Daily Business Headlines – AUGUST 7 2023


Stocks Slip 0.10% As Investors Sell MTN, Access Holdings, 26 Others

The local bourse was dragged back into the bears’ territory on Friday after investors booked profit in MTN Nigeria, Access Holdings, Ecobank and 25 others. The selling pressure weakened the Nigerian Exchange (NGX) Limited by 0.10 per cent at the close of transactions, reversing the gains printed on Thursday. Consequently… Read More


RSA Holders Can Now Acquire Home With 25% Of Their Pension –PENCOM

The management of National Pension Commission (PenCom) has said that Retirement Savings Accounts (RSA) holders in Nigeria are now eligible to acquire their own home with 25 per cent of their pension. According to PenCom, this is based on the new mortgage policy. Nigeria housing deficit reports show grew from seven million in 1991… Read More

Why Indigenous Oil, Gas Firms Die Early –NCDMB

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has given reasons many indigenous oil and gas firms die early in their history, citing failure to adhere to corporate governance principles as  a key point. Wabote stated this at the weekend during a virtual meeting at a ceremony… Read More


Consumer Goods Manufacturers Borrow N1.8trn To Survive In HI’23

At the backdrop of rising interest rates and foreign exchange scarcity, leading consumer goods manufacturing companies have come under severe funding pressure. Financial Vanguard findings from the financial statements of the companies show that they have resorted to very expensive bank borrowings to sustain their businesses… Read More



Coup: FG Bans Niger-Bound Transit Cargoes From Land Borders, Seaports

Acting Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, has  said the Federal Government has directed the Service to halt all transit cargoes heading to Niger Republic through all land borders and seaports across the country. This comes as an earlier report had it that the Economic Community of West African States… Read More

NEPC Begins Compilation Of Export Potential In 774 Local Government

The Nigerian Export Promotion Council(NEPC), said it had begun the compilation of export potential in the 774 Local Government Areas of Nigeria. Dr. Ezra Yakusak, Executive Director of NEPC, who stated this on Saturday in Abuja at the NEPC Hiking Export for Survival Campaign, said on completion, the compendium would be made… Read More


Nigeria Can Generate 427,000MW From Solar – GENCOS

Nigeria can generate about 427,000 megawatts of electricity from solar energy that comes from the sun, power generation companies have said. Nigeria currently generates less than 5,000MW for more than 200 million people. For instance, data obtained from the Federal Ministry of Power, on Sunday, showed that power generation on the grid as… Read More



APC National Leadership: Diaspora Chairmen Congratulate Ganduje, Ajibola, Pledge Support

The All Progressives Congress (APC) Committee of the Diaspora Chairmen (CDC), has congratulated Alhaji Abdullahi Ganduje and Sen. Bashiru Ajibola on their appointment as the party’s National Chairman and National Secretary respectively. The News Agency of Nigeria (NAN) recalls that the APC at its 12th National Executive Committee (NEC)… Read More


Both Federal Government, Local Government Can Operate Marriage Registry – Appeal Court

The Lagos Division of the Court of Appeal has set aside the judgment of the Federal High Court that restrained the Federal Government from further registering marriages within some local government councils in the country. In the judgment delivered on Wednesday, the appellate court held that both the Federal Government and local… Read More



Slow, Steady Traction For Nigeria’s 5G Journey

With almost a year into its commercial operation in Nigeria, the Fifth-Generation (5G) network is gradually gaining traction with two operators already democratising services, while the third licensee is hoping to commence service soon, ADEYEMI ADEPETUN writes. Nigeria’s mobile technology space has witnessed major innovations and… Read More