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Article 'Dangote Refinery Eyes 650,000 Barrels Per Day with Billions in Funding'- Nigeria News
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Justice Kudirat Kekere-Ekun is set to be inaugurated as Nigeria's new Chief Justice. As the second female CJN, her distinguished career includes significant rulings and advancements in women's representation in law, highlighting her role in shaping the Nigerian judiciary and promoting public...
NNPC Ltd refutes allegations by former Vice President Atiku Abubakar that President Bola Tinubu is involved in the acquisition of NNPC Retail by OVH. The company emphasizes its commitment to commercial interests, asserting that Oando, linked to Wale Tinubu, had divested its stake before the...
Oando Plc has acquired the Nigerian Agip Oil Company from Eni for $783 million, doubling its stake in key oil blocks and increasing its total reserves to over one billion barrels. This strategic move strengthens Oando's position in Nigeria's oil and gas sector and boosts its revenue potential...
Dangote Petroleum Refinery plans to start petrol supply by mid-September, undergoing test runs for production. Initial delays pushed back the timeline from June to August, but recent reports suggest the refinery remains on schedule. No petrol price has been fixed yet as operations commence.
The...
Nigeria's recent acquisition of a 15-year-old Airbus A330-200 presidential jet has sparked controversy over its cost and previous ownership. Purchased for $100 million and retrofitted at an additional $50 million, the deal raises questions about government spending priorities amid ongoing...
Nigeria's Federal Government reports that Togo and Benin owe $14.19 million for electricity supplied in Q1 2024. The Nigerian Electricity Regulatory Commission highlights the failure of international customers to remit payments, prompting calls for stricter enforcement of payment regulations to...
Since President Bola Tinubu's inauguration in May 2023, Nigerians have faced significant price hikes in essential goods and services, including fuel, electricity, and transportation. These increases, attributed to economic reforms, have heightened the cost of living and sparked widespread...
A Chinese firm, Zhongshan Fucheng Industrial Investment Ltd, has repossessed a $57 million luxury jet owned by Nigeria in Canada, following the seizure of Nigerian guest houses in the UK. This move aims to recover $70 million in arbitration awards, with potential asset seizures expected...
![Today's Naira Rate[22-08-2024]: Nigerian Naira Faces Pressure, Remains at N1600/$ Despite FX Market Gains](/data/attachments/207/207487-2f6d6883f23a034efccccca8e854a5ea.jpg?hash=PERHMQHP25)
Nigeria
Today's Naira Rate[22-08-2024]: Nigerian Naira Faces Pressure, Remains at N1600/$ Despite FX Market Gains
The Nigerian naira remains at N1600/$ in the black market, despite recent improvements in Nigeria's foreign exchange market. The introduction of dollar bonds to increase liquidity hasn't eased the pressure on the naira, as it struggles against short sellers and global currency dynamics.
The...
NNPC has repaid 60% of the $1.03 billion loan for its stake in Dangote Petroleum Refinery, amounting to $625 million. The stake has been reduced from 20% to 7.2% due to unpaid balances. The company plans to redirect investments toward compressed natural gas (CNG).
The Nigerian National...
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