Business
US loses $24 billion due to Shutdown
NEW YORK – The United States may have dodged an economic catastrophe by raising the debt ceiling and opening the government, but it didn’t emerge from the political debacle unscathed.
The 16-day government shutdown took a $24 billion chunk out of the U.S. economy, according to an initial analysis from Standard & Poor’s.
As a result, the rating agency projects that the U.S. economy will grow by an annual pace of around 2.4% in the fourth quarter — as opposed to the roughly 3% growth rate predicted prior to the shutdown.
“Given the size of the economy, it’s small. But because it’s happening all at once, so quick, so fast, unplanned; it’s going to hurt,” said Beth Ann Bovino, U.S. chief economist at S&P. “We can absorb it, but it still hurts.”
Related: Punting on budget likely to lead to another stalemate
Hundreds of thousands of federal workers were furloughed during the shutdown, but that was just one of the widespread effects of the first shutdown in nearly two decades.
Federal contractors also furloughed thousands of employees. Small businesses reeled from frozen government contracts and stalled business loans. Closed national parks hit the tourism industry, while military families saw childcare and other services shuttered.
Consumers, also scared by the debate over raising the debt ceiling, started to cut back.
While federal workers will ultimately receive back pay under the deal, contractors will likely not get their lost wages, Bovino said. And with the deal only guaranteeing government funding through Jan. 15, many federal workers and contractors may continue to hold back on spending into the holiday shopping season.
“That’s going to keep people a little more cautious, particularly government workers and certainly contractors,” she said “It certainly suggests a ho-hum holiday.”
The debt fix is also only temporary, which could continue to fuel economic uncertainty, hurting consumer confidence and slowing hiring, said Mark Zandi, chief economist for Moody’s Analytics.
Zandi blamed continued government brinksmanship as a major factor holding back the U.S. economic recovery.
“This is a real corrosion on the economy,” Zandi said. “If we have to go down a similar road in the near future, the costs are going to continue to add up.”
– CNN MONEY
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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