Access Holdings Plc has revealed plans to raise its paid-up share capital to N27.65 billion from N26.659 billion to meet regulatory compliance before the year-end. The bank is also seeking shareholders' approval to raise an additional N40 billion, or its equivalent in foreign currency, through a private placement. The tier-1 bank announced this in a …
The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria to further cut interest rates, noting that the high cost of borrowing still hinders production and undermines competitiveness in the real sector. The association made the call while reacting to the recent decision of the Monetary Policy Committee (MPC) of the CBN …
The emergence of the Dangote Refinery is fundamentally reshaping Nigeria's oil industry, leading to a sharp decline in the country's dependence on imported fuel from places like Malta. According to TradeMap data, Nigeria's imports of Malta petroleum oils and oils derived from bituminous minerals fell to $818 million in 2024, down from more than $2.1 …
The Nigerian stock market returned to a bearish note on Wednesday, leaving investors with a loss of N444.32 billion at the end of the day’s trading session on the floor of the Nigerian Exchange Limited (NGX). It rebounded on Tuesday, November 25, halting its six-session downturn as investors heaved a sigh of relief with a …
In a major strategic move to accelerate the expansion of the Dangote Refinery in Nigeria, the Dangote Group has entered into a partnership with Honeywell International Inc., boosting efforts to increase the plant’s capacity. The goal of the partnership is to significantly increase the refinery's capacity from its initial 650,000 barrels per day (bpd) to …
When the Nigerian Bureau of Statistics (NBS) announced that inflation had declined for the seventh consecutive month, falling from 34.6% last year to 16.05% in October 2025, policymakers celebrated. On paper, the trajectory suggested a successful year of monetary policy tightening, stable exchange rates, and improved food supply. Yet for households in Abuja’s Nyanya, Lagos’ …
The Central Bank of Nigeria (CBN) has steadily grown the foreign Exchange reserve by $6.7 billion in 11 months, starting from $40 billion in January to the current amount. The current, which is the highest in seven years, is just a few million dollars from the $47 billion recorded on the 3rd of August in …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said 16 banks have successfully met the recapitalisation requirements. He hinted at this while briefing newsmen at the 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. According to the CBN governor, the Committee noted with satisfaction the sustained resilience of …
The Nigerian National Petroleum Company (NNPC) Limited has announced a fresh deadline of mid-2026 for selecting technical partners to manage the operations and maintenance of the country's state-owned refineries after their ongoing rehabilitation is completed. This move is a critical step in the long-delayed and costly effort to revive Nigeria's moribund refineries and achieve energy …
The Central Bank of Nigeria (CBN) on Tuesday decided to hold the benchmark interest rate, known as the monetary policy rate (MPR), at 27 per cent to rein in inflation. The apex bank took the decision at its 303rd Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, November 25. Briefing newsmen after the 2-day …
