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Nigeria to Supply Dangote Refinery with 400,000 Barrels Daily

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The Federal Government plans to supply the Dangote refinery with up to 400,000 barrels of Nigerian crude oil daily under its naira-for-crude agreement, as reported by Bloomberg. This initiative will be implemented over the next two months, totaling 24 million barrels between October and November 2024.

The deal is expected to enhance the refinery’s operations and significantly impact the local oil market by reducing Nigeria’s crude exports. The Dangote refinery, the largest in Africa, will require 13 to 14 shipments from Nigeria’s typical monthly crude cargo of about 50, potentially lowering national exports to below 1 million barrels per day.

Although some shipments may face delays, the planned supply is much larger than the 255,000 barrels a day the refinery received during the first half of the year. As the refinery approaches full capacity, Nigeria may finally reduce its reliance on costly oil product imports, impacting the West African gasoline and diesel markets.


 

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Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”


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CBN Assures Nigerian Stakeholders of the Banking Sector Stability and Deposit Security

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The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.

The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.

The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.


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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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