Daily Business Headlines – JANUARY 04, 2024

NAIRAMETRICS

NGX Shareholders Have Gained Over N2 Trillion In One Week

Over the course of five trading days, spanning from December 27, 2023, to January 3, 2024, equities listed on the NGX surged by approximately N2.063 trillion, coinciding with a 5.11% rise in the NGX’s All-Share Index during this period. Throughout these five trading days, the market witnessed a notable progression, hitting new highs on four occasions… Read More

SUN

No Plans To Hike Petrol Pump Price –NNPC Ltd

The Nigerian National Petroleum Company (NNPC) Limited has assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), also called petrol, advising Nigerians to disregard what it termed unfounded rumours stating otherwise. It also said there were no plans for an upward review of the PMS price. “Motorists… Read More

PUNCH

DisCos Can’t Hike Tariffs Without Approval, Says NERC

The National Electricity Regulatory Commission has stated that electricity distribution companies require its approval before increasing tariffs. The spokesperson of the NERC, Usman Abba Arabi, made this disclosure in a chat with The PUNCH correspondent on Tuesday. There have been media reports that Discos had concluded plans to… Read More

Federal Government To Spend N350bn On Poverty Reduction, Consumer Loans

The Federal Government intends to spend N350bn on a consumer credit fund and national poverty reduction strategy in 2024. This is according to details from the recently passed N28.77tn 2024 Budget. In a document titled, ‘House of Representatives Federal Republic of Nigeria Order Paper,’ certain line items of the budget were published. One line… Read More

ECONOMY HEADLINES

SUN

2024: LCCI Projects Lower Inflation Rate

President of the chamber, Gabriel Idahosa, who made the statement, blamed fuel subsidy removal as the major reason for the inflation accelerating at a faster pace last year. Idahosa said with the measures being implemented by governments at all levels to tackle increasing transport and logistics costs, price levels would begin to moderate in 2024… Read More

Marketers Seek Offshore Refiners’ Support To Crash Petroleum Products Cost

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says talks are at advanced stage with four offshore refineries for the supply of 300,000 metric tons of Petrol, Diesel, Jet A1 and cooking gas into the Nigerian market by first quarter of 2024. This was as the group disagreed with calls in some quarters that the retail pump… Read More

VANGUARD

Manufacturers Call For FX Policy Redesign Amidst Sustained Pressures

Amidst renewed exchange rate pressure in the Nigeria’s troubled external sector, the Manufacturers Association of Nigeria (MAN) has recommended the setting of upper and lower band on exchange rate. They believe this measure would help boost the performance of the manufacturing sector in particular and the economy in general over the… Read More

POLITICAL HEADLIINES

SUN

Nigeria Grants Asylum To Koroma, Ex-Sierra Leonean President

Following the fallout of the attempted coup in Sierra Leone in November, 2023, the Federal Government has granted former president, Ernest Bai Koroma, who is being accused of treason by his successor, Julius Maada Bio, temporary asylum in Abuja. A letter with reference number ECW/PC/DC/2024-001/oat, dated January 2, 2024 which… Read More

PUNCH

EFCC Threatens Buhari Ex-Minister’s Arrest Over N37.1bn Fraud

Former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, risks arrest by the Economic and Financial Crimes Commission following her failure, on Wednesday, to honour an invitation by the anti-graft agency. The PUNCH reports that the EFCC wrote Umar Farouq to appear for questioning… Read More

TECHNOLOGY HEADLINE

NAIRAMETRICS

NIMC Says 104.16 Million Nigerians Have NIN As Of December 2023 The National Identity Management Commission (NIMC) said it has issued the National Identification Number (NIN) to 104.16 million Nigerians as of December 31, 2023. The Commission disclosed this in its NIN enrolment data just released. The figure shows that a total of 10.13 million NINs were issued throughout last year. As of December… Read More