Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said, although his company denied the discussions. The 650,000 barrel-per-day refinery, once complete, will be the continent’s largest plant and redraw major trade flows of crude and fuel in the Atlantic basin. Despite being Africa’s biggest oil producer and exporter, the country depends almost entirely on fuel imports after allowing its significant refining capacity, 445,000 barrels-per-day, to become dilapidated over several decades. Many past and…

Nigeria’s lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country’s biggest lender said. Guaranty Trust Bank Plc doesn’t see the likelihood of any client raising the estimated $2.3 billion needed to purchase the Shell assets, said Segun Agbaje, CEO of the financial group that owns the lender. Such a deal would require a syndication of up to $1.8 billion, and it “can be very tough to raise this kind of funding locally at the moment,” Agbaje said. Shell said in May…

Naira fell significantly against the U.S dollar at the parallel market on Wednesday, as the currency exchanged hands with the hard currency at N562.00 per $1. This implies a N5.00 or 0.90 devaluation from the N557.00 it traded on Tuesday. Meanwhile, the naira remained stable against the greenback currency at the official market on Wednesday, as foreign exchange turnover remained unchanged from what was posted in the previous session on Tuesday. Data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official window on Wednesday, the…

If you are looking for a new job, you’re not alone. More than half (55%) of Americans plan to look for a new job in the next 12 months, according to Bankrate’s August 2021 Job Seekers survey. Add a tight labor market, and that there are more open jobs than people looking for work, and chances are that someone who’s got good skills is going to be an attractive target. But just because a job is offered to you doesn’t necessarily mean you should take it. “It’s important to look for red flags during the interview process,” says Vicki Salemi,…