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By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Adedapo Adesanya The federal government has exempted imported Liquefied Petroleum Gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT), a move expected to result in a drop in the cost of cooking gas in the country and bring much-needed succour to Nigerians. This was disclosed by the Minister of Finance, Mr Wale Edun, in a letter (dated November 28, 2023) to the Special Adviser to the President on Energy; the Comptroller-General of the Nigeria Customs Service (NCS); and the Chairman of the Federal Inland Revenue Service (FIRS). Recall that in 2019, the federal

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Modupe Gbadeyanka A contemporary Turkish-Mediterranean fusion brasserie and lounge, The GALLIARD, has commenced operations in Dubai, United Arab Emirates (UAE). Building on the success of The GALLIARD in Istanbul, founding partner of the firm, Ahmet Uras and his team hosted the official opening party at their Dubai offering at The Address Downtown Hotel. The reveal of the eagerly awaited venue was attended by top media, Dubai’s leading influencers, Hollywood A-listers and VIPs during a glamorous cocktail party featuring a spectacular performance by the multi-platinum American recording artist: Kelis and the musical stylings of the talented violinist Hanine El Alam.

By Modupe Gbadeyanka Chief Executive of PZ Cussons, Mr Christos Giannopoulos, has said contrary to reports making the rounds on social media, the company is not planning to exit Nigeria. Mr Giannopoulos said rather, the leading homecare product maker intends to continue to expand its operations in the country. Speaking at the Alex-Ekwueme Federal University, Ndufu-Alike Ikwo (AE-FUNAI) Ebonyi, during the inauguration of institution’s upgraded chemical laboratory, the PZ Cussons’ top shot urged members of the public to disregard the rumours. “I am stating categorically that we are still in Nigeria, investing and growing together with the country. “Quote me

By Dipo Olowookere A notable economic analyst, Mr Bismarck Rewane, has left the board of Guinness Nigeria Plc, one of the leading brewery companies in the country. Mr Rewane joined the board of the bear maker as a non-executive director in 2008 and during his time, he contributed immensely to the growth of the organisation. He also held different positions, serving as the Chairman of the Finance, Audit and Risk Committee of the board of directors of Guinness Nigeria. In a notice to the Nigerian Stock Exchange (NSE), the brewery giant disclosed that the exit of Mr Rewane from the

By Dipo Olowookere A loan worth $475 million has been secured by Nigeria from France for the development of projects in Kano, Lagos and Ogun States. The loan deal was signed by Nigeria’s Minister of Finance, Mrs Kemi Adeosun and the Chief Executive Officer of the Agence Francaise Development (AFD), Mr Rey Rioux. The signing ceremony, held in Abuja on Tuesday, was witnessed by President Muhammadu Buhari and the French President, Mr Emmanuel Macron. A statement issued by AFD disclosed that the agreement consists of $200 million loan facility grant to Lagos for the execution of transport projects by AFD,

By Adedapo Adesanya Africa’s largest banking group by assets, Standard Bank, is expanding its frontiers by partnering with the United Kingdom Government to sponsor the debut UK-Africa Investment Summit to establish lasting partnerships between the UK and African governments and institutions. The event will be hosted by the Prime Minister, Mr Boris Johnson, in London on January 20, 2020 and is expected to bring together UK and African businesses, leaders and delegations, international institutions and young entrepreneurs on how these partnerships can deliver more investments, jobs, and growth. The summit will cover topics including: Trade and investment, infrastructure development, sustainable

The major U.S. index futures are pointing to a lower opening on Friday after stocks recovered from early weakness but still closed modestly lower in the previous session. Geopolitical uncertainty may weigh on the markets following President Donald Trump?s decision to call off the historic summit with North Korean leader Kim Jong Un. North Korea responded by saying they remain open to talks, with Vice Foreign Minister Kim Kye Gwan saying Pyongyang hoped for a ?Trump-style solution? to the standoff over its nuclear weapons program. Trump subsequently said in a post on Twitter, ?Very good news to receive the warm

Nigeria’s economy is projected to have contracted 1.54 percent in 2016, according to a budget ministry document, with Africa’s most populous country mired in its first recession in a quarter of a century. Nigeria is heavily dependent on crude oil exports to fuel its economy, but low global prices and militant attacks on the Delta oil hub have hammered those exports and slashed government revenues. “The Nigerian economy, in response to both external and internal economic pressures, inevitably contracted and is currently in recession with a projected growth of -1.54 percent for 2016,” the document released to Reuters by the

By Modupe Gbadeyanka Largest aircraft manufacturers and leasers in the world, Airbus Group, will establish an operational office in Nigeria, the French Ambassador to Nigeria, Mr Denys Gauer, has disclosed. Mr Gauer made this known when he visited the Minister of State for Aviation, Mr Hadi Sirika, in his Abuja office recently. A statement signed on Thursday by the Deputy Director, Press and Public Affairs, Ministry of Transportation, Mr James Odaudu, explained that the ambassador said the decision of Airbus to start an office in Nigeria was a mark of confidence in the Federal Government’s agenda for the aviation industry.