Femi Asu

Lagos

Business Journalist at The Africa Report

●Business journalist @TheAfricaReport ●Ex-news editor, BusinessDay ●Ex-asst. busines editor, PUNCH ●Trainer ●Winner, CNN African Journalist of the Year award

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Articles

Nigeria regains top spot as Shell’s payout hits four-year high

Mar 20, 2024 | businessday.ng | Femi Asu

Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years. The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.
Savannah Energy to buy Nigerian unit of China’s Sinopec

Mar 19, 2024 | businessday.ng | Femi Asu

Savannah Energy Plc announced on Tuesday that it has entered into agreements to acquire 100 percent of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC).
NNPC pays N140.55bn for Oando-branded retail stations, jetty, others

Jan 31, 2024 | businessday.ng | Femi Asu

…provides scant information on sellerThe Nigerian National Petroleum Company Limited (NNPC) paid cash amounting to $325.09 million (N140.559 billion) for the acquisition of Oando-branded retail stations and a reception jetty in Apapa, among other facilities, its latest financial statements show.
Foreign inflows into Nigerian stock market hit 15-year low

Jan 26, 2024 | businessday.ng | Femi Asu

Foreign investors’ purchases of Nigerian stocks have declined for the sixth straight year, new official data show, as they remained on the sidelines despite reforms that sparked a massive rally in the market. The total amount of stocks bought by foreign investors fell to N174.80 billion last year, the lowest since 2008, from N195.76 billion in 2022, according to data from the Nigerian Exchange Limited (NGX).
Prolonged NLNG force majeure exposes oil sector woes

Jan 22, 2024 | businessday.ng | Femi Asu

…sparks worries over $5bn Train 7 projectThe force majeure put in place by the biggest gas exporter in Nigeria more than 15 months ago has left several industry experts increasingly worried about the mounting headwinds plaguing the country’s economic lifeblood: the oil and gas sector.
Dangote Cement displaces Airtel as most valuable firm

Jan 17, 2024 | businessday.ng | Femi Asu

Dangote Cement Plc extended its winning streak on Wednesday as its share price surged by 9.98 percent, overtaking Airtel Africa Plc as the most valuable firm on the Nigerian Exchange Limited (NGX). The flagship company of Africa’s richest man moved from the third position to become number one in less than one week.
Dangote’s firms gain N514bn in market value after refinery startup

Jan 15, 2024 | businessday.ng | Femi Asu

Three subsidiaries of Dangote Group listed on the Nigerian Exchange Limited (NGX) saw their combined market capitalisation rise by N513.69 billion on Monday, the first trading day after the announcement of the start of production at the conglomerate’s oil refinery. Late Friday, a video of the 650,000-barrels-per-day refinery roaring to life began to circulate on social media, causing excitement in many circles.
Otedola, Oando boss lauds Dangote as refinery goes live

Jan 14, 2024 | businessday.ng | Femi Asu |Abubakar Ibrahim

…Diesel, aviation fuel to hit market this monthThe 650,000-barrels-per-day Dangote refinery, which has started producing diesel and aviation fuel, has been variously described as “a beacon of hope for Nigeria” and an “extraordinary accomplishment”. Femi Otedola, chairman of Geregu Power Plc; and Wale Tinubu, group chief executive of Oando Plc, lauded Aliko Dangote, president/chief executive of Dangote Group, for the start of production at the giant refinery.
FG says borrowing from CBN won't violate law

Jan 14, 2024 | businessday.ng | Femi Asu

The federal government will not borrow money from the Central Bank of Nigeria (CBN) unlawfully, Atiku Bagudu, minister of budget and economic planning, has said. Bagudu said the government has cut back on borrowing and debt service as part of measures to boost the confidence of private investors in the economy.
Nigeria's debt to hit N95trn, up eightfold in 10yrs

Jan 7, 2024 | businessday.ng | Femi Asu

Nigeria’s public debt profile will show over eightfold increase in the last 10 years when the central bank loan that President Bola Tinubu has been given the green light to securitise is included in the official data. Lawmakers had on December 30 approved the request for the securitisation of the N7.3 trillion owed by the federal government to the Central Bank of Nigeria (CBN). Its inclusion in the debt office’s data will push the country’s public debt stock to at least N95.2 trillion.