Daily Business Headlines – AUGUST 11 2023


Dangote Cement, Others Lift Equity Market By 1.62%

The Nigerian Exchange (NGX) Limited bounced back into the positive region on Thursday after staying in the danger zone for two straight trading sessions as a result of profit-taking. At the market yesterday, investors were more relaxed as they cherry-picked some equities with sound fundamentals, especially Dangote Cement, MTN Nigeria… Read More


PENCOM Recovers N24.5bn From Defaulting Employers

The National Pension Commission (PenCom) said it has recovered N24,533,339,305.09 from employers who failed to remit deducted pension contributions of workers to the Commission as stipulated by law. The amount spans 11 years, beginning from June 2012, being the commencement of the recovery exercise, to March 31, 2023… Read More

NGX Partners CSCS, Euroclear To Create Dollar Settlement Platform For FINTECHS

The Nigerian Exchange Limited (NGX) has disclosed that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to raise fund in dollars. This, the Exchange said, would create opportunities for domestic investors to have access to their shares and at… Read More


Naira Slump: Fuel Price May Go Up, Say Marketers

The fall of the naira against the United States dollar, coupled with the recent rise in global crude oil prices, is making Nigerians apprehensive of a possible hike in the pump price of Premium Motor Spirit, popularly called petrol. Although the Nigerian National Petroleum Company Limited and other oil marketers have not announced any increase… Read More



Nigeria’s Oil Production Declines 13.6% To 1.08mbpd

Nigeria’s oil production in the month of July 2023 fell by 13.6 percent to an average of 1.08 million barrels per day compared to 1.25mbpd recorded in June, latest production data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has indicated. The latest production figure is a major setback for the government which has… Read More


Drive Change In Africa, UN, Lagos Tell OPS

The United Nations and Lagos state have urged the private sector to drive change in Africa. They spoke at the Africa Social Impact Summit 2023, themed, ‘Global vision, local action: Repositioning the African development ecosystem for sustainable outcomes’, in Lagos on Thursday. At the event, the United Nations Resident & Humanitarian… Read More


Nigeria’s Creative Industry Attracts Over $80m Investment In 2 Years –US

The Consul General of the United States Consulate, William Stevens has revealed that U.S streaming services has invested over $80 million in Nigeria’s creative sector in the last two years. Stevens disclosed this during the Africa Social Impact Summit themed; Global Vision, Local Action: Repositioning the African Development Ecosystem for… Read More



Niger Crisis: ECOWAS Troops On Standby, Junta Threatens To Kill Bazoum

The safety of ousted Nigerien President Mohamed Bazoum may not be guaranteed as the junta which overthrew his government has reportedly threatened to kill him should the Economic Community of West African States attempt any military intervention to restore democracy in the francophone country. The junta revealed their dark plot… Read More


INEC Still Open To Future Collaboration With EU –Yakubu

Chairman of Independent National Electoral Commission (INEC), Mahmood Yakubu, has said  the commission is still open to future collaboration with the European Union (EU) despite the complaints that trailed the unfavourable report from the subnational union against the conduct of the 2023 general elections. He stated this at the… Read More



ISN To Discuss Innovation At 2023 Meeting

The Innovation Support Nigeria (ISN) has concluded plans to host the yearly gathering of technology experts in Abuja. The ISN 2023 yearly meeting would emphasise the crucial role that hubs play in driving the growth of Nigeria’s economy through the ICT sector with the theme: “Unlocking potential: Collaborating for Growth and Impact.” The ISN… Read More