Daily Business Headlines – February 06, 2023



Banking Index Raises Stock Market By N1.08tn

Despite investors’ sentiment trading and uncertainty surrounding the 2023 general elections, the anticipation for dividend payout and sectoral performance of the NGX bank index raised the stock market capitalisation by N1.08tn in January. The stock market in 2022 recorded foreign investors’ apathy due to the scarcity of foreign exchange, double-digit… Read More


‘Insurers Are Targeting N1 Trillion In Premium’

Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Thomas Olorundare Sunday is an advocate of insurance consumer protection. He is on a campaign to ensure that Nigerians have access to more comprehensive insurance options, and insurance firms should provide discounts and incentives for risk mitigation… Read More


Naira Redesign: Nigerians Grapple With Hardship As POS Transaction Charges Jump 400%

Is the Central Bank of Nigeria’s Naira redesign policy bites harder, the scarcity of new notes continues to disrupt business activities in markets, restaurants, banks, and major sales outlets across Nigeria. In the midst of the operational challenges being faced by small businesses especially in rural areas, a PREMIUM TIMES’ survey showed that… Read More


Petrol Shortage: Owners Charge Over N200 Per Litre Ex-Depot Price

DEPOTS owners, under the umbrella of Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, weekend, continued to sell petrol at over N200 per litre to the independent marketers nationwide. The Federal Government had at a crucial meeting with downstream stakeholders last week, agreed to peg the ex-depot price at… Read More



S&P Revises Nigeria Outlook From Stable To Negative, Cites Debt-Servicing Challenges

Standard and Poor’s on Friday revised Nigeria’s outlook to ‘Negative’ from ‘Stable’ and also affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings on the country. It also lowered its long – and short-term Nigeria national scale ratings to ‘ngBBB-/ngA-3’ from ‘ngBBB/ngA-2’. S&P said its negative outlook rating for… Read More


Analysts Express Concern Over Double-Dight Inflation On Investment

Analysts during the weekend x-rayed the state of Nigeria’s double-digit inflation rate on investment in 2023, urging investors to utilize other opportunities in a tough business environment. The Nigerian economy is going through a tough period with headwinds, including imported inflation, high exchange rates, foreign exchange scarcity… Read More


NUPRC Shortlists Firms For Commercialised Gas Flare Programme

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shortlisted 139 firms that applied for Nigerian Gas Flare Commercialisation Programme (NGFCP). About 300 companies applied to the gas buying and trading scheme to end gas flaring from 48 oil production sites in the country. The Chief Executive Officer (CEO) of NUPRC… Read More



Naira Crisis: Reps May Reconvene Before Elections – Gbajabiamila

Speaker Femi Gbajabiamila says the House of Representatives will reconvene before the general elections if the hardship being faced by Nigerians over the new redesigned. He said the House would continue to monitor the Central Bank of Nigeria’s implementation of the policy. He said: “The House of Representatives intervened on several… Read More


INEC’s Deft Moves Towards Hitch-free 2023 Poll

The Independent National Electoral Commission has continued to engage relevant stakeholders including government agencies towards ensuring that the forthcoming polls hold as scheduled despite persistent attacks on its facilities, Adedayo Akinwale writes. With exactly 19 days to the commencement of the 2023 election, the Independent… Read More



Digital Bank Boosts Cashless Drive

Digital bank, Hope PSBank, a Unified Payment Services Limited subsidiary, has commenced a community inclusion initiative to support the Central Bank of Nigeria’s naira redesign policy. Speaking at a press conference to unveil the initiative on Friday, the Managing Director of the bank, Ogechi Altraide, explained that the initiative… Read More