Economy

  South Africa’s Standard Bank Group is in talks to acquire a stake in Nigerian fintech company OPay Digital Services ahead of the company’s planned initial public offering (IPO) in the United States, according to Bloomberg. The proposed investment would see Africa’s largest lender by assets take a stake in OPay before the fintech proceeds […]

  Dangote Petroleum Refinery & Petrochemicals FZE has secured a $400 million underwriting commitment from investors ahead of its planned initial public offering (IPO), bringing the refinery closer to what could become one of Africa’s largest stock market listings. The commitment was disclosed by Bloomberg in a report on Tuesday, citing an emailed statement from

  Dangote Petroleum Refinery and Petrochemicals has secured a $1 billion underwriting programme from investors ahead of its planned Initial Public Offering (IPO), as the refinery continues preparations for its proposed entry into the capital market. The disclosure was contained in a joint press statement issued by Marob Strategies and Consulting DIFC Ltd and Lilium

  The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered indications of possible manipulation of cement prices in the Nigerian market and has commenced a probe involving key players in the sector. The development follows findings from an industry-wide investigation conducted by the commission, according to a statement issued by Ondaje Ijagwu, FCCPC Director

The National Sugar Development Council (NSDC) has intensified efforts to achieve sugar self-sufficiency in Nigeria, leveraging a $1 billion investment partnership and a N10 billion project acceleration fund to boost local production and reduce dependence on imports. Executive Secretary of the NSDC, Mr. Kamar Bakrin, disclosed this during a courtesy visit by the Abuja Chapter

  Nigeria’s headline inflation rate declined further to 15.43% in July 2026, representing a 0.48 percentage-point decrease from the 15.91% recorded in June. The latest figure was contained in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), which also showed a significant decline from the 24.94% recorded in July

  Nigeria’s net foreign exchange (FX) flow stood at US$4.94 billion in March 2026, representing a 38% increase compared with the US$3.58 billion recorded in March 2025. The latest figure was contained in the Central Bank of Nigeria’s (CBN) Q1 2026 Statistical Bulletin, which showed that net FX flow declined on a month-on-month basis despite

  The Nigerian equities market extended its bearish trajectory into a new week on Monday, August 17, 2026, as continued selling pressure in banking and insurance stocks pushed the benchmark NGX All-Share Index (ASI) down 0.07%. The ASI closed at 242,454.65 points, compared with 242,619.20 points in the previous session, while market capitalisation declined to

  The Economic and Financial Crimes Commission (EFCC) has facilitated the recovery of $60 million from Nestoil Limited, with the funds paid to a consortium of lenders as part of efforts to resolve the oil and gas company’s outstanding indebtedness. The recovery followed a structured repayment arrangement reached between Nestoil and the consortium of lenders,

The Central Bank of Nigeria (CBN) recorded total foreign exchange sales of $953.41 million in March 2026, marking the highest monthly level since April 2025. The figure was disclosed in the apex bank’s latest Quarterly Statistical Bulletin, highlighting a sharp increase in foreign exchange supply during the month. What you should know The March increase