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Icahn warns stock market could face ‘big drop’
WASHINGTON – Activist investor Carl Icahn on Monday said there was a chance the stock market could suffer a big decline, saying valuations are rich and earnings at many companies are fueled more by low borrowing costs than management’s efforts to boost results.
Unnerved by Icahn’s prognosis, investors pushed stocks lower. The S&P 500, which was trading near unchanged before Icahn spoke, closed down 0.4 percent.
“I am very cautious on equities today. This market could easily have a big drop,” Icahn said.
He said share buybacks are driving results, not profitability.
“Very simplistically put, a lot of the earnings are a mirage,” Icahn told the Reuters Global Investment Outlook Summit. “They are not coming because the companies are well run but because of low interest rates.”
He also hinted at his ongoing plan for Apple Inc, the most valuable U.S. company by market value, saying he does not want to fight with management at the iPhone giant but has no plans to walk away from his investment.
Shares of Apple closed down 1.2 percent at $518.92; they were trading at $523.11 before Icahn’s remarks. Icahn said he still thinks Apple’s stock price is undervalued and said the company’s CEO, Tim Cook, feels the same way.
Icahn, who runs Icahn Enterprises, a diversified holding company, is urging Apple to buy back $150 billion worth of shares. The company has not committed to that. Icahn owns approximately 0.4 percent of Apple’s outstanding shares, according to Thomson Reuters data.
Icahn said that he and Cook are friendly, but he still spoke critically. “Apple is not a bank and it should not be run like a bank because investors did not invest in a bank,” he said. “Apple has all this money, they should be using it.”
Known for decades of strong-arm tactics, including proxy fights, Icahn was diplomatically vague about exactly how he planned to proceed in his efforts with Apple. He did joke that if Reuters reporters had joined him for a cocktail, he might have said more.
The 77-year-old investor’s views on markets and individual companies are widely followed in light of the strong returns he has generated.
Icahn said that in the last five years, investors who bought shares of companies in which his firm took seats on the board of directors and held the shares as long as an Icahn representative stayed on those boards would have earned 28 percent on an annualized basis.
Icahn is known as one of the market’s most powerful activist investors. But he said he and his colleagues do not want to micro-manage corporations. He prefers to speak with top management and “set up parameters” for performance, such as return on equity or performance against competitors.
“Boards should be keeping the CEO accountable,” Icahn said, adding, “that’s what a board should do.”
Activism has become a hot-button topic in the hedge fund industry this year, in part because returns at activist funds are roughly 14 percent, nearly twice as strong as gains at the average hedge fund.
While he pointed to a handful of managers who practice activism well, Icahn took a swipe against William Ackman, whose Pershing Square Capital Management is one of the industry’s biggest activist managers, with average annual returns of 20 percent over the last decade.
“What we don’t do is exactly what Ackman does do. We may have an idea, but we never push it,” Icahn said.
Ackman and Icahn have engaged in a very public battle on their opposing views of Herbalife, the nutrition and supplements company. Ackman took a large short position in Herbalife, while Icahn bet the company’s share price will rise, which in fact it has.
Ackman also made waves in his aggressive push to overhaul retailer J.C. Penney, but finally sold his 18 percent stake in the company earlier this year, losing hundreds of millions of dollars, after his campaign failed.
But Icahn sang the praises of other activists, including Keith Meister, his one-time lieutenant who now manages Corvex Capital. Jeff Ubben’s ValueAct, which was instrumental in forcing change at Microsoft, also got high marks, as did Daniel Loeb, whose Third Point, won big at Yahoo where he helped install Marissa Mayer as CEO last year.
Icahn said he had looked at investing in Microsoft but did not, declining to give a reason.
– REUTERS
Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr. Umaru Kwairanga, Group Chairman, Board of Directors, Dr. Okechukwu Itanyi, Independent Non-Executive Director and Mrs. Ojinika Olaghere, Independent Non-Executive Director reinforced continuity in governance and oversight.
They acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.
Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.
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Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.
Sierra Leone has announced the signing of a petroleum licence agreement with Nigeria‑based Marginal Energy Limited, granting the company offshore exploration and production rights as the government seeks to revive interest in its under‑explored upstream sector.
The licence, signed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning about 6,800 square kilometres, according to a government statement, a Reuters report said.
Marginal Energy, a Nigerian independent, has committed to a seismic and drilling programme with exploration spending expected to exceed $225 million.
Under the agreement, the state will hold a 10 percent carried interest in oil projects and 5 percent in gas during exploration and development, with an option to acquire an additional participating interest on a paid basis of up to 9 percent once production begins.
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The deal was signed at the Invest in African Energy conference in Paris, where Sierra Leone has been promoting offshore licensing opportunities to international investors, the report added.
NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.
The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.
Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.
Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.
“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”
He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.
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The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.
Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.
In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.
Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.
With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.
Photo Caption:
From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026
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