Daily Business Headlines – April 25 2023


Investors Lose N305bn As Stock Market Sustains Downward Trend

The downward trend in the stock market continued for the sixth straight week following sell pressure in some blue-chip companies with investors losing N305 billion. The market volatility had remained at the extreme majorly driven by mixed sentiments while investors continue to seek safer investment haven as hedge against inflation in the… Read More

Stakeholders, Others Disagree Over $800m Fuel Subsidy Palliative

Stakeholders in the petroleum industry, weekend, frowned over the Federal Government’s proposed $800 million fuel subsidy palliative to be shared with Nigerians. As part of a palliative targeted at easing the pains of Nigerians, $800 million has been proposed for distribution to 10 million households. But in an interview with Energy… Read More


Exiting Foreign Investment Shrinks ETF By 67 Per Cent In Three Years

Waning foreign investors’ participation, which has resulted in foreign portfolio investment decline in the past few years, has impacted negatively on the Nigerian Stock Exchange (NGX) Exchange Traded Fund (ETF), as the market dipped from N24.5 billion market capitalisation in 2020 to its current N8.87 billion. An ETF is a marketable…Read More


Otedola Confirms Acquisition Of 5.52% Stake In Transcorp

Lagos businessman, Mr. Femi Otedola yesterday confirmed that he had acquired 5.52 per cent equity stake in Transnational Corporation of Nigeria (Transcorp) Plc. The confirmation followed regulatory filing by Transcorp, notifying the public that Otedola had become a major shareholder in the conglomerate. The development makes the billionaire… Read More



NBS: Kerosene Price Rose By 102.37% In One Year

From N3,778.30 per five kilogramme of the Liquefied Petroleum Gas (LPG) in March, last year, the average average retail price rose to N4,610.48 last month. The National Bureau of Statistics (NBS) made this known in its document entitled: “Liquefied Petroleum Gas (Cooking Gas) Price Watch (March 2023).” It said the product rose by 0.22… Read More


Nigeria Lost N2.3tn Revenue To Oil Theft In 12 Months — IOC

Nigeria has lost an opportunity to produce and sell about 65,700,000 barrels of oil in the last one year due to issues bothering on pipeline vandalism and the resultant oil theft. This translates to about N2.3tn loss in oil revenue if the prevailing exchange rate and average oil price are used. The Chairman of Shell Companies in Nigeria, Dr Osagie… Read More

Ongoing AKK Pipeline Construction Gulped $1.1bn – NNPCL

The Nigerian National Petroleum Company Limited has so far spent $1.1bn on the construction of the $2.8bn Ajaokuta-Kaduna-Kano gas pipeline project, the Group Chief Executive Officer, NNPC Ltd, Mele Kyari, announced on Monday. He also said the pipeline would be energised by the third quarter of this year. Kyari spoke during… Read More



Enugu Gov-Elect, Mbah Inaugurates 60-Man Transition Committee

Ahead of the May 29 handover, the Enugu State Governor-elect, Dr Peter Mbah, has inaugurated a 60-man Transition Committee. This is contained in a statement on Monday in Enugu and issued by the head of the Peter Mbah Media Office, Dan Nwomeh. According to him, the committee includes internationally-recognized technocrats,… Read More


Three Rep Members, Over 3,000 Supporters Dump PDP In Imo

Three members of the House of Representatives from Imo State have dumped the People’s Democratic Party, PDP, for the ruling All Progressives Congress, APC, with over 3,000 supporters. Imo Governor, Hope Uzodinma received the defectors into the party at the Rear Admiral Ndubuisi Kanu Square, Owerri, the state capital on Monday… Read More



Mobile Banking Rises By 505% Over Naira Scarcity

The scarcity of the naira increased the reliance on mobile devices for financial transactions by 505.29 per cent in t he first quarter of 2023, data from the Nigeria Interbank Settlement System has indicated. The value of mobile transactions rose by 160.11 per cent year-on-year to N9.07tn in the first quarter of 2023.The volume of mobile transactions… Read More