The Dangote Refinery IPO 2026 has triggered an unusually strong rush from Nigerian retail investors, with heavy traffic overwhelming some investment platforms as people attempt to buy shares in Africa’s biggest public offering. The IPO opened on September 14, offering 4.1 billion shares at ₦525 each. Investors can subscribe for as few as 10 shares,…
Uber exits Nigeria and this has brought an unexpected end to the company’s 12-year run in one of Africa’s biggest consumer markets. Uber stopped operations in Nigeria on September 2, alongside its exit from Uganda, saying it had reviewed its business priorities and investment focus across Africa. The company did not give a specific reason…
The UK economy is showing signs of slowing, but calling the latest figures an outright economic slump would be misleading. Britain’s GDP grew by 0.4% in the second quarter of 2026, down from 0.6% in the first quarter. That is a slowdown, but it still means the economy expanded and the UK actually recorded the…
The Central Bank of Nigeria (CBN) has removed restrictions that previously prevented banks using its Standing Lending Facility, or discount window, from simultaneously participating in the Nigerian Foreign Exchange Market and primary auctions of government securities. The move took immediate effect following a review of conditions in the FX, money and fixed-income markets. On paper,…
Global oil markets are once again being pushed higher by the standoff between the United States and Iran over the Strait of Hormuz, with Brent crude climbing sharply as hopes of a quick reopening of the strategic waterway fade. The U.S. Energy Information Administration has raised its 2026 Brent price forecast to about $87 per…
The Nigerian Electricity Regulatory Commission (NERC) has dissolved the board of Kaduna Electricity Distribution Plc (KAEDC) after the company accumulated about ₦456.5 billion in market obligations, including ₦415.5 billion owed to Nigerian Bulk Electricity Trading and ₦41 billion owed to the Nigerian Independent System Operator. NERC has appointed an interim board and administrator for six…
Billionaire investor and First HoldCo Chairman Femi Otedola has significantly increased his stake in the financial services group after acquiring an additional 1.779 billion shares valued at approximately ₦222.2 billion. The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), was executed through Otedola’s investment vehicle, Calvados Global Services Limited. The latest…
Nigeria’s public debt has exceeded the government’s debt sustainability threshold after the Federal Government borrowed 61.2% more than originally budgeted to finance a wider-than-expected fiscal deficit in 2024, according to data from the Budget Office analyzed by BusinessDay. The report showed that total public debt rose to ₦144.67 trillion, pushing the country’s debt-to-GDP ratio to…
Nigeria’s foreign exchange market has recorded a major milestone after weekly turnover climbed to $4.375 billion, marking the first time in 2026 that trading activity has crossed the $4 billion mark. The surge reflects improving liquidity and stronger participation in the country’s official FX market. According to market data, the increase was driven largely by…
Fresh concerns are emerging over Nigeria’s inflation outlook after broad money supply continued to expand while global crude oil prices climbed back toward the $100 per barrel mark, increasing the likelihood of higher fuel and transport costs in the coming weeks. Recent financial data show liquidity in the Nigerian economy has continued to rise, reflecting…
