FBN Holdings shareholders approve the plan of raising #350billion in additional capital and also changing its brand name. These discussions happened in the Annual General Meeting (AGM) and were submitted to the Nigerian Exchange Limited.

The Shareholders also approved of a dividend payment of 40 kobo per 50 kobo ordinary share, which will result to #14.36 billion for 2023 financial year.

This capital raise will include issuing shares, private placements or right issues concluded and approved by the board of directors. It will align with the initiate to raise #150 billion issues by the Central Bank of Nigeria.

Concerns have been raised by The Central Bank of Nigeria (CBN) and the Ministry of Finance, concerning the Investment and Securities Bill which was proposed. The bill aims to replace 2007 Act and to update capital market regulations.

The CBN representative, Dr Tukur at the National Assembly hearing, opposed to the granting of the Securities and Exchange Commission over the public companies.

The Finance Minster, Wale Edun also emphasize on the impact of the bill and the provision it will offer the SEC board members. However the SEC Director General defended the bill and stated it has a benefitting role in Nigeria’s capital market globally.

Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, recently shared his concerns about a purported conspiracy involving an oil cabal in Nigeria, working in collusion with international oil companies (IOCs) to undermine the operations of private refineries, particularly the Dangote Petroleum Refinery.

Speaking at the November 2024 Abuja Special Holy Ghost service, Adeboye called on Nigerians to pray for divine intervention,

He believes that these unscrupulous oil marketers are intentionally working to create difficulties for the public, especially in light of their efforts to hinder the operations of the Dangote refinery.

Adeboye pointed out that Dangote’s refinery came as a response to the failure of the public refineries and the ongoing struggle Nigeria faces in trying to refine its own crude oil.

Despite being one of the world’s largest oil producers, Nigeria continues to rely heavily on importing refined petrol, a situation that has sparked frustration and concern among citizens.

“Are we under a curse?” Adeboye questioned, highlighting the irony that the country with vast oil reserves struggles to refine its own products.

He further praised Dangote for his determination to help alleviate the suffering of Nigerians.

“He is not my relative, not even from my village, and not a Christian. But as a Nigerian, he saw the suffering of the people and decided to build a refinery that could work,” Adeboye remarked.

In a positive development for Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement to buy petrol directly from the refinery, bypassing the usual importation channels.

However, Nigerians are still facing high fuel prices, with petrol being sold for as much as N1060 to N1200 at various NNPC stations and other retail outlets across the country, leaving many questioning when the country will truly see the benefits of its oil wealth.