TodayPrice

Category: Business

  • App-based drivers threaten to dump Uber, Bolt

    App-based drivers threaten to dump Uber, Bolt

    App-based drivers have threatened to switch to new indigenous ride-hailing apps if Uber, Bolt, inDrive and others fail to meet their stated demands.

    Mr Steven Iwindoye, Public Relations Officer of the Amalgamated Union of App-Based Transporters of Nigeria, Lagos Council, issued the warning in a statement on Friday in Lagos.

    Iwindoye said drivers are demanding fair compensation for services rendered, and safer working conditions for both drivers and passengers.

    He added that other demands include reducing high commission rates to five per cent, and recognition of drivers’ rights and welfare.

    The union leader expressed dismay over alleged prioritisation of profits by Uber, Bolt, inDrive and Lagride at the expense of drivers’ rights and welfare.

    “If these companies fail to comply, we will move en masse to indigenous app firms willing to meet our demands.

    “Three such apps are already operational. Additionally, our community is developing its own platform to end exploitation and modern-day slavery,” he added.

    Iwindoye said the recent May Day celebrations and a 24-hour operational shutdown marked a new era of resistance among app-based drivers.

    He noted that the union’s national leadership had submitted a formal petition to the National Assembly to press for change.

    The union’s Lagos council will also petition the Lagos State House of Assembly and other concerned authorities, Iwindoye said.

    “After this, we’ll announce a picketing date to take our demands directly to these app companies.

    “We won’t rest until our goals are met. All relevant authorities, including the government, will feel our impact,” he added.

    The News Agency of Nigeria (NAN) reports that on May 1, the union joined a global 24-hour strike targeting major platforms like Uber, Bolt and inDrive.

    The protest was against low fares, high commission charges, and substandard working conditions faced by app-based transport workers. (NAN)

  • Shell net profit sinks 35% in first-quarter as oil prices fall

    Shell net profit sinks 35% in first-quarter as oil prices fall

    British energy giant Shell on Friday reported a sharp drop in first-quarter net profit as it was hit by weaker oil prices but pushed ahead with shareholder returns.

    Profit attributable to shareholders fell 35 percent to $4.8 billion in the first quarter of 2025 from a year earlier, Shell said in an earnings statement.

    Total revenue dropped six percent to $70.2 billion.

    Shell and other oil majors have been hit by a recent slump in crude prices on fears that US President Donald Trump’s tariffs could cause a slowdown in the global economy, impacting demand.

    But the company did manage to beat analysts’ expectations and announced sizeable shareholder payouts.

    Chief executive Wael Sawan said the results gave Shell “confidence to commence another $3.5 billion of buybacks for the next three months.”

    Shares in the company rose more than three percent in morning deals on London’s FTSE 100 index, which was trading higher overall.

    “Shell’s one of the best-equipped oil majors to deal with a low-pricing environment and should be able to sustain that level of payouts as long as oil doesn’t dip below $60 for a prolonged period,” said Derren Nathan, head of equity research at Hargreaves Lansdown.

    Shell was also impacted by weakening oil prices in 2024, with annual net profit falling 17 percent.

    The recent drop in oil prices comes after the company scaled back various climate objectives, along with rival BP, to focus more on oil and gas to raise profits.

    Last year it announced it would no longer lead development of new offshore wind projects.

    Greenpeace UK senior climate advisor Charlie Kronick responded to the company’s results, calling for carbon polluters to pay to “make Britain more resilient against the climate crisis Shell is fuelling.”

    BP this week reported that its net profit dropped 70 percent in the first quarter to $687 million, driven by weaker gas sales and lower refining margins.

  • Pressure on 2025 budget as crude oil price drops to $60 per barrel

    Pressure on 2025 budget as crude oil price drops to $60 per barrel

    Nigeria’s 2025 budget came under further pressure yesterday as the price of Bonny Light crude oil grade dropped to an average of $60 per barrel from $65 per barrel in the international market, yesterday.

    The execution of the budget was benchmarked on $75 per barrel and more than two million bpd output including condensate.

    Nigeria’s budget is funded largely from crude oil revenue.

    In its latest Monthly Oil Report, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said Nigeria’s March 2025 oil output, including condensate dropped marginally to 1.6 million bpd from 1.7 million bpd in February, showing more than 300,000 bpd below the budget benchmark.

    Checks by Vanguard indicated that the international oil market was negatively impacted due to increased production and export from many nations even as the Organisation of Petroleum Exporting Countries, OPEC, and its allies, popularly known as OPEC+ move to phase-out their voluntary oil output cuts by ramping up output in May with additional 411,000 barrels per day output.

    In a telephone interview with Vanguard, yesterday, the Chief Executive officer of Petroleum Price NG, Olatide Jeremiah, said: “We are witnessing a major drop in crude oil prices, expected to affect the implementation of the nation’s budget.

    “The downstream has also been impacted. After the holiday, oil marketers would likely reduce depot prices of petroleum products if the situation remains unchanged.”

    Chief Executive Officer, CEO, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, recently said: “As consumers, we are happy that the price is coming down, but as a nation, it’s not good for our economy because our revenue inflow is also impacted.

    “Most importantly, what is even destabilising the market is the inconsistencies in the way President Trump sends his policy signals. He moves today. Tomorrow, he reverses. So, it’s been challenging to predict the next level”.

  • Energy transition: Nigeria needs $410bn as REA backs local solar firm

    Energy transition: Nigeria needs $410bn as REA backs local solar firm

    LAGOS—The Managing Director of Rural Electrification Agency, REA, Engr. Abba Aliyu, has said Nigeria needed approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.

    He disclosed this during a facility tour of a solar manufacturing and renewable energy services firm, LPV Technologies in Lagos yesterday.

    Aliyu, who also pledged to partner with the company to arrest capital flight on renewable energy in the country, described the company as one of the most efficient factories in Nigeria, while emphasising its strategic importance to the national energy transition plan.

    He said: “Nigeria needs approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.

    “The country with the greatest potential for distributed renewable energy, Nigeria, only created 70,000 jobs in the sector last year, compared to China’s seven million out of a global 14 million.  We must turn our electricity access challenge into a job creation opportunity.”

    Commending LPV Technologies’ investments, the REA boss said the company had gone beyond manufacturing by also investing in implementation and talent development.

    He stated: “This is in line with President Bola Ahmed Tinubu’s new economic strategy to localise production and enhance the GDP. What LPV is doing is turning a national challenge into a national opportunity.”

    In his remarks, the Chairman of LPV Technologies, Mr Nzan Ogbe, emphasised the strategic importance of decentralised energy infrastructure to reduce the cost of power across Nigeria.

    He reaffirmed LPV’s commitment to supporting government efforts by building clean energy systems that were easy to deploy, resilient to traditional grid limitations, and adaptable to local contexts.

    “The biggest challenge in Africa today is not just corruption but energy security and the immunities around power. That’s what we have settled to address,” Ogbe said.

  • Sterling Bank to empower 2,500 women in business

    Sterling Bank to empower 2,500 women in business

    Lagos—Sterling Bank’s OneWoman Initiative is empowering 2,500 female entrepreneurs by giving them free access to the Goldman Sachs 10,000 Women online programme.

    The bank’s initiative, in partnership with the International Finance Corporation, IFC, is equipping female entrepreneurs with the skills and resources to scale their businesses and drive growth.

    The comprehensive curriculum, which is delivered through the University of Leeds, equips business owners with practical tools for their business growth, covering essential areas, including financial management, marketing, leadership and expansion strategies.

    The program stands out for its emphasis on real-time application, allowing entrepreneurs to immediately implement their learning for tangible business improvements.

    Speaking on the initiative, John Obichie, Group Head, Consumer Finance at Sterling Bank, said on the impact:   “Female entrepreneurs have been at the heart of shaping the Nigerian economy of the future, and Sterling Bank is committed to accelerating their success.

    ‘’Through this initiative, we are going to equip 2,500 women with world-class business education, strategies and networks they would need to scale.

    ‘’So, we are not just supporting businesses but also creating a pathway for growth and global scale to compete.”

    Obichie added that the OneWoman initiative highlights Sterling Bank’s steadfast commitment to promoting diversity and inclusion in Nigeria’s business sector.

    “By removing traditional barriers to financial education and capital access, we’re enabling female entrepreneurs to transform their communities while building sustainable enterprises that can compete on both local and international stages,” he said.

    The initiative represents a key component of Sterling Bank’s broader mission to support business growth and financial inclusion, a commitment that recently earned Sterling the Development Bank of Nigeria, DBN, Service Ambassadors Award for Highest Impact on Women MSMEs.

    The 10,000 Women programme has already empowered thousands of female entrepreneurs globally, delivering outstanding results.

    Through the partnership with IFC, Nigerian women entrepreneurs can access this opportunity at no cost.

    OneWoman is on the march to help female entrepreneurs scale and interested entrepreneurs can register now at sterling.ng/10kwomen or contact the Sterling Bank OneWoman team at onewoman@sterling.ng for additional information.

    OneWoman is an initiative designed by Sterling Bank to provide bespoke financial services to all female customers and clients.

    It serves as a one-stop-shop for all the bank’s offerings, catering to women’s needs to drive sustainable economic development and growth.

  • House C’tee on Petroleum Resources explains why PIA must be amended 

    House C’tee on Petroleum Resources explains why PIA must be amended 

    The House of Representatives Committee on Petroleum Resources, Upstream, has stated it would quickly amend the Petroleum Industry Act, PIA, to increase oil companies’ contributions to Host Community Development Trusts, HCDTs, from 3% to 10%.

    The Deputy Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Sesi Oluwaseun Whingan, disclosed this in Port Harcourt during a stakeholder dialogue session.

    Whingan stated that the current 3% contribution is insufficient to address the decades of environmental degradation, poverty, and underdevelopment faced by oil-host communities in the Niger Delta.

    He explained: “In its current form, the 3% contribution by settlors is grossly inadequate to address decades of environmental degradation, poverty, and underdevelopment suffered by host communities. That is why I am leading efforts to amend Section 240 of the PIA. The bill has passed its first reading and is scheduled for second reading upon the House’s resumption.”

    “Increased Funding. The amendment seeks to boost HCDT funds to 10% to address environmental degradation, poverty, and underdevelopment in host communities.

    “Legislative Initiative. The proposed amendment is part of a broader effort to ensure justice and equitable resource distribution to communities affected by oil exploration.”

    Whingan identified core challenges, including environmental degradation, poor infrastructure, high unemployment, and lack of transparency in the host communities, adding that the 3% provision is insufficient.

    He harped on the need for collective effort and inclusive policymaking to build a productive and people-centred petroleum industry. He assured participants that his office remains open for continued dialogue and cooperation.

    “Our duty as lawmakers is to ensure that the wealth from our natural resources translates into tangible prosperity for the host communities. They deserve more than token gestures. They deserve meaningful investment in their future.

    “To fix this, we must strengthen HCDT governance, enhance environmental remediation, boost development funding, and empower host communities to drive the process, “ Whingan said.

    However, Ms Florence Ibok-Abasi, country director of Stakeholder Democracy Network (sdn), highlighted in her address the importance of active government engagement in unlocking the full potential of HCDTs.

    Ibok-Abasi stressed that government involvement must not involve undue interference, preserving these trusts’ independence and community-driven essence.

    She said: “We must acknowledge that unlocking the full potential of the HCDT framework requires the active involvement of government at all levels. The government’s role is not merely supportive, it is essential. But this involvement must not come with undue interference. The independence and community-driven essence of these Trusts must be preserved.”

  • Strategic collaboration with Ministry of Petroleum will accelerate needed results – Ojulari

    Strategic collaboration with Ministry of Petroleum will accelerate needed results – Ojulari

    Mr Bashir Ojulari, Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company Limited (NNPC Ltd.), has reaffirmed his commitment to partner with key stakeholders to deliver on his mandate.

    Ojulari made the pledge when he visited the Minister of Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on Wednesday in Abuja.

    Ojulari, in a statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., underscored the need for a shared vision of progress and performance for Nigeria’s oil and gas industry.

    He emphasised that his executive leadership team stepped into office with a spirit of collaboration and a deep resolve to make a lasting impact.

    He said that the success of NNPC Ltd. would depend on close synergy with the Ministry of Petroleum Resources, the Ministry of Finance, and other relevant institutions, to break through bureaucratic barriers and accelerate results.

    “We are here with a mindset of partnership; a partnership with the Ministry of Petroleum Resources, the Ministry of Finance, and all other critical stakeholders.

    “Our goal is to bridge the gaps, foster alignment and move forward with a united front. Antagonism benefits no one; collaboration is how we win,” Soneye quoted Ojulari as saying.

    In response, Lokpobiri expressed strong confidence in the new leadership of NNPC Ltd., adding that he knew many members of the management team personally and had received outstanding reports about their professional capabilities.

    “This is arguably the strongest leadership team NNPC Ltd. has ever assembled.

    “Now is the time to translate that reputation into measurable results, especially in increasing crude oil production and ensuring the sector delivers optimal value to the Nigerian people,” Lokpobiri said.

    The Minister assured Ojulari of his unwavering support and strategic guidance, adding that his office would work closely with him to provide the enabling environment for NNPC Ltd. to thrive and deliver on its national mandate.

    “This renewed spirit of partnership signals a new chapter for the oil and gas industry, marked by purposeful collaboration, operational excellence, and a shared commitment to national development,” he said.

  • Again, Dangote Refinery reduces petrol price by 3.5% to N835 per litre

    Again, Dangote Refinery reduces petrol price by 3.5% to N835 per litre

    In a significant development, Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.

    The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease.
    This price adjustment follows the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.

    The refinery had previously reduced its gantry price from N880 to N865 per litre; however, oil marketers did not pass on the savings to consumers.

    The Dangote Refinery, with a capacity of 650,000 barrels per day, continues to play a crucial role in Nigeria’s energy landscape.

  • FG-backed wholesale drug centre in Anambra to be completed in 18 months — CPAPWL

    FG-backed wholesale drug centre in Anambra to be completed in 18 months — CPAPWL

    The Coordinated Wholesale Centre (CWC) for pharmaceutical products in Anambra State will be completed within the next 18 months, the Central Pharmaceutical and Allied Products Wholesale Limited (CPAPWL) has announced.

    During an inspection of the project site at Oba in Idemili South Local Government Area, the Board of Directors of CPAPWL, which is overseeing the development, confirmed that all major bottlenecks delaying the project have been resolved. The board also expressed renewed unity among key stakeholders to ensure timely completion.

    The CWC in Anambra is one of four pilot centres selected by the Federal Government under a regulatory reform initiative led by the Pharmacy Council of Nigeria (PCN), an agency under the Federal Ministry of Health and Social Welfare. The initiative aims to relocate open drug markets to properly regulated centres, in accordance with Nigeria’s constitutional provisions which place drug regulation on the exclusive legislative list.

    The four pilot states—Kano, Lagos, Anambra, and Abia—were selected to host the initial centres. While Kano’s facility is already operational, Anambra’s construction is ongoing, with an ambitious expansion underway to make it the largest of its kind in the country.

    Speaking during the inspection, CPAPWL Board Chairman, Uche Eze, disclosed that over ₦9 billion has already been invested in the Anambra project. He noted that delays were caused by difficulties in resolving land encumbrances through AMCON and in securing buy-in from stakeholders, including banks, developers, and pharmaceutical traders.

    “Initially, the site was 25 hectares, but we have expanded it to 50 hectares to create the biggest Coordinated Wholesale Centre in Nigeria,” Eze said. He added that the project’s shift away from its original mortgage financing model was necessary due to rising costs and economic realities.

    The board praised the Anambra State Government, particularly Governor Charles Soludo, for providing critical infrastructure such as access roads at the site. The board also expressed gratitude to the Federal Government and the Registrar of the PCN, Pharmacist Ibrahim Ahmed, for their support and vision in conceiving the project.

    In a joint statement titled “Inspection of the Ongoing CWC, Oba Project: Work in Progress,” signed by Board Chairman Uche Eze and Secretary Pharmacist Victor Okwuosa, CPAPWL acknowledged the economic challenges that have affected materials and contractual obligations but emphasized their determination to move forward.

    Project consultant and engineer, Ofodile Anieto, assured that the centre will be delivered within the 18-month timeline, in line with both engineering standards and PCN specifications. He also confirmed that funding for the project has remained consistent.

    Once completed, the Anambra CWC is expected to significantly enhance the regulation of drug distribution in the region, eliminate the reputational damage caused by open drug markets, and ensure safer access to pharmaceuticals for Nigerians.

  • Access Bank, IFC, Zambia’s VP lead call for women’s economic inclusion

    Access Bank, IFC, Zambia’s VP lead call for women’s economic inclusion

    Access Bank, the International Finance Corporation, IFC, and Zambia’s Vice President, Mutale Nalumango, have emphasised the need for women to take ownership of their economic future and drive financial inclusion for sustainable prosperity.

    The trio, among other stakeholders, spoke at Access Bank International Women’s Day conference in Lagos, saying gender inclusivity was crucial for economic growth and called for decisive policies, corporate accountability, and personal commitment to eliminate systemic barriers hindering women’s full participation in the economy.

    The bank also used the opportunity to celebrate its ‘Power of 100’ initiative, which honours and supports 100 exceptional women across Africa, who have demonstrated leadership, resilience, and impact in their respective fields.

    At the conference, five women who successfully pitched their business plans were rewarded with N5million grant to support their businesses

    Speaking at the parley, Zambia’s Vice President, Mutale Nalumango, said empowering women was not only a moral imperative but also a key driver of economic progress.

    The Zambian VP, who highlighted the need for women to have active decision-making roles, said: “We need to ensure that women are not just invited to the table but also have an active voice in decision-making.

    ‘’The economic benefits of gender inclusivity are undeniable, and it is time to move from conversations to action.”

    She noted further that societies investing in women tended to experience stronger economic growth, lower poverty rates, and improved social outcomes.

    In her remarks, Bolaji Agbede, Acting Group Managing Director/CEO, Access Holdings, Bolaji Agbede, emphasized the importance of leadership in dismantling gender stereotypes and creating inclusive environment.

    She said businesses and governments must go beyond symbolic gestures and implement policies that lead to measurable change.

    “The future of work is changing, and organizations must rethink how they integrate women into leadership. It is not enough to set quotas; we must create pathways that make it easier for women to ascend into decision-making roles without systemic resistance,” Agbede said.

    On her part, the Deputy Managing Director, Access Bank, Chizoma Okoli, reaffirmed the banks’ commitment to bridging the gender gap through strategic interventions, such as the ‘Power of 100.’

    She said: “We recognize that financial independence is a significant enabler for women. That is why we have continued to roll out programmes, such as the ‘W Initiative’ and the ‘Womenpreneur Pitch-a-ton Africa,’ which, alongside the ‘Power of 100,’ have provided funding, training, and networking opportunities for thousands of women across the continent.”

    Also speaking, IFC’s Regional Director for Central Africa and Anglophone West Africa, Dahlia Khalifa, said: “Access Bank is one of IFC’s most committed and consistent partners in the region, with a relationship spanning more than two decades.

    ‘’Together, we’ve gone beyond financing. IFC has provided strategic advisory services to help the bank better serve women through gender-intentional product design, customer segmentation, and staff training.

    “One of the most impactful examples is Access Bank’s W Initiative, which delivers tailored products, capacity-building programmes, and mentorship to women-led businesses.

    ‘’Since its inception, this initiative has mobilized over N370 billion in financing, reaching about four million women-owned SMEs and individuals.

    “Our partnership also extends to driving systemic change through the Nigeria2Equal programme. So, let’s get to work, mobilizing capital, innovation, and partnerships to ensure that every woman has the chance to lead, grow, and thrive.’’