery and confiscation of products from 63 illegal refineries in the Niger Delta over the past week. The company also uncovered 19 illegal pipeline connections during the same period. These developments were revealed in a documentary by the NNPCL on Wednesday, which highlighted…
Africa’s richest man, Alhaji Aliko Dangote, is embroiled in a fresh controversy over allegations of financial misconduct concerning the cost of constructing a fertilizer plant in Ibeju Lekki, Lagos. Reports suggest that Dangote may have inflated the project’s cost from an initial $40 million (₦63.6 billion) to a staggering $150 million (₦238.5 billion), leading to…
