The initial public offering of Dangote Petroleum Refinery, which could raise about $5 billion and become Africa’s largest IPO, will open within the next 10 to 12 days, billionaire businessman Aliko Dangote has said. Dangote disclosed the timeline on Thursday while speaking with investors and analysts in Botswana, Reuters reported. The planned listing comes as …
Uber is not leaving Nigeria because it ran out of money. It is leaving while the global company is growing, generating billions of dollars in cash and preparing to pour more than $10 billion into autonomous mobility. Yet in Nigeria, the same platform that once estimated it supported ₦34 billion in economic activity has become …
Nigeria’s economic reforms have pushed state government revenues to record levels, but the gains have yet to translate fully into better living conditions for millions of Nigerians, according to a new analysis by civic organisation BudgIT. The report comes shortly after the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s …
Nigeria's ₦70,000 minimum wage may have represented a historic increase when it replaced the previous ₦30,000 wage floor, but a fresh comparison of minimum wages across three major African economies reveals a far more troubling reality. After adjusting for differences in the prices of goods and services, the purchasing power of Nigeria's minimum wage is …
Hopes of finding survivors among thousands of people missing in Nepal are fading, authorities said Wednesday, one week after a glacier collapse in the Himalayas triggered devastating flash floods. At least 1,050 people have died in the disaster, while nearly 4,000 others remain unaccounted for. Officials fear many of those missing may be trapped beneath …
Nigeria’s economy is gaining momentum and remains on track towards the Federal Government’s target of becoming a $1 trillion economy by 2030. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said in a statement on Tuesday, following the stronger growth recorded in Nigeria’s gross domestic product (GDP) in the second quarter …
Geregu Power Plc’s recent bond default has raised deeper questions about corporate cash availability, treasury management, and governance, with DataPro Limited arguing that the company’s reported ₦31.77 billion in short-term deposits did not necessarily translate into liquidity when its debt obligation fell due. In its Monthly Rating Brief for September 2026, titled “When Bonds Default: …
A Federal High Court in Lagos has issued an interim injunction restraining the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from interfering with the operations of the Dangote Petroleum Refinery in exercising its oversight authority. Justice Akintayo Aluko granted the order on Monday following an ex parte application by the refinery challenging NMDPRA's August …
Former Vice-President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has criticised President Bola Ahmed Tinubu over his decision to spend three weeks in Europe while the country faces economic hardship and insecurity. Atiku, in a statement posted on his official X account on Monday, said Nigeria may not be experiencing a constitutional vacuum …
The Securities and Exchange Commission (SEC) has said Nigeria’s new T+1 settlement regime is operating smoothly, with no settlement default recorded over funding constraints since its implementation on June 1, 2026. The Director-General of the SEC, Dr Emomotimi Agama, disclosed this in an interview with journalists in Abuja at the weekend. Agama, who was represented …
