Business News

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…

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…

Friday, 11 April 2025 04:36

Nigerian stock market dips as major stocks face selloff

The Nigerian Exchange Limited (NGX) reversed its previous gains yesterday as market capitalization fell by ₦119 billion, primarily due to widespread selling of high-value stocks. The All-Share Index (ASI) declined by 189.73 points (0.18%) to close at 104,187.00 points, while market capitalization dropped to ₦65.470 trillion. This downturn was driven by losses in medium and large capitalized stocks including Unilever Nigeria, PZ Cussons Nigeria, Ecobank Transnational Incorporated (ETI), Guaranty Trust Holding Company (GTCO), and United Bank for Africa (UBA). Sector performance showed mixed results with banking (-1.6%) and consumer goods (-0.2%) indices declining, while insurance (+2.7%) and oil & gas…

Friday, 11 April 2025 04:30

Do you have 'shiny object' syndrome? What it is and how to beat it

As an entrepreneur juggling many different responsibilities, you'll likely find that any illness will seriously set you back temporarily while you recover. But there's one that may have powerful, lasting effects on your business -- and extend far beyond a simple day or two of absence. It's called "shiny object syndrome," and if it's plaguing you, you'll need to take action if you want your business to thrive. "Shiny object syndrome" in action At its core, shiny object syndrome (SOS) is a disease of distraction, and it affects entrepreneurs specifically because of the qualities that make them unique. Entrepreneurs tend…

Wednesday, 09 April 2025 04:53

5 big distractions that sabotage your entrepreneurial success

Neil Patel Seldom does success come easily in business. Not to be pessimistic, but most entrepreneurs who make it have inevitably faced a myriad of challenges along the way. That's just the way it is. And what has stunted their growth and success along the way hasn't necessarily been major obstacles or turbulent storms. It's been the distractions they've allowed to invade their lives. These are often subtle distractions, so entrepreneurs may not even know there's a problem until one day they wake up to see that their efforts have been derailed. The key to moving forward is being able…

Tuesday, 08 April 2025 04:56

Ten companies listed on NGX incur N2.17trn in forex losses

Some of Nigeria’s leading companies incurred a combined forex loss of N2.17 trillion in the financial year 2024, according to data collated by Nairametrics from published financial statements. The sheer size and magnitude of the losses were so significant that they negatively impacted the bottom line for some firms. These staggering losses were largely triggered by the devaluation of the naira, following the Tinubu administration’s foreign exchange unification policy launched in June 2023. In context, the exchange rate opened 2023 at N461.5/$1, closed the year at N907.11/$1, and ended 2024 at N1,535/$1. This sharp devaluation led to massive FX losses…

Monday, 07 April 2025 04:12

Oil prices dip further on fears global trade war could trigger recession

Oil prices slid more than 3% on Monday, deepening last week's losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.28, or 3.5%, to $63.30 a barrel at 0049 GMT, while U.S. West Texas Intermediate crude futures lost $2.20, or 3.6%, to $59.79. At the session low, both benchmarks hit their lowest since April 2021. Oil plunged 7% on Friday as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession.…

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Monday, 07 April 2025 04:11

Nigerian stock market records steep decline in trading volume

Trading on the Nigerian Exchange Limited (NGX) saw a dramatic 93% decline over a three-day period in early April, according to the latest market report. Investors traded just 1.18 billion shares valued at N28.87 billion across 42,397 deals between April 2 and April 4. This represents a significant drop from the previous week's activity, which saw 7.5 billion shares worth N398.95 billion changing hands in 61,312 deals. The sharp decline coincides with the shortened trading week following the federal government's declaration of March 31 and April 1 as public holidays for the 2025 Eid el Fitr celebration. Financial Services Sector…

Sunday, 06 April 2025 04:41

Zelle app no longer offering money transfer services. Here's what it means for users

The mobile payment app Zelle no longer allows users to send and receive money transfers. However, the platform's services remain available. The ability to transfer money through the Zelle mobile app became unavailable on Tuesday, as announced by the company in October 2024. Now, Zelle is only available through "more than 2,200 banks and credit unions" in the U.S. that offer the platform through their websites or mobile apps, according to the Zelle website. The decision came as only about 2% of Zelle transactions were made through the standalone Zelle app, the company reported last year. In December 2024, the…

Friday, 04 April 2025 04:28

Oil set for worst week in months over Trump's new tariffs

Oil prices fell further in early Asian trade on Friday, and were on track for the worst week in months over U.S. President Donald Trump's new tariffs, stoking concerns over a global trade war that could weigh on oil demand. Brent futures fell 31 cents, or 0.4%, to $69.83 a barrel by 0157 GMT. U.S. West Texas Intermediate crude futures were down 32 cents, or 0.5%, to $66.63. Brent was on course for its biggest weekly loss in percentage terms since the week ended October 14, and WTI since the week ended January 21. Adding to the bearish sentiment was…

Thursday, 03 April 2025 02:49

Oil prices sink after Trump announced sweeping new tariffs

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73. Trump touted April 2 as "Liberation Day," bringing new duties that could overturn the global trade system. Both benchmarks settled higher in the previous session but turned negative over the course of Trump's press conference on Wednesday afternoon in which he announced a 10% baseline…

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