The Nigerian stock market recorded an N48bn decline in market capitalisation at the close of trading on Wednesday, as bearish sentiments pushed the NGX All-Share Index down by 0.07 per cent to 106,090.38 points. This marked a 0.33 per cent loss in one week and a 1.61 per cent decline over four weeks, despite a
The Dangote Refinery, Africa’s largest oil refinery, is reportedly considering increasing its crude oil imports from Angola and Algeria, as discussions are ongoing over the naira-for-crude arrangement with the Nigerian government. This development comes as the Nigerian government engages in discussions to finalise a naira-for-crude deal, aimed at strengthening the local currency and reducing dependency
The Nigerian National Petroleum Company Limited (NNPCL) has been advised against the unilateral abandonment of it’s naira-for-crude deal because of its economic implications for the country. It was that that if the decision is pushed through, it could lead to skyrocketing petroleum prices yet again and thus inflict severe hardship on the Nigerian citizens. A
The ongoing price war in the downstream oil sector intensified on Tuesday as major oil marketers began offering petrol at lower prices than the N825 per litre gantry loading cost set by Dangote Petroleum Refinery. This move follows revelations that the landing cost of imported Premium Motor Spirit (petrol) in Nigeria has dropped to N774.72
On Tuesday, Airtel Africa announced that it had repurchased approximately 66,089 of its ordinary shares, each valued at $0.50, from Barclays Capital Securities Limited. This move is part of the company’s ongoing share buy-back program, authorized by its shareholders, which was initially announced on December 23, 2024. The purchase, made on Monday, March 10, involved
The ongoing price war in the downstream oil sector intensified on Tuesday as major oil marketers began offering petrol at lower prices than the N825 per litre gantry loading cost set by Dangote Petroleum Refinery. This move follows revelations that the landing cost of imported Premium Motor Spirit (petrol) in Nigeria has dropped to N774.72
The Standards Organization of Nigeria has intensified efforts to enhance product certification and support manufacturers by decentralizing its laboratory network and introducing a temporary Product Identification Scheme. This move, he explained, will significantly reduce the time it takes for manufacturers to test their products, thereby easing the certification process. Okeke also highlighted the agency’s strengthened
Additional firefighting ships were deployed off the British coast on Tuesday, a day after a cargo ship collided with a tanker laden with jet fuel chartered by the US military. Here is what we know about Monday’s incident in the North Sea involving the tanker Stena Immaculate and the container ship Solong: The Stena Immaculate,
Trading activity in the insurance sector of the Nigerian Exchange Limited remained strong on Tuesday, as investors exchanged 72.36 million shares across 951 deals, with Cornerstone Insurance Plc and International Energy Insurance Plc emerging as the top gainers. Market data showed that Cornerstone Insurance Plc recorded the highest price gain of 9.25 per cent, closing
PETROAN’s National President, Billy Gillis-Harry, made the request during a courtesy visit to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Tuesday in Abuja. The Petroleum Products and Retail Outlet Owners Association of Nigeria has formally requested a seat on the board of the Nigerian Midstream and Downstream Petroleum Regulatory Authority,
