Dangote Refinery to Double Capacity to 1.4 Million BPD in Three Years
The Dangote Petroleum Refinery has unveiled plans to expand its production capacity from 650,000 barrels per day (BPD) to 1.4 million BPD within the next three years. The announcement was made on Wednesday in Lagos by the refinery’s Managing Director and CEO, David Bird, during an interactive media session. Bird said the expansion would adopt a “roofless replication” model, duplicating existing infrastructure […]
China’s Trade Surplus Hits Record $1.2 Trillion as Global Exports Offset U.S. Tariff Losses
China’s trade surplus soared to a record nearly $1.2 trillion in 2025, driven by strong global exports that offset sharply declining shipments to the United States amid President Donald Trump’s intensified tariff campaign. Customs data released Wednesday showed China’s exports rose 5.5% last year to $3.77 trillion, while imports remained flat at $2.58 trillion. The […]
Dangote Steps Back as ICPC Continues Probe of Ex-NMDPRA Boss
Business magnate Aliko Dangote has formally withdrawn his petition against the immediate past Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engineer Farouk Ahmed. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has, however, confirmed that its investigation into the matter remains ongoing. In a statement on Wednesday, the […]
Dangote Refinery Debunks Closure Claims
Dangote Petroleum Refinery has dismissed reports claiming it is shutting down operations for maintenance, describing the information as false and misleading. In a statement issued on Monday, the refinery clarified that production remains stable, ongoing and uninterrupted, with adequate capacity to meet Nigeria’s domestic fuel demand. “Dangote Petroleum Refinery continues to operate at scale and […]
Stocks Hit Record Highs in 2025 as Bull Market Defies Tariffs and AI Bubble Fears
U.S. stock markets surged to record highs in 2025, powering through tariffs, a brief government shutdown, and recurring concerns about a potential artificial intelligence bubble. The S&P 500, a benchmark closely tied to most Americans’ retirement accounts, gained roughly 17% this year as of Dec. 23. While that marks a slowdown from the previous two […]
Banks to Begin N50 Stamp Duty on Transfers Above N10,000 from January 1
Nigerian banks will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, following the implementation of the Tax Act. The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee applied to electronic receipts or transfers involving deposits in commercial banks or […]
Power to Banking: Otedola Seals ₦1.088trn Geregu Deal
Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a ₦1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc. Otedola, who is also chairman of First HoldCo Plc, is expected to concentrate more on expanding his interests in Nigeria’s banking sector, although he will retain […]
Market Stability Unshaken Despite Sokoto Air Strikes — FG
Nigeria’s financial markets remain stable following joint US–Nigerian airstrikes targeting ISIS terrorists in Sokoto on Christmas Day, December 25, Finance Minister Wale Edun has assured. In a statement released on Sunday, Edun emphasized that both domestic and international debt markets continue to function efficiently, citing prudent fiscal management as a stabilizing factor. “Our financial markets […]
$7m Corruption Claim: Dangote Writes ICPC Against NMDPRA Head
Chairman of the Dangote Group, Aliko Dangote, has petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged corruption and financial impropriety involving the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk. In the petition dated December 16 and submitted through his lawyer, Ogwu Onoja (SAN), […]
Dangote Refinery Cuts Petrol Price to N699 per Litre
The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (PMS), lowering the benchmark from N828 to N699 per litre in its latest downward review. Fresh pricing data released on Friday by Petroleumprice.ng showed that the refinery implemented a N129 reduction, representing a 15.58% drop in its ex-depot petrol price. The new rate […]
