Daily Business Headlines – AUGUST 18 2023


NDIC Partners Law Enforcement Agencies To Combat Financial Crimes

The Nigeria Deposit Insurance Corporation (NDIC) has emphasised the importance of increased collaboration with relevant parties to reduce banking malpractices. Stakeholders from the NDIC and law enforcement agencies present at the 2023 two-day annual capacity building workshop organised by the corporation, agreed there was need for… Read More

Illicit Financial Flows Draining Nigeria’s Revenue, FX Reserves –ICPC Chairman

The Chairman Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has said that Illicit Financial Flows (IFFs) are draining the country’s foreign reserves and revenue. Owasanoye disclosed this, Thursday at a one-day hybrid sensitisation workshop on the published “Guidelines for Private… Read More


CBN Unveils FX Price Verification System Portal

The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex. The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from August… Read More

GSK Exit Has Lowered Manufacturers’ Confidence, Says MAN

The Manufacturers Association of Nigeria has said the exit of GlaxoSmithKline Consumer Nigeria Plc had lowered manufacturers’ confidence for the rest of 2023. During a recent interview on Arise TV, the Director-General of the association, Segun Ajayi-Kadir, expressed concerns over the detrimental effects of the increasing exchange rate and… Read More



Nigeria To Join Continental Trade Initiative — AFCFTA’s Boss

The Executive Secretary, National Working Committee, African Continental Free Trade Area, Nigeria, Segun Awolowo, has expressed the readiness of the country to join the second phase of the Guided Trade Initiative. The initiative by AfCFTA is a solution-oriented approach that aims to facilitate trade between interested state parties by… Read More

Currency In Circulation Falls First Time In Five Months

THE total amount of currency-in-circulation in the country dropped from N2.6tn (N2,603,266m) as of the end of June 2023 to N2.59tn (N2,595,761m) as of the end of July 2023. This is the first time the figure has dropped since February 2023. Figures obtained from the Central Bank of Nigeria showed this represents a drop of N7.51bn… Read More


Credit To Government Rises Further By 3.5% To N32.3trn

Financial sector credit to the Nigerian government rose month-on-month (MoM) by 3.5 percent to N32.3 trillion in July 2023 from N31.2 trillion in previous month of June. The Central Bank of Nigeria (CBN) disclosed this in its Money and Credit Statistics data for July, saying that credit to the private sector also rose during the period. According… Read More



Army To Deploy 2,300 For Imo Gubernatorial

No fewer than 2,300 soldiers would be deployed for the Imo Sate governorship election on November, 11. The state Resident Electoral Commissioner (REC), Prof. Sylvia Agu, disclosed this, yesterday, during a media roundtable/engagement on the governorship election organised by the International Press Centre (IPC) and supported… Read More


Abbas Reshuffles Committee Chairs After Yusuf Sununu’s Ministerial Appointment

Tajudeen Abbas, speaker of the house of representatives, has reshuffled some committee chairpersons after the ministerial appointment of Yusuf Sununu, lawmaker from Kebbi state. On Wednesday, President Bola Tinubu named Sununu as minister of state for education. On July 27, Abbas announced the names of lawmakers who will chair 134… Read More



NCC To Showcase Local Telecoms Advancement At NTICE 2023 Expo

The Nigerian Communications Commission (NCC) is set to showcase achievements recorded in the promotion of indigenous content in the telecommunications sector at the second edition of the Nigerian Telecommunications Indigenous Content Expo (NTICE 2023), to be held in Lagos from August 22-24, 2023. Themed, ‘Harnessing… Read More