Business
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
The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.
Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.
Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.
ALSO READ: Oil, Gas Deals Push Nigeria’s FDI to $4 Billion
According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.
The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.
Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.
However, the company’s partners recorded a blended compliance rate of just 61 percent.
Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.
The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.
Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.
Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.
Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.
These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.
The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.
Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.
He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.
Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.
Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.
He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”
Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).
The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.
The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.
ALSO READ: Oil, Gas Deals Push Nigeria’s FDI to $4 Billion
Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.
He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.
He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.
Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.
According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.
He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.
“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.
He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.
Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.
The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.
Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.
The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.
The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited
Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.
Foreign direct investment (FDI) flow into Nigeria climbed to roughly $4 billion last year, according to UNCTAD’s World Investment Report 2026.
The report stated that “Inflows to Nigeria rose to about $4 billion, supported mainly by oil and gas–related IPF deals, including a major project valued at about $2 billion.”
The report indicated that Nigeria’s inflows were $1.6 billion in 2024, before increasing to roughly $4 billion (precisely $4.005 billion) in 2025 — reversing a downward trend that had seen inflows dip as low as $895 million in 2022. The figures place Nigeria among a cluster of West and East African economies that bucked a broader continental slowdown
According to the report, Nigeria’s outward investment also rose, from $408 million in 2024 to $1.19 billion in 2025, while its inward FDI stock reached nearly $93 billion by year-end.
“In Nigeria, deals included the sale of Shell’s onshore oil assets to the Nigerian consortium Renaissance Africa Energy and the acquisition of Lafarge Africa by Huaxin Cement of China, signaling both a wave of asset localization in the oil sector and continued Asian appetite for Nigerian industrial assets.
ALSO READ: Global Demand for Nigerian Crude Higher Outstrips Supply – FG
On the Greenfield side, conglomerate Dangote Group emerged as an outward investor in its own right, backing a $3 billion chemicals project in neighboring Ethiopia — one of the 10 largest Greenfield projects announced across the continent in 2025.
Policy shifts also featured prominently in the report’s account of the investment climate. It noted that the government introduced sweeping fiscal reforms during the year, including a new minimum tax regime aligned with international standards.
“Nigeria, for instance, introduced a minimum effective tax rate of 15 per cent for multinational enterprises with revenues exceeding €750 million,” the report noted.
Alongside this, the report observed that Nigeria, together with Cameroon, moved to tighten incentive structures more broadly, as the two countries “replaced broad tax exemptions with tiered tax credits and strict eligibility requirements, such as job creation, local value addition and priority sectors.” Separately, the government rolled out targeted relief for the petroleum sector, introducing “performance-based tax credits for companies in the upstream petroleum industry, linking fiscal benefits to cost efficiency.”
The report also credited Nigeria with using regulatory innovation to court investors beyond the extractive sector.
It pointed to the Federal Government ‘s technology-focused reforms, noting that Nigeria “has used regulatory frameworks to reduce uncertainty for innovative firms,” citing the Startup Act and accompanying central bank rules that let sandboxes allow start-ups to test products with real users before facing the full weight of regulation.
On trade infrastructure, the report named Nigeria as one of five countries — alongside Côte d’Ivoire, Benin, Ghana and Togo — that committed under a regional agreement to harmonising customs and border procedures along the Abidjan–Lagos corridor, part of a wider West African push to cut transit times and integrate cross-border trade.
Africa as a whole, according to the report, saw FDI inflows fall sharply from an exceptional 2024, but the report noted that in West Africa, investment “rose in several West African economies, supported mainly by investment in natural resources and energy.”
Courtesy – The Punch
Eight Escape Death as Zambian Vice President’s Campaign Helicopter Crashes
Mixed Reactions as Florida Renames Palm Beach Airport After Trump
Controversy Trails Gov Nwifuru’s Convoy Clash as PDP Calls for Probe
45% of Electricity Supplied to Plateau Lost to Theft, JED Raises Alarm
FG Unveils Plan to Make 112 Nigeria’s Only Emergency Number
282 Nigerians to Arrive in Lagos Today as FG Continues South Africa Evacuation
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
