Economy
Dangote Refinery Slashes Ex-Depot Price of PMS by N60 to N890
By Dipo Olowookere
The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has been slashed by the Dangote Petroleum Refinery by N60 per litre to from N950 to N890.
The private oil facility located in Lagos confirmed this development in the statement issued on Saturday night, noting that this crash in price is effective February 1, 2025.
It disclosed that the ex-depot price was crashed in a bold move to drive economic relief for Nigerians, adding that it is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.
Dangote Refinery said the price adjustment, which is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices, reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices, which currently is below $80 per barrel.
In the statement signed by the Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was explained that this latest move follows a similar decision made on January 19, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by President Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
By Adedapo Adesanya
The Nigeria Investment Authority (NSIA) and Japan International Cooperation Agency (JICA) have finalised agreements to launch a $50 Sovereignmillion impact innovation fund aimed at strengthening the Nigerian start-up ecosystem.
The fund is expected to provide patient capital to pre-seed, seed, and early-stage startups addressing critical social challenges in sectors such as agriculture, healthcare, education, energy, waste and water management.
JICA will provide $14 million in grant support, while NSIA contributes up to $20 million to match the grant.
Structured as an onshore public fund, the initiative combines financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
The fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria.
Speaking at the agreement signing ceremony between NSIA and JICA at the Ministry of Budget and Economic Planning, Mr Aminu Umar-Sadiq, the chief executive of NSIA, said: “The Fund represents a transformative step for Nigeria’s startup ecosystem. By providing early-stage ventures in high-impact sectors with the capital and support they need to grow, we are enabling innovators to tackle some of Nigeria’s most pressing challenges. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development.”
Preparations are underway to operationalise the Fund and develop a pipeline of high-impact startups ready for investment. NSIA remains committed to advancing socio-economic development through strategic partnerships that scale impact, expand innovative solutions, and unlock access to capital.
On his part, the Japanese Ambassador to Nigeria, Mr Suzuki Hideo, said, “The Government of Japan hopes this new project will take root in Nigeria and bear fruit swiftly.”
By Dipo Olowookere
It was a windfall for shareholders of Zichis and Japaul on the Nigerian Exchange (NGX) Limited last week as the prices of the two stocks expanded by over 60 per cent each.
Business Post reports that on the part of Zichis, it chalked up 60.74 per cent to trade at N17.36, while Japaul appreciated by 60.16 per cent to N4.02.
Further, Infinity Trust Mortgage Bank expanded by 59.09 per cent to N15.75, Fortis Global Insurance rose by 53.85 per cent to 60 Kobo, and Jaiz Bank surged by 32.53 per cent to N11.00.
However, the losers’ group was led by RT Briscoe after it shed 20.78 per cent to close at N13.80, Mecure depleted by 18.99 per cent to N84.25, Tripple G slipped by 18.80 per cent to N5.40, Sovereign Trust Insurance moderated by 17.14 per cent to N2.32, and Ellah Lakes dropped 14.67 per cent to end at N12.80.
In the week, 71 equities appreciated, lower than 79 equities in the previous week, as 41 stocks depreciated versus 27 stocks in the preceding week, and 36 shares closed flat versus 42 shares of the previous week.
A look at the performance of the bourse showed that the All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 6.95 per cent to 194,989.77 points and N125.164 trillion, respectively.
In the same vein, all other indices finished higher apart from the Growth index, which fell by 15.06 per cent, while the sovereign bond index closed flat.
As for the trading data, 7.662 billion shares worth N252.566 billion were exchanged in 345,118 deals, in contrast to the 4.652 billion shares valued at N193.326 billion traded in 286,751 deals a week earlier.
Financial stocks dominated the activity chart with 5.625 billion units sold for N113.599 billion in 129,729 deals, contributing 73.41 per cent and 44.98 per cent to the total trading volume and value apiece.
Services equities exchanged 493.131 million units worth N5.866 billion in 30,396 deals, and energy shares transacted 425.657 million units valued at N35.742 billion in 23,136 deals.
FCMB Group, Access Holdings, and Zenith Bank accounted for 3.594 billion shares worth N69.147 billion in 33,802 deals, contributing 46.90 per cent and 27.38 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
Seven price gainers flipped recent declines at the NASD Over-the-Counter (OTC) Securities Exchange, raising the alternative stock market by 2.19 per cent on Friday.
According to data, the market capitalisation added N51.24 billion to end N2.389 trillion compared with the previous day’s N2.338 trillion, while the NASD Unlisted Security Index (NSI) climbed 85.65 points to close at 3,994.32 points, in contrast to the 3,908.67 points it ended a day earlier.
Business Post reports that the advancers were led by MRS Oil Plc, which improved its value by N13.00 to N200.00 per share from N187.00 per share, FrieslandCampina Wamco Nigeria Plc gained N7.40 to settle at N91.55 per unit versus the previous day’s N84.15 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N6.08 to N71.00 per share from N64.92 per share, Afriland Properties Plc added 66 Kobo to finish at N17.17 per unit versus N16.51 per unit, IPWA Plc rose 37 Kobo to N4.15 per share from N3.78 per share, First Trust Mortgage Bank Plc grew by 11 Kobo to N1.20 per unit from N1.09 per unit, and Food Concepts Plc went up by 10obo to N3.70 per share from N3.60 per share.
On the flip side, there were two price losers led by Geo-Fluids Plc, which depreciated by 28 Kobo to N3.32 per unit from N3.60 per unit, and Industrial and General Insurance (IGI) Plc dropped 5 Kobo to sell at 45 Kobo per share from 50 Kobo per share.
Yesterday, the volume of trades went down by 92.0 per cent to 3.7 million units from 45.8 million units, the value of transactions fell by 59.4 per cent to N84.5 million from N208.2 million, while the number of deals went up by 7.7 per cent to 42 deals from 39 deals.
CSCS Plc remained the most traded stock by value (year-to-date) with 32.6 million units exchanged for N1.9 billion, trailed by Geo-Fluids Plc with 119.6 million units valued at N470.3 million, and Resourcery Plc with 1.05 billion units traded at N408.6 million.
Resourcery Plc closed the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 119.6 million units worth N470.3 million, and CSCS Plc with 32.6 million units worth N1.9 billion.
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