Daily Business Headlines – January 05, 2023



Gains In NB, 20 Stocks Lift Capitalisation By N33 Billion

Following bargain hunting in Nigerian Breweries (NB) Plc and 20 stocks, bullish sentiment persisted on the Nigerian Exchange Limited (NGX) as market capitalisation increased further by N33 billion yesterday. Consequently, the All Share Index (ASI) rose by 61.90 absolute points, representing a gain of 0.12 per cent to close at 51,657.56… Read More


Oando, Union Bank Exit NGX-30 Index

The Nigerian Exchange Limited (NGX) has disclosed that Oando Plc and Union Bank of Nigeria  Plc have exited NGX-30 Index, while BUA Foods Plc and Wema Bank Plc have joined list of most liquid stocks on the bourse. The NGX-30 index tracks the top 30 companies in terms of total value of equities listed on the NGX… Read More


CBN Plans Regulatory Framework For Cryptocurrencies

The Central Bank of Nigeria has said it will bring up a regulatory policy framework for the implementation of cryptocurrencies in the country. It disclosed this in a report on ‘Nigeria payments system vision 2025’. The banking regulator had earlier banned crypto-related transactions in the banking system. “The CBN would consider… Read More

25 Buyers Invited For Polaris Bank Sale – CBN

The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement. The Director of Corporate Communications, CBN, Osita Nwanisobi, said this in a statement titled, ‘Sale of Polaris Bank: CBN sets record straight’. He said the attention of CBN… Read More



Nigeria’s Huge External Debt And 1999 Constitution: 2023 In Perspective

The time-honoured axiom is that “nothing is small or big otherwise by comparison.” This statement is not only true but applicable to the economic, political, religious and societal developments in Nigeria since it was carved out in Berlin in 1884 for Britain, our colonial masters. The developmental stages in the history of Nigeria can be divided… Read More


Nigeria’s Debt To Hit N77tn, Loan Servicing Gulps N5.2tn

Nigeria’s public debt burden may hit N77tn if the National Assembly approves the request by the President, Major General Muhammadu Buhari (retd.), to restructure the Ways and Means Advances. Thee Ways and Means Advances is a loan facility through which the Central Bank of Nigeria finances the shortfalls in the government’s budget… Read More

NNPC Prospects For Oil In Niger, Borno –Report

The Nigerian National Petroleum Company Limited is prospecting for crude oil in more locations across the north, after discovering the commodity in Bauchi and Gombe states. NNPC stated that it was currently taking coordinated steps for more frontier exploration in the region, as part of measures to shore up the country’s oil output and… Read More



Court Dismisses Suit Seeking Removal of INEC Chairman over Assets Declaration

Several Chairmen of political parties in the country have hailed the judgment of a High Court of the Federal Capital Territory (FCT) which declared that the Assets Declaration Form of the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmoud Yakubu was validly filled, lawful and in compliance with the law… Read More


79% Of Registered Voters Have Collected Pvcs – Survey

There is a high degree of interest in voting in the 2023 general elections as 79 percent of registered voters in Nigeria have successfully picked up their Permanent Voter Cards (PVCs) as of Dec. 22, according to a new survey by SBM Intelligence. SBM Intelligence said 6,588 voters were surveyed in 16 states across the country midway into… Read More



5G, Fintech Innovation, Will Drive Telecom Sector in 2023

Counting the gains of telecom sector in 2022, and how it positively impacted on the Nigerian economy in the areas of GDP growth, broadband penetration, and Fintech growth, industry experts have predicted that the full deployment of 5G network across Nigeria in 2023 and the implementation of the Startup Act, will further drive Fintech innovation… Read More