The Dangote Petroleum Refinery has slashed its ex-gantry petrol price to N828 per litre. According to sources at the refinery, the price of the product was reduced by N49 from the prior price of N877 per litre. “The refinery reduced its petrol price to N828 per litre,” a source said. The development comes amid plans…
The Dangote refinery has re-employed the engineers sacked last month during the crisis between it and the Petroleum and Natural Gas Senior Staff Association of Nigeria. Our correspondent reliably gathered that the engineers were now being posted to Borno, Zamfara, Benue and others. The engineers, some of whom were still graduate trainees during their sack,…
The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses. These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to…
Nigeria witnessed cryptocurrency transactions exceeding $50 billion between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama. With an exchange rate of N1,500 to the Dollar, the amount translates into N75 trillion, about two-thirds of the capitalization of the Nigerian equities market capitalization currently at…
Rice prices have dropped sharply in several Lagos markets due to a surge in border imports, easing the burden on consumers. The development, however, has raised concern among traders over reduced profits and business sustainability. The News Agency of Nigeria (NAN) reports that 50kg of rice in Lagos currently sells for between N55,000 and N70,000,…
Dangote Refinery has announced that it is increasing its production from 650,000 barrels per day to 1.4 million barrels per day. When completed, the expansion will make the facility the largest refinery in the world, surpassing the Jamnagar Refinery in India. Speaking at a press conference in Lagos on Sunday, the President of the Dangote…
Roxettes Group is considering the relocation of its automotive plant, paint and chemical subsidiaries, and other operations from the Southeast to Lagos. Sources close to the company’s management confirmed this to Nairametrics on Saturday. The group’s subsidiaries include Roxettes Motors (automotive assembly), Roxettes Chemical Industries Ltd, and RoxyCarb (paint and raw materials), all currently based…
Africa’s richest man, Aliko Dangote, has seen his net worth climb to $30.2 billion, according to the latest data tracked by the Bloomberg Billionaires Index. The figure reflects an increase of $2.25 billion year-to-date (8%), supported by gains in his cement, oil, and fertilizer businesses. The Bloomberg data also shows that Dangote’s wealth rose by…
The Dangote Petroleum Refinery has intensified efforts through the use of Compressed Natural Gas (CNG)-powered trucks to distribute Premium Motor Spirit, PMS, also known as petrol at N850 per litre to different parts of the nation. Checks by Vanguard yesterday indicated that the deployment of the CNG trucks has enabled the 650,000 barrels per day…
GISTSMATE MEDIA reports that Dangote Cement has officially launched its operations in Attingué, some 30 kilometres from Abidjan, Ivory Coast. According to a statement by the group on Sunday, the announcement was made on Wednesday by the Managing Director of Dangote Cement, Ivory Coast, Serge Gbotta, at the Novotel Abidjan-Marcory. Covering an area of 50…