Business News

Tuesday, 24 June 2025 04:42

Oil prices fall to over one-week lows as Trump announces Israel-Iran ceasefire

Oil prices tumbled on Tuesday to their lowest level in more than a week as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, relieving worries of supply disruption in the area. Brent crude futures fell $2.69 or 3.76% to $68.79 a barrel as of 0006 GMT, after falling more than 4% earlier in the session and touching its lowest level since June 11. U.S. West Texas Intermediate crude slumped $2.7, or 3.94%, to $65.46 per barrel, having hit its weakest level since June 9 earlier in the session and falling around 6%. Trump announced…

Tuesday, 24 June 2025 04:37

Top economist who previously sounded the alarm on tariffs sees a possible scenario where Trump ‘outsmarted all of us’

Torsten Sløk, chief economist at Apollo Global Management, laid out a potential scenario where President Donald Trump’s tariffs are extended long enough to ease economic uncertainty while also providing a significant bump to federal revenue. That comes as the 90-day pause on Trump’s “reciprocal tariffs” is nearing an end. Businesses and consumers remain in limbo over what will happen next with President Donald Trump’s tariffs, but a top economist sees a way to leave them in place and still deliver a “victory for the world.” In a note on Saturday titled “Has Trump Outsmarted Everyone on Tariffs?”, Apollo Global Management…

Monday, 23 June 2025 04:36

Oil hits five-month high after US’ attack on Iranian nuclear sites

Oil prices jumped on Monday to their highest since January as the United States' weekend move to join Israel in attacking Iran's nuclear facilities stoked supply worries. Brent crude futures was up $1.92 or 2.49% at $78.93 a barrel as of 0117 GMT. U.S. West Texas Intermediate crude advanced $1.89 or 2.56% to $75.73. Both contracts jumped by more than 3% earlier in the session to $81.40 and $78.40, respectively, touching five-month highs before giving up some gains. The rise in prices came after U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the…

Saturday, 21 June 2025 04:39

SEC bans Independent Directors from CEO roles, caps Chair tenure at 4 years

The Securities and Exchange Commission (SEC) has prohibited independent non-executive directors (INEDs) from assuming executive positions, such as chief executive officer (CEO), within the same company or its group. In a June 20, 2025 circular, the regulator notified public companies and capital market operators of its stance on the "Transmutation of Independent Non-Executive Directors and Tenure of Directors." The SEC stated that allowing INEDs to transition into executive roles undermines their neutrality and objectivity, conflicting with governance principles in the National Code of Corporate Governance (NCCG) and the SEC Corporate Governance Guidelines (SCGG). “Public companies and significant capital market operators…

Thursday, 19 June 2025 04:35

PZ Cussons quits Nigerian palm oil market, sells stake to partner

Consumer goods multinational PZ Cussons Plc is making a full retreat from Nigeria’s palm oil sector, selling its 50% stake in PZ Wilmar Limited to joint venture partner Wilmar International for $70 million in cash. The move brings an end to a 15-year partnership that launched one of Nigeria’s biggest players in the edible oil market. In a statement issued Wednesday, the company confirmed that the transaction—which remains subject to regulatory approvals—is expected to be completed by the final quarter of 2025. Once concluded, Singapore-based Wilmar International will assume full ownership of PZ Wilmar and rebrand the company under a…

Wednesday, 18 June 2025 04:52

Nigeria imports N1.2tn worth of crude oil as domestic production falls short

Despite its status as Africa’s largest crude oil producer, Nigeria spent N1.19 trillion importing crude oil in the first quarter of 2025, underscoring a deepening crisis in domestic crude supply to local refineries. This revelation comes from the National Bureau of Statistics (NBS) in its latest Foreign Trade in Goods Statistics report, which shows that imported crude—categorised as “Petroleum oils and oils obtained from bituminous minerals, crude”—ranked as the country’s third most imported product, trailing only gas oil (N1.83tn) and petrol (N1.76tn). Together, these three fuel-related imports accounted for over N4.78tn—more than 30% of Nigeria’s total import bill of N15.43tn…

Wednesday, 18 June 2025 04:50

Oil prices extend rise as Iran-Israel conflict escalates

Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies. Brent crude futures rose 19 cents, or 0.25%, to $76.64 a barrel by 0029 GMT. U.S. West Texas Intermediate crude futures rose 23 cents, or 0.31%, to $75.07 per barrel. U.S. President Donald Trump on Tuesday called for Iran's "unconditional surrender" as the Iran-Israel air war entered a sixth day. The U.S. military is deploying more fighter aircraft to the region to bolster its forces, three officials said on Tuesday. Analysts said the…

Tuesday, 17 June 2025 04:40

Dangote Refinery’s nationwide fuel distribution plan sparks monopoly alarm among oil marketers

A storm is brewing in Nigeria’s downstream oil sector as key industry associations raise alarm over Dangote Refinery’s move to commence nationwide distribution of petroleum products from August 15. The plan—announced by the 650,000 barrels-per-day refinery on June 15—includes the direct distribution of diesel, premium motor spirit (PMS), and compressed natural gas (CNG). What may appear, on the surface, as a stride toward improved fuel availability is being fiercely contested behind closed doors. Oil marketers across the country, particularly those under the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and…

Monday, 16 June 2025 04:07

MultiChoice explores weekly subscriptions to combat major subscriber losses

MultiChoice Group is testing a weekly subscription model as the pay-TV giant grapples with the loss of 2.8 million subscribers across its African markets. The company has been running a pilot program in Uganda for seven weeks, with plans to potentially roll out the flexible payment option to other markets within three to six months if results prove successful. CEO Calvo Mawela explained the strategy during a recent interview with South Africa’s Sunday Times, emphasizing that the weekly model would better match customers’ income patterns in markets where many people earn money daily or weekly. “This represents a significant shift…

Friday, 13 June 2025 04:46

Oil soars more than 9% after Israel strikes Iran

Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies. Brent crude futures jumped $6.29, or 9.07%, to $75.65 a barrel by 0315 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine,…

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Thursday, 12 June 2025 04:43

Oil prices rise to 2-month highs on worries of escalating US-Iran tension

Oil prices edged higher on Thursday to their highest in more than two months, after U.S. President Donald Trump said U.S. personnel were being moved out of the Middle East, which raised fear that escalating tensions with Iran could disrupt supply. Brent crude futures rose 15 cents, 0.2%, to $69.92 a barrel at 1230 am GMT, while U.S. West Texas Intermediate crude 22 cents, 0.3%, to $68.37. Both Brent and WTI surged more than 4% to their highest since early April on Wednesday. Trump on Wednesday said U.S. personnel were being moved out of the Middle East because "it could…

Wednesday, 11 June 2025 05:19

SEC extends dividend recovery period to 12 years

Securities and Exchange Commission has announced that shareholders may now recover unclaimed dividends dating back 12 years, marking a significant extension from previous limitations. The financial regulator issued the directive on Tuesday, instructing publicly listed companies and share registrars to cease treating dividend payments older than 12 years as legally expired or unrecoverable. According to SEC Director-General Emomotimi Agama, the new policy reinforces existing provisions in Section 60 of the Finance Act, which requires companies to transfer unclaimed dividends exceeding six years to the government’s Unclaimed Funds Trust Fund. These funds remain available for shareholder claims despite the transfer. The…

Monday, 09 June 2025 04:32

Nigerian energy firm achieves 200,000 barrels daily output after Shell acquisition

Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond 200,000 barrels per day following its takeover of Shell Petroleum Development Company’s onshore Nigerian operations. The milestone represents a major development for Nigeria’s petroleum industry and domestic energy capabilities. RAEC leadership shared this achievement during a meeting with Finance Minister and Coordinating Minister of the Economy Wale Edun at his Abuja office. The Shell asset acquisition signals a notable shift in Nigeria’s upstream petroleum sector, with greater emphasis on local ownership of key energy infrastructure. Chairman Layi Fatona and Managing Director Tony Attah headed the…

Sunday, 08 June 2025 04:38

Nigerian Stock Exchange surpasses N72trn milestone as investors see massive gains

The Nigerian Exchange (NGX) achieved a historic milestone this week, with its market capitalization breaking through the N72 trillion barrier while delivering substantial returns to equity investors who gained N1.16 trillion. Record-Breaking Performance The domestic stock market maintained its impressive momentum ahead of the Sallah holiday period, with key performance metrics surging by 1.63% in a single trading session. This upward trajectory was fueled by strong investor appetite for medium and large-capitalization stocks, particularly NGXGROUP, MTN, and 38 other companies spanning various market sectors. The benchmark All-Share Index climbed by 1,835.02 basis points to reach an unprecedented high of 114,616.75…

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