Daily Business Headlines – December 19, 2022



Bullish Sentiments Persist At NGX As Equities Investor Gain N236.6bn In A Week

For another week, the domestic bourse maintained its bullish sentiment driven by strong buying interest and price appreciation in the large-mid cap stocks. As a result, the All Share Index (ASI) closed northward by 0.9 per cent, week on week, to 49,316.29 basis points. Last week, equities investors earned N236.6 billion as the market capitalisation… Read More


Banking Services Customers Prefer In Nigeria

The Central Bank of Nigeria’s (CBN) plan to reduce the amount of cash in circulation by limiting cash withdrawals by January is likely to see many Nigerians switch to electronic payment channels. The apex bank is hoping this reduces the overwhelming preference for cash transactions which continues to undermine the push for financial inclusion. The channels the CBN is hoping would gain more traction include the internet… Read More

Banks, Fintechs Face Hurdles In Cashless Economy Race

Banks and fintech companies in Nigeria have several major hurdles to cross in the race to increase cashless transactions. Barring any last-minute review, Nigerians would only be able to withdraw N20,000 of the lower denominations from any Automated Teller Machine (ATM) across the country from January 9, 2023, a move experts have described… Read More


80 Million Nigerians Risk Job Loss 2030 – World Bank

The World Bank has disclosed that 80 million working-age Nigerians will not have a full-time job by 2030 if the nation doesn’t improve its employment rate. It added that 23 million more Nigerians would ill live in extreme poverty by 2030 if the nation’s poverty rate doesn’t fall. The global bank disclosed this in its ‘Nigeria Development Update… Read More



Federal Government Raised N3.06trn from Bond Market in 2022, Records 53.2% Oversubscription

Following the need to finance the 2022 budget deficit, the federal government through the Debt Management Office (DMO), in 2022, raised a whopping sum of N3.06 trillion from the bond market, the debt office monthly auction results has revealed. Analysis of the auction results showed that total FGN bond borrowing in 2022 is 13 per cent higher… Read More

How Pension Funds are Invested under Multi Fund Structure (4)

In this concluding part of our articles on “How Pension Funds are invested under the Multi Fund Structure”, we will be focusing on the Non-Interest Fund (Fund VI).  The article will also explore some of the elements that make the fund different from the previously discussed Funds. The increase in demand by RSA holders for the opportunity to invest… Read More


$10bn Nigeria, US Renewable Energy Investment Programme Begins Q1 2023

Nigeria and Sun Africa LLC, the largest U.S. renewable energy company operating in Africa, have entered into a development and Engineering, Procurement and Construction (EPC) phase one implementation framework agreement begins quarter one 2023. The deal will culminate into the construction of 5,000 MW of solar generation… Read More



2023: You Will Face Prosecution For Electoral Offences, NYSC Warns Corps Members [VIDEO]

The acting Director General (DG) National Youth Service Corps (NYSC), Mrs Christy Ifeyinwa Uba, Saturday, warned corps members desiring to work as ad-hoc staff during the 2023 general elections against engaging in electoral malpractices or violence, else anyone caught could be handed over to security for prosecution… Read More


2023: Impossible To Use Someone Else’s PVC, BVAS Will Prevent It – INEC

Nigeria’s Independent National Electoral Commission, INEC declared that Politicians buying voter’s cards to use during elections are engaging in an “exercise of futility” as the Bimodal Voters Accreditation System (BVAS)prevents the possibility of such processes. This was disclosed by Festus Okoye, INEC National Commissioner on Voter Education… Read More



Nigerian Banks, Fintechs Compete For N400 Trillion Instant Payment Market

Nigerian commercial banks are vying for up to N2.7 trillion in unofficial deposits by taking advantage of the six-week window that residents have to replace their outdated money. They are also competing for perhaps the biggest price, the N400 trillion per annum NIBSS interbank payment business. The latest policy by the central bank is likely… Read More