Abdulsamad Rabiu Set to Earn N324bn Dividend as BUA Cement Posts Record Profits Nigerian billionaire industrialist Abdulsamad Rabiu is poised to receive nearly N324.38 billion in dividends. Rollowing record-breaking profits declared by BUA Cement, reinforcing his position as one of Africa’s most influential business figures. According to corporate filings, Rabiu will receive N189.75 billion directly…
Nigeria’s Dangote Refinery has increased the gantry price of Premium Motor Spirit (PMS) by N100, raising the ex-depot price from N774 to N874 per litre. This adjustment expected to lead to nationwide changes in fuel prices. A senior official at the Dangote Refinery confirmed the price hike, citing rising global crude oil prices and higher…
Nigeria’s private sector showed signs of recovery in February as the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) rose to 53.2, up from 49.7 in January. This increase signals an improvement in business conditions after a brief contraction at the start of the year. The latest PMI reading, released on Monday, highlights a solid monthly…
The Dangote Petroleum Refinery raised its ex-depot price for Premium Motor Spirit to N875 per litre. Officials implemented the change on March 2, 2026. This adjustment elevated the gantry price from N774 per litre by N101. The increase heightened worries about higher fuel costs nationwide. Price Hike Details Refinery staff suspended petrol loading operations at…
Saudi Arabia has reportedly shut down the Ras Tanura Refinery, one of the largest oil refining facilities in the world, following Iranian strikes that heightened tensions in the Gulf region and disrupted operations. The temporary closure of such a critical energy asset is expected to send shockwaves through global oil markets. Tightening refined product supply…
The Federal Government has moved to tighten oversight of Nigeria’s petroleum revenues. By ordering an immediate halt to certain deductions previously made by the NNPC Limited, directing instead that oil proceed paid straight into the Federation Account. The decision reached at the inaugural meeting of the Implementation Committee for Executive Order 9. Signed by President…
Nigeria accounted for 52% of Africa’s crude oil exports to the United States in 2025. Strengthening its position as the continent’s largest supplier to the American market. This marks an increase from 49% in 2024, underscoring Nigeria’s continued dominance in Africa-US crude trade flows. According to trade data, total US crude oil imports from Africa…
Africa’s largest mobile network operator, MTN Group Ltd., expects its full-year earnings to more than quadruple. Driven by strong recoveries in its Nigerian and Ghanaian operations. The company shared this outlook in a trading statement released on Monday. The Johannesburg-based telecom giant anticipates headline earnings per share (HEPS) of between 10.62 rand and 11.68 rand…
The Lagos State Government’s attention has drawn to reports claiming that ₦4.2 billion allocated in the 2026 budget for purchasing office furniture and microphones for the Office of the Deputy Governor. Clarification on the Matter: Screenshots of the relevant budget master sheet attached for transparency and public review. The Lagos State Government emphasizes that all…
Analysts confirmed that Nigerian crude oil prices surged due to escalating conflicts. Brent crude, the benchmark for Nigeria’s exports, reached $73 per barrel. Experts expected it to hit $80 soon. Furthermore, Nigerian Bonny Light crude traded at that level amid the turmoil. Details of the Conflict US and Israeli forces launched large-scale military operations against…
