Daily Business Headlines – JANUARY 05, 2024


Wema Bank, Transcorp Top Gainers Chart As NGX ASI Closes At 78,020.54 Points

For the fifth consecutive day, the NGX has achieved new milestones. Today, the market surpassed the 78,000 mark, with the All-Share Index (ASI) appreciating by 0.62% and reaching 78,020.54 points. At the close of trading for January 5, 2024, equities gained N263 billion, as the market capitalization appreciated by 0.62% to close at N42.694… Read More


Power Firms Need $2.5bn New Capital – Federal Government

Nigerian electricity companies are short of an estimated N2tn ($2.5bn) in capital and need new investors to revive the industry that can barely supply power to its 200 million residents. Power companies in Nigeria are over-leveraged and under-capitalised, which has limited their capacity to invest in distributing electricity to households, Olu Verheijen… Read More

Passengers Seek Extension As Federal Government’s Transport Subsidy Ends

Some passengers have called on President Bola Tinubu to extend the 50 per cent transport rebate deadline to enable Nigerians who travelled to various parts of the country for the Yuletide celebrations to  return to their destinations. This came as report states that over 6,000 passengers benefitted from the scheme at the Oshodi Transport… Read More


Port Harcourt Refinery To Complete Test Run This Month

THE Nigerian National Petroleum Corporation NNPC Ltd will complete test runs at the Port Harcourt refinery this month, in a major step towards resuming operations five years after the plant was shut, the company said yesterday. “Testing will conclude shortly, ensuring the refinery’s efficient operation. That phase will be completed this month… Read More



CNG Production Plant Underway – Federal Government

The Minister of State, Petroleum Resources (Gas) Ekperikpe Ekpo has said that days of scarce and costly cooking gas were numbered as plans were afoot to establish many Compressed Natural Gas (CNG) production plants. This comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through its… Read More


OPEC Links Nigeria’s Economic Growth To Non-Oil Sector

The Organisation of the Petroleum Exporting Countries said the Nigeria’s economic growth in the third quarter of 2023 “exceeded expectations”. OPEC, in its Monthly Oil Market Report, attributed the growth to strong activity in the non-oil sectors, especially in services and agriculture. It disclosed that the country’s economy registered a robust… Read More

Customs Generate N3tn, Eyes N5.1tn In 2024

The Comptroller-General, Nigeria Customs Service, Adewale Adeniyi, on Thursday, said figures so far compiled by the NCS showed that the organisation generated a little above N3tn in 2023. He also stated that the agency’s revenue projection for 2024 was N5.1tn, stressing that the Customs would strive to deliver on this mandate, as its… Read More



Tinubu Appoints New Executive Directors For NPA, NIMASA

PRESIDENT Bola Tinubu has approved the appointment of new Executive Directors in for the Nigerian Ports Authority, NPA, and the Nigerian Maritime Administration and Safety Agency, NIMASA. A statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Thursday, explained that the two agencies are… Read More


Umahi Commits To Delivering Abuja-Kaduna Road Project In 2024

Umahi made the commitment in a meeting with all directors of the ministry, yesterday in Abuja, adding that all obstacles hindering the delivery would be addressed to ensure actualisation of the project before the end of 2024. According to the former Ebonyi State governor, the contractors have requested a review of the price to N1.35 trillion… Read More



5G Coverage In Nigeria, Others At 6% – ITU

5G coverage in Nigeria and other African countries remains the lowest in the world at six per cent, the International Telecommunications Union has disclosed. According to the ITU in its ‘Mobile Network Coverage Facts and Figures 2023’ report, most of the continent is still connected to 4G, with coverage at 58 per cent. It noted that 3G coverage was… Read More