Daily Business Headlines – DECEMBER 05, 2023


NGX Down By 0.66% As BUA Cement Loses 10%, ASI Falls Below 71,000 Mark

After a relatively quiet week of trading, trading began this week in the NGX in turbulent fashion as the All-Share Index declined by 0.66% to close at 70,946.83 points. Equities lost N259 billion as the market capitalization declined to N 38.823 trillion, down from N39.082 trillion recorded last Friday. There was a slight increase in volume traded… Read More


Minister Hails InfraCorp For Securing Manufacturing Deal For Nigeria

The Federal Government has made a significant leap towards addressing the country’s power challenges by signing a historic memorandum of understanding (M.O.U.) to launch a 1GW Solar PV Manufacturing plant in Nigeria at the COP28 summit. A statement by the Finance and Coordinating Minister for the Economy, Chief  Olawale Edun… Read More


Cash Shortage Hits Banks, Customers Rush For BVN/NIN Revalidation

Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts. This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their accounts. CBN said… Read More

Federal Government Plans To Revoke Unused Oil Licences

The Nigerian Upstream Petroleum and Regulatory Commission has said the Federal Government is planning to revoke unused oil exploration leases that companies were granted but have not been able to carry out any exploration activities on them. The Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission… Read More



Sanwo-Olu, Oyetola Receive Largest Container-RORO Ship

Lagos State Governor, Babajide Sanwo-Olu, said the arrival of the largest container-roll-on-roll-off (RORO) ship, ‘ MV Great Lagos’, to Tin-Can Island Port is an expression of confidence of the international community in Nigeria and proof that the business environment is progressively getting better. Sanwo-Olu, who was represented… Read More

Nigeria’s Exports Up By 74.36% In Q3, Trade Surplus Hits N1.9 Trillion

Nigeria’s external sector recorded a modest improvement last quarter (Q3) as trade surplus rose by 47 per cent quarter-on-quarter (QoQ) to N1.89 trillion compared to N1.28 trillion posted in the second quarter (Q2). As expected, crude dominated exports accounting for N8.5 trillion or 82.5 per cent of the country’s total exports. The value of non… Read More


Commonwealth Pledges To Support Nigeria On Solid Minerals Development

The Commonwealth has said that it is willing to support Nigeria in developing a policy framework for the solid mineral sector that would enable Nigeria to catch up with the progress made by fellow member countries in the Pacific region. Senior Director, Trade, Oceans, and Natural Resources Department, Commonwealth, Paul Kautoke… Read More



2,000 Workers’ November Salaries Withheld Over IPPIS Irregularities

The salaries of over 2,000 civil servants working in Federal Government ministries, departments and agencies have been withheld, sources familiar with the matter confided in our correspondent on Monday. A senior civil servant at the Federal Ministry of Defence, who spoke to our correspondent on condition of anonymity due to Public Service… Read More


Why President Appointed Young Nigerians As Ministers, Aides –Gbajabiamila

Chief of Staff to President Bola Ahmed Tinubu, Femi Gbajabiamila, yesterday, has disclosed why young people were appointed into the Federal Executive Council as ministers and aides Gbajabiamila, speaker of the ninth House of Representatives, said the need to give young people a chance and prepare them to take up more leadership roles in the… Read More



Cybersecurity Crucial To Securing Critical Infrastructure

Cybersecurity is crucial in securing critical national infrastructure such as power grids, communication networks, and financial systems, Cybervergent Chief Executive Officer and Co-founder, Adetokunbo Omotosho, has said. This is because a cyber-attack on these infrastructures can affect a country’s stability and well-being, he argued. In a… Read More