Daily Business Headlines – DECEMBER 13, 2023


Market Sustains Growth By 0.33% As MTN, GTCO, Others Enjoy Patronage

The Nigerian Exchange (NGX) Limited further appreciated by 0.33 per cent on Tuesday on the back of sustained bargain-hunting in the banking space, which closed higher by 0.67 per cent, especially because of interest in GTCO, UBA, Access Holdings and others. The sector was mainly responsible for the growth reported by the domestic bourse during… Read More


Only 40% Nigerians Can Access Power – Federal Government

The Federal Government, yesterday, came down hard on the power sector operators, lamenting that only 40 per cent of Nigerians can access power supply. In his goodwill message at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Plan, in Abuja, the Co-ordinating Minister of the Economy… Read More


MAN Seeks New Industrial Policy, End To Tax Multiplicity

The Manufacturers Association of Nigeria (MAN) has urged President Bola Tinubu to create new industrial policies for the country’s manufacturing sector as part of efforts to achieve the country’s industrialisation agenda. MAN president, Francis Meshioye, said this, noting that there is an urgent need to inject new policies into the country’s industrial… Read More


Federal Government To Exempt Small Businesses From Paying Withholding Tax

The presidential fiscal policy and tax reforms committee has disclosed plans to review the national withholding tax laws to exempt small businesses from paying withholding taxes. Taiwo Oyedele, chairman of the committee, disclosed this on Tuesday during a stakeholder engagement session with trade associations and non-government… Read More



2024 Budget: Federal Government To Sell 40% Stake In Discos, Eleme Petrochemicals, Others

The Federal Government has said it would offload its 40 per cent stake in some key public utilities and companies to fund part of the 2024 budget. Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, stated this during a media chat in Abuja, yesterday. The public utility firms and companies where the 40 per cent shares of the Federal… Read More


Government Eyes 1.7mbpd Crude, November Output Fell

The Federal Government, on Tuesday, declared that Nigeria would meet and surpass the 2024 crude oil budget benchmark of 1.7 million barrels per barrel despite the marginal decline in oil output in November 2023. Latest figures released by the Nigerian Upstream Petroleum Regulatory Commission on Tuesday showed that the country… Read More

UK Commits $15m To Nigeria’s Agric Sector

The British International Investment, the United Kingdom’s development finance institution and impact investor, has concluded plans to invest $15m in equity into a Singapore-headquartered agricultural commodities trading house, Valency International. Announcing this in a statement on Tuesday, BII said that the fund was for the expansion of… Read More



Lagos Gets New Commissioner Of Police

The state Police Public Relations Officer (PPRO), Benjamin Hundeyin, who made the disclosure yesterday, gave the name of the new commissioner of police as Fayoade Adegoke Mustapha. Mustapha replaces Idowu Owohunwa, who was recently promoted to the rank of the Assistant Inspector-General of Police. According to him… Read More


Ondo Crisis: Deputy Takes Over As Akeredolu Returns To Germany For Treatment

The ailing Ondo State Governor, Mr Rotimi Akeredolu,  is returning to Germany for further treatment. The governor’s Chief Press Secretary, Mr Richard Olatunde, in a statement on Tuesday, said Akeredolu would transmit a letter to the state House of Assembly handing over power to his deputy, Lucy Aiyedatiwa as the acting governor. Akeredolu… Read More



Government Must Do All To Prevent Monopoly In Telecom Sector, Allow Telcos Breathe With Lesser Taxes – Ogunbanjo

May 29, 2023 saw the emergence of subsidy removal, that’s fine. Sincerely few individuals, like powerful individuals, you know were conning the resources of the petroleum sector in the country and it needed to be stopped, which was done by President Bola Tinubu. However, the unification of the naira was the mistake the current President did… Read More