Daily Business Headlines – December 23, 2022

December 23, 2022

Business Headlines


Analysts: Foreign Investor Drought May Have Spared NGX of Global Systemic Risk

Analysts have expressed that foreign investors’ exit from the Nigerian Exchange Limited (NGX) has spared the stock market from global systemic risk. Amidst volatility in stock markets across advanced countries caused by risk assets sell-offs by investors, the Nigerian stock market is recording its best performance in two years with a 15.88per cent Year-till-Date (YtD) return as of yesterday… Read More


Investors’ Appetite in Julius Berger, Ardova Others Lift Indices Further by N13b

For the seventh consecutive session of gain, the Nigerian Exchange Limited sustained gains, occassioned by investors increased appetite in the shares of Julius Berger and Ardova Plc, causing market capitalisation to increse further by N13 billion. Specifically, at the close of transactions yesterdaty, the All Share Index (ASI) rose by 24.00 points, representing an increase of 0.05 per cent… Read More

2023: Emefiele Affirms CBN’s Neutrality, States Benefits of Policies

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has dismissed perceptions that the apex bank’s redesign of naira notes and withdrawal limits were politically motivated. Emefiele (represented by Deputy Governor Aishah Ahmad) noted this when he appeared before members of the House of Representatives, yesterday. He maintained that the decisions were taken based on verifiable data… Read More


Cash Withdrawal Limit: Experts Seek Gradual Implementation of CBN’s Cashless Policy

With the dust around the Central Bank of Nigeria (CBN)’s review of cash withdrawal limit finally settling, financial experts yesterday, urged the apex bank to gradually implement its cashless policy to enable commercial banks upgrade their infrastructure to the point of handling higher volume of online transactions without consistent transaction flip flops  and reversals… Read More



Finance Bill 2022: Federal Government Proposes to Change FIRS to NRS

The Minister of Finance, Budget and Economic Planning, Mrs. Zainab Ahmed, yesterday appeared before the Senate Committee on Finance to defend the amendments proposed in the 2022 Finance Act which was recently sent to the National Assembly by President Muhammadu Buhari. The amendments to the Finance Act are expected to be passed with the 2023 Appropriation Bill… Read More


2023 Budget: N’Assembly Uncovers Errors, Delays Passage

The National Assembly on Thursday failed to pass the 2023 Appropriations bill as earlier scheduled. Indications of this emerged when the budget report was not listed on the Order Paper for Thursday’s legislative activities. Shortly after a closed-door session that lasted 15 minutes, the Senate President, Ahmad Lawan, said that due to irreconcilable figures detected by Appropriations… Read More


Africa Accounts for only 2.4% of Global GDP, says ECOWAS

Economic Community of West African States (ECOWAS) yesterday, said that Africa accounts for only 2.4 per cent  of global Gross Domestic Products (GDP) and the continent has approximately 30 per cent  of the earth’s remaining mineral resources. In his presentation at a one-day workshop for journalists,  organised by AfCFTA in Abuja, a consultant to the ECOWAS Common Investment Market… Read More



Federal Government Seeks Minimum Wage Compliance, Begins Implementation

The Federal Government on Thursday announced that the implementation of the National Minimum Wage was critical to national development. This was disclosed by the Minister of Labour and Employment, Dr Chris Ngige, at a public enlightenment and sensitisation workshop for field officers monitoring the implementation of the National Minimum Wage in Abuja… Read More


Tinubu: No Matter How Long You Protest, I’ll Remove Subsidy

Presidential Candidate of the All Progressives Congress (APC), Bola Tinubu, has said there was no going back on fuel subsidy removal if elected president next year. Tinubu, who stated this while speaking at the business luncheon with business owners titled: “Business Forward” yesterday in Lagos, hinted that, no matter how long people protest, it would not stop him from removing fuel subsidy… Read More



NITDA Bill: Concerns over NASS’ Short Notice, Timing for Public Hearing

In what has been described as ambush of sort for the industry, the National Assembly has fixed the public hearing of the ‘controversial’ National Information Technology Development Agent (NITDA) Act Amendment Bill to today, Friday. The development followed a public notice put out by the NASS Joint Committee on ICT and Cyber Security yesterday, giving only a day notice to stakeholders… Read More