Daily Business Headlines – December 15, 2022



Equities Market Reroutes North

Stock market of Africa’s largest economy routed northwards on Wednesday as investors cherry-picked counters that have declined in recent sessions. Investors gained about N73billion at the close of trading, thanks to counters like Red Star Express, Learn Africa and penny stocks such as SCOA, Lasaco and Chams. Red Star Express… Read More

Businesses Face Bleak Sales Despite Festive Season

High poverty rate, rising inflation, and other unfavourable macroeconomic factors in Nigeria are hindering businesses from experiencing the usual boom during the festive season. Service providers and product manufacturers always look forward to the fourth quarter of the year, particularly December, for increased demand and profitability… Read More


2022 Finance Bill: Federal Government To Phase Out Pioneer Status Incentive For Mature Industries

The federal government is working on phasing out the “antiquated” pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. The pioneer status incentive (PSI) is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years… Read More


Banks To Commence Issuance Of New Naira Notes Today

Commercial banks will commence the circulation of the much awaited newly redesigned Naira notes from the Central Bank of Nigeria (CBN) to customers across the country today. This is coming after the CBN Governor, Godwin Emefiele revealed that the new notes had been sent to banks, while insisting that the timelines – in terms of December… Read More



Power Sector Debt To NDPHC Now N100bn – MD

THE indebtedness of the power sector to the Niger Delta Power Holding Company is now over N100bn, the Managing Director, NDPHC, Chiedu Ogbo, said on Wednesday. NDPHC, a company that is jointly owned by the federal, state and Local Governments, is saddled with the task of managing the National Integrated Power Projects, which consist… Read More


Gov’t Needs To Build Trust With Expenditure – FIRS

The Federal Inland Revenue Service (FIRS) has said governments across the country need to judiciously spend public funds to build trust and encourage citizens to pay their tax. Speaking at an event tagged ‘Government to Citizen interface: Tax in the present-day Nigeria,’ in Abuja, FIRS’ Director of Emerging and Special Taxes… Read More

CBN Spends N9trn On Interventions In 3yrs

The Central Bank of Nigeria (CBN) says it has disbursed N9.714 trillion in financial interventions to different sectors of the economy in the last three years. The apex bank said the larger chunk of the disbursement of N3.166 trillion or 32.6 per cent of the total disbursements went to manufacturing and industries. The Director… Read More



$1.3bn Zungeru Hydropower To Begin Operations Q2 2023

The Federal Government will complete the concession of the $1.3bn Zungeru Hydroelectric Power Plant by March next year and will commence operations by the second quarter of the same year, The PUNCH has learnt. This follows the recent flagging off of the bid process by the Bureau of Public Enterprise. The agency had closed up the submission… Read More


2023 Census Data Will be Error-Free, NPC Assures

Ahead of the 2023 population and housing census, the National Population Commission, NPC, has assured Nigerians of a credible and error-free demographic data. Chairman of the Commission, Nasir Isa-Kwarra, gave the assurance on Wednesday, during the opening of First-on -Site Training Of the Trainers, TOT, workshop… Read More



KYC Key To Driving Adoption, Compliance In Defi, Web3 Transactions

Web3 and blockchain-based companies have been charged to boost transaction security and trust to accelerate mass adoption, reduce fraud, and drive system compliance. This was the summary of discussions at the just concluded sixth edition of the Inside Identity webinar series organised by QoreID, a digital identity and consumer data analytics… Read More