Business News

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.…
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…
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…
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…
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…
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…
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…
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…
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…
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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May 07, 2025

Nigerian equities market surges as investors gain ₦1.045trn

The Nigerian stock market maintained its bullish momentum on Tuesday, with investors recording substantial gains…
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Appeal Court upholds conviction of professor who rigged election for Akpabio amid public outrage

The Court of Appeal in Calabar has upheld the conviction and three-year prison sentence of…
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Humility is a superpower. Here’s how to practice it daily - Majorie Radlo-Zandi

I was strolling up the hill in Greater Boston to a French cooking class. The…
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Here’s the latest as Israel-Hamas war enters Day 579

Israel hits Yemen's main airport in airstrike against Houthis The Israeli military carried out an…
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The first driverless ‘trailers’ have started running regular longhaul routes

Driverless trucks are officially running their first regular long-haul routes, making roundtrips between Dallas and…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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