Dangote Cement Awaits Favourable Market Conditions to Sell Fresh Bonds

By Dipo Olowookere Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited in the future, the Chairman of the company, Mr Aliko Dangote, has revealed. Mr Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Mr Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Mr Muhammadu

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

By Investors Hub The major U.S. index futures are pointing to a lower opening on Thursday following the lackluster performance seen over the past several sessions. Some traders may look to cash in on recent strength in the markets amid concerns U.S.-China talks could drag on despite previous indications the signing of a phase trade deal was imminent. Any early selling pressure is likely to remain subdued, however, as trades will be wary of missing out on any further upside. The markets have recently shown intense reactions to reports about the trade talks, and an upbeat report could send stocks

By Adedapo Adesanya Oil rose on Friday as another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures grew by 51 cents to trade at $84.58 per barrel and the US West Texas Intermediate (WTI) crude futures expanded by 48 cents to $82.79 per barrel. For the week, Brent posted a decline of about 11 per cent and WTI recorded an over 8 per cent drop. This was caused by worries that persistently high interest rates will slow global growth and hammer fuel demand, even if supplies are depressed by Saudi

By Adedapo Adesanya Oil prices were relatively stable on Friday as the market balanced a weaker US Dollar and mixed jobs reports from the world’s largest oil economy and producer, the United States. Brent futures fell 12 cents or 0.2 per cent to settle at $78.57 per barrel, while the US West Texas Intermediate (WTI) crude rose by 10 cents or 0.1 per cent to settle at $73.77 per barrel. Despite the outcome, both crude benchmarks ended the first week of the year lower due to global recession concerns. The US economy added jobs at a solid clip in December,

By Modupe Gbadeyanka The foremost European Union (EU) journalism award, the Lorenzo Natali Media Prize, is asking journalists to submit applications for this year’s event for a chance to be honoured. The Prize, named after Lorenzo Natali, a former European Commissioner for Development and staunch defender of the freedom of expression, democracy and human rights, was first launched by the European Commission in 1992 to recognise bravery and excellence in reporting on sustainable and inclusive development. This year, it enters its 30th anniversary and would reward journalists reporting on themes such as inequality, poverty, climate, education, migration, employment, digital, healthcare,

By Modupe Gbadeyanka Nigerian businessman, Mr Aliko Dangote, is planning to fully enter into the American and European markets with an investment of about $50 billion. Mr Dangote noted that he hopes to achieve this by 2025 and his intention is to explore the renewable energy and petrochemicals sectors. Speaking in an interview with Bloomberg Markets Magazine, the Africa’s richest man, who has in the past been reported to be interested in buying Arsenal Football Club of England, disclosed that he will begin to explore the two foreign markets from 2020, after completing his $16 billion projects in Nigeria. “Beginning

By Modupe Gbadeyanka The Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, recently distributed some food materials to residents of Isiokpo in Rivers State. The items were shared to members of the community by the renowned banker through his not-for-profit organisation known as Herbert Onyewumbu Wiwge (HOW) Foundation. Several families who received the foodstuffs and relief packages worth millions of Naira, could not hide their excitement for the kind gesture. Mr Wigwe said the distribution of the foodstuffs to people was a conscious plan to tackle the post-coronavirus pandemic effects. He said a lot of businesses have been

By Dipo Olowookere Nigeria’s food safety agency, the National Agency for Food and Drug Administration and Control (NAFDAC), has denied claims by the Minister of Health, Mr Isaac Adewole, that it has cleared the reported ‘plastic’ rice. A senior official at the agency told BBC in Lagos that the Minister’s Twitter statement “is not their position.” Mr Adewole had tweeted that tests by the agency found “no evidence” of plastic material. About 2.5 tonnes of the “plastic” rice has been confiscated. Rice is Nigeria’s staple food and it is a tradition for people to give bags of rice as a

By Adedapo Adesanya The Governor of Ogun State, Mr Dapo Abiodun, has said potential investors willing to put their money in the state will enjoy several developments that have put been put in place by his administration to create a haven for thriving businesses. The Governor expressed this at the Executive Council Strategic Retreat (ECSR) held at Ogere, in Ikenne Local Government Area of the State as part of efforts put in place to ease doing business in the state. He said measures have been put in place to ensure that land title deeds are gotten within a month of