The demand for crude oil by Nigerian refineries, including the newly inaugurated Dangote Refinery, has surged by 24% in the second half of 2024, pushing the required volume to 597,700 barrels per day (bpd). This increase from the 483,000 bpd requested in the first half of the year highlights the growing gap between the needs…
The Dangote Refinery controversy has generated substantial debate, capturing the attention of stakeholders across various sectors. Initially, I found myself inclined to support Aliko Dangote, Africa’s richest man, whom I perceived as being unjustly targeted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). However, a respected voice in the discourse, Ademola Adigun, urged…
Kuda Bank, a renowned digital bank in Nigeria, offers seamless banking services through its USSD codes. These codes enable customers to perform various transactions without internet access, making banking more accessible and convenient. About Kuda Bank Kuda Bank was founded in 2019 by Babs Ogundeyi and Musty Mustapha to revolutionize Nigeria’s banking sector. It aimed…
Recent events indicate that not all is well between Africa’s richest man, Aliko Dangote, and some agencies of the Nigerian government. Many Nigerians had high hopes that when Dangote’s refinery started operating fully, it would significantly reduce the price of petroleum products in the country. However, this has not yet happened. Nigeria, despite being one…
Senegal has embarked on a transformative journey with the commencement of its first-ever oil production, a significant development hailed by President Bassirou Diomaye Faye as a pathway to substantial economic growth and prosperity. This milestone marks the beginning of a new era for the West African nation, promising to reshape its economic landscape. On Tuesday,…
When you want to buy land or a house in Lagos State, you need to go through some legal processes to acquire your Certificate of Occupancy “CofO” to buy government-approved land in Lagos to avoid demolition. Skincare influencer Quenneth ‘Lashiskin’ took to her Instagram page with tears in her eyes, claiming that authorities demolished her…
The Tinubu administration is facing significant challenges. One year into his four-year tenure, notable achievements have been elusive. A year ago, the dollar traded at around ₦500/$, and petrol pump prices hovered around ₦300/liter. Now, the dollar has soared to over ₦1400/$, and petrol prices start at ₦700/liter. Widespread insecurity persists, factories struggle to stay…
In the first quarter of 2024, Nigeria grappled with the weighty burden of debt service payments, which accounted for a staggering 70% of its total dollar outflow. According to data from the Central Bank of Nigeria (CBN), the country’s foreign debt service payments surged to $1.12 billion during this period, representing a significant escalation from…
Airtel Africa, Nigeria’s second largest telecoms company has reported significant financial setbacks due to currency devaluations in several of its key markets, notably Nigeria, Zambia, Kenya and Malawi, resulting in a staggering $1.7 billion in derivative and foreign exchange losses for the fiscal year ending March 31, 2024. These headwinds also contributed to an $89…
Togo’s president has signed a new constitution eliminating presidential elections, his office said late Monday, a move that opponents say will allow him to extend his family’s six-decade rule. Civil society groups in the West African nation have called for protests. Under the new constitution, the president will no longer be elected by popular vote;…