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 Business › BUA Chairman Rabiu Takes Delivery Of $81m Private Jet by ahmedbflash(op): 7:26pm On Jun 10 |
Abdul Samad Rabiu, Chairman of BUA Group, has taken delivery of a Bombardier Global 8000 private jet valued at approximately $81 million, equivalent to about ₦110 billion at current exchange rates, adding to the conglomerate’s growing corporate aviation fleet. Rabiu announced the delivery via his Instagram stories, with records indicating the purchase agreement was signed on December 4, 2025, at BUA Group’s Dubai office. The long-range business jet joins an existing fleet that includes a Bombardier Challenger 350 and a Bombardier Global 6500, both operated under BUA Group’s corporate aviation portfolio. Rabiu had previously described the acquisition as a strategic business asset, intended to support the group’s expansion across multiple sectors and international markets. Manufactured by Bombardier, a Canadian aerospace company renowned for producing high-performance business jets, the Global 8000 is designed for intercontinental travel, combining speed, range, and executive comfort. BUA Group is one of Nigeria’s largest conglomerates, with interests spanning cement, foods, sugar, infrastructure, and manufacturing, among other sectors. Sourced from:https://lekkibizchronicle.com/2026/06/10/bua-chairman-rabiu-takes-delivery-of-81m-private-jet-2/
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| Business › Stay Informed: Lekki Business News Roundup by ahmedbflash(op): 6:46pm On May 24 |
Nigeria 305th Monetary Policy Committee Briefing May 2026 https://lekkibizchronicle.com - Lekki Business Chronicle The Central Bank of Nigeria (CBN) has opted to maintain its benchmark interest rate at 26.5% following the conclusion of its 305th Monetary Policy Committee (MPC) meeting. In a briefing held after the two-day session on May 19th and 20th, 2026, the committee announced its decision to hold all major policy parameters steady to anchor inflation expectations and safeguard macroeconomic stability. Alongside the Monetary Policy Rate (MPR), the MPC retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirement (CRR) at 45% for deposit money banks. Click the link below to read more... [url]https://mailchi.mp/04c2acf08e67/weekly-biz-chronicle-12756544?e=[UNIQID][/url]
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| Business › Otedola To Invest $100m Into Dangote Refinery Before Planned IPO by ahmedbflash(op): 9:56pm On May 20 |
By Sodipe Ahmed Billionaire businessman Femi Otedola has announced plans to invest 100 million dollars in Dangote Refinery, as Nigeria's largest refinery prepares for a major Initial Public Offering (IPO) designed to attract both local and international investors. Otedola disclosed the investment plan after leading First HoldCo executives on a visit to the refinery, signalling growing confidence among Nigeria's business elite in the viability of the country's downstream energy sector. The planned investment forms part of a broader 2 billion dollar private placement that Dangote Refinery is currently pursuing ahead of its public listing. A private placement involves raising capital by selling shares directly to selected investors before a company goes public. Dangote Group founder, Aliko Dangote, had previously indicated that the refinery could sell up to a 10 percent stake during the listing. Bloomberg earlier valued the planned stake sale at approximately 5 billion dollars, with reports suggesting Dangote is targeting an overall refinery valuation of up to 50 billion dollars. The IPO is expected to be structured as a cross-border listing, enabling the refinery's shares to be traded on stock exchanges in more than one country. The move is aimed at broadening investor access and allowing Africans to participate directly in industrial wealth creation. The refinery, located in Lekki, Lagos, is one of the largest single-train refineries in the world and has been central to Nigeria's push for energy self-sufficiency and reduced dependence on imported petroleum products. No specific date has been announced for the IPO, but the ongoing private placement and high-profile investment commitments suggest the listing process is gathering momentum. Source from: Lekki Business Chronicle https://lekkibizchronicle.com/2026/05/20/otedola-to-invest-100m-into-dangote-refinery-before-planned-ipo-2/
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| Business › Nigeria 305th Monetary Policy Committee Briefing May 2026 by ahmedbflash(op): 8:14pm On May 20*. Modified: 10:09pm On May 20 |
The Central Bank of Nigeria (CBN) has opted to maintain its benchmark interest rate at 26.5% following the conclusion of its 305th Monetary Policy Committee (MPC) meeting. In a briefing held after the two-day session on May 19th and 20th, 2026, the committee announced its decision to hold all major policy parameters steady to anchor inflation expectations and safeguard macroeconomic stability. Alongside the Monetary Policy Rate (MPR), the MPC retained the standing facilities corridor at +50 to -450 basis points and kept the Cash Reserve Requirement (CRR) at 45% for deposit money banks. Inflation and the "Transitory" Surge The decision comes as Nigeria faces a marginal uptick in headline inflation, which rose to 15.69% in April 2026 from 15.38% the previous month. This increase was primarily fueled by food inflation, which climbed to 16.06%, reflecting high transportation and logistics costs. Despite these figures, the committee described the current inflationary pressure as "transitory" and largely induced by external shocks, specifically spillovers from the Middle East crisis that have impacted global energy prices. Governor Olayemi Cardoso noted that prior policy reforms, including exchange rate stability and strengthened monetary transmission, have significantly mitigated the pass-through of these global shocks to the domestic economy. Banking Sector and Growth Outlook The MPC highlighted the successful conclusion of the banking recapitalization exercise, which has resulted in 33 banks emerging with significantly stronger financial soundness indicators. The Governor emphasized that this process was "relatively seamless" and reflects a strong belief among investors in the Nigerian economy. On the growth front, the committee reported that real GDP grew by 4.0% in the fourth quarter of 2025, supported by expansions in the industry, agriculture, and services sectors. The oil sector also saw a boost, growing by 6.79% due to improved downstream refining. External Buffers and Exchange Rate Stability Nigeria’s external reserves remain a point of strength, standing at $49.49 billion as of May 15, 2026. This buffer is sufficient to cover 9.04 months of imports for goods and services, providing a solid foundation for exchange rate stability. Addressing rumors of heavy market intervention, Governor Cardoso clarified that the CBN’s intervention in 2025 was minimal, representing only about 1.2% to 1.3% of total market turnover. He noted that the foreign exchange market has deepened significantly, with daily turnover now averaging roughly 550million and occassionally spiking to 1 billion. Future Outlook While global growth is expected to moderate in 2026 due to geopolitical tensions and tighter financial conditions, the MPC remains optimistic about the domestic path. The committee reaffirmed its commitment to a forward-looking, evidence-based policy framework aimed at achieving price stability. The next MPC meeting is scheduled for July 20th and 21st, 2026. Youtube link: https://www.youtube.com/live/t_t27k_cXds?si=wCj8RMEwov4Ymbuy Source from: https://lekkibizchronicle.com/2026/05/20/nigeria-305th-monetary-policy-committee-briefing-may-2026-3/
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| Politics › Economists Commend CBN On Sustained Reserves Amid Global Shocks by ahmedbflash(op): 6:45pm On May 20 |
Economists have commended the Central Bank of Nigeria (CBN) for sustaining the country’s external reserves at 48.54 billion dollars amid persistent global economic shocks and pressures on emerging markets. The experts, who spoke in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Wednesday, said the steady growth in reserves reflected improving investor confidence and strengthened liquidity in the foreign exchange market. Dr. Uju Ogubunka, former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), said the reserve level indicates improved liquidity and stability in the foreign exchange market. According to him, the increase is a positive signal for the economy. “Having this value of foreign reserves indicates adequate liquidity and stability in the foreign exchange market. “This often engenders investment confidence, while repatriation of funds by investors will not be a challenge,” Ogubunka said. He urged the government to sustain the accretion to the reserves through investments in productive sectors and critical infrastructure. “The government should invest more in productive sectors and address key infrastructural deficits. “This will stimulate economic growth and help ameliorate the hardship being experienced by Nigerians,” he said. Also, Mr. Benjamin Akinsoto, Senior Researcher at BAA Consult, said the apex bank deserved commendation for maintaining strong reserve levels despite global uncertainties. Akinsoto said that the nation’s current reserves were strong enough to cover imports for about 12 months, far above the international benchmark of three months. “Our current reserves can cover monthly imports for about 12 months, even when the benchmark is three months. “Although pressures from the Middle East crisis have pushed some investors to move funds to safer havens, resulting in temporary depletion, the reserves remain robust,” Akinsoto said. He said reforms introduced by the Central Bank of Nigeria in the foreign exchange market would continue to strengthen the economy and support long-term recovery. “The apex bank’s reforms in the foreign exchange market will lead to a rebound despite minor depletions. “Any setback will always be temporary, considering the incentives regulators have put in place for investors,” he added. NAN reports that Nigeria’s gross external reserves rose to 48.54 billion dollars on May 14, extending a week-long recovery that added more than 218 million dollars to the country’s foreign currency buffer. Latest data released by the Central Bank of Nigeria showed that reserves increased steadily from 48.33 billion dollars recorded on May 7 to 48.54 billion dollars as of May 14. Source from: https://lekkibizchronicle.com/2026/05/20/economists-commend-cbn-on-sustained-reserves-amid-global-shocks-4/ website: Lekki Business Chronicle
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| Business › World Bank To Expand Africa Guarantees To $6.4bn By 2030 by ahmedbflash(op): 6:33pm On May 20 |
The World Bank Group says its Guarantee Platform aims to double its annual issuance of guarantees in Africa to 6.4 billion dollars by 2030. A statement by the bank on Wednesday, says the initiative is expected to improve the lives of no fewer than 190 million people over the next four years. The World Bank Group Guarantee Platform is a centralised, “one-stop shop” that consolidates all guarantee and risk insurance products across the World Bank Group. Hosted by the Multilateral Investment Guarantee Agency (MIGA), it combines the experts and products of the World Bank, the International Finance Corporation (IFC), and MIGA. The platform aims to boost private sector investment in developing countries by managing and mitigating political, project, and nonpayment risks. It was created to streamline access. Instead of navigating separate arms of the World Bank, investors can now access the full spectrum of guarantee products through a single entry point. It removes redundant steps and aligns reviews, making the process simpler and more predictable for clients. The platform is also designed to de-risk investments, encouraging commercial lenders to fund vital projects in emerging markets. According to the statement, Africa’s working-age population is projected to grow by 740 million over the next three decades, with up to 12 million young people entering the labour force annually. ”Guarantees will play a critical role in attracting private capital into job-rich sectors including agribusiness, energy, infrastructure, healthcare, digital services, finance, and trade.” It added that the initiative would create jobs and support Africa’s ambition to become a global engine of growth. The statement said that new guarantees expected to be issued over the next four years would mobilise about 23 billion dollars in private capital for Africa through several development initiatives. It listed the initiatives to include AgriConnect, a World Bank Group programme aimed at transforming smallholder farming, creating jobs, and strengthening global food security. Others are Mission 300, a joint initiative of the World Bank and the African Development Bank, supported by The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All. ”This initiative seeks to connect 300 million people in Africa to electricity by 2030, while creating more jobs,” the statement said. The statement further said that the guarantees could, by 2030, provide 43 million people with access to electricity as well as improved financial inclusion for 50 million people and businesses, especially those owned by women. It added that five million people would benefit from improved food and nutrition security, while 51 million people were expected to access digitally enabled services. The statement further said that 37 million people would be connected to broadband internet, while three million others would gain access to sustainable transport infrastructure and services. It quoted the Managing Director of MIGA, Tsutomu Yamamoto, as saying that Africa remains home to the world’s youngest and fastest-growing workforce, and guarantees will play a critical role in attracting the investment to create the jobs needed to secure their future. ”We are delighted to announce these ambitious new commitments, which will ultimately help to build robust and stable economies that yield quality jobs in everything from agribusiness and healthcare to energy and infrastructure,” Yamamoto said. The statement revealed that the World Bank Group Guarantee Platform was initiated in 2024 to consolidate guarantee products and experts from across the World Bank Group at MIGA. It said the platform provides a simplified and comprehensive menu of guarantee solutions to help clients select instruments best suited to their needs. According to the statement, the platform’s goal is to boost the World Bank Group’s annual guarantee issuance to 20 billion dollars by 2030. Source from: https://lekkibizchronicle.com/2026/05/20/world-bank-to-expand-africa-guarantees-to-6-4bn-by-2030-2/
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| Politics › Nigeria’s Tax Revenue Reaches N7.44tn In Q1 2026, Falls Short By N2.24tn by ahmedbflash(op): 5:50pm On May 20 |
Nigeria generated N7.44 trillion in tax revenue in the first quarter of 2026, falling short of its prorated budget target of N9.68 trillion by N2.24 trillion, figures presented at the Federation Account Allocation Committee (FAAC) meeting have shown. The shortfall translates to a performance rate of 76.87 percent, indicating that the Nigeria Revenue Service (NRS) collected less than four-fifths of what the government had projected for the period. Despite missing the target, the Q1 2026 collections represented a notable improvement over the same period last year. Revenue grew by N1.40 trillion or 23.2 percent compared to the N6.04 trillion recorded in Q1 2025, which had actually exceeded its own target performance. The NRS presented the figures at the FAAC meeting, where revenue generated by the federal government is shared among federal, state, and local governments. The drop in target performance comes against the backdrop of sweeping tax reforms being implemented under new tax laws, which analysts say are still taking shape across key revenue-generating sectors. Analysts note that while the year-on-year growth signals a strengthening revenue base, the widening gap between actual collections and budget projections raises questions about the pace of reform implementation and whether government revenue assumptions remain realistic in the near term. The government has yet to issue a formal response to the shortfall, but the figures are expected to inform ongoing discussions around fiscal planning and revenue administration in subsequent quarters. Source from: https://lekkibizchronicle.com/2026/05/20/nigerias-tax-revenue-reaches-n7-44tn-in-q1-2026-falls-short-by-n2-24tn-2/
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| Business › First Holdco Tables ₦253 Billion Capital Raise For Shareholders' Approval by ahmedbflash(op): 10:56am On May 19 |
Source from: [url]https://lekkibizchronicle.com/2026/05/19/first-holdco-tables-%e2%82%a6253-billion-capital-raise-for-shareholders-approval-2/[/url] First HoldCo Plc is pushing for shareholders' approval to raise up to ₦253 billion in fresh capital, as the financial holding group targets a ₦1 trillion capital base, a move that goes well beyond regulatory compliance. The proposed raise is not driven by a shortfall against the Central Bank of Nigeria's recapitalisation mandate. First Bank of Nigeria Limited, the group's flagship subsidiary, has already satisfied the CBN's minimum capital threshold for banks with international operating licences. Instead, the group is voluntarily pursuing additional headroom to sharpen its competitive positioning and fund future growth. The funds are intended to strengthen the group's overall balance sheet, support expansion across its subsidiaries, and build long-term financial capacity. A larger capital buffer would also enable First HoldCo to underwrite bigger corporate transactions, an area where Nigerian banks have historically ceded ground to foreign lenders due to single-obligor lending limits tied to capital size. The move comes amid the CBN's broader banking recapitalisation exercise, which has prompted lenders across Nigeria to tap equity markets. What sets First HoldCo apart in this cycle is its ambition to reach a ₦1 trillion capital base, a figure that would cement its standing as one of the most heavily capitalised financial groups on the continent and strengthen investor confidence in the group's long-term outlook. Shareholders are expected to deliberate on the proposal at a forthcoming general meeting, where the board will present its financing structure and expansion strategy in detail.
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| Business › Tony Elumelu Prepares To Step Onto Seplat Board After $500M Stake Deal by ahmedbflash(op): 11:17pm On May 18 |
Multi-billionaire founder and chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, is expected to be formally elected to the board of Seplat Energy Plc on Wednesday, May 20, 2026, as shareholders gather virtually for the company’s 13th Annual General Meeting.https://nairametrics.com/2026/05/18/tony-elumelu-set-to-join-seplat-board-after-500-million-stake/ 4 Likes
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| Business › Dangote Boosts Investment In Ethiopia To $4bn by ahmedbflash(op): 4:24pm On May 18 |
Source from: https://lekkibizchronicle.com/2026/05/18/dangote-boosts-investment-in-ethiopia-to-4bn/ President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products. Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed. The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway. Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs. “Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser,” he said. “Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.” He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure. “Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated. Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion. The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components. He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments. “In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said. Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation. “The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added. Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities. He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers. According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa. “This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.” The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent. Credit Dangote Group PR.
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| Investment › T+1 Settlement Cycle To Boost Nigeria’s Capital Market Efficiency, Says Expert by ahmedbflash(op): 4:09pm On May 18 |
Source from: https://lekkibizchronicle.com/2026/05/18/t1-settlement-cycle-to-boost-nigerias-capital-market-efficiency-says-expert-2/ Mr. Eric Akinduro, a former Chairman of Ibadan Zone Shareholders Association, has said that the adoption of the T+1 settlement cycle in the Nigerian capital market would improve market efficiency and attract more investors. Reacting to recent developments on the Nigerian Stock Market, Akinduro described them as a welcome one that would attract tremendous advantages to market operators and investors. The Association’s chairman told the News Agency of Nigeria (NAN) in Ibadan on Monday that the latest transition to the T+1 settlement system aligns Nigeria with global best practices. According to him, the market had previously operated on T+3 settlement before moving to T+2 and the latest transition to T+1. “What this means is that transactions will now be processed and completed faster, while proceeds from share sales become available within the next trading day. “This will bring more attractiveness to the market and make our market more efficient and globally competitive,” he said. Akinduro noted that countries such as the United States, India, and Canada had already adopted the T+1 settlement system. The development, he said, would enable investors to gain quicker access to their funds. “If you sell your shares today, you will have access to your payment tomorrow. It gives quick value to your money and enables quick access to payment,” he said. Akinduro also said that the system would attract more foreign investors to the Nigerian market. According to him, international investors place a high premium on transparency and prompt payment. He, however, identified some challenges associated with the implementation of the system. Akinduro said stockbrokers, custodians and banks would need to upgrade their systems and processes to meet the tighter settlement timeline. He also stressed the need for immediate availability of funds and effective adaptation by market operators. “In general, it is good for our market, but to make this effective, the level of compliance must always be monitored to ensure 100 percent compliance,” the chairman said. NAN reports that the Nigerian Capital Market will transition from the current T+2 Settlement Cycle to a T+1 Settlement Cycle, effective Monday, June 1, 2026.
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| Politics › Wike On Visit To Yilwatda by ahmedbflash(op): 12:05pm On May 14 |
Source from: https://lekkibizchronicle.com/2026/05/13/wike-on-visit-to-yilwatda-im-not-under-any-obligation-to-provide-details-of-my-social-interactions/ The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has fired back at critics following his recent visit to the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda. Wike told journalists after inspection of ongoing projects in Abuja on Wednesday that he does not practice politics of enmity. Wike explained that the visit was a gesture of personal courtesy rather than a political maneuver. The minister, who said he is not under any obligation to provide details of his social interactions, argued that political affiliations should not act as a barrier to human association. He questioned the public’s fixation on the meeting, asking why a personal visit should be announced to the whole world. Wike disclosed that he and Yilwatda were colleagues before he left for the chairmanship of APC, adding that the visit was reciprocal. He explained that Yilwatda had made several unsuccessful attempts to meet him at the FCT Administration Secretariat. “So, what should I do? Anytime I see him, I should hide? Anytime he sees me, he should run away so people will not talk? “As a busy minister, I receive many visitors. Since he could not secure an appointment at the office, I opted to visit him at his residence to hear what he had to say,” Wike explained. He emphasised that his primary loyalty lies with President Bola Tinubu and the fulfillment of his ministerial duties saying, “I am indifferent to what somebody on the road is thinking. “What is important to me is what I am doing for my people because the results of my work hold more weight than political speculation."
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| Adverts › Lekki Business Chronicle by ahmedbflash(op): 9:31pm On May 13 |
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| Politics › Nigeria's Debt Servicing To Hit $11.6bn In 2026, Says Tinubu by ahmedbflash(op): 9:20pm On May 13 |
Source from: [url] https://lekkibizchronicle.com/2026/05/13/nigerias-debt-se…26-says-tinubu-2/[/url] President Bola Tinubu has disclosed that Nigeria's debt servicing costs are projected to rise sharply to $11.6 billion in 2026, more than double the $5.21 billion spent in 2025, underscoring the growing burden of the country's external debt obligations. Tinubu made the disclosure at the Africa Forward Summit in Nairobi, in a statement released by his presidential adviser, Bayo Onanuga, citing figures from Nigeria's central bank. The revelation highlights the mounting pressure on Nigeria's finances as the country grapples with rising external debt commitments, even as the administration pushes forward with its economic reform agenda. Debt servicing refers to the payment of both interest and principal on borrowed funds, and the sharp increase signals a significant rise in Nigeria's financial obligations to foreign lenders. The figure represents one of the starkest indicators yet of the fiscal challenges facing Africa's largest economy, as higher debt repayments leave less room in the national budget for critical infrastructure, social services, and development spending. Analysts are likely to scrutinise the disclosure closely, particularly as Nigeria continues to seek foreign investment and financing to fund its economic transformation agenda under the Tinubu administration. The president's remarks at the high-level summit come at a time when several African nations are under growing pressure from international creditors, with debt sustainability emerging as a central concern for the continent's economic future.
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| Politics › Tinubu Arrives In Kigali For 13th Africa CEO Forum by ahmedbflash(op): 8:56pm On May 13 |
Source from:https://lekkibizchronicle.com/2026/05/13/tinubu-arrives-in-kigali-for-13th-africa-ceo-forum-2/ President Bola Tinubu on Wednesday arrived in Kigali, Rwanda, ahead of the 13th edition of the Africa CEO Forum scheduled to begin on Thursday. Tinubu was received at the Presidential Wing of the Kigali International Airport by the Minister of Foreign Affairs, Amb. Bianca Ojukwu, and Rwanda’s Minister of Defence, Juvenal Marizamunda. This is contained in a statement issued by Presidential Spokesperson Mr. Bayo Onanuga, on Wednesday. Others who received the President included the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, and the Director-General of the National Intelligence Agency, Amb. Mohammed Mohammed. Also present were the Nigerian Chargé d’Affaires in Rwanda, Amb. Ibrahim Zanna, and the Special Adviser to the President on Media and Public Communication, Sunday Dare. Founded in 2012 by Jeune Afrique Media and co-hosted by the International Finance Corporation, the forum has become Africa’s largest annual gathering of private sector leaders, investors, and policymakers. The forum focuses on accelerating Africa’s economic transformation through regional integration, shared scale, and increased cross-border investments aimed at strengthening the continent’s private sector-driven development agenda. The theme of this year’s edition is “The Scale Imperative: Why Africa Must Embrace Shared Ownership.” At the forum, Tinubu will speak on “Holding the Line: Nigeria’s Reform Bet in a Fractured World,” highlighting the gains of sustaining Nigeria’s ongoing economic reforms. The president is also expected to hold high-level bilateral meetings with top African and global business leaders while reaffirming Nigeria’s leadership role in shaping the continent’s economic future. Tinubu will use the summit to reaffirm Nigeria’s commitment to African unity, stronger regional economic cooperation, and strategic partnerships that promote private sector-driven sustainable development across the continent. 1 Like 1 Share
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| Investment › Femi Otedola Secures First Holdco Shares Worth Over N43bn by ahmedbflash(op): 8:23pm On May 13 |
Source from: https://lekkibizchronicle.com/2026/05/13/femi-otedola-secures-first-holdco-shares-worth-over-n43bn-2/ Billionaire businessman Femi Otedola has significantly expanded his ownership in First HoldCo, acquiring 549.5 million shares worth approximately N43.41 billion on the Nigerian Exchange on Wednesday, May 13, 2026. The shares were purchased at an average price of N79 each, bringing Otedola's total stake in the financial holding company from 8.06 billion shares to 8.60 billion shares, further consolidating his position as a major shareholder. The acquisition triggered a surge in investor activity, pushing the day's trading volume above 563 million shares as market participants reacted to the high-profile transaction. The development has also bolstered confidence in the stock, with First HoldCo's year-to-date return climbing beyond 57 percent, signaling strong market performance since the start of the year. Otedola's latest move reinforces his reputation as one of Nigeria's most aggressive and strategic investors, with a track record of taking significant positions in major Nigerian corporations. The transaction was executed on the Nigerian Exchange, the country's primary stock market, where shares of publicly listed companies are bought and sold by institutional and retail investors alike.
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| Business › NNPC Seals Deal With Chinese Firms To Fix Refineries After $2.4bn Spent by ahmedbflash(op): 1:44pm On May 05 |
https://lekkibizchronicle.com/2026/05/05/nnpc-seals-deal-with-chinese-firms-to-fix-refineries-after-2-4bn-spent-2/ The Nigerian National Petroleum Company Limited (NNPC) has signed a Memorandum of Understanding (MoU) with two Chinese firms to rehabilitate two government-owned refineries that have consumed over $2.4 billion in public funds while delivering little refined fuel output. The agreement marks a significant shift in Nigeria’s approach to its troubled refinery sector, signaling a growing openness to Chinese industrial capital as the government seeks to convert idle, underperforming assets into functional infrastructure. Nigeria’s refineries have long been a source of national frustration. Despite being Africa’s largest crude oil producer, the country has relied heavily on imported refined petroleum products for decades, straining foreign exchange reserves and fueling subsidy expenditure. Previous rehabilitation attempts costing $2.4 billion yielded little measurable improvement, drawing sharp criticism from lawmakers and energy analysts who questioned the transparency and effectiveness of the spending. Industry observers have described the latest deal as a pragmatic step, noting that Chinese firms have demonstrated strong execution capacity in large-scale industrial projects across Africa. However, analysts have urged clear contractual terms and performance benchmarks to ensure the agreement delivers tangible results. If successfully executed, the revival of the two refineries could significantly boost Nigeria’s domestic fuel production, reduce import dependence, and create downstream economic opportunities including jobs and local supply chain development. NNPC is yet to release a full project timeline, but the MoU signing is widely seen as a decisive first step toward addressing one of the most expensive challenges in Nigeria’s energy history.
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| Adverts › Lekki Business Chronicle - Business News At Your Fingertips by ahmedbflash(op): 5:28pm On Apr 20 |
You can get to know more about the business and finance world on Lekki Business Chronicle, where the latest business headlines reach you at your fingertips. Visit www.lekkibizchronicle.com to get started. Recent Headlines: 1. Stanbic IBTC Holdings Profit Rises to ₦551.7 bn in 2025 2. Tinubu Assents N68.32 Trn 2026 Budget into Law 3. Redeemer’s University Launches its Business School 4. CBN Mops Up ₦4.48 Trillion to Curb Excess Liquidity in Banking System 5. Federal High Court Discharges First Bank in $8.49 Million Garnishee Case You can get to placing your ad for reaching a large audience on Lekki Business Chronicle. Visit www.lekkibizchronicle.com for more enquiries. |
| Business › World Of Business by ahmedbflash(op): 5:18pm On Apr 17 |
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| Career › How To Make Your Dream Job Come True Through Affiliate Marketing by ahmedbflash(op): 11:10pm On Sep 28, 2023 |
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