Daily Business Headlines – AUGUST 15 2023


Federal Government To Revive, List Moribund Govt Assets On Stock Exchange

The Ministry of Finance Incorporated, MOFI, the special purpose investment vehicle and asset custodian agency of the Federal Government of Nigeria, has disclosed its plans to identify, revive and list all moribund government assets on the stock exchanges in the country. Speaking on this plan yesterday during a working visit to the… Read More


CBN Bars Banks From Dismissing Loans Granted To Directors

The Central Bank of Nigeria (CBN) has issued a directive stopping banks from writing off loans extended to their directors and associates without its approval. The directive is contained in the Corporate Governance Guidelines for commercial, Merchant, non-interest, and payment service banks. This is coming after shareholders had constantly… Read More


Diesel Price Hits N950/Litre, Manufacturers Fear Shutdowns, Job Losses

Oil marketers, on Monday, said the foreign exchange crisis in Nigeria and the recent implementation of a 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel, had pushed up the cost of the commodity to between N900 and N950/litre in many states. The development has made local manufacturers say that the… Read More

Dollar Shortage Threatens Aircraft Insurance, Operators Lament

As the naira continues to freefall against major currencies, especially the dollar, airlines, according to the Chief Operating Officer of Ibom Air, Mr George Uriesi, are feeling the brunt more than expected as many don’t have enough foreign currency to pay for insurance. Uriesi stated this over the weekend at the third edition of the AviaCargo Chinet… Read More



CBN Moves To Stem Naira Slide

The Central Bank of Nigeria (CBN), has said it is set to take new measures to stabilise naira against the dollar. Acting Governor of the CBN, Folasodun Sonubi, made the disclosure to State House Correspondents after briefing President Bola Tinubu on what the bank is doing to halt the slide. He said the President had expressed his concern over the… Read More


Federal Government June Bond Auction Gets N312.56bn Subscription

The Debt Management Office (DMO) held the Federal Government of Nigeria Bond Auction for August on Monday, August 14, 2023 amidst monetary policy tightening and uncertainties. Four instruments were offered to investors at the Auction (14.55 percent FGN April 2029, 14.70 per cent June 2033, 15.45 per cent federal government June 2038… Read More


Gas Expansion Projects To Gulp $20bn Yearly – Federal Government

The Federal Government, on Monday, said about $20bn annual investments would be needed to achieve the desired gas expansion projects in Nigeria and deepen the use of gas across the country. It disclosed this through the Nigeria Extractive Industries Transparency Initiative at the Decade of Gas Action Plan Dialogue, organised by the… Read More



House Of Representatives Parley ICPC, NFIU, Others On Recovery Of Seized Forfeited Funds

The Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Monday, underscored the need for the country to plough back dormant resources in the form of recovered public funds to boost the economy and create employment. The Speaker gave the charge during the flag-off of the investigative hearing on ‘identification and… Read More


Lagos Assembly Begins Screening Of Sanwo-Olu’s Cabinet Nominees

The Lagos State House of Assembly, on Sunday, commenced the screening of the cabinet nominees sent to it by Governor Babajide Sanwo-Olu on Friday, July 28. Twenty out of 39 nominees had been screened by the end of Monday by an ad hoc committee of the House constituted for the assignment in an exercise that started on Sunday… Read More



Digital Remittances Growing, Says Agusto

The growth in the global adoption of mobile devices has driven the use of digital technology in remittance services and cross-border payments, Agusto & Co has said. It stated that COVID-induced movement restrictions significantly amplified the utilisation of digital money transfer channels. It estimated that in 2021, following lockdowns and border… Read More