Dangote stocks decline amid merger denial, forex crisis

Dangote stocks decline amid merger denial, forex crisis

The recent decrease in the stock prices of the Dangote Group, which includes Dangote Sugar Refinery and NASCON Allied Industries, has been attributed to foreign exchange losses and the Securities and Exchange Commission’s decision to reject their merger request. Analysts suggested that the ongoing inflationary pressures and forex volatility have worsened these challenges. The depreciation of the naira has increased the cost of importing raw materials, further squeezing profit margins. […]

August 15, 2024 287

BUSINESS

Dangote petrol: Marketers wait as delivery date extended again

There are strong indications that the Dangote Petroleum Refinery may not roll out petrol on Monday in line with its earlier schedule. The President, Dangote Group, Alhaji Aliko Dangote, had last month projected that the refinery would begin the production of petrol between August 10 and 12, 2024.

August 12, 2024 40

BUSINESS

Power generation hits three-year high of 5,105MW

The Minister of Power, Adebayo Adelabu, has announced that Nigeria’s power sector generated 5,105 megawatts of electricity on July 27, 2024, describing it as a three-year high. Adelabu announced this at the inaugural meeting of the Inter-Ministerial Power Sector Working Group in Abuja on Wednesday. While highlighting the recent achievements and future goals for the power sector, the minister said, “Just a few days ago, on July 27, we successfully […]

August 8, 2024 131

BUSINESS

Public debt stock may hit N130tn by Dec – Report

Nigeria’s public debt stock is projected to hit N130tn this year, raising concerns about the country’s debt-to-gross domestic product ratio. This was revealed in a report by Afrinvest, an investment management company, titled, ‘Bank Recapitalisation, Catalyst for a $1tn Economy, ‘ unveiled in Abuja recently. Nigeria’s public debt stock, which includes external and domestic debt, stood at N121.67tn in the first quarter of 2024, up from N97.34tn in the fourth […]

August 5, 2024 73

BUSINESS

Dangote diesel sulphur triggers concern, marketers fault rejection report

The controversy surrounding the sulphur content in the Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery, has yet to abate. Over the weekend, there were online reports alleging that the diesel recently supplied by the $20bn refinery contained high sulphur. This came as oil marketers stated that despite the allegations of high sulphur in Dangote diesel, no motorist or industrial consumer had registered any complaint against […]

August 5, 2024 86

BUSINESS

JAMB gives schools ultimatum to disclose illegal admissions

The Joint Admissions and Matriculation Board has given all tertiary institutions in the country one month to disclose all admissions conducted outside its Central Admissions Processing System before 2017. The Public Communication Advisor for JAMB, Dr Fabian Benjamin, who disclosed this at a press briefing in Abuja, on behalf of the board’s registrar, Prof Ishaq Oloyede, on Sunday, said the directive was aimed at enhancing transparency and fairness in the […]

August 5, 2024 60

BUSINESS

Hunger protests: Marketers stop fuel supply, queues resurface

Oil marketers have explained that the reappearance of queues at filling stations in many states is because of the halt in the supply of petroleum products by dealers in a bid to avert losing their assets due to the ongoing nationwide hunger protests. Many states in Nigeria, including the Federal Capital Territory, Abuja, witnessed varying degrees of queues about two weeks ago, which the Nigerian National Petroleum Company Limited blamed […]

August 5, 2024 55

BUSINESS

IELPN Maps Out Robust Strategy To Tackle Challenges Bedeviling Education In Nigeria

IELPN Maps Out Robust Strategy To Tackle Challenges Bedeviling Education In Nigeria By Our Reporter The Institute of Educational Leadership Practitioners of Nigeria, says it is mapping out innovative solutions to address the challenges facing the education sector in Nigeria as it calls for papers ahead of this year’s international conference of the institute. This is as the institute is planning to host its annual conference on August 14th and […]

July 18, 2024 142

BUSINESS

Supreme Court grants LG financial autonomy

The Supreme Court declared on Thursday that it is unconstitutional for state governors to hold funds allocated for local government administrations. The seven-man panel, in the judgment delivered by Justice Emmanuel Agim, declared that the 774 local government councils in the country should manage their funds themselves. The apex court held that the power of the government is portioned into three arms of government, the federal, the state and the […]

July 11, 2024 78

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