Here are the seven top business stories you need to track this week — June 16 to June 20.
DANGOTE REFINERY TO BEGIN NATIONWIDE FUEL DISTRIBUTION AUGUST 15
The Dangote Petroleum Refinery says it will begin the nationwide distribution of diesel and premium motor spirit (PMS), also known as petrol, on August 15.
In a statement on Sunday, the company said it has acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.
Advertisement
The refinery said the rollout will be phased and supported by investments in CNG stations and over 100 mobile CNG tankers to guarantee efficient last-mile delivery.
The company said it will supply petroleum products directly to marketers, petrol dealers, manufacturers, telecom firms, aviation players, and other large-scale users, at no additional logistics cost.
CBN SUSPENDS DIVIDEND PAYMENTS, FOREIGN INVESTMENTS FOR BANKS UNDER REGULATORY FORBEARANCE
Advertisement
The Central Bank of Nigeria (CBN) has ordered banks currently operating under regulatory forbearance to suspend dividend payments to shareholders and bonuses to directors and senior management.
In a circular signed by Olubukola Akinwunmi, director of banking supervision, on Friday, the CBN said the directive aims to strengthen capital buffers and promote prudent capital retention across the sector.
According to the circular, the move targets lenders benefiting from forbearance on credit exposures and single obligor limits (SOL) — part of a broader transitional arrangement by the CBN to stabilise the banking industry following macroeconomic shocks and sector-wide restructuring.
‘NO DEADLINE EXTENSION FOR BDC OPERATORS RECAPITALISATION’
Advertisement
The Central Bank of Nigeria (CBN) says it has not extended the deadline for the recapitalisation of bureau de change (BDC) operators.
The CBN was responding to an online news report that claimed the apex bank had extended the deadline (which closed on June 3) to December 31.
Hakama Sidi Ali, the CBN acting director of corporate communications department, described the information as false and misleading, stating that it should be disregarded.
Ali said the bank has not granted any extension beyond the communicated deadline of June 3.
Advertisement
FG TO LAUNCH CONSUMER CREDIT SCHEME TO EMPOWER 400,000 YOUTHS
President Bola Tinubu has announced plans to launch a new consumer credit initiative in July to empower 400,000 young Nigerians, including National Youth Service Corps (NYSC) members.
Advertisement
Tinubu spoke on Thursday while addressing a joint session of the national assembly in Abuja on Democracy Day.
The president said the initiative would be implemented through the Nigerian Consumer Credit Corporation (CREDICORP), which has already extended credit access to over 100,000 Nigerians, including 35,000 civil servants.
Advertisement
SEC ASKS SHAREHOLDERS TO CLAIM UP TO 12 YEARS OF UNCLAIMED DIVIDENDS
The Securities and Exchange Commission (SEC) says shareholders can now claim up to 12 years of unclaimed dividends.
Advertisement
In a statement on Tuesday, the commission also directed public companies and registrars to stop treating dividends older than 12 years as statute-barred.
The SEC said its directive reaffirms Section 60 of the Finance Act, which mandates companies to transfer unclaimed dividends over six years old to the unclaimed funds trust fund (UFTF), which will be held in trust till shareholders claim the dividends.
OIL PRICE RISES TO $74 PER BARREL AFTER ISRAEL’S ATTACK ON IRAN
Global oil prices jumped over 7 percent for the first time in over four months on Friday.
Brent crude, the global oil benchmark, rose by 7.92 percent to $74.85 a barrel at 2.00 WAT, from $69 a barrel the previous day — the first time since January 2025.
Similarly, the US West Texas Intermediate crude increased by 8.2 percent to $73.61 — also marking its highest level since January 21.
‘NIGERIA’S OIL PRODUCTION DROPPED BY 2% TO 1.45 MILLION BPD IN MAY’
The Nigerian Upstream Petroleum Regulatory Authority (NUPRC) says the country’s oil production decreased to 1,452,941 barrels of oil per day (bpd) in May.
According to the NUPRC’s latest crude oil and condensate production data, the current production level signifies a 2.2 percent drop, compared to the 1,485,700 bpd in April.
With the addition of condensate, the NUPRC said oil production dropped from 1.68 million bpd in April to 1.65 million bpd in May.
