Business

Kenyan presidential candidate Patrick Osoi has urged Nigerian billionaire Aliko Dangote to delay his proposed refinery project in Kenya, saying local investors could undertake the project if he becomes president next year. Osoi made the remarks while addressing supporters at a Lions Movement event, arguing that Kenya had businesspeople capable of establishing a refinery without depending on the Nigerian industrialist.…

Dangote Group has projected the  naira to trade at around N1,330 per dollar in the fourth quarter of 2026, with a full-year average of about N1,385 per dollar , as rising foreign reserves, returning portfolio inflows and lower fuel import requirements support the currency. The  Group in its Economic Research and Intelligence H1 2026 Economic Report  attributed the naira’s appreciation…

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has paid a cumulative N69.65billion to insured depositors of failed financial institutions as part of efforts to protect bank customers and strengthen confidence in the banking system. The Director of Strategy Development at the NDIC, Mrs Gwa Uduak, disclosed this on Thursday during the opening ceremony of the corporation’s 2026…

The Federal Government has announced plans to sell petrol at discounted prices at NNPC filling stations across the country for the next 30 days. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at a press conference in Abuja on Thursday. Oyedele said the discount would prioritise public transport operators as part of measures to reduce…

The Securities and Exchange Commission (SEC) has assured fintech and digital asset operators that it does not intend to stifle their operations, saying it is focused on creating clear regulatory pathways while ensuring market stability. SEC Director-General, Dr Emomotimi Agama, said this on Wednesday in Abuja at the second Bi-Annual Regulator/FinTech Clinic organised by the Commission. He said the Commission…

Dangote Petroleum Refinery & Petrochemicals FZE is offering investors in East Africa access to nearly 20per cent of its initial public offering (IPO), with the regional offer expected to raise as much as $300.4 million. The details were contained in an information memorandum released on Wednesday after regulators in Kenya and Uganda cleared routes for eligible investors in both countries…

The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), will offer N900 billion in Nigerian Treasury Bills (NTBs) on Wednesday, October 7, 2026, with the one-year instrument accounting for the bulk of the offer. According to the auction notice, the DMO will offer N100 billion each in 91-day and 182-day bills, and N700 billion in…

The Nigerian equities market closed on a bearish note as profit-taking activities in First Holdco (-5.1per cent), ETI (-2.7per cent), Stanbic (-1.2per cent), and Unilever (-4.1per cent) dragged the All-Share Index lower by 0.2per cent to 250,273.50 basis  points.  Consequently, the Month-to-Date and Year-to-Date returns settled at -0.4per cent and +60.8per cent, respectively. The total volume traded declined by 33.8per…

The naira closed at N1,331.5 against the dollar on Tuesday, gainiing slightly from N1,332.9 against the dollar recorded on October 5, according to data from the Nigerian Foreign Exchange Market (NFEM).  The local currency traded between N1,333 and N1,330.00 during the session, with the weighted average rate settling at N1,331.5 against the dollar.  The latest movement keeps the naira around…

FMDQ Securities Exchange Limited has approved the quotation of CapitalSage Technology Limited’ s N4.29 billion Series 1, N3.33 billion Series 2 and N37.50 billion Series 3 Commercial Papers (CPs) under its N75.00 billion CP Programme.  This approval by the Exchange’s Board Listings and Markets Committee reinforces FMDQ Exchange’s role as a trusted platform for short-term capital market financing and provides…