Daily Business Headlines – AUGUST 22 2023

BUSINESSPOST

Stock Market Jumps 0.74% After Tinubu Swears In Ministers

The domestic stock market closed higher by 0.74 per cent after President Bola Tinubu swore in 46 ministers on Monday, giving investors the signal that his administration was ready to jumpstart the struggling economy. It was like the much-awaited positive trigger the Nigerian Exchange (NGX) Limited needed to begin another round of upward trajectory… Read More

SUN

E-Fraud: CBN Seeks Collaboration As Banks Lose N9.7bn In 7 Months

The rising incidence of electronic fraud in Nigeria is giving regulators, bank CEOs sleepless night and is expected to continue if unchecked as Nigeria Inter-Bank Settlement System (NIBSS) revealed that banks in the country have lost N9.7 billion to e-fraud in first seven months of 2023. The Managing Director, NIBSS, Premier Oiwoh, disclosed… Read More

Q1: Manufacturers Decry 24% Increase In Production, Distribution Costs

The Manufacturers Association of Nigeria (MAN) has lamented that production and distribution costs of its members escalated by 24 percent in the first quarter, much higher than the 19 percent raise recorded in the preceding quarter. The Association  which made this known  in its Manufacturers CEO Confidence Index (MCCI) for Q1… Read More

GUARDIAN

FIRS Decries Under-Declaration, Tax Evasion By Prominent Nigerians

The Federal Inland Revenue Service (FIRS) said high-net-worth Nigerians and businesses are under-declaring their assets, thus short-changing federal and state governments of their tax revenues. The Special Assistant, Media and Communication to the Executive Chairman, FIRS, Johannes Wojuola, disclosed this during a courtesy visit of the FIRS… Read More

ECONOMY HEADLINES

PUNCH

Federal Government May Raise $17bn From Oil Assets Sale – JP Morgan

The Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated. The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure. The US bank stated… Read More

SUN

AATF, NABDA To Partner On National Food Security

The African Agricultural Technology Foundation (AATF) and Nigeria National Biotechnology Development Agency (NABDA) have concluded plans to partner on research and development activities capable of reducing post-harvest crop losses and enhancing nutrition security among Nigerians. Possible areas of collaboration identified by the… Read More

FX Volatility: Nigerians Demand Resuscitation Of Local Refineries

Stakeholders have called on the Federal Government to as a matter of urgency take steps to reactivate the country’s ailing  refineries functional. With three refineries in Port Harcourt, Warri and Kaduna with a nameplate capacity of 445,000 barrels per day, Nigerians have been wondering why the government has continued to encourage massive… Read More

POLITICAL HEADLIINES

BLUEPRINT

National Assembly To Support Infrastructural Development Nationwide – Deputy Speaker

The Deputy Speaker of the House of Representatives, Benjamin Kalu, Monday, declared the readiness of the 10th National Assembly to support infrastructural development across the country. Kalu, who spoke in Abuja at the reception held in honour of the Minister of Works, Senator David Umahi in Abuja, also pledged the support of the Federal… Read More

VANGUARD

Niger: We’re More Likely To Use Force — ECOWAS

The Economic Community of West African States, ECOWAS, said yesterday it was more likely to use military force to restore constitutional order in Niger Republic, if the military junta, led by Gen. Abdourahamane Tchiani, was hellbent on his three-year transition plan before returning the country to civil rule. Fielding questions on Channels… Read More

TECHNOLOGY HEADLINES

PUNCH

Telcos’ Energy Costs Hit N38bn, May Review Tariffs

The price of calls, data, and other telecommunication services are under threat as the cost of powering communication networks may rise to N38bn in August following the increase of diesel to N950/litre. According to oil marketers recently, the cost of Automotive Gas Oil (diesel), will rise to between N900 and N950 because of the current foreign… Read More