Daily Business Headlines – AUGUST 21 2023


Banking Index Loses 2.1%, NGX Records N29b Turnover In One Week

Again, the banking index led the losers’ chart at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 2.1 per cent loss, buoyed by price depreciation in some tier-1 banks like Zenith Bank, Accesscorp, GTCO and United Bank for Africa. Following the sector, last week, were the oil and gas indices… Read More


CBN Loan To Manufacturers, Power Firms Rise To N5.6tn

The Central Bank of Nigeria intervention in the power, manufacturing and aviation sectors have risen to N5.6tn in three years, according to findings by The PUNCH. The soft loans were advanced amid the continued and varied challenges facing the key sectors of the economy. The apex bank loans to the three sectors were obtained from the… Read More

24,516 Employers Get Insurance, Pension For Workers, Says PENCOM

No fewer than 24,516 employers got pension and insurance covers for their workers as of the end August 2023, according to the National Pension Commission. Figures obtained by The PUNCH from PenCom on ‘Schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 14 August 2023’, showed on Sunday… Read More


Revised CMMP, Others To Lead Discussion As SEC, Capital Market Stakeholders Hold Q2 CMC Meeting

The Securities and Exchange Commission (SEC) is set to hold the Second Capital Market Committee (CMC) meeting in 2023. The meeting is scheduled to be held virtually through Zoom with key stakeholders in the capital market on August 24, while the usual interface with the press, on the outcome of the CMC meeting, will take place on Friday… Read More



Daily Petrol Consumption Drops To 52m Litres, Says Federal Government

Average daily consumption of premium motor spirit (petrol) in Nigeria has dropped from 64,964,000 per day recorded on June 30, 2023 to 52 million. Daily truck out as at August 14 stands at 1,306 trucks carrying a total of 59,482,995 litres of petrol that is distributed to all parts of the country. Total petrol stock stood at 725,161,274 litres… Read More


Nigeria Lost N249bn In July As Oil Output Drops

Nigeria lost about N249bn crude oil revenue in July following a plunge in the country’s oil output by over four million barrels in the same month, latest oil production data seen on Sunday showed. Data obtained from the Nigerian Upstream Petroleum Regulatory Commission indicated that while the country’s total oil production in June… Read More


CBN Introduces Operational Changes For BDCS Segment Two Years After Ban

In a significant shift to mark the re-entry of Bureau De Change (BDC) operations in the Nigerian Foreign Exchange Market, the Central Bank of Nigeria (CBN) has unveiled a series of operational changes for the Bureau De Change (BDC) segment. This is coming more than two years after the suspended CBN governor, Godwin Emefiele… Read More



Niger Coup: ECOWAS Rejects Junta’s Proposed 3 Years Transition To Democracy

The Economic Community of West African States (ECOWAS) has rejected Niger junta’s three-year power transition plan. The development was declared by the ECOWAS Commissioner for Political Affairs, Peace and Security, Abdel-Fatau Musa, during an interview with the BBC on Sunday. Tribune Online had earlier reported that… Read More


Abuja Agog As Ministers Take Oath Of Office

The nation’s capital, Abuja, is agog as President Bola Tinubu inaugurates the minister-designate who would constitute the Federal Executive Council (FEC) today.  In a statement by Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, the process was seamless as each of them took less than… Read More



Infrastructure Deficit Hindering Digital Jobs Creation, Says ATCON

Infrastructural deficit in the telecommunication sector is hampering the creation of digital jobs, the Association of Telecommunications Companies of Nigeria has stated. It noted that those deficits, if unresolved will not allow success in the application layers where most digital jobs reside. The association said this while welcoming the appointment of… Read More