DAILY BUSINESS HEADLINES

NIGERIAN TRIBUNE

Equities Market Opens Week Bullish As Investors Earn N43.4bn

Opening the week, the Nigerian equities extended gains from the previous week as the benchmark index closed 0.16 per cent stronger to settle at 49,396.04 basis points. Buying rally in index heavyweight BUA Foods, alongside Tier-1 banks, Guaranty Trust Bank, Access Corporation, United Bank for Africa kept the market in the green… Read More

VANGUARD

FPI Falls 32.7%, Experts Recommend Measures For Stability

Foreign Portfolio Investors (FPI) have continued to scale down their equities’ stake on the backdrop of the lingering Foreign Exchange (FX) crisis in the country with the figure falling Year-on-Year (Y-on-Y) by 32.7 percent as at October, 2022. This is even as financial analysts at EFG Hermes have said that the government needs to address… Read More

CBN May Withdraw Banks’ Forex License Over Diaspora Remittances

The Central Bank of Nigeria, CBN, yesterday, threatened to withdraw foreign exchange dealership licences of banks that partner with International Money Transfer Operators, IMTOs, to violate its directive that beneficiaries of diaspora remittances should be paid in currency of their choice. In a bid to boost diaspora remittances especially… Read More

DAILY TRUST

61 Firms Benefit From N162bn Nigerian Content Intervention Fund

No fewer than 61 companies have benefited from various loans under the Nigeria Content Intervention (NCI) Funds with over $293m (130.3bn at N445/$) and N32bn so far disbursed. The NCI Fund is sourced from the Nigerian Content Development Fund, a special Fund created by the Nigerian Content Development and Monitoring Board… Read More

ECONOMY HEADLINES

SUN

Federal Government Generated N625bn VAT In Q3, 2022 –NBS

Federal Government generated over N625.39 billion Value Added Tax (VAT) in the third quarter of 2022. According to a report by the National Bureau of Statistics (NBS), the figure represents an increase of 4.21 per cent from the N600.15 billion generated in Q2 2022. The report explained that local VAT payments amounted to N367.93 billion… Read More

BUSINESS DAY

How Nigeria Can Defuse ‘Fiscal Timebomb’ – World Bank

The “potential fiscal timebomb” the World Bank warned Nigeria of six months ago has become a reality, with reforms urgently needed to fix the government’s ailing finances, according to the multilateral lender. The World Bank, in its latest Nigeria Development Update, outlines measures the country needs to take to defuse the timebomb… Read More

DAILY TRUST

ACCI Urges Federal Government To Rein In Inflation

The Abuja Chamber of Commerce and Industry (ACCI) has expressed concern over the increasing rate of inflation. The President of ACCI, Dr Al-Mujtaba Abubakar during the Chamber’s 32nd Annual General Meeting (AGM) in Abuja, said high inflation is having a negative impact on the businesses of members of the chamber… Read More

POLITICAL HEADLIINES

VANGUARD

2023: Avoid Breaking News Syndrome, INEC Tells Media Practitioners

THE Independent National Electoral Commission, INEC, yesterday, urged media practitioners to avoid landmines and breaking news syndrome, while reporting the 2023 general elections. INEC’s National Commissioner in charge of Information and Voter Education, Mr. Festus Okoye, stated this during a one-day capacity building… Read More

LEADERSHIP

2023 POLLS: INEC, EFCC, Police, Others Move Against Vote Buying

The Independent National Electoral Commission (INEC), the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, the Inter Party Advisory Council (IPAC) and the Inspector General of Police (IGP) have identified the need to tackle vote buying in order to overcome a major obstacle to free, fair and credible… Read More

TECHNOLOGY HEADLINES

GUARDIAN

Fintech, Mobile Financial Services Growth Linked To Rising Sharp Practices

The rapid growth of fintech, mobile financial services, open banking, near instant cross-border payments and block chain have created fertile ground for unscrupulous individuals to exploit the system. The Publisher, BusinessDay Newspaper, Frank Aigbogun, who disclosed this during an award ceremony organised by BusinessDay Media… Read More