Business News

Tuesday, 13 May 2025 04:41

NGX records significant growth in Q1 2025 trading activity

The Nigerian Exchange Limited (NGX) reported a remarkable 44.8% surge in equity transactions for Q1 2025, with total trading volume reaching N2.23 trillion compared to N1.54 trillion in the same period last year. According to NGX's 'Domestic & Foreign Portfolio Investment Report' released Monday, foreign investors accounted for N814.05 billion in transactions, while domestic investors contributed N1.41 trillion during the quarter. March 2025 saw particularly strong performance with total transactions jumping 118.95% to N1.16 trillion from February's N509.47 billion. This represents a 107.14% increase compared to March 2024 figures. Notably, foreign investors outperformed domestic players by approximately 26% in March,…

Monday, 12 May 2025 04:39

5 leadership strategies to help teams thrive amid uncertainty

Mark C. Crowley Uncertainty has become a defining feature of life today, a reality that challenges workplace leaders to adapt rapidly, make decisions with limited information, and foster stability amid constant and sometimes highly erratic change. At the same time, this uncertainty directly affects employees, making it incumbent upon leaders to provide the support and direction their teams need to successfully navigate an unpredictable world with both resilience and clarity. It goes without saying that the role of a leader has grown increasingly more complex, requiring us to instill stability, foster adaptability, and maintain focus without being overwhelmed by the…

Sunday, 11 May 2025 03:16

Petroleum marketers to Dangote: We’re no cabal; we only have vested interest just like you

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) says no cabal in the midstream and downstream sector, just individuals with vested interests. On May 1, Aliko Dangote, president of the Dangote Group, said he was still fightingcabals for the survival of his $20 billion refinery — subsequently describing “cabals” as some major oil marketers and traders. Speaking in an interview with TVC on Friday, Olufemi Adewole, executive secretary of DAPPMAN, described the use of “cabals” by Dangote as being “negative” and “subversive”. “There is no cabal in the midstream and downstream operations as far as I am concerned,…

Sunday, 11 May 2025 03:16

Nigeria's manufacturers face losses amid FX scarcity and depreciation

The Manufacturers Association of Nigeria (MAN) has reported significant financial losses due to foreign exchange scarcity and depreciation. Kamoru Yusuf, Chairman of MAN's Basic Metals, Iron and Steel Fabricated Metal Sectoral Group and National Council member, revealed this during a visit by the Armed Forces Staff and Command College Senior Course 47 to his KAM Holding Limited facility in Ilorin, Kwara State. Yusuf explained that manufacturers are unable to remit payments for previously imported raw materials that have already been processed into finished goods and sold when exchange rates were considerably lower than current levels. Speaking on his behalf, KAM…

Saturday, 10 May 2025 04:35

Marketers import N2.4tn petrol as competition with Dangote Refinery intensifies

Tensions have escalated between major oil marketers and the Dangote petroleum refinery as they compete for control of Nigeria's downstream oil sector. Aliko Dangote recently stated his $20bn refinery is "fighting for survival" against what he describes as sabotage by oil sector cabals resisting local refining. Despite this, he expressed confidence in eventual success. Between March 1 and May 9, 2025, marketers imported 2.57 billion liters of petrol valued at approximately N2.42tn, choosing foreign suppliers over the Dangote facility. March saw imports of 755.7 million liters, April surged to 1.47 billion liters, and the first 10 days of May brought…

Thursday, 08 May 2025 03:50

‘Don’t worry’ about your salary early in your career, says Warren Buffett: Focus on this instead

I worked at a financial magazine for much of my 20s, and for the most part I pulled down a very modest salary compared with many of my peers. I always tell people it was worth it, because I got an education. Writing and fact-checking that publication gave me access to a level of financial literacy I might never have found had I taken an internship at “Garden & Gun” or “US Weekly.” The people I worked with had spent decades in newsrooms and had forgotten more about personal finance than I’ll likely ever learn. They showed me how to…

Wednesday, 07 May 2025 02:52

Nigerian equities market surges as investors gain ₦1.045trn

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.…

Tuesday, 06 May 2025 04:31

Amazon CEO: Successful people ask this question more often

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…

Monday, 05 May 2025 04:34

‘I’ve been fighting all my life, and I’ll win at the end of the day’, Dangote says of the battle to save his refinery from ‘cabals’

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…

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…

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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…

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