Business
Nigeria’s Crude Oil Production Hits 236 Million Barrels in First Half of 2024

Nigeria produced 236,229,281 barrels of crude oil in the first half of 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Monthly production figures show 44.2 million barrels in January, 38.3 million in February, 38.1 million in March, 38.4 million in April, 38.8 million in May, and 38.3 million in June.
This production marks an increase from 219.5 million barrels in the same period in 2023 but is lower than the 302.42 million barrels produced in the first half of 2020.
The average daily production fluctuated from 1.43 million barrels per day (mbpd) in January to a low of 1.23mbpd in March, with slight recoveries in subsequent months.
Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited, highlighted the challenges of oil theft and vandalism, which hinder investment and production.
Despite these issues, Kyari expressed optimism that Nigeria would soon achieve a production rate of two million barrels per day.
Business
Aliko Dangote to Step Down as Dangote Sugar Chairman After 20 Years

Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Business
Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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

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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