Daily Business Headlines – FEBRUARY 05, 2024


Earning Season Drives Equity Market To N1tn Weekly Gain

Trading activities in the past week ended on a positive note with investors gaining about N1.12tn, companies begin to reel out their financials. Both the Nigerian Exchange All-Share Index and market capitalisation appreciated by 1.97per cent and 2 per cent to close the week at 104,421.23 and N57.16tn, respectively, despite recording two days… Read More

Power Generation Crashes To 59MW After Fresh Grid Collapse

Power generation on the national grid crashed to 59.9 megawatts around 12 pm on Sunday as the country’s grid witnessed a nationwide collapse. Data obtained from the Federal Ministry of Power showed that electricity generation on the grid plunged from 2,658.75MW at 11 am to 59.9MW by 12 noon on Sunday, as power distributors lost supply… Read More


Shell JV Seals 10-Year Gas Supply Deal With Dangote Petrochemical Plant

The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners have sealed the Final Investment Decision (FID) for a ten-year gas supply deal to Dangote Fertiliser and Petrochemical Plant in Lekki, Lagos State. The pact which also involves other Shell JV partners – Nigerian National Petroleum Company… Read More

Repair Of Lagos Bridges To Gulp N146bn – Federal Government

The Federal Government has pledged its commitment to adequately fund the repair works on the three major Lagos bridges billed to start soonest, saying the project will gulp N146 billion. The Minister of Works, Dave Umahi, who was on inspection tour recently in the company of the Coordinating Minister of Finance and the Economy, Mr Wale… Read More



S&P Global Affirms Nigeria’s Credit Outlook Remains Stable At ‘B-/B’

S&P, a global credit ratings agency, at the weekend affirmed that Nigeria’s credit outlook will remain stable in 2024, with short-term foreign and local currency sovereign credit worthiness at ‘B-/B’, while long and short-term national scale ratings was pegged at ‘ngBBB+/ngA-2’. The ratings agency stated that this position is on the back of… Read More


Norway Seeks Stronger Ties With Nigeria On Energy

The Norwegian Ambassador to Nigeria, Svein Baera, has said there is a need for Nigeria and Norway to strengthen their partnership in order to boost energy production. Baera said this in Lagos during an event organised by the Nigerian Norwegian Chamber of Commerce to meet the new ambassador. Speaking during the event, Baera reiterated… Read More


Forex Crises, Oil Revenue To Worsen Over DCA Policy

Except urgent steps are taken, Nigeria’s foreign exchange and oil revenue crises may worsen in the coming months over the Domestic Crude Allocation (DCA) policy. DCA   involves domestic sales of crude oil, thereby bringing revenues in naira, the domestic currency as against the US dollars. Agora Policy, a Nigerian think tank and… Read More



Kidnapping Epidemic: Fundraising For Ransom Persists, Ekiti Pupils’ Families Pay N15m

Despite warnings by the Federal Government against crowdfunding for ransoms, the practice has continued to gain ground with the abductees and their families raising funds from relatives, friends, and social media to secure the release of kidnapped victims. Families of abductees told The PUNCH on Sunday that they disregarded the… Read More


APC Retains 59 Senate Seats With Wins In Ebonyi South, Yobe North

The ruling All Progressives Congress (APC) has retained its dominance in the Senate with victory in Saturday’s by-elections in Ebonyi South and Yobe East districts. The party has 59 Senators. It is trailed by the People’s Democratic Party (PDP) with 37 senators; the Labour Party (LP) seven; the Social Democratic Party (SDP), two; New Nigeria… Read More



Former UNILAG VC Urges Govt To Invest In Defence Technology

Prof. Oluwatoyin Ogundipe, former Vice-Chancellor, University of Lagos has urged governments at all levels to invest in state-of-the-art technology, in order to improve the country’s capacity to handle security issues and safeguard its population. Ogundipe made this assertion on Friday, at the Lagos State University of Science and… Read More