Author: Julius Alagbe

Dangote Refinery Asks Court to Nullify NNPCL, Others’ Import Licences The Dangote Petroleum Refinery and Petrochemicals FZE has prayed a Federal High Court in Abuja to nullify import licences issued to the Nigeria National Petroleum Corporation Limited (NNPC) and five other companies for the purpose of importing refined petroleum products. Other five companies are Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited and Matrix Petroleum Services Limited. Dangote Refinery, in a suit marked: FHC/ABJ/CS/1324/2024 and filed by Ogwu Onoja, SAN, before Justice Inyang Ekwo, had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)…

Oando Rises by 10% on Plan to Release Audited Report OANDO Energy Plc added weight as the company’s market value increased by 10% as investors raised bets ahead of the third quarter earnings release and 2023 audited financial statement. The earlier announced plan to release the audited report for financial year 2023 on Oct 23, 2024, boosted investors’ sentiments and confidence. The energy company share price has begun to regain momentum as investors began to price in the company’s growth strategy. Recall that the oil stock soared significantly post acquisition of Nigerian Agip Oil Company’s oil asset from Eni. Oando…

In the equities market, investors placed about N5.2 trillion as the combined market value or worth of the Nigerian top five banks …

Zenith Bank Appoints Abiodun Durosinmi as CFO Zenith Bank has announced the appointment of Abiodun Durosinmi as its new chief financial officer, effective October 14, 2024. In a regulatory filing, the Tier-1 bank said Durosinmi’s appointment has been approved by the Central Bank of Nigeria. Mr. Durosinmi succeeds Dr. Mukhtar Adam, who has served as CFO for six years between May 2018 and October 2024, Zenith Bank told the Nigerian Exchange. The bank explained that the incoming CFO brings over 20 years of experience with Zenith Bank Plc. He has held a variety of significant roles with the Zenith Group,…

FBN Holdings Names Wale Oyedeji Group Managing Director FBN Holdings Plc has announced the appointment of Adebowale (Wale) Oyedeji as the Group Managing Director (GMD) with effect from November 13, 2024. In a regulatory filing on the Nigerian Exchange, the board said Oyedeji appointment is subject to the approval of the Central Bank of Nigeria and ratification of the Shareholders at the Annual General Meeting of the Company. Wale is expected to replace Nnamdi Okonkwo who will be retiring from the Company after the completion of his term. The group told the Nigerian Exchange that Wale holds a Bachelor of…

There are only two ways to make money: you can earn it by working or you earn it by investing in people, businesses, or any other window that allows you to share profits.

Ogun Workers to Receive N77, 000 as Minimum Wage –Official Gov. Dapo Abiodun of Ogun has approved N77, 000 as the minimum wage for the lowest worker in the state, with the payment taking immediate effect. This was disclosed in a statement by the Chief Press Secretary to the Governor, Lekan Adeniran, on Monday in Abeokuta. According to the statement, the decision was revealed after a meeting of the state government led by the Secretary to the State Government (SSG), Mr Tokunbo Talabi, and the leadership of the organised labour in the state. The organised labour at the meeting comprised…

OPEC Slashes Global Demand Forecast as Daily Output Falls The Organisation of Petroleum Exporting Countries (OPEC) has forecasted a slowdown in global demand for crude oil as the group reported a 2.1% decline in its own output for Sept. 2024. In its monthly report, the oil group revealed that output decreased by 2.1%, or by 604,000 barrels per day (bpd), in September to average 26.04 million bpd, according to OPEC’s monthly oil market report released on Monday. Crude oil output rose mainly in Iran, while production experienced the biggest fall in Libya. Production in Iran increased by 21,000 bpd, whereas…

Aradel Holdings Plc listed 4.34 billion shares on the Main Board of the Nigerian Exchange Ltd.(NGX) to leverage the capital market for future growth and expand its operations.

Nigerian Bond Yield Steady at 19.10% Ahead Inflation The average yield on Nigerian government bond was steady due to thin transactions recorded in the secondary market at the beginning of the week. Investors are repositioning their portfolio as the Debt Management Office (DMO) has reduced bond supply at the primary market auctions. The debt office has achieved 80% of the borrowing targets from bond sales as part of efforts to provide funds for the government to finance the 2024 budget deficit. At the end of trading session on Monday, fixed interest securities traders said in their separate notes that the…