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Standard Bank backs Dangote Refinery IPO, expansion
The planned public listing of the Dangote Petroleum Refinery has received a significant boost after Africa’s largest banking group signalled its readiness to play a leading role in the transaction while pledging continued support for the industrial giant’s expansion ambitions…
Seplat Chairmanship cements Elumelu’s rising influence in Nigeria’s strategic sectors
Sopuruchi Onwuka The appointment of renowned investor and entrepreneur Tony Elumelu as Chairman-designate of Seplat Energy Plc marks more than a routine boardroom transition. It represents the latest milestone in the rapid expansion of his influence across Nigeria’s energy landscape…
Tony Elumelu Chairs the board, Okon runs the management of Seplat
Seplat Energy Plc has announced a major leadership transition, appointing leading African businessman and investor, Tony Elumelu, as its next Chairman and naming Engr. Effiong Okon as Chief Executive Officer. The appointments come as part of moves by Seplat to…
CBN’s new forex guidelines clears import of up to $10,000 without declaration
Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange (forex) Guidelines which provides that an individual can export $50,000 cash. The only condition, according to the Guidelines, released, Friday, is that such cash must be declared at the point of…
Heirs Energies’ $750m deal wins global finance award
Frank Okon Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, has earned international recognition after its landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA…
Supreme Court dismisses suit challenging Unity Bank/Providus Bank merger for lacking merit
Supreme Court has effectively ended the long-standing dispute over the proposed merger between Providus Bank Limited and Unity Bank Plc, as a unanimous judgement of the apex court set aside an Appeal Court ruling opposing the transaction. In a unanimous…
CBN upgrades Abbey Mortgage Bank to regional banking status
Central Bank of Nigeria (CBN) has approved the upgrade of Abbey Mortgage Bank Plc to a commercial banking institution, just as the new player in the sector fixed the fourth quarter of this year as date to commence full operations. Making…
CBN cites withdrawal of forbearance, loan reclassification for 8.03% rise in NPLs ratio
Banks’ non-performing loans (NPLs) ratio jumped to 8.03 per cent, seven months after the Central Bank of Nigeria (CBN) ended key regulatory forbearance measures that had allowed banks to restructure troubled loans without immediately classifying them as impaired. According to…
Alpha Morgan Bank reports N1.9bn PBT, breaks even in first 10 months of operation
Alpha Morgan Bank has announced a landmark financial performance, recording Profit Before Tax (PBT) of N1.9 billion in under 10 months of operations. It would be recalled that Alpha Morgan Bank commenced operations in March 2025 with the rare distinction…
Banks’ lending to MDAs hit N39.60trn in 1yr, as credit to private sector drops by 15% — CBN
Central Bank of Nigeria (CBN) data for April has disclosed that while Nigerian banks raised credit to the public sector of the economy, the same facility to the private sector dropped, in one year period under review. According to the…
