Business

Capital Importation Falls 9% To $1.03 bn

Published

2 years ago

October 6, 2023

Nigeria’s capital importation fell quarter-on-quarter (QoQ) by 9.04 percent to $1.03 billion in the second quarter of 2023 (Q2’23) from $1.13 billion in Q1’23.

The National Bureau of Statistics, NBS, disclosed this today in its Capital Importation report for Q2’23 noting that other investments ranked top accounting for 81.3 percent ($837.34 million) of total capital importation during the period.

The bureau also said that First Bank of Nigeria Limited received the highest capital into Nigeria with $323.13 million.

NBS said: “In Q2′ 23, total capital importation into Nigeria stood at $1.03 billion, lower than $1.53 billion recorded in Q2’22, indicating a decrease of 32.9 percent.

“When compared to the preceding quarter, capital importation fell by 9.04 percent from $1.13 billion in Q1’23.

“Other Investment ranked top accounting for 81.3 percent ($837.34 million) of total capital importation in Q2’23, followed by Portfolio Investment with 10.37 percent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 percent ($86.03 million).

“The production sector recorded the highest inflow with $605.04 million, representing 58.7 percent of total capital imported in Q2’23, followed by the banking sector, valued at $194.58 million (18.89 percent), and Shares with $68.63 million (6.6 percent).

“Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.4 percent, followed by Singapore and the Republic of South Africa with $177.44 million (17.2 percent) and $136.95 million (13.3 percent) respectively.

“Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.5 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.8 percent).

”First Bank of Nigeria Limited received the highest capital into Nigeria in Q2’23 with $323.13 million (18.23 percent), followed by Citibank Nigeria Limited with $187.77 million (12.23 percent) and Rand Merchant Bank with $126.03 (6.47 per cent).”

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

2 days ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

2 days ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

3 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.