In a robust response to escalating security threats and unlawful activities within Nigeria’s mining sector, the federal government has instituted an immediate suspension of all mining operations in Unguwar Magro Village, situated in Niger State. This decisive action follows a tragic and violent incident in which twelve miners lost their lives at the hands of…
Oando PLC has officially completed the acquisition of Nigerian Agip Oil Company (NAOC) from the Italian energy giant Eni, marking a major achievement in Oando’s strategic vision. The transaction, valued at $783 million, includes not only the purchase consideration but also reimbursement for the assets, representing a significant investment in Nigeria’s energy sector. This acquisition…
Despite significant improvements in Nigeria’s foreign exchange market fundamentals, the naira continues to struggle, trading at N1,600/$ in the black market as of Wednesday morning. This trend persists even as the U.S. dollar index hovers near a seven-month low. Naira short sellers remain undeterred, even in the face of the Federal Government’s recent issuance of…
The Nigerian stock market has surged by approximately 31% this year, entering a bull run despite the country’s challenging economic conditions. Thanks to advancements in technology, investing in Nigerian stocks has become more accessible and transparent. Major companies on the NGX, including Airtel Africa, BUA Cement, Dangote Cement, and MTN Nigeria, boast market capitalizations exceeding…
The data reveals a dramatic shift in the monthly expenditure on debt servicing, with states moving from spending around N9 billion to over N20 billion.
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to take decisive action by ordering a comprehensive investigation into the use of significant loans obtained by Nigeria. Specifically, SERAP has urged the President to direct the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, along with…
Dangote Group Dominates CBN’s Retail Dutch Auction, Secures Over $105 Million in Foreign Exchange for Critical Imports The Dangote Group, a conglomerate led by Africa’s richest man, Aliko Dangote, has emerged as a leading recipient in the latest Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN). The Group’s subsidiaries successfully secured a…
The package consists of a 20-year term loan specifically designed to support the post-merger stability of the new financial institution.
The Federal Government of Nigeria has initiated its Series I Domestic USD Bond, aiming to generate at least $500 million from both local and international investors. According to Nairametrics, the government aspires to exceed this initial target, seeking up to $1 billion in subscriptions through this bond auction. This effort is part of a broader…
The cryptocurrency market is experiencing significant turmoil, with a strong bearish sentiment sweeping across the industry. Over the past 24 hours, the market has seen a massive liquidation, crossing the $1 billion mark. According to data from CoinGlass, a highly trusted source for crypto liquidation information, total liquidations have reached $1.12 billion. Of this amount,…
