Business News

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…

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…

More...

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…

Page 3 of 145

Business News

More...

Search

Most Read

Editorial

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS