Daily Business Headlines – JANUARY 09, 2024


Stock Market: Positive Sentiment Continues As Investors Gain N363bn

The surge in the stock market that began since the beginning of the year continued yesterday with investors recording N363 billion gains, to bring the cumulative capital appreciation for the year to N3.04 trillion. Also the Nigerian Exchange Limited, NGX All AShare Index (ASI), which measures the performance of the market, closed… Read More


Dangote Refinery Receives 6th Batch Of 1m Crude Oil Barrels, Set For Operations

Dangote Refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch of barrels of crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL). The fresh one million Agbami barrels of crude via MT ALMI SUN is the last cargo to complete the initial scheduled 6 million barrels… Read More


MAN Faults EFCC’s Visit To Dangote’s Office

The Manufacturers Association of Nigeria has faulted what it describes as an armed invasion of Dangote Industries Limited by the Economic and Financial Crimes Commission in relation to the ongoing probe of forex allocation to 52 firms. According to a statement signed by MAN’s Director-General, Segun Ajayi-Kadir, the association said it received… Read More

No Plan To Hike Fuel Price, Marketers Assure Nigerians

There is no plan to hike the cost of Premium Motor Spirit, popularly called petrol, as the Nigerian National Petroleum Company Limited, which is the sole importer of the commodity, is capable of shouldering under-recovery, oil marketers said on Monday. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria… Read More



Nigeria’s Rig Count Rises 75% As 2024 Outlook Seems Bright

DESPITE many challenges, there are indications that Nigeria, a leading African oil and gas producing nation, recorded many feats in 2023, due to the positive impact of the Petroleum Industry Act, PIA. This is even as the nation’s 2024 outlook looks bright in medium and long term, according to available reports and experts. Meanwhile, the nation’s rig… Read More


High Debt, Inflation To Limit Nigeria’s Economic Growth – UN

Rising public debt, persistent inflation, high cost of living, and a weak business environment, will continue to pose a downward risk to Nigeria’s growth prospects, the United Nations has disclosed. In its ‘World Economic Situation and Prospects 2024’ report, the Department of Economic and Social Affairs of the UN revealed that recent reforms by the… Read More

e-Naira Can Support Asset Tokenisation, Says Moodys

International rating company, Moody’s, has projected that the use of central bank digital currencies such as eNaira can boost asset tokenisation in the New Year. Moody’s said this in its 2024 outlook on decentralised finance and digital assets titled, ‘Digital finance slowly, steadily moves toward interoperability, standardization’. According to the… Read More



N585m Graft: Suspended Betta Edu Denied Access To Tinubu

A few hours after she was suspended by President Bola Tinubu over the N585 million scandal yesterday, embattled Humanitarian Affairs and Poverty Alleviation Minister, Dr Betta Edu, was not allowed to see the President at the Presidential Villa, Abuja. The Nigerian leader had earlier yesterday suspended Edu from office with immediate effect… Read More


Governorship Poll: Supreme Court Begins Hearing In Over 21 Appeals

The Supreme Court will today commence marathon proceedings in multiple post-election governorship appeals beginning with three in respect of Plateau State, filed by the PDP, its candidate, Nentawe Goshwe and INEC and three in respect of Delta State, filed by Kenneth Gbagi of the Social Democratic Party (SDP), Omo-Agege Ovie Augustine of… Read More



ICPC, NITDA Partner To Tackle Corruption Using Tech

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is collaborating with the National Information Technology Development Agency (NITDA) to include and integrate innovative technology in the fight against corruption and mapping areas of deployment of such technologies. The partnership was born when… Read More