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…
The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system. The directive is contained in a draft guideline released by the apex bank on…
Dangote Refinery has reduced its ex-depot price for Liquefied Petroleum Gas (LPG), commonly known as cooking gas, by ₦50. GISTSMATE MEDIA reports that Dangote lowered its price from ₦810 per kilogram, which was obtainable last week, to a current price of ₦760 per kilogram. A market comparison shows that both Matrix and Ardova depots have…
The Central Bank of Nigeria has introduced new operational guidelines for agent banking across the country, capping daily cumulative transactions per agent at N1.2 million. The revised framework, released on Monday, also mandates all financial institutions to submit monthly reports on the activities of their Point-of-Sale agents to enhance oversight and service quality. The Circular…