The net worth of Africa’s richest man, Aliko Dangote, has risen to $51 billion following the commencement of Dangote Refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX). According to Forbes data released on Monday, the revaluation has moved the President of Dangote Group to the 36th position among the world’s richest people….
The Trade Union Congress (TUC) has suspended the industrial action it directed its affiliates to commence at Federal Unity Colleges over the proposed concession of King’s College, Lagos, following an agreement with the Federal Government to review concerns raised by the unions. The TUC General Secretary, Nuhu Toro, announced the suspension on Monday after a…
President Bola Tinubu has directed the timely release of funds due to Nigeria’s Regional Development Commissions, while warning their boards and managements against corruption, waste and projects that fail to deliver tangible benefits to citizens. Tinubu gave the directive on Monday while declaring open the first North Central Stakeholders Development Summit, organised by the North…
The Nigerian Airspace Management Agency (NAMA) has rejected a report alleging that it wasted ₦7.58 billion on Instrument Landing Systems (ILS) for Lagos and Abuja airports, saying the approved contract for the project was ₦1.188 billion. NAMA said the contract covered the supply and installation of Category III-capable Instrument Landing Systems (ILS) and Distance Measuring…
By Seun Ibiyemi The Federal Government has raised about ₦1.23 trillion through two bond issuances under its Presidential Power Sector Debt Reduction Programme to address the estimated ₦4 trillion legacy debt owed to electricity Generation Companies (GenCos). The Chief Executive Officer of Nigerian Bulk Electricity Trading Plc (NBET), Akin Odeyemi, disclosed this on Monday in…
By Seun Ibiyemi Former Vice President and ADC presidential candidate, Atiku Abubakar, has criticised the rise in petrol pump prices to ₦1,470 per litre, warning that the increase will further deepen the cost-of-living crisis facing Nigerians. Atiku, in a statement by his spokesperson, Phrank Shaibu, said higher petrol prices were having a direct impact on…
The Securities and Exchange Commission (SEC) has warned investors against unauthorised and fraudulent platforms seeking to exploit the ongoing public offer by Dangote Petroleum Refinery and Petrochemicals FZE. The warning came as the Dangote Refinery IPO opened on Monday, offering 4.1 billion new ordinary shares at ₦525 per share, with a minimum subscription of 10…
By Seun Ibiyemi Nigeria is seeking to rebuild its economic relationship with India and restore bilateral trade to its previous peak of nearly $15 billion, while pushing for greater Indian investment in sectors beyond crude oil. The development followed a bilateral meeting between Vice President Kashim Shettima and Indian Prime Minister Narendra Modi on the…
By Seun Ibiyemi The Nigerian National Petroleum Company Limited (NNPC Ltd.) has intensified efforts to position Nigeria as a major global gas hub, with plans to expand the country’s proven gas reserves from over 215 trillion cubic feet (Tcf) to more than 600Tcf. The company also targets increasing national gas production to 10 billion standard…
The African Democratic Congress (ADC) has declared that it is confident of defeating the ruling All Progressives Congress (APC) in the 2027 presidential election if the poll is conducted freely and fairly. National Publicity Secretary of the ADC, Bolaji Abdullahi, stated this during an interview on the Naija Unfiltered Podcast, while discussing the opposition party’s…
