More European refiners are facing increasing pressure from Nigeria’s Dangote refinery as it ramps up production and curtails gasoline exports from Europe to West Africa, a development that could force closures of vulnerable refining plants across the continent. Since it began production in September 2024, Africa’s largest refinery, the 650,000 barrels per day (bpd) Dangote…
Access Holdings Plc has confirmed the appointment of Innocent Ike as its new Group Managing Director and Chief Executive Officer, effective August 29, 2025, following the approval of financial regulators. The decision brings an end to the 18-month acting tenure of Bolaji Agbede, who assumed leadership of the financial services giant after the sudden death…
The Central Bank of Nigeria has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within 60 days as part of measures to curb fraud and strengthen oversight of digital payments. “This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside…
The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant. Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending…
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria, CBN’s Form A portal. Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade). The form allows customers to purchase forex at the CBN or interbank rate to…
The Corporate Affairs Commission (CAC) has announced plans to delist 100,000 companies from its register over prolonged inactivity and non-compliance with statutory requirements under the Companies and Allied Matters Act (CAMA). According to a public notice issued by the Commission, the affected companies have been identified as either not carrying on business, inactive for at…
The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products. EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users….
Dangote Cement says Aliko Dangote, its majority shareholder and founder, has retired as the chairman of the cement manufacturer. In a statement on Friday, signed by Anthony Chiejina, the company’s group chief, branding and communications officer, Dangote Cement said the businessman relinquished the position to focus on Dangote Petroleum Refinery, petrochemical and fertiliser plant, as…
The Central Bank of Nigeria (CBN) has confirmed that eight Nigerian banks have met the minimum regulatory requirements under the current forbearance regime. This was disclosed by CBN Governor Yemi Cardoso during the Monetary Policy Committee (MPC) briefing held on Monday, July 22, 2025. “Eight banks have surpassed the minimum required,” Cardoso said in response…
First HoldCo Plc has officially denied reports linking its chairman, Femi Otedola, to the recent N323.4bn block sale of its shares, clarifying the actual parties involved in the transaction. In a statement signed by the First HoldCo’s Company Secretary, Adewale Arogundade, on Friday, the company addressed rumours circulating in the print and digital media about…