Economy
Dunlop Seeks Core Investor to Produce Tyres in Nigeria
By Modupe Gbadeyanka
Managing Director of a leading marketer of automotive tyres, Dunlop Nigeria Tyre & Rubber Plc, Mr Mohammed Jimoh Yinusa, has disclosed that the company was looking for at least a major investor to enable it return to the manufacture of tyres in Nigeria.
In a notice to the Nigerian Stock Exchange (NSE) this week, the firm, which shut down its local production in 2008 due to a government policy, said it intends to return in full force to take its place in the market.
To achieve this goal, Dunlop is marketing its 10-year strategic business plan it developed with the hope of getting a potential investor, who will key into the vision of the company.
“We have developed a 10-year strategic business plan for a return to local tyre manufacture, which is currently being marketed to enable us secure a core lead investor for the project as the company currently does not have a single investor with up to 5 percent shareholding to provide the required leadership, after which we would jointly approach our technical partners.
“We are already in serious discussions with a state government that is setting up an Industrial Park with provision for an automobile cluster and a tyre manufacturing plant, among other possible options,” Mr Yinusa stated.
In 2006, the administration of President Olusegun Obasanjo reduced the import tariff on tyres to 10 percent from 40 percent.
This significantly affected local manufacturers of the product, leading to the exit of Dunlop and Michelin in 2008 and 2006 respectively.
The two leading local makers of tyres could not cope with the huge infrastructural deficiency, especially electric power and Dunlop, which had been operating in the country since 1963, had to go, but continued dialogue with the various successive governments on the need to raise the tariff on imported tyres to encourage local production.
Prior to the 2006 change in policy, Dunlop had just completed a major $50 million expansion into the truck tyre segment a year earlier in 2005 and when it became obvious that the policy reversal was not forthcoming, the firm had to in 2012 take the interim strategic decision to realise all its manufacturing assets to enable it to repay its indebtedness to financial institutions of over N8 billion, which was achieved by the end of 2014.
According to Mr Yinusa, the believe in the future of local tyre manufacture in view of the huge market in the West and Central African sub Regions, with no single tyre plant currently, made the company strategically retained its investment in natural rubber plantations through its 60 percent shareholding in its subsidiary company, Pamol Nigeria Limited, the key minority shareholders being Cross River State government with 21 percent and Delta State government with 15 percent.
Natural rubber constitutes about 50 percent of tyre raw materials, with Carbon Black at about 25 percent, both of which are significantly locally available.
The company’s CEO said, “We have now recorded significant results with the federal government, through the National Automotive Design and Development Council, with the conclusion of a new Automotive Policy which has taken into consideration the key policy negatives of the 2006 reversals.
“This new policy is in the process of being forwarded to the National Assembly for legislation in order to strengthen the future policy stability in this regard.”
“We wish to use this medium to appreciate the understanding exhibited by our shareholders and other stakeholders during this very difficult phase in the history of our company, while we continue our efforts to return our company to profitable operations in order to continue our over 57 years corporate journey,” Mr Yinusa said.
By Modupe Gbadeyanka
Stanbic IBTC Asset Management has been rated high in performance, governance standards, and steadfast commitment to delivering consistent value to investors.
This rating was given by Global Banking & Finance Review, as it awarded the subsidiary of Stanbic IBTC Holdings Plc the Best Asset Management Award at the 2026 Global Banking & Finance Review Awards.
The judging panel evaluates nominees with rigorous criteria, focusing on key performance metrics such as fund performance, sustainability, product innovation, governance quality, risk management, and the depth of client relationships. Stanbic IBTC Asset Management exceeded these benchmarks, distinguishing itself from competitors within the industry.
Stanbic IBTC Asset Management, a registered and regulated fund and portfolio manager by the Securities and Exchange Commission (SEC), has consistently set a benchmark for excellence in fund management, earning the trust of an increasingly discerning investor base. Even amid persistent market volatility and dynamic macroeconomic conditions, the firm has demonstrated resilience and innovation, ensuring that elevated expectations are not only met but exceeded.
The firm has developed a comprehensive product portfolio designed to adapt to varying market conditions. Serving a diverse clientele, including retail investors, institutions, and high-net-worth individuals, it offers mutual funds, structured products, and tailored portfolio management services. What truly distinguishes Stanbic IBTC Asset Management is not only the breadth of its offerings but also its deep understanding of the market and continued investment in innovation, ensuring that clients consistently benefit from solutions aligned with their evolving needs.
In addition to its commitment to performance, the firm continues to invest in enhancing client experience through digital onboarding, real-time reporting, and transparent communication. These initiatives reflect Stanbic IBTC Asset Management’s dedication to making its services more accessible and easier to understand for investors at every stage of their journey.
Its goals extend beyond just managing individual portfolios. Through ongoing investments in financial literacy and investor education, Stanbic IBTC Asset Management aims to cultivate a more informed investing public, thereby contributing to the long-term health of the market.
“This award is a testament to the trust our clients continue to place in us and the dedication of our people who make it possible. We are deeply grateful for the support and patronage of our clients, and equally proud of our team, whose commitment and expertise drive every success.
“Together, we remain focused on delivering value and safeguarding the financial futures entrusted to us,” the chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, stated.
By Dipo Olowookere
The total value of stocks on the Nigerian Exchange (NGX) Limited inched closer to N140 trillion after a 2.49 per cent rise on Friday.
Data from Customs Street showed that the market capitalisation increased by N3.391 trillion during the session to N139.827 trillion from the previous day’s N136.436 trillion.
Similarly, the All-Share Index (ASI) of the trading platform went up yesterday by 5,266.56 points to settle at 217,167.57 points compared with the preceding session’s 211,901.01 points.
The continued demand for Nigerian equities, especially MTN Nigeria, Ecobank and others, buoyed the growth achieved by the bourse during the session.
Also, bargain-hunting across the key sectors of the market ensured that the bulls maintained control, with the banking space growing by 3.64 per cent. The energy sector appreciated by 3.29 per cent, the consumer goods index improved by 1.23 per cent, the industrial goods counter expanded by 0.68 per cent, and the insurance segment grew by 0.37 per cent.
Investor sentiment remained strong after a positive market breadth index, with 43 appreciating shares and 27 depreciating shares.
NAHCO chalked up 10.00 per cent to close at N220.00, Trans-Nationwide Express advanced by 10.00 per cent to N6.05, Ecobank gained 9.97 per cent to finish at N67.30, Access Holdings increased by 9.93 per cent to N29.90, and DAAR Communications jumped 9.64 per cent to N1.82.
Conversely, Mecure lost 9.96 per cent to trade at N60.60, Honeywell Flour declined by 9.52 per cent to N19.00, Abbey Mortgage Bank dropped 9.50 per cent to quote at N8.10, eTranzact crashed by 9.27 per cent to N18.60, and Caverton gave up 9.02 per cent to close at N5.55.
It was a busy day for the NGX as market activity improved, with the trading volume rising by 122.22 per cent to 1.3 billion stocks from the 585.0 million stocks transacted a day earlier.
Also, the trading value went up by 56.32 per cent to 54.4 billion from 34.8 billion, while the number of deals soared by 24.94 per cent to 56,923 deals from 45,559 deals.
Leading the activity log on the last trading day of this week was Sterling Holdco with 383.9 million equities valued at N3.1 billion. Access Holdings traded 90.3 million shares worth N2.7 billion, Zenith Bank transacted 70.8 million stocks for N8.8 billion, UBA exchanged 54.6 million equities worth N2.6 billion, and Japaul sold 44.4 million shares valued at N146.4 million.
By Dipo Olowookere
The price of crude oil on the global market dropped below the $90 per barrel mark on Friday after Iran announced the reopening of the Strait of Hormuz.
About 20 per cent of the world’s total oil and liquefied natural gas (LNG) consumption passes through this narrow body of water between Iran and Oman.
It was shut down by Iran after the United States and Israel launched airstrikes on it in late February 2026.
For the past few days, there have been talks between the US and Iran over the reopening of the Strait. The Middle East country reopened it after Israel and Lebanon struck a deal.
This action crashed the price of crude oil today, with the Brent grade selling at about $88 per barrel and the West Texas Intermediate (WTI) grade trading at $83 per barrel as of the time of filing this report.
Iranian Foreign Minister, Mr Abbas Araghchi, announced the reopening of the Strait of Hormuz, with the move already welcomed by President Donald Trump of the United States.
It will remain open during the ceasefire while further negotiations continue between America and Iran.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Republic of Iran,” the Minister posted on X, formerly Twitter, on Friday.
This news will surely excite Nigerians, who have been forced to pay more to buy petroleum products since the war started, despite living in an oil-producing country.
The price of petrol jumped from about N827 per litre before the war to N1,250 and almost N1,300 per litre because of the Middle East crisis.
Dangote Refinery, which majorly supplies the local market, claimed it was buying crude oil at an international price.
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