Daily Business Headlines – April 19 2023


The Stock Market Closes Positive With Market Capitalization Up N2 Billion

The Nigerian Exchange (NGX) closed positive amidst buy-interests and sell-offs as bulls regain dominance, driving up the broad market. The All-share Index (ASI) appreciated by 0.02% to close at 51,138.92 points. In the same vein, Market Capitalization grew by N2 billion to close at N27,852 trillion while the Year-to-Date (YtD) returns… Read More


Electricity: Discos’ Revenue Falls 25% As Unmetered Customers Increase By 190,000

The number of   electricity consumers without metres and hence under the much criticized estimated billings of Distribution Companies (DISCOS) increased by 190,000 or 3.34 per cent to 5.93 million in 2022 from 5.74 million in 2021.But the number of metered customers rose faster, increasing by 351,792 or 7.4 per   cent to 5.13 million in… Read More


LCCI, NUPENG Fault FG Over Subsidy Removal, $800 Million Palliative Loan

The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns over the $800 million loan the Federal Government has secured to cushion the effect of premium motor spirit (PMS) subsidy removal on poor Nigerians, saying additional debt is not needed at this time the country is weighed by huge indebtedness. Also, the Nigeria… Read More


Higher Motor Insurance Premiums Spur Nigerians’ Interest In Claims

The recent increase in motor insurance premium in Nigeria has jolted many motorists and other vehicle owners into paying attention to their rights and benefits. Some policyholders told BusinessDay that they would no longer take for granted their claims on their contract with insurance companies after they have been compelled to pay the new… Read More



Shell Removes 460 Illegal Connections On Trans Niger Pipeline

The Chairman of Shell Companies in Nigeria, Osagie Okunbor, on Tuesday, revealed that the international oil company discovered and removed 460 illegal connections on its Trans Niger Pipeline before the facility could be restored after it was shut down for one year. Shell Petroleum Development Company of Nigeria operates the TNP. It uses… Read More


Federal Government Launches 5-Year Strategic Security Plan

The Minister of Interior, Rauf Aregbesola, yesterday launched a five-year strategic plan for the ministry and its agencies to tackle insecurity in the country. In a statement by Afonja Fatai Ajibola, the spokesman of the ministry, Aregbesola noted that the ministry is integral to the national security and prosperity of Nigeria. Earlier, Permanent… Read More

Rice Import Dropped From 1.2m To 438 Tons In 8 Years

Director General of the Rice Processors Association of Nigeria (RIPAN), Mr. Andy Ekwelem, has said boosting local rice production has cut imports mostly from Thailand from 1.2 million metric tons in 2014 to a paltry 438 tons in 2022. Briefing the media in Abuja yesterday, Ekwelem also said Nigerian farmers produced 8.4m tons of rice in… Read More



Adamawa Gov: Fintiri Floors Binani, INEC Takes REC’s Case To Buhari

The Returning Officer for the Adamawa State governorship election, Prof Mohammed Mele, on Tuesday declared Governor Ahmadu Fintiri, the winner of the state governorship poll. Fintiri secured a second term in office having scored 430,861 votes to beat the rival All Progressives Congress candidate, Aisha Dahiru, popularly known as…Read More


Okowa Didn’t Sign Law On Governors’ New Pension Benefits

The Delta State Commissioner for Information, Mr Charles Aniagwu yesterday said that Governor Ifeanyi Okowa of Delta did not sign any law to give governors new retirement benefits. Aniagwu, who was reacting to allegation from certain quarters, made the clarification at a news conference in Asaba. He said that the detractors… Read More



NITDA Bill May Compound Regulatory, Compliance Hurdles For Digital Economy

With calls on the National Information and Technology Development Agency (NITDA) to focus more on developmental issues, stakeholders in the sector have said that passing the pending NITDA Bill into law is a recipe that would engender regulatory and compliance hurdles for businesses in the digital economy. Information and… Read More