Business News

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,…

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…

Friday, 06 June 2025 05:12

Nigeria now Africa’s top cement exporter, says Aliko Dangote

Nigeria has transformed from being the world’s second-largest cement importer to becoming Africa’s leading cement exporter, according to Aliko Dangote, chairman of the Dangote Group. Speaking at the Gates Foundation’s Goalkeepers event in Lagos on Wednesday, Dangote highlighted Nigeria’s remarkable shift away from import dependency across multiple key industries, including cement, fertilizers, and petroleum products. From Importer to Export Leader The industrial transformation represents a complete reversal of Nigeria’s previous trade position. The West African nation previously ranked as the second-largest cement importer globally but has now achieved export leadership across the African continent. Beyond cement, Nigeria has made substantial…

Friday, 06 June 2025 05:11

US envoy announces plan to open $120trn capital market to Nigerian entrepreneurs

The United States is preparing to provide Nigerian businesses with unprecedented access to its massive $120 trillion capital market, offering new pathways for financing innovation and business expansion across Africa’s largest economy. Strategic Partnership for Economic Growth US Ambassador to Nigeria David Greene Mills outlined the initiative during a fireside chat at Lagos Business School, describing America’s financial system as a crucial source of venture capital and long-term investment opportunities for Nigerian entrepreneurs. The ambassador emphasized that the liquidity and efficiency of US financial markets position them as ideal platforms for supporting Nigerian business growth and innovation across multiple sectors.…

Thursday, 05 June 2025 04:45

Nigerian Stock Market extends bull run with N483bn two-day gain

The Nigerian stock market has demonstrated remarkable resilience with a sustained upward trajectory over two consecutive trading sessions, accumulating gains totaling N483 billion and pushing market capitalisation above N71 trillion for the first time. Strong Performance Metrics The market’s bullish momentum began on Tuesday when capitalisation increased by N259 billion (0.37%) to reach N70.894 trillion, followed by Wednesday’s additional N224 billion gain (0.32%) that elevated total market value to N71.118 trillion. The All-Share Index (ASI) mirrored this positive trend, climbing 411.52 points on Tuesday to close at 112,427.48, then adding another 354.25 points on Wednesday to finish at 112,781.73 points.…

Wednesday, 04 June 2025 04:32

Banks begin deducting USSD transaction fees from mobile airtime following NCC directive

Nigerian banks have officially commenced deducting charges for Unstructured Supplementary Service Data (USSD) banking transactions directly from customers’ mobile airtime, following a directive from the Nigerian Communications Commission (NCC). The new billing system, which took effect on June 3, 2025, marks a significant shift from the previous model where USSD charges were deducted from customers’ bank accounts. Under the NCC’s End-User Billing (EUB) model, each USSD session now attracts a charge of ₦6.98 per 120 seconds, billed by mobile network operators. Several major banks, including United Bank for Africa (UBA) and First City Monument Bank (FCMB), have notified their customers…

Tuesday, 03 June 2025 04:24

CEO of $190bn chipmaker: The best career advice I ever got

Growing up, kids always called me “scary.” Not because I was intimidating, but because I was too anxious to do a lot of things they did, especially hard things. I admit, it’s a big reason why I still don’t know how to swim at the age of 25.I still feel terrible about dropping my hobby of playing the viola because learning sheet music was difficult. Especially because embracing challenges in life can make you successful and may be what ultimately fulfills you most, according to Lisa Su, CEO of $190 billion chipmaker Advanced Micro Devices.The best piece of career advice…

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Friday, 30 May 2025 04:49

Nigeria's $3bn fashion drain: How import dependence undermines local textile industry

Nigeria's fashion sector is hemorrhaging billions of dollars annually due to overwhelming reliance on imported fabrics, particularly the iconic Ankara prints that have become synonymous with Nigerian style, according to a comprehensive new analysis. The Consonance Investment report "Who is Dressing 220+ Million Nigerians?" reveals a stark reality: approximately 90% of Ankara fabrics consumed across Nigeria and the broader African continent originate from foreign manufacturers, predominantly in China and India. This dependency translates to an estimated $3 billion in annual value loss for Nigeria's domestic economy. Cultural Significance Meets Economic Reality Ankara fabric holds deep cultural significance in Nigerian society,…

Thursday, 29 May 2025 04:47

Nigeria yields top fuel importer status to South Africa - Report

Nigeria has relinquished its long-held position as Africa’s largest importer of refined petroleum products following the ramp-up of operations at the Dangote Petrochemical Refinery, a new report has stated. South Africa has now overtaken Nigeria as the continent’s largest fuel importer, according to new data from energy consultancy CITAC, signalling a seismic shift in Africa’s downstream oil market. The refinery, which began large-scale production in early 2024, is already disrupting established trade flows across sub-Saharan Africa and reshaping the continent’s energy dynamics. With a refining capacity of 650,000 barrels per day, the largest single-train refinery in the world, its rising…

Wednesday, 28 May 2025 04:40

If you have this skill, you’re a better boss than most, says workplace expert

Ashton Jackson Plenty of people love company-wide pizza parties and generous workplace vacation packages. Just don’t expect those kinds of perks to consistently motivate people to perform their best, says leadership and workplace researcher Zach Mercurio. To feel like they matter at work, employees — perhaps surprisingly — prefer one factor over just about everything else, Mercurio says: a boss who’s good at making small talk. Not the superficial chatter that people use to cut awkward silences, but the meaningfully personal conversations that lead to small moments of connection, he explains. “We’ve studied people for five years in numerous occupations,…

Tuesday, 27 May 2025 03:59

Dangote Industries plans major export expansion, targets $7m daily fertiliser sales FX inflow

Dangote Industries Limited is positioning itself to become Nigeria's largest foreign exchange earner through an ambitious export expansion program that will include coal shipments and generate up to $7 million in daily revenue from fertiliser sales alone. Company President Aliko Dangote outlined these plans during a strategic meeting with the Nigerian Ports Authority (NPA) leadership in Lagos on Monday, emphasizing the transformative scale of operations his conglomerate intends to launch. Massive Export Operations on the Horizon The billionaire industrialist revealed that Dangote Industries will commence coal exports within weeks, adding to its existing cement export operations from the six-million-ton capacity…

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