African Export-Import Bank (Afreximbank) has signed a $1.35 billion financing facility in favour of Dangote Industries Limited (DIL). The facility is part of a larger approximately $4 billion syndicated financing arrangement for DIL, Africa’s largest industrial conglomerate. Afreximbank acted as the Mandated Lead Arranger, for the syndication. This financing, described as one of the largest…
Seplat Energy PLC has announced its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167 trillion for the period from N575.1 billion reported same period last year. Its gross profit soared to N751.2 billion from N247.5 billion Year-on-Year. Cash generated from its operations for the period grew to N1.188…
The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out sale of the Port Harcourt Refining Company (PHRC), reaffirming its commitment to completing high-graded rehabilitation and retention of the plant. Its Group Chief Executive Officer (GCEO), Bayo Ojulari, announced this at a company-wide town hall meeting at the NNPC Towers, Abuja. NNPCL made…
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol to N890 per litre in Abuja. The latest increase comes one week after the national oil firm dropped the commodity’s price to N895 – representing a N5 decrease. TheCable observed on Wednesday that the petrol pump price was reviewed downwards in…
The West African region has unveiled the timeline for accomplishing its refinery hub goals. Countries in the subregion are to sign harmonized refinery regulatory agreements in the fourth quarter (Q4) of 2025. The timeline was part of the highlights from the two-day Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)/ S&P Global Commodity Insights Conference…
The Securities and Exchange Commission (SEC) is actively engaging with emerging technologies and digital innovators to craft regulatory frameworks that support capital market innovation without compromising investor protection, its Director-General, Dr. Emomotimi Agama, has said. Delivering the keynote at the Comercio Partners H2 2025 Outlook event, Dr. Agama said Nigeria, like many countries, stands at…
Nigeria’s crude oil rigs increased from 44 of last week to 46 yesterday, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Its Chief Executive, Gbenga Komolafe, an engineer, made this known in Abuja during the Strategic Workshop for Media Practitioners organised by the NUPRC Public Affairs and Corporate Communications Unit. He said: “And again,…
Nigeria’s Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of gasoline and diesel to supply refined fuel to southern Africa, two sources told Reuters yesterday. The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region…
A private entity, Backbone Infrastructure Nigeria Limited (BINL), has expressed its readiness to build $15 billion 500,000 barrels per day (bpd) refinery and establish a Free Trade Zone (FTZ) in Ondo State. It said it has concluded plans to construct and operate the plant at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine FTZ…
