Dangote refinery denies shutting petrol processing unit for repairs –

The Dangote Petroleum Refinery in Lekki, Lagos State, has denied shutting down its petrol processing unit for maintenance. A senior spokesperson at the company told The PUNCH on Sunday that “loading of Premium Motor Spirit (petrol) is ongoing as we speak.” A report by Bloomberg had said the fuel unit was undergoing repairs and had to be shut down pending the completion of the exercise. It said the gasoline-making unit at the Dangote refinery was being repaired. “A large fuel-production unit at Nigeria’s Dangote oil refinery is undergoing maintenance,” Bloomberg reports, quoting a person familiar with the matter….(Read More)

 NGX gains N966bn in holiday-shortened week –

The Nigerian Exchange Limited gained N966bn in market capitalisation, buoyed by improved investor sentiment and positive movements in key banking and consumer goods stocks. The market opened for four trading days following the Easter celebrations, after the Federal Government declared Friday, April 18, and Monday, April 21, 2025, as public holidays. At the close of trading activities on Friday, the All-Share Index rose by 1.46 per cent to close at 105,752.61 points, while market capitalisation appreciated by 1.47 per cent to settle at N66.465tn, compared to N65.499tn recorded at the end of the previous week…………(Read More)

 Nigeria’s debt servicing costs rise to N8.9tn – Report –

Nigeria’s debt servicing costs have surged to N8.9tn in the first nine months of 2024, surpassing the pro-rata budget of N6.2tn. In a recent report by Afrinvest, this increase is driven by the country’s rising debt profile, which ballooned from N97.3tn at the end of 2023 to N144.7tn in 2024. The N8.9tn spent on servicing debt in the period represents a significant 58.3 per cent of the nation’s total revenue, placing significant strain on fiscal resources. According to Afrinvest, the massive debt servicing burden, coupled with recurrent expenditure obligations, has limited the funds available…..(Read More)

FG’s safety nets face setback on oil price slide –

The World Bank said in its Africa Pulse report entitled ‘Improving Governance and Delivering for People in Africa’ that various safety nets targeted at easing the burden of the citizens may not be enough to lift millions off the poverty line. It predicted that Nigeria may likely see a rise in the levels of poverty over the next two years despite a moderate economic growth forecast. The multilateral lender noted that while non-resource-rich countries are expected to continue reducing poverty and grow faster, resource-rich countries like Nigeria may drag due to declining oil prices……….(Read More)

GTCO shareholders approve N8.03 dividend payout –

 Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved the payment of a total dividend of N8.03 per share for the financial year ending December 31, 2024. This decision was taken at the company’s fourth annual general meeting, which was held virtually on Thursday. The company had previously paid an interim dividend of N1 per share and would now make an additional N7.03 per share bringing the total dividend for the 2024 financial year to N8.03 per share. Chairman of GTCO, Mr Hezekiah Sola Oyinlola, emphasized the group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances… (Read More)

Asian shares inch higher as uncertainty over US tariffs persists –

Asian markets inched higher in cautious trading on Monday as investors watched to see what may come of negotiations over U.S. President Donald Trump’s tariffs. U.S. futures fell and oil prices were little changed. Shares in China fell despite more efforts by Beijing to boost the economy, as uncertainty persisted over the status of any talks between Washington and Beijing. The president says he’s actively negotiating with the Chinese government on tariffs — while the Chinese and U.S. Treasury Secretary Scott Bessent have said talks have yet to start…..(Read More)