Daily Business Headlines – February 10, 2023


Nigerian Stock Market Closes Negative With Market Capitalization Down By N36 Billion

The Nigerian Exchange (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, driving down the broad market. The All-share Index (ASI) depreciated by 0.12% to close at 54,359.9 points. In the same vein, Market Capitalization declined by N36 billion to close at N29.608 trillion while the Year-to-Date… Read More


Federal Government Vows Sanctions For Fuel Marketers Rejecting Pos, Transfers

The Federal Government, on Thursday, commenced the deployment of security agencies to filling stations across the country to enforce the use of Point-of-Sale machines and the acceptance of bank transfers at the various outlets. It vowed to deal with oil marketers who reject PoS machines or bank transfers from customers, stressing that the move… Read More


Naira Swap: Your Monies Are Safe In Banks, Ndic Assures Nigerians

As Nigerians groan under severe hardship occasioned by the current naira swap challenges, the National Deposit Insurance Corporation (NDIC) has asked depositors not to be afraid of depositing their monies in the banks. It said all legitimately deposited monies in the banks are safe. This is even as the Corporation called on the depositors and creditors… Read More


NCC Urges Csos To Safeguard Telecoms Infrastructure

The Executive Vice-Chairman, Prof. Umar Danbatta, made the call during the 2023 Youth, Civil Society and Stakeholders Summit on Curbing the Destruction and Vandalisation of Telecom and other Critical National Infrastructure in Nigeria on Thursday in Abuja. Danbatta, represented by Mr. Chukuma Nwaiwu, Head, Wireless Network, NCC, said the… Read More



IMF Pushes For Fiscal, Monetary Policy Reforms In Nigeria

The International Monetary Fund, IMF, has said that Nigeria’s economic recovery should be anchored on decisive fiscal policy reforms and further monetary policy tightening. The brettonwood institution also urged concerted efforts towards securitization of the Central Bank of Nigeria, CBN, existing stock of overdrafts to the Federal Government… Read More


OPEC Optimistic On Oil Demand Over China Reopening

The Organisation of Petroleum Exporting Countries (OPEC) has expressed optimism forecasting a ‘more upbeat’ economic outlook as China reopens after several years of virus restrictions. “There’s a positive mood and optimism, which I must always say is cautious optimism,” secretary-general, Haitham Al-Ghais said at the India Energy Week forum… Read More


Remove Subsidy To Create Environment For Distribution Of Petrol, Oluwatade Tasks Federal Government

Former National President, Youth Wing of Christian Association of Nigeria (CAN) and Chairman City Gate Elders Nigeria, Dr  Dele Oluwatade, has called on the Federal Government to remove the controversial fuel subsidy to create  enabling environment for competitive sale and distribution of petroleum products and avoid local… Read More



Polls: Federal Government Orders Varsities Shut

The Federal Government has ordered all universities in the country to go on break from February 22 to March 14 to enable students to participate in the general elections starting in two weeks’ time. The government’s order was contained in a circular signed by the Deputy Executive Secretary of the National Universities Commission, NUC, Dr Chris Mayaki… Read More


Godfatherism, Fuel Scarcity And Sundry Matters (1)

Pter Chika, a Nigerian based in Houston, Texas, has a collection of short stories titled ‘The Condom and other Stories’. One of the other stories is titled “The Briefcase”. Its beginning is one Nigerians who are receiving the blows of fuel scarcity can easily relate with. The intro of the story is a subtle criticism of the perennial fuel shortage Nigerians experience… Read More



Nigerian Government Targets Three New Tech Unicorns In 2023 The Nigerian government expects to produce two to three new unicorns before the end of 2023. Isa Ali Pantami, Minister of Communications and Digital Economy said this while speaking on a panel with ministers from other countries at the LEAP technology conference organised by the Digital Corporation Organisation (DCO). According to the minister… Read More