Dangote Refinery has announced further cut in the ex-depot price of its Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (diesel), signalling relief to consumers as competition intensifies in the domestic downstream petroleum market. According to a post on the company’s social media handle on Wednesday, August 5, the refinery’s ex- …
Nigeria’s foreign exchange market recorded a significant boost in July, as total forex inflows climbed to a five-month high of $4.36 billion, driven largely by aggressive Central Bank interventions and a remarkable surge in domestic participation. According to the latest data released by FMDQ, this represents a 31.9 per cent month-on-month increase from the $3.31 …
Dangote Refinery is targeting October 2026 for a landmark listing in the stock market to raise $5 billion through an initial public offering (IPO) to finance the expansion of the facility in Lagos. According to a report by Reuters, if approved and completed, the public offering will be one of the largest equity raises in …
Shell has signed a Sale and Purchase Agreement (SPA) with French energy major TotalEnergies for the sale of its European onshore renewables portfolio. In a statement released on Monday, August 3, the company said the deal represents the latest step in its strategy to streamline its power business and reallocate capital toward its core strengths …
In a major move set to solidify Nigeria's position as the industrial powerhouse of the continent, Dangote Industries Limited has signed a landmark $800 million agreement with Chinese engineering giant Sinoma International Engineering Co. Ltd. The deal aims to double the production capacity of the Dangote Cement plant in Itori, Ogun State, marking one of …
Sahara Upstream honors late executive with deployment of new vessel, cutting turnaround times and supporting production growth. In a major move to expand its marine logistics capacity, Sahara Upstream has deployed a new 380,000-barrel Medium Range (MR) crude oil tanker, the MT D Adesanya, to boost crude evacuation operations at Oil Mining Lease …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled a new mobile application designed to monitor fuel consumption patterns live across all retail outlets nationwide. The initiative kicked off as a pilot in Abuja and its six Area Councils on Saturday, August 1, 2026. As part of the initial rollout, Mr. Ogbugo Ukoha, …
Leaders and key stakeholders in Nigeria's oil and gas industry have called for deeper collaboration among operators, regulators, investors, and financiers to build a resilient energy sector capable of weathering global disruptions. The appeal came during the 49th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference & Exhibition (NAICE) 2026, held in Lagos on …
The National Insurance Commission (NAICOM) has announced the successful completion of the 12-month insurance sector recapitalisation exercise undertaken in line with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. In a statement released on Sunday, NAICOM said the successful completion of the recapitalisation exercise marks “a defining milestone in the transformation of Nigeria's insurance …
The Nigerian National Petroleum Company Limited (NNPC) sold a total of 136.93 million barrels of crude oil and condensates and generated ₦21.72 trillion in revenue in the first six months (H1) of 2026. These figures are based on analysis of the monthly crude oil and condensate sales and revenues recorded in NNPC’s monthly reports from …
