Business News

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…

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…

Tuesday, 22 April 2025 03:24

9 banks haul in N14trn interest income as manufacturers, small businesses groan under high borrowing costs

Nine major Nigerian banks recorded a combined interest income of N14.26tn in 2024, representing a 119.55% increase from N6.49tn in 2023, according to an analysis of audited financial results filed with the Nigerian Exchange Limited. This significant revenue boost occurred while manufacturers struggled with rising borrowing costs, with the sector reporting N1.3tn in interest expenses during the same period. Bank Performance Breakdown Access Holdings led with N3.11tn in interest income, a 98.69% increase from the previous year. Other impressive performances included: - Zenith Bank: N2.72tn (up 137.74%) - First HoldCo: N2.39tn (up 155%) - United Bank for Africa: N2.37tn (up…

Saturday, 19 April 2025 04:26

Nigerian Stock market rebounds as capitalization rises by N240bn

The Nigerian Exchange Limited (NGX) bounced back on Thursday as market capitalization increased by N240 billion, driven by renewed investor interest in Nigeria Breweries and 22 other stocks. The All-Share Index (ASI) advanced by 381.93 points (0.37%) to close at 104,233.81 points, while market capitalization climbed to N65.499 trillion. The market upturn was fueled by price gains in large and medium-capitalized stocks including Nigeria Breweries, Ecobank Transnational Incorporated (ETI), Oando, Custodian Investment, and Fidelity Bank. Looking ahead to post-Easter trading, analysts at Vetiva Dealings and Brokerage anticipate a slow start: "With the market heading into the Easter break, we expect…

Friday, 18 April 2025 04:44

UK Appeal Court upholds $380m judgment against Nigeria LNG

Nigeria LNG Limited (NLNG) has lost its appeal in a London court, cementing a $380 million compensation ruling in favor of oil trading firm Taleveras over a failed gas supply agreement. The Court of Appeal of England and Wales on Wednesday affirmed the decision of a lower court, which had ruled that NLNG must indemnify Taleveras for payments the company was required to make to Vitol SA and Glencore Energy UK following a disrupted supply contract. The case centered around a 2020 agreement in which NLNG—a joint venture between Nigeria’s state oil firm NNPC, Eni, Shell, and TotalEnergies—was to supply…

Thursday, 17 April 2025 04:25

How to develop a healthy relationship with money, from a financial therapist

Feelings around money tend to drive a good deal of financial decision making, experts say. “Money is 90% emotion, 10% logic,” says certified financial therapist Khara Croswaite Brindle, owner of Croswaite Consultingin Lafayette, Colorado. It pays to know your “attachment style” when it comes to your funds, she says. Once you understand how managing finances makes you feel, you can develop a healthy relationship with money. Here are two of the most common mindsets that can cause problems: Anxious money attachment. People with this mindset tend to relate to finances the way they would to a person they’re afraid of…

Tuesday, 15 April 2025 04:58

GenCos warn of nationwide blackout over FG’s N4trn debt

Power Generation Companies (GenCos) have threatened to shut down operations over a N4 trillion debt owed by the federal government, raising fears of a nationwide blackout. In a statement by Sani Bello, a retired colonel and Chairman of the Board of Trustees of the GenCos, the companies cited severe liquidity challenges in Nigeria’s electricity sector, worsened by unpaid invoices, lack of firm contracts, and an unstable market structure. Mounting Financial Strain GenCos stated that despite expanding operations, they have been sidelined in payment settlements, forcing them to bear the brunt of the sector’s cash crisis. The situation has been compounded…

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Monday, 14 April 2025 03:47

SEC declares unregistered digital asset, FX platforms illegal under new law

The Securities Exchange Commission (SEC) has announced that operating unregistered digital asset exchanges and online foreign exchange trading platforms is now illegal under the recently enacted Investments and Securities Act (ISA) 2025. President Bola Tinubu signed the legislation into law last month, with the SEC stating that the new act aims to strengthen Nigeria's capital market and adapt to the evolving digital finance landscape. In a weekend statement, the SEC warned that non-compliance is now a punishable offense: "By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the Commission to…

Monday, 14 April 2025 03:42

Are you distracted by shiny pennies? How to avoid business distractions

Every day, I am barraged by individuals trying to get me to buy into their program to get more qualified leads, get noticed on LinkedIn, streamline my workflow... and on and on and on. I am exhausted by it all and at the same time strangely intrigued. I have always wanted and tried to be an early adopter. I love being able to try something new, to find that "shiny penny." After all, I might be missing some cool system for generating the leads that are most suited to my product and service offering. Perhaps I am overlooking someone who…

Saturday, 12 April 2025 04:21

J.P. Morgan warns investors of rising risks for Nigeria as oil prices fall

U.S. investment bank J.P. Morgan has urged investors to exit long positions in Nigerian Open Market Operation (OMO) bills, warning that global risks—driven by falling oil prices and renewed trade tensions—could deepen Nigeria’s macroeconomic vulnerabilities. In a research note dated April 9, 2025 seen by Nairametrics, titled“Frontier Local Markets Strategy: Reducing risk further,” the bank advised clients to close their positions in Nigerian T-bills as Brent crude oil approaches sub-$60 levels. J.P. Morgan, which had previously backed Nigeria’s carry trade for its high yield and relative stability, has now shifted its stance, citing a changing global environment worsened by former…

Saturday, 12 April 2025 04:20

Nigeria's pension fund seeks to diversify investment portfolio with focus on infrastructure

Nigeria's pension fund regulator wants to diversify investments with more focus on infrastructure and private equity, a spokesperson said on Friday, a move that could unlock a major new source of capital in Africa's most populous nation. The voluntary and privately managed Retirement Savings Account held assets of 23.26 trillion naira ($14.58 billion) as of February, with 60% of that invested in government debt and less than 10% in corporate securities. Diversification would allow the fund to seek out higher-yield investments, National Pension Commission (PenCom) spokesperson Ibrahim Buwai told Reuters. "The current investment strategy can be improved, especially given the…

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