Business

Dangote Petroleum Refinery & Petrochemicals has slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month. It has cut N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot). This follows a N60 reduction on February 1.

The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.

This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

In a statement from the first privately owned petroleum refinery in Africa, it was announced that the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.

"This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.

"It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month. Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season," the statement read.

The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season.

Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates.

"Nigerians will be able to purchase high-quality Dangote petrol at the following prices across our partners’ retail outlets: For MRS Holdings stations, it will be sold for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East regions, respectively.

"The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East," it added.

Dangote Petroleum Refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings.

The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

"This collective action will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub," it concluded.

Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria's petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria's average daily requirement of 385,000 barrels.

By

Ayobami Adedeji Business 2025-02-26

The naira rose to N1,485 on the black market following improved dollar liquidity as foreign exchange policies support the naira.

This represents N15 gain over N1,500 per dollar quoted on the previous day in the parallel market also known as black market.

At the Nigerian Foreign Exchange Market (NFEM), the Naira appreciated as the dollar was quoted at N1,497.11 on Monday as against the previous close of N1,500.73, data from the FMDQ Securities Exchange Limited showed.

With the current rate exchange rate ga p has narrowed to N12 per dollar.

The CBN, through its various foreign exchange (FX) policies has achieved exchange convergence in the market. The official and parallel-market exchange rates for the naira converged for the first time in nearly two years on last week, according to data tracked by BusinessDay.

Olayemi Cardoso explained that ⁠following positive developments in the FX market, the CBN’s focus on boosting liquidity and maintaining transparency in forex operations is sacrosanct.n

By

Ayobami Adedeji Business 2025-02-25

Nigeria’s central bank held its benchmark interest rate steady at 27.50% on Thursday, opting for stability after the rebasing of the consumer price index (CPI). The decision signals a cautious approach by Governor Olayemi Cardoso, who is balancing a need to lower inflation with the need to support an economy that is gradually winning back investor confidence.

The Monetary Policy Committee (MPC) voted unanimously to hold rates and said it assessed recent macroeconomic developments, including exchange rate stability and a gradual slowdown in fuel price increases, and decided that holding rates steady was the best course of action.

“The committee noted the recent rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), which adjusted the weighting of items in the consumption basket to reflect current spending patterns,” said CBN Governor Olayemi Cardoso.

The rebasing, which updates the components used to measure inflation, lowered reported inflation rates, even though underlying price pressures remain high. Nigeria’s inflation stood at 34.48% in January before rebasing, but the updated methodology adjusted it to 24.48%.
The decision to hold rates was widely anticipated by analysts, who argued that further tightening could stifle business activity, while a premature cut might worsen inflationary pressures.

“Inflation is at an inflection point but could pick up again in a few months. The MPC will likely wait for at least three more months to assess the rebased numbers before making a major move,” said Basil Abia, an economist at Veriv Africa.

Since the start of 2024, the CBN has raised rates in an aggressive attempt to rein in inflation and stabilize the naira. This latest decision suggests the central bank is pausing to evaluate the impact of those hikes rather than committing to further tightening.

Despite the reported slowdown in inflation, businesses and consumers still face rising costs, particularly for food and imported goods.

With the next MPC meeting scheduled for May 2025, investors will be watching for signals on whether the CBN maintains its hawkish stance or shifts toward easing if inflation shows signs of further moderation.

By

Ayobami Adedeji Business 2025-02-21

 In a moving tribute to a visionary leader, Access Holdings PLC unveiled the AccessGive platform at the Herbert Wigwe One Year Memorial held on Sunday February 9, 2025, in Lagos. This groundbreaking platform is dedicated to sustaining and scaling the transformative impact of the late Herbert Wigwe, a leader whose vision extended far beyond the boardroom and into the very fabric of Africa’s future. Herbert Wigwe was more than a leader; he was a visionary who believed that true success lies in creating opportunities, uplifting communities, and driving change that endures. He looked beyond obstacles to focus on solutions, growth, and positive transformation, inspiring impact across Africa. With an unwavering belief that Africa’s boundless potential resides in the hands of its young people, Herbert Wigwe did not merely speak about making a difference, he lived it. Through The HOW Foundation, he championed youth empowerment, education, and healthcare, knowing that a strong, educated generation would be the driving force behind Africa’s transformation. His establishment of Wigwe University provided a blueprint for excellence designed to mold fearless innovators ready to redefine the continent’s trajectory.
Yet, legacies are not meant to be remembered; they are meant to be carried forward. This is precisely the purpose behind AccessGive. Built on the pillars of transparency,
collaboration, and accountability, AccessGive is a dynamic platform that serves as a conduit for meaningful action. The platform connects individuals, organizations, and communities with high-impact social initiatives in education, healthcare, environmental sustainability, and community development, ensuring every contribution yields measurable, lasting change.
The AccessGive platform offers an intuitive, user-friendly interface that empowers supporters to explore and back projects echoing Herbert Wigwe’s vision. Key features include transparent donation tracking, detailed project profiles, real-time updates, and integrated social sharing capabilities, allowing users to see precisely how their contributions are making a tangible difference. By supporting initiatives under The HOW Foundation and Wigwe University, every donation becomes an investment in the future Herbert envisioned— one where young Africans gain access to world-class education, transformative mentorship, and opportunities to shape the continent’s tomorrow.

This innovative platform is not merely about giving, it’s about building, said Aigboje Aig-Imoukhuede, Chairman, Access Holdings PLC. "It’s about building dreams,
building lives, and building Africa. With AccessGive, we are ensuring that Herbert Wigwe’s remarkable legacy continues to inspire and drive progress across the
continent.

By

Ayobami Adedeji Business 2025-02-10

Dangote Petroleum Refinery recently achieved a significant milestone by successfully exporting two jet fuel cargoes to Saudi Aramco, the world’s largest oil producer and a leading integrated oil and gas company globally.

Saudi Aramco is the official Saudi Arabian Oil Company, which is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia.

 President of Dangote Group, Aliko Dangote, revealed this on Tuesday during a visit by the Nigerian Economic Summit Group (NESG), team to both Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.

Dangote said exporting products to the global markets, especially Saudi Aramco, was because of his refinery’s world-class standards and advanced technologies.

“We are reaching the ambitious goals we set for ourselves, and I’m pleased to announce that we’ve just sold two cargoes of jet fuel to Saudi Aramco,” he said.

Since its production began in 2024, the Dangote refinery has steadily increased its output, now reaching 550,000 barrels per day.

While commending Aliko Dangote for establishing the $20 billion refinery – the largest single-train refinery in the world – NESG Chairman, Mr. Niyi Yusuf, stated that Nigeria needs more investments of this calibre to reach its $1 trillion economy goal.

“To achieve a $1 trillion economy, much of that must come from domestic investments. I joked during the bus ride that while others are dredging to create islands for leisure, you’ve dredged 65 million cubic tonnes of sand to create a future for the country. This refinery, fertiliser plant, petrochemical complex, and supporting infrastructure are monumental,” he said. “My hope is that God grants you the strength, courage, and health to realise your ambitions and that in your lifetime, a new Nigeria will emerge.”

Yusuf emphasised that such local industries are essential to Nigeria’s industrialisation and will help foster the growth of Small and Medium Enterprises (SMEs). He added that the NESG would continue to advocate for an improved investment climate to attract entrepreneurs, boost development, ensure food security, and address insecurity.

He lamented that Nigeria has become a dumping ground for foreign products and stressed that the country must support its entrepreneurs to become a global player. “It’s inconceivable that a nation of over 230 million people, with an annual birth rate higher than the total population of some countries, is still dependent on imports to feed its citizens.”

Yusuf also praised Dangote’s bold vision for making Nigeria self-sufficient in several key sectors.

“The NESG is grateful, and I believe the nation is as well. This refinery represents the audacity of courage. It takes immense effort to do what you’ve done and still be standing and smiling. Thank you for inspiring us and showing that nothing is impossible. You’ve transformed Nigeria from a net importer of petroleum products to a net exporter,” he said. “We’ve all read Think Big, but this is truly about thinking big. The message is clear: the private sector can bring about real change.”

Yusuf, alongside NESG board members and stakeholders, toured the refinery and fertiliser plants, lauding the level of investment, technology, and sophistication of young Nigerian engineers running world-class laboratories and central control units. He acknowledged Dangote's perseverance and success in overcoming numerous challenges.

Dangote, in his response, reiterated the importance of the private sector in national development, asserting that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.

He stated that the concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency. Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.

“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.

He further emphasised that the government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52%) of every naira Dangote Cement generates goes to the government.

Dangote also pointed out the significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure. He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.

By

Ayobami Adedeji Business 2025-02-07

Ahmad Farroukh,who was appointed CEO of Nigerian telecom giant Globacom in October 2024, resigned after just one month in the role, multiple sources close to the matter confirmed. While Globacom has not issued an official statement or communicated the resignation internally, several industry insiders suggest the decision was linked to significant challenges within the company’s organisational structure. 

A mid-level manager at Globacom, speaking on the condition of anonymity, speculated Farroukh’s departure was tied to problems with the organisational setup. A top-level executive at the Nigerian Communications Commission (NCC) who asked not to be named confirmed Farroukh’s exit but declined to share specifics.

Globacom,however did not respond to multiple requests for comments. 

Farroukh’s abrupt resignation highlights significant internal challenges at the company, which has long been criticised for its centralised decision-making process. According to a former Globacom executive, the company’s founder, Mike Adenuga, is key to most decisions within the company. Adenuga has managed the telecom giant alongside his other business interests, including oil and gas, financial services, and real estate, with minimal structural separation between his other ventures and Globacom’s operations. 

This approach has historically worked for the company but may have presented obstacles for Farroukh, whose experience at more structured organizations like MTN and Airtel might have led him to expect a different level of operational autonomy.

Farroukh’s departure also comes when Globacom is facing heightened regulatory scrutiny. In late 2024,  the NCC’s sector audit revealed that over 40 million subscribers were not properly registered with their National Identification Numbers (NIN), violating government regulations. This led to a significant loss of market share, with Globacom’s share of the Nigerian mobile market shrinking by approximately 60%, leaving it with just 12%.

Globacom has also faced ongoing cybersecurity issues, including a high-profile hack in 2023 that exposed the personal data of millions of its subscribers. These issues may have created an environment where Farroukh’s leadership efforts could not make a meaningful impact quickly.

By

Ayobami Adedeji Business 2025-02-05

The Tony Elumelu Foundation (TEF) has officially opened applications for its 2025 entrepreneurship programmes, to give young Africans entrepreneurs skills to effectively manage their businesses.

This initiative invites aspiring and existing entrepreneurs from across Africa to apply for opportunities that include world-class training, expert mentoring, and non-refundable seed capital to scale their businesses.

In a statement released by the foundation, the 2025 training will include key programmes that would assist the young business owners’ navigate their industry terrain without experiencing any difficulties.

It noted that the window for application into the three programs for this year edition would be closing March 1, 2025, urging applicants to complete and submit their entries ahead of the deadline.

The foundation, meanwhile, warned that applicants below the age of 18 years would not be enrolled for the training, saying applicants age must not be less than 18 years old.

According to the statement, “Tony Elumelu Foundation (TEF) Entrepreneurship Programme: the flagship TEF Entrepreneurship Programme is open to all entrepreneurs across Africa with innovative business ideas or existing businesses not older than five years. This year, there is a special emphasis on businesses leveraging Artificial Intelligence (AI) and green initiatives. Applicants must be at least 18 years old.

“IYBA-WE4A Entrepreneurship Programme: Launched by the Tony Elumelu Foundation in partnership with the European Union (EU) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), IYBA-WE4A stands for Investing in Young Businesses in Africa – Women Entrepreneurship for Africa and is exclusively for women entrepreneurs with green business ideas or existing green businesses in Senegal, Tanzania, Uganda, Cameroon, Kenya, Mozambique, Malawi, and Togo. Applicants must be at least 18 years old, with businesses not exceeding five years in operation.

“Aguka Ideation Programme: The Aguka Ideation Entrepreneurship Programme is a partnership with the Tony Elumelu Foundation, UNDP Rwanda and the Rwandan Ministry of Youths and Arts to support young Rwandan entrepreneurs between 18 -30 with business ideas with a seed capital of $3000, with the aim of nurturing and developing innovative concepts into viable enterprises”.

Application Details:

• Platform: Applications are to be submitted through TEF’s proprietary digital hub, TEFConnect.

• Application Period: January 1, 2025 – March 1, 2025. Applicants are encouraged to complete and submit their applications well ahead of the deadline.

• Eligibility: Open to African entrepreneurs with scalable business ideas or existing businesses not older than five years. Applicants must be at least 18 years old.

To learn more about the Tony Elumelu Foundation’s transformative work and the success of our African entrepreneurs. Explore our:

• Impact Report, which highlights the Tony Elumelu Foundation’s achievements and contributions to Africa’s economic growth.

• African Entrepreneurs’ Success Stories, showcasing the inspiring journeys of Tony Elumelu Entrepreneurs. 

• Annual Reports, offering insights into the Tony Elumelu Foundation’s strategies and outcomes.

About the Tony Elumelu Foundation:

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and increasing women economic empowerment.

Founded in 2010, the Tony Elumelu Foundation is committed to empowering African entrepreneurs as a catalyst for the continent’s economic transformation. 

Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has provided up to  2.5 million young Africans with access to training on its digital hub, TEFConnect, and disbursed over USD$100 million in direct funding to over 21,000 African women and men, who have collectively created over 800,000 direct and indirect jobs, and generated over USD$4.2 billion in revenue. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

By

Ayobami Adedeji Business 2025-01-07

Guaranty Trust Holding Company Plc,is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the

capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC). The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary
Shares, fully allotted. This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on
an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.
Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere
appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The
strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s
Banking and Non-Banking businesses.”

GTCO Plc continues to lead its peers in key profitability metrics and financial performance. Building on this successful first phase, the Group will commence the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a Truly
International financial services brand. Proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.

By

Ayobami Adedeji Business 2025-01-07

Lagos State is gearing up to host the first Lagos Shopping Festival, scheduled from December 23 to 25 at the Mobolaji Johnson Arena on Lagos Island. 

The State Governor, Mr. Babajide Sanwo-Olu, announced the initiative during the unveiling of the festival symbol at the Lagos House in Ikeja. 

Governor Sanwo-Olu said the inaugural Lagos Shopping Festival will drive commerce by supporting local businesses, attracting global brands, and creating direct and indirect employment opportunities through vendor participation, logistics, events and entertainment management.

The Governor said the Lagos Shopping Festival, which the Lagos State Government is supporting through the Ministry of Tourism, Culture and Arts in partnership with Tolaram Africa Group, Guinness Nigeria Plc, Zenith Bank Plc, and Chain Reactions Africa, will attract local and international tourists to Lagos and position the state amongst her peers with their shopping festivals.

He said, "We are a city of audacious people who dream and think big. By this December, the City of Dubai will be holding the 30th edition of its annual Dubai Shopping Festival. But we are just starting now, and we believe it is never too late. Through our Ministry of Tourism, Culture and Arts, in April, we had the proof of concept. We had a trade fair where sales over N5 billion were recorded by just 245 vendors in just three days. So, we have tested the concept, and we know it can only get bigger.

"I am excited that come this December, the City of Lagos will be joining the league of other global cities such as Istanbul and Dubai with their own dedicated shopping festivals. This is part of our broader strategy to continue to market Lagos as a premium destination for business and leisure.

"For us, this festival is not just about enjoyment; it is an economic tool to achieve a number of economic objectives. It will drive commerce by supporting local businesses and attracting global brands. It will also create direct and indirect employment opportunities through vendor participation, logistics, event and entertainment management.

"The festival will attract the Diaspora community to Lagos this December because Lagos is safe. It will also attract local and international tourists to Lagos and position Destination Lagos amongst her peers with their shopping festivals."

Governor Sanwo-Olu also commended Tolaram Africa Group, Guinness Nigeria Plc, Zenith Bank Plc, and Chain Reactions Africa, “for heeding the call, seeing our big picture, and supporting the maiden edition of the Lagos Shopping Festival."

The festival’s Director of Organisation and Logistics, Ms. Damilola Pedro, who described Governor Sanwo-Olu as the Lead Strategist and Biggest Salesperson for Lagos, said the shopping festival will promote trade and commerce during the three days of activities.

She said, "Mr. Governor, this project is your baby. It is one of the legacies you will be giving to Lagos. When we first presented the concept to you four years ago, we wanted to have it for seven days non-stop. But you counselled us to run the maiden edition over a period of three days first. We have been planning and refining the concept. Now is the time for us to join the league of other global cities such as Istanbul and Dubai.

“I am a Lagosian, and I always enjoy myself in December every time in Lagos, and that is what the Lagos Shopping Festival means to us. We believe in Mr. Governor for his vision. He has always been the biggest Salesperson for Lagos, and we are working continuously to make sure that this event also leads us towards positive value and changing the perception of who we are as Lagosians and what Lagos means to the rest of the world.

"The Lagos Shopping Festival will happen from December 23 to 25 at the Mobolaji Johnson Arena, Lagos Island. We are inviting everyone to come and have fun. We will be bringing small-scale businesses through our partnership with several agencies within the government for SMEs and businesses around and outside Lagos to come and sell their products for our people to be able to shop at very highly discounted rates so that we can all have fun this December and journey towards the rest of next year.

"For us, the Lagos Shopping Festival also places us alongside other big economies like the Singapore Shopping Festival and Dubai Festival. Lagos is thriving and opening up for more businesses. This is our Lagos, and we will continue to build it as long as we can as citizens of this positive state, this big state that we are all proud of under the leadership of Mr. Governor."

Speaking earlier, the Special Adviser to Governor on Tourism, Culture and Arts, Mr. Idris Aregbe, narrated how, by sheer happenstance, the Ministry had used a fair earlier organised in the month of April in conjunction with another private entity as proof of concept to test the waters ahead of the Lagos Shopping Festival, which is bigger in scope and scale.

He told the gathering comprising representatives of Zenith Bank Plc, Tolaram Group, and Guinness Nigeria Plc how the sales recorded in a period of three days surpassed the N250 million sales threshold the organisers had never crossed.

Aregbe also commended Governor Sanwo-Olu for giving support to every Lagosian and for using entertainment as a platform to promote commerce.

By

Ayobami Adedeji Business 2024-12-11