News and Insights

The Dangote Petroleum Refinery has offered to supply 60 million litres of Premium Motor Spirit, popularly called petrol, to the Independent Petroleum Marketers Association of Nigeria weekly, which translates to 240 million litres monthly.It was gathered from the association that the refinery agreed to give 60 million litres of PMS to IPMAN members weekly, depending on patronage. This came as it was gathered that the $20bn Lekki-based refinery is aiming to raise billions of dollars to import crude oil and increase production. Also on Sunday, oil dealers stated that petrol prices were declining following the competition occasioned by the deregulation of the sector, especially as the Nigerian National Petroleum Company Limited and other marketers imported over two billion litres of PMS in 42 days.

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Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in September, according to the Consumer Product Index report released by the National Bureau of Statistics on Friday. The movement indicated a 1.18 per cent point increase month-on-month. On a year-on-year basis, the headline inflation rate was 6.55 per cent points higher than the rate recorded in October 2023 which was 27.33 per cent. Nigeria’s inflation has experienced significant fluctuations throughout 2024. This persistent rise was primarily driven by steep increases in food and transportation costs following the removal of fuel subsidies and continued naira depreciation, compounded by insecurity and flooding in the agricultural belt of the nation.


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The shareholders of FBN Holdings have approved that the financial group can raise N350bn in additional capital and also change its legal name and brand name. The approval was given at the virtual Annual General Meeting of the group recently and the resolutions made at the AGM were filed with the Nigerian Exchange Limited on Friday. Shareholders also approved a dividend of 40 kobo per 50 kobo ordinary shares, totaling N14.36bn for the 2023 financial year to be distributed to registered shareholders. FBN Holdings is in the middle of a rights issue to raise N150bn to shore up its capital base, a move that the company said preceded the announcement of the Central Bank of Nigeria that banks operating in the country should increase their capital base.

Read more: Punch News