Business News

Wednesday, 07 May 2025 02:52

Nigerian equities market surges as investors gain ₦1.045trn

The Nigerian stock market maintained its bullish momentum on Tuesday, with investors recording substantial gains of ₦1.045 trillion on the Nigerian Exchange Ltd. Market capitalization increased by 1.56% to reach ₦68.105 trillion, up from Monday's close of ₦67.060 trillion. Similarly, the All-Share Index (ASI) climbed by 1,662.60 points or 1.56%, settling at 108,361.10 from the previous day's 106,698.50. This upward trend was fueled by strong investor interest in medium and large-cap stocks, particularly in the financial sector, including Access Corporation, Guaranty Trust Holding Company, and United Bank for Africa. The market showed positive breadth with 42 gainers outpacing 25 losers.…

Tuesday, 06 May 2025 04:31

Amazon CEO: Successful people ask this question more often

Growing up, I was super inquisitive. I always needed explanations. “Why is the sky blue? Why does my hair grow so coily? Why can’t I have sleepovers like my friends?” I would ask. Sometimes, I’d get an actual answer. Other times, I’d get the dreaded, “Because I said so.” Even though it was probably annoying, I continued to question, and I continue to do so today.That’s a good quality to have, according to Amazon CEO Andy Jassy. He has noticed that the employees and teams who most ask “Why?” and prod for more answers are most successful: They’re the ones…

Monday, 05 May 2025 04:34

‘I’ve been fighting all my life, and I’ll win at the end of the day’, Dangote says of the battle to save his refinery from ‘cabals’

The President of Dangote Group, Aliko Dangote, says he is still fighting for the survival of his $20bn refinery, stressing that the fight is not yet finished. Dangote expressed optimism that he would win the fight for the refinery, stating his determination to fight on. According to Semafor, an international news medium, Africa’s richest man spoke at an investor forum in Lagos on Friday. The report stated that Dangote pointed out that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised oil imports into Nigeria, were the ones trying to sabotage the…

Monday, 05 May 2025 04:31

Oil falls further as OPEC+ accelerates output hikes

Oil prices fell more than $2 a barrel in early Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the…

Friday, 02 May 2025 05:01

Oil edges up as Trump threatens new sanctions on Iran

Oil prices settled nearly 2% higher on Thursday after U.S. President Donald Trump threatened secondary sanctions on Iran after a fourth round of U.S.-Iran talks was postponed. Brent crude futures settled at $62.13 a barrel, up $1.07, 1.8%, while U.S. West Texas Intermediate crude futures closed $1.03, or 1.8%, higher at $59.24 a barrel. Trump said all purchases of Iranian oil or petrochemical products must stop and any country or person buying any from the country would be immediately subject to secondary sanctions. His comments follow the postponement of talks. which had been due to take place in Rome on…

Friday, 02 May 2025 05:00

Dangote says he’s comfortable with Trump tariffs on urea exports

Nigerian billionaire Aliko Dangote said on Thursday he was "comfortable" with the impact President Donald Trump's tariffs would have on his urea exports to the U.S. because major competitor Algeria had been slapped with a higher levy. Trump imposed a 14% tariff on imports from Nigeria, Africa's largest oil exporter, as part of widespread trade measures introduced last month, later paused for 90 days. Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37% of its 3 million metric tonnes of urea production to the United States. He said he was initially…

Thursday, 01 May 2025 04:52

Oil prices record steepest monthly decline since 2021

Oil prices settled down on Wednesday and recorded the largest monthly drop in almost 3-1/2 years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand. Brent crude futures settled $1.13, or 1.76%, lower at $63.12 a barrel. U.S. West Texas Intermediate crude futures dropped $2.21, or 3.66%, to close at $58.21, the lowest settlement since March 2021. For the month, Brent settled down 15% and WTI was down 18%, the biggest monthly percentage declines since November 2021. Both benchmarks slumped after Saudi Arabia, one…

Thursday, 01 May 2025 04:48

I always ask this question during job interviews, says CEO

From elementary school to undergrad, I often found myself being the person who does all the work during group projects.I like things the way that I like them, and I surely wasn’t putting my name on a project that didn’t meet my standards. Nor was I interested in lecturing my classmates about the importance of pulling their own weight. Doing the work myself was more convenient.That mindset probably won’t get you far in the workplace, according to Monica Cepak, CEO of women’s telehealth company Wisp. It can even be a red flag for her, and she screens for it by…

Wednesday, 30 April 2025 04:34

NNPCL faces criticism as Warri Refinery fails to take off after $897m in repairs bill

The Nigerian National Petroleum Company Limited is under scrutiny after the Warri Refining and Petrochemical Company has been shut down since January 25, 2025, due to safety issues, just one month after being declared operational. Documents from the Nigerian Midstream and Downstream Petroleum Regulatory Authority reveal that despite a $897.6m maintenance investment, the refinery failed to produce petrol before shutting down. Meanwhile, the Port Harcourt Refining Company, which resumed operations in November 2024, is operating below 40% capacity instead of the claimed 70%. The 125,000 barrels-per-day Warri refinery was commissioned in 1978 and restarted on December 30, 2024, after decades…

Tuesday, 29 April 2025 04:45

FCCPC orders electricity firm to refund customers for transformer, equipment purchases

The Federal Competition and Consumer Protection Commission (FCCPC) has directed the Ibadan Electricity Distribution Company (IBEDC) to refund consumers who have spent their own money on transformers, poles, cables, and other electrical infrastructure. This directive was issued during the FCCPC Electricity Consumer Forum held in Ota, Ogun State. The Chief Executive Officer and Executive Vice-Chairman of the Commission, Tunji Bello, represented by FCCPC official Mrs. Bridget Etim, emphasized that it is not the responsibility of consumers to provide electricity infrastructure, and any such expenditures must be reimbursed by the distribution company. During the forum, held in the Ilogbo, Oju-Ore area…

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Monday, 28 April 2025 04:26

Manufacturers battle for survival amid rising energy, borrowing costs

Nigerian manufacturers are struggling under the weight of escalating energy costs, which now consume approximately 40% of production expenses, according to industry leaders. Total expenditure on alternative energy sources reached N1.11 trillion in 2024, marking a 42.3% increase from N781.68 billion in 2023, as revealed by Manufacturers Association of Nigeria (MAN) Director General Segun Ajayi-Kadir in the association's economic review for the second half of 2024. "Unreliable grid power and increasing diesel and PMS prices have forced manufacturers to significantly increase spending on alternative energy," Ajayi-Kadir explained. "Expenditure rose from N404.80 billion in H1 2024 to N708.07 billion in H2…

Saturday, 26 April 2025 04:32

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline in key performance indicators. The Nigerian Exchange Ltd. (NGX) saw its market capitalization decrease by N202 billion, falling from Thursday's N66.667 trillion to N66.465 trillion. Similarly, the All-Share Index dropped by 321.65 points to close at 105,752.61. This downturn was primarily attributed to share price depreciation in major stocks including Dangote Cement and Transcorp. Despite the overall decline, market sentiment remained positive with gainers outnumbering losers 41 to 15. Among the top performers, Ikeja Hotel led with a 10% increase, closing at N12.10 per share.…

Friday, 25 April 2025 03:30

Air Peace to resume flights today as NiMet halts strike

Air Peace has announced that it will resume full flight operations on Friday, April 25, 2025 (today), following the suspension of the industrial action by the Nigerian Meteorological Agency (NiMet). NiMet staff had embarked on an indefinite strike on Wednesday over unresolved welfare issues, including the agency’s failure to implement agreed financial allowances, outstanding payments linked to the 2019 minimum wage, and wage awards. Workers also alleged that the management withheld crucial documents, ignored requests for inclusion of omitted staff in previous disbursements, and prioritized executive retreats over essential staff training. The strike disrupted Air Peace operations nationwide due to…

Thursday, 24 April 2025 04:22

Air Peace halts nationwide flights amid NiMet strike

Air Peace has announced the suspension of all its domestic flight operations due to the ongoing strike by the Nigerian Meteorological Agency (NiMet). In a statement released on Wednesday, the airline cited the lack of critical QNH (barometric pressure) data—essential for safe landings—as the reason for grounding its fleet. “Due to the ongoing NiMet strike and the unavailability of QNH reports required for safe landings, Air Peace has suspended all flight operations nationwide until the strike is over,” the airline said. The carrier emphasized that passenger safety remains its top priority and promised to keep the public informed as the…

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