Author: Olu Anisere

Dangote Decries Africa’s Fuel Import Paradox Alh. Aliko Dangote, President of Dangote Group, says it is troubling that Africa exports crude oil but imports over 120 million tonnes of refined fuel annually. He stated this on Tuesday in Abuja during the maiden West African Refined Fuel Conference, organised by NMDPRA in collaboration with S&P Global Commodity Insights. Dangote noted that although Africa produces around seven million barrels of crude daily, it only consumes about 4.3 million barrels of refined petroleum products per day. He lamented that only 40 per cent of this consumption is refined locally, in spite of the…

Namibia Inaugurates Development Plan Toward Vision 2030 Namibia has officially launched its Sixth National Development Plan (NDP6), the final strategic framework aimed at achieving Vision 2030, the country’s long-term goal to become a developed and industrialised nation. Speaking at the launch held in Windhoek, President Netumbo Nandi-Ndaitwah said the NDP6 would serve as the blueprint for her administration and guide national efforts over the next five years. “With only four and a half years remaining to Vision 2030, this NDP6 is the final installment aiming to transform Namibia into a developed and industrialised nation,” she said. The plan, structured around…

Craneburg EKSG Lists N32.5bn Bonds on NGX Craneburg EKSG Motorway Company Plc has listed its N32.5 billion Senior Guaranteed Fixed Rate Infrastructure Bonds on the Nigerian Exchange Ltd. (NGX). The NGX confirmed the listing in a statement issued on Tuesday. These 20-year bonds, carrying an interest rate of 22 per cent, were admitted for trading on Monday and are set to mature in 2045. According to NGX, the bond issuance opened on March 4 and closed on April 7, with an official issue date of April 23. Named 22.00 per ce CEMC GTEED APR 2045 and trading under the symbol…

AstraZeneca Unveils $37bn U.S. Investment Plan Amid Tariff Threats British-based drug maker AstraZeneca has announced plans to invest 50 billion dollars in the United States over the next five years amid the looming threat of President Donald Trump’s trade tariffs. The Cambridge-headquartered firm said on Tuesday that the investment will fund a new “state-of-the-art” manufacturing facility in Virginia set to be its largest single manufacturing investment in the world. It will also expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana, and Texas. The announcement marks the latest by a global pharmaceutical giant to expand…

Oil Prices Slip as EU Targets Russian Energy in New Sanction Oil prices slipped slightly on Monday as investors and markets focused on fresh European Union (EU) sanctions targeting Russian oil and awaited progress in trade talks ahead of the August 1 US tariff deadline. Prices of crude oil have remained range-bound, hovering around $70 per barrel across grades amidst US tariff pressures and a bearish outlook on global economic growth in 2025. China’s economic outlook faces significant pressures, and the EU’s export performance has been projected to retreat over higher US tariffs on exports. The international benchmark Brent crude…

US Dollar Slides as Markets React to Fed Dovish Comment The U.S dollar fell against trading partners in the forex market as uncertainties weighed on investors actions amidst the Fed’s dovish comments. Investors liquidated positions in dollar assets, with surging interest in safe havens amidst untamed tariff threats to sentiment. Investors sold off dollar assets, showing increased interest in safe havens amid ongoing concerns about tariff threats. Across the global markets, investors are reacting to U.S. President Donald Trump’s tariff threat, which some analysts said has become weapon against America’s perceived enemies rather than a policy recalibration. With investors rotating…

Chevron Hess Acquisition Sealed After Exxon Fight Chevron has successfully completed its $55 billion acquisition of Hess Corporation, overcoming a prolonged arbitration challenge from Exxon Mobil. The deal, which was delayed by over a year, grants Chevron access to Hess’s 30% stake in Guyana’s lucrative Stabroek block, one of the fastest-growing oil production regions globally, with over 11 billion barrels of oil. Chevron CEO Michael Wirth expressed satisfaction with the outcome, stating that the merger brings together two great American companies, combining the best in the industry. The acquisition is expected to drive significant free cash flow and production growth…

Trump Withdraws US from WHO Pandemic Reforms The United States has officially rejected changes agreed upon last year to strengthen the World Health Organization’s pandemic response, citing concerns over national sovereignty. President Donald Trump’s administration announced the decision, sparking regret from WHO chief Tedros Adhanom Ghebreyesus. The rejected amendments aimed to enhance global preparedness and response to health crises. However, Secretary of State Marco Rubio and Health and Human Services Secretary Robert F. Kennedy Jr. argued that these changes would undermine the country’s ability to make its own health policies, potentially infringing on Americans’ rights to speech, privacy, and personal…

GCR Affirms Lagos State Government Ratings, Outlook Stable GCR Ratings has maintained Lagos State Government’s national scale long-term and short-term issuer ratings at AA-(NG) and A1+(NG), respectively. The agency also affirmed the national scale long-term issue rating of AA-(NG) for various bond issuances under the government’s programmes. In addition, the outlook remains stable for Lagos State’s ratings. The reaffirmation reflects GCR’s continued confidence in the state’s creditworthiness and financial stability. The government of Lagos State is committed to maintaining strong fiscal discipline and prudent financial management practices. According to GCR, the ratings of Lagos State Government underscore its robust and…

First HoldCo Denies Share Sale Claims First HoldCo Plc has debunked reports in certain media outlets about the sale and ownership of its shares in a recent off-market transaction. The clarification relates to ownership of shares exchanged in the reported off-market deal that has drawn public speculation. In a disclosure to the Nigerian Exchange Ltd., the company said some media outlets wrongly claimed that Mr Femi Otedola or the Federal Government purchased the shares. First HoldCo clarified that Barbican Capital Ltd. and its affiliates, as well as Leadway Group and its affiliates, were the actual sellers. RC Investment Management Ltd.…