TotalEnergies’ plan to divest its stake in a Nigerian oil producer has collapsed. The French major had agreed in July 2024 to sell its 10% interest in the Shell Petroleum Development Company of Nigeria (SPDC) to Mauritius-based Chappal Energies for $860 million.
Nigeria’s central bank lowered its key lending rate by 50 basis points to 27%, marking its first cut in four years. The move comes as inflation, though still high, has eased for five straight months.
Nigeria’s economy grew by 4.23% in the second quarter of 2025, marking its fastest pace in nearly four years. The acceleration was driven by higher oil output and stronger performances in both industry and agriculture.
Bank of New York Mellon Corp. (BNY Mellon), alongside Standard Bank Group Ltd., has launched global depositary notes backed by Nigerian sovereign debt denominated in naira.
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