Daily Business Headlines – August 10, 2022

August 10, 2022

Business Headlines


Investors Gain N3trn on NGX in 6 months Amid Global Disruption

Despite the compounding damages from the COVID-19 pandemic and the Russian invasion of Ukraine, which slowed down the global economy, Nigeria’s capital market activities remained positive in the first half (H1) of 2022 as local and foreign investors on the Nigerian Exchange Limited (NGX) gained about N3 trillion. Data obtained from the NGX, the All-Share Index (ASI) which opened the year at 46,624.67 points appreciated 11.14 per cent to 51,817.59 points as at June 30,2022… Read More


Sell-Offs in Dangote Cement, Others Drag Indices Further by N615 billion

Following sell-offs in Dangote Cement and 15 stocks, the Nigerian Exchange Limited (NGX) extended losses to a second consecutive session yesterday, dragging market capitalisation further by N615 billion. The All Share Index (ASI) decreased by 1,139.02 absolute points, representing a dip of 2.26 per cent to close at 49,350.71 points. Similarly, the market capitalisation lost N615 billion to close at N26.618 trillion… Read More

Africans Embrace Indigenous Innovation as 91% Ready to Use Local Solution

Four out of five Africans are of the opinion that recent developments in African technology have changed how they perceive the continent, a recent report on the continent has indicated. The report, which includes the surveyed opinions of 4,500 Africans from Kenya, Nigeria and Ghana, revealed that the recent wave of technology innovation coming out of Africa is changing how Africans view the continent… Read More


As CPs, Bonds Listing on FMDQ, NGX Soar

Aside from creating wealth and facilitating liquidity flow, Exchanges across the globe also play a vital role when companies seek to raise capital either through debt or equity financing. Another major function constitutes a commitment to promoting an efficient, transparent, and well-regulated market, which attracts and retains both domestic and foreign investors, through the provision of a world-class listing and quotation service, amongst others…Read More




Buhari Orders Suspension of $418m Paris Club Refund Plan

President Muhammadu Buhari has directed that the plans to begin deduction of $418 million Paris Club refund owed four contractors from the federation account be suspended. In an exclusive report from Premium Times, Buhari was reported to have directed Minister of Finance, Zainab Ahmed, to halt the plan at the FEC meeting of August 3, where the matter was discussed…. Read More


Federal Government, World Bank Stake $700m to Mitigate Environmental Degradation

The Federal Government, in collaboration with the World Bank, has embarked on a $700m Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project against environmental degradation in Nigeria. The project followed successes recorded in the Erosion and Watershed Management Project (NEWMAP) in mitigating adverse effects of soil and land degradation and environmental sustainability….Read More


Boosting Economic Recovery Through Loans   

Globally, banks are renowned to be engines of economic growth. They mobilize funds from areas of surplus to areas of needs as well as give interest to the depositors and charge interest from the borrowers, thereby providing income for those who have idle funds, and earning income from those that borrow money to finance their businesses. The long-standing need to strengthen capital structures and to decrease dependence on borrowing…Read More



INEC Denies Recognising Lawan, Akpabio as Senatorial Candidates
The Independent National Electoral Commission (INEC), yesterday, denied doctoring and backdating documents to accommodate nominations of Ahmad Lawan and Godswill Akpabio as senatorial candidates for the 2023 general elections. INEC also said it is yet to recognise “any of the two personalities as a senatorial candidate.” Lawan, who is the current Senate President and Akpabio had both contested in the All Progressives Congress (APC) presidential primary, which was won by Bola Ahmed Tinubu…Read More


DHQ: We’ve Arrested Suspects of Owo Catholic Church Attack
The Chief of Defence Staff, Gen. Lucky Irabor yesterday revealed that security forces have arrested the terrorists behind the attack on St. Francis Xavier Catholic Church in Owo, Ondo State. Irabor, who made the disclosure during a parley with media executives at the Defence Headquarters, Abuja, said the terrorists were arrested by the military in collaboration with other security agencies..… Read More



Federal Government Introduces Fees on Type-Approved Devices, Short Codes

While Nigerians are still grappling with 7.5 per cent Value Added Tax (VAT) and the recently  proposed 5 per cent excise duty on telecoms services, the Federal Government has again, introduced registration fees on type approved telecommunication devices and short codeshare. The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, disclosed this during a 3-day consecutive Public Inqury.

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