Author: Ogochukwu Ndubuisi

Revenue Allocation: FG, States, LGs Share N3.007trn for July The Federation Account Allocation Committee (FAAC) has shared N3.007 trillion among the Federal Government, 36 state governments and 774 Local Government Councils (LGCs) as revenue for July. The Director, Press and Public Relations Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, said this in a statement on Tuesday in Abuja. Mokwa said FAAC approved the allocation at its regular monthly meeting in Owerri, Imo. He said the meeting was convened on the margins of the ongoing National Council of Federation and Economic Development (NACOFED). He said the July…

NPA Says 21 Ships to Berth at 3 Lagos Ports The Nigerian Ports Authority (NPA) says 21 ships laden with petroleum products, food items, containers and other cargo are expected to berth at the Apapa, Lekki Deep Sea and Tin Can Island ports in Lagos. The NPA, in its Daily Shipping Position on Tuesday, said the ship would arrive between Aug. 18 and Aug. 25. It said five of the expected vessels would carry petrol, while six would arrive with containers containing various goods. The remaining 10 vessels are expected to berth with crude oil, aviation fuel, bulk pallets, bulk…

Dangote Refinery Secures $1 Billion Backing Ahead of Planned IPO The planned Initial Public Offering of the Dangote Petroleum Refinery & Petrochemicals has taken a significant step forward with the successful completion of a US$1 billion underwriting programme, strengthening the capital markets foundation for what could become Africa’s most consequential industrial listing. The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded US$600 million private placement and a further US$400 million underwriting commitment in support of the refinery’s planned IPO. T he US$600 million private placement has been underwritten and funded…

Oil prices climbed Tuesday as US President Donald Trump’s rejection of an extension to a framework agreement

Sukuk is emerging as an alternative funding tool for some African sovereigns, Fitch Ratings says. Sukuk

The Nigerian Exchange (NGX) equities market capitalisation declined on Monday as investors’ portfolio values fell by more than N106 billion due to sell-side pressure.

Headline inflation rate dropped from 15.91 per cent in June to 15.43 per cent in July, according to newly released data by the National Bureau of Statistics (NBS)

TAJBank’s PBT Rises by 74%, Assets Grew to N1.34 trn in 2025 TAJBank Limited, a non-interest bank (NIB) has grown its Profit Before Tax (PBT), surging year-on-year by 74 per cent to N31.562 billion for the 2025 financial year (FY). The figure grew from N18.166 billion recorded in the 2024 FY, the bank’s 2025 audited financial statement says. A statement by the bank’s Managing Director/CEO, Mr Hamid Joda, said in Abuja on Monday that its total assets also grew to N1.34 trillion from N953 billion in the preceding year. Joda said the bank’s non-interest lenders’ total equity grew to N149…

Heirs Insurance Group Records ₦115 Billion in Gross Written Premium •In 2025, the Group paid ₦19.4 billion in claims, with seven out of every ten claims settled within 24 hours Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has announced the audited financial results of its companies for the year ended December 31, 2025, delivering a landmark performance marked by strong year-on-year record, increased claims payout, and international recognition for growth. Combined Results The results come on the heels of a landmark international recognition: Heirs Life Assurance and Heirs General Insurance were both named among the Financial Times’ Africa’s Fastest-Growing…

Equities analysts differ on Airtel Africa’s target price as the market looks forward to the group’s initial public offering