Dangote Petroleum Refinery has successfully issued its debut Eurobond, raising $750 million to strengthen its finances and optimize its debt ahead of a planned initial public offering (IPO). According to a report by Eurobond Africa, the five-year dollar-denominated bond is due in July 2031. Priced at par to yield 7.50 per cent, the transaction was executed through …
The Nigeria National Petroleum Company Limited (NNPC) revenue fell by 12.8 per cent in May 2026, dropping from ₦4.971 trillion in April to ₦4.335 trillion despite a rise in crude oil and condensate production to a one-year high. According to the NNPC Limited Monthly Report Summary for May 2026 released on Wednesday, the profit after …
Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, cutting it by N50 per litre to N1,075, marking the fourth price cut by the refinery within a single month. The company confirmed the price cut in a statement released on Thursday, July 2. The …
Global crude oil prices have continued to decline, with Brent, the international benchmark, briefly selling at $70 before rising slightly to $71.57 per barrel on Wednesday, July 2, 2026. The U.S. West Texas Intermediate (WTI) fell to $68.44 per barrel, according to Oilprice.com. This is considered the lowest level in months. The primary driver …
A federal government delegation has visited the Bille community in the Degema Local Government Area of Rivers State following a gas seepage incident, delivering immediate humanitarian aid and promising a comprehensive technical solution to the environmental crisis. The delegation, led by the Minister of State for Petroleum Resources (Gas), Senator Ekperikpe Ekpo, and the Commission …
The Transmission Company of Nigeria (TCN) has restored power supply to parts of Lagos following a major outage caused by severe flooding that submerged critical equipment at two key transmission substations. The company had declared force majeure on Oworoshoki 132/33kV and Lekki 330/132kV Transmission Substations after persistent rainfall triggered widespread blackouts in several communities served by the …
Lagos residents have continued to count losses as heavy rain caused flash floods that submerged homes and roads and disrupted businesses in different parts of the state.
The Nigerian government has evacuated the third batch of Nigerians stranded in South Africa following the ongoing xenophobic attacks on African nationals. 269 Nigerians arrived at the Murtala Muhammed International Airport, Lagos, on Tuesday, June 30, in an evacuation flight operated by Air Peace airline from Johannesburg. According to a statement by the Ministry …
The easing of crude oil prices in the international market has raised expectations of a significant drop in petrol pump prices across retail stations in Nigeria; however, consumers groan over what they consider a “token” adjustment in prices by marketers. Crude oil had surged to a peak of $120 per barrel following geopolitical tensions in …
The Dangote Refinery has expanded its crude sourcing to include cargoes from the United Arab Emirates (UAE), marking a notable shift in its supply chain strategy. According to a report by S&P Global Commodity Insights, the $20 billion refinery recently imported two cargoes of crude oil from the UAE, marking its first-ever procurement of Middle …
