The finance ministry calls a 124% interest-to-revenue figure from the World Bank's report misleading. Here is what ₦7.7trn in interest against ₦6.2trn in revenue measures, and why it matters.
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Dangote's refinery has moved the close of its N525-a-share offer from 13 to 27 October after SEC approval, giving investors two more weeks to apply.
Updated 21:23 WAT, 14 Oct 2026: The refinery has released unaudited results showing a net profit of $4.73 billion for the first nine months of 2026, which are now included below. Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks, moving the closing date from Tuesday, 13 October 2026 to Tuesday, 27 October 2026,…
Less than a month after launch, Apple has trimmed October component orders for the Pro and Pro Max, Nikkei Asia reports, with a $100 price rise and a split launch blamed. In Nigeria the Pro already sells for about ₦2.5 million.
Apple has cut October component orders for the iPhone 18 Pro and iPhone 18 Pro Max by at least 15% because demand is weaker than it expected, Nikkei Asia reported on Friday, 9 October, citing people in its supply chain. One executive-level source put the cut at 15% to 20%. It comes less than a month after the phones went…
CBN Governor Olayemi Cardoso says net foreign reserves have reached $46bn and gross reserves have passed $55bn. Here is what the two figures mean for the naira and for you.
Nigeria's net foreign reserves have risen to $46 billion and gross reserves have passed $55 billion, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Thursday, 8 October 2026. He was speaking at the Nigeria-Asia Connectivity Dialogue in Singapore, according to ThisDay. "The gross foreign reserves are now at an all-time high of $55 billion," Cardoso said, as reported…
The FG will sell petrol at cost at NNPC stations for 30 days and is negotiating a ₦1,350 cap on landing costs. Here is how it works and what is still unclear.
Updated 09:20 WAT, 12 Oct 2026: The Presidency says the government's 30-day discount is an extension of NNPC Retail's Independence anniversary discount, funded from NNPC Retail's own margin. Updated 09:11 WAT, 10 Oct 2026: NNPC says its ₦66-a-litre petrol discount, introduced on 1 October, now runs until 31 October and is not a subsidy. The Federal Government will offer a…
GTCO's H1 2026 results show flat pre-tax profit, strong deposit growth and a heavier tax bill that cut net profit. Here is what the numbers mean for shareholders as trading resumes on Tuesday.
Updated 17:53 WAT, 29 Sep 2026: GTCO has set 12 October as the qualification date and 20 October as the payment date for its ₦1 interim dividend. The GTCO interim dividend is back at ₦1 a share after Guaranty Trust Holding Company posted a pre-tax profit of ₦603.03bn for January to June 2026, in results released late on Monday. GTCO…
Kenya's President William Ruto and Aliko Dangote broke ground on the Dangote East African Refinery in Lamu on Wednesday, with Dangote promising to commission it within 40 months.
Updated 15:33 WAT, 30 Sep 2026: Ruto and Dangote have broken ground on the Lamu refinery. This story now includes what they said at the ceremony. Kenya's President William Ruto and Aliko Dangote broke ground on the Dangote East African Refinery in Lamu, on Kenya's coast, on Wednesday 30 September, Capital FM and Citizen Digital reported. Uganda's President Yoweri Museveni…
The Central Bank of Nigeria has lowered its policy rate by 3.5 percentage points, calling the move a reset rather than a change of stance.
The Central Bank of Nigeria (CBN) has made its boldest interest-rate move in years. At the close of the 307th meeting of its Monetary Policy Committee (MPC) in Abuja on Tuesday, 22 September, the bank lowered the Monetary Policy Rate (MPR), the benchmark that anchors borrowing costs across the economy, from 26.5% to 23%. The 350-basis-point reduction is the largest…
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