Daily Business Headlines – AUGUST 3 2023

BUSINESSPOST

Nigerian Equities Rebound By 0.12% On Renewed Buying Interests

The Nigerian Exchange (NGX) Limited made a return to the bulls’ territory on Wednesday after staying with the bears for five consecutive trading sessions. Business Post reports that Nigerian equities closed 0.12 per cent higher in the midweek session despite the disruption caused to the economy by the protesting labour unions in the country… Read More

PUNCH

7.8 Million Smes Die In Two Years — ASBON

No fewer than 7.8 million small businesses under the Association of Small Business Owners of Nigeria have died within the last two years, according to information exclusively obtained by The PUNCH. The President, ASBON, Femi Egbesola, disclosed this to The PUNCH during an interview. He said, “Our statistics remain the same, and it is… Read More

Local Refining Will Reduce Petrol Price By N70/Liter – Marketers

Oil marketers have said local refining will save at least N70 per litre off petrol price when it is fully operational. The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said this while speaking on the benefits of the Federal Government investing in functional refineries. He told The PUNCH on… Read More

VANGUARD

Economic Hardship: Workers Withdraw N3bn From Pension Savings

There are indications that economic hardship is forcing employees to eat deep into their pension savings held in Retirement Savings Account, RSAs. Vanguard findings show that RSA account holders under the Contributory Pension Scheme, CPS, withdrew N3.02 billion from their Additional Voluntary Contribution, ADV, in the first quarter of… Read More

ECONOMY HEADLINES

SUN

Sustained Demand Pressure, Supply Gap Hit FX Market

Amid demand pressure as well as supply gap challenges in FX, the volume of dollars traded at the Investors and Exporters (I&E) window of the FX market dropped from $2.64 billion in June to $1.6 billion in July, representing a 21 per cent decline in one month. Data obtained from the FMDQ’s website on Wednesday, revealed that turnover volume… Read More

PUNCH

Apapa Customs Command Generated N119bn Revenue In June – Comptroller

The Apapa Area Command of the Nigeria Customs Service said it raked in N119bn as revenue in June. The command, in the statement by its Public Relations Officer, Abubakar Usman, on Wednesday, said that amount was the highest monthly collection it had recorded so far. According to the statement, the outgoing Customs Area Comptroller… Read More

Lekki Port Handles 3,561 Teus In Three Months

The Lekki Deep Seaport has received 12 vessels and handled a total volume of 3,561 twenty-foot equivalent units in its three months of operations, the PUNCH has learned. A document obtained on Monday from the media consultant to the port, Mr Bolaji Abimbola, stated that the total length overall of the vessels that arrived at the port… Read More

POLITICAL HEADLIINES

THECABLE

Burkina Faso, Mali Absent As ECOWAS Defence Chiefs Meet In Abuja Over Niger Coup

Chiefs of defence staff of the Economic Community of West African States (ECOWAS) are meeting in Abuja over the coup in the Niger Republic. The meeting is being attended by army chiefs of 10 countries, including Nigeria, Sierra Leone, Togo, Liberia, Ghana, Gambia, Cote D’Ivoire, Cape Verde, Benin and Senegal. Those absent from… Read More

PUNCH

UPDATED: Oyetola, Lalong, 17 Others Make Tinubu’s New Ministerial List

The president, Asiwaju Bola Tinubu, has forwarded additional 19 names of ministerial nominees. The Chief of Staff and the former Speaker of the House of Representatives, Femi Gbajamiabila has presented the new batch of ministerial list to the Senate. The Rules of the chamber were suspended at 3:15 pm to allow for the Chief of Staff to… Read More

TECHNOLOGY HEADLINES

PUNCH

Hackers Targeting Government Digital Services, NITDA Warns

The National Information Technology Development Agency, through its Computer Emergency Readiness and Response Team, has warned that it has detected hacking activities targeted at government digital services. This was contained in a media advisory issued on Wednesday by the NITDA’s Head of Corporate Affairs and… Read More