Daily Business Headlines – JANUARY 11, 2024


Stock Market Records First Decline In 2024, As Investors Lose N639bn

The winning streak in the stock market was halted yesterday following profit taking in some blue chip companies, leading to a loss of N639 billion to investors. The stock market has been on a roller coaster since the beginning of the year as investors position ahead of the year end financial results and dividends declaration by the quoted companies… Read More


Full List: CBN Appoints New Executives For Union, Keystone, Polaris Banks

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has appointed new executives to oversee the affairs of Union, Keystone, and Polaris Banks. New Telegraph had on Wednesday evening reported that the Apex Bank dissolved the Board and Management of the three banks. Announcing the new development in a statement issued… Read More


NCDMB, NAICOM To Compel Oil, Gas Firms To Patronise Local Insurance Companies

The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Insurance Commission (NAICOM) have disclosed plans to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, to get Nigerian oil and gas companies patronize local insurance firms. The latest intervention… Read More


Marketers To Meet Dangote Over Fuel Supply

Oil marketers are planning to meet the management of the Dangote Petroleum Refinery in order to ensure the seamless supply and distribution of refined petroleum products to be produced from the $20bn facility. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, stated that they would soon engage officials… Read More



TCN To Suspend Ajaokuta Steel Over N33.71bn Energy Debt

The Transmission Company of Nigeria (TCN) has issued a 14-day suspension notice to Ajaokuta Steel Company Limited (ASCL) over a N33.71 billion debt as at November 2023. By implication, the Steel complex is suspended from having any fiscal interaction with any party in the electricity chain and ultimately be yanked off from the national grid… Read More


Customs Increases Revenue By 21.4% To N3. 206 Trn

The Nigeria Customs Service (NCS) has recorded a N3.206 trillion revenue collection in 2023, representing an increase of 21.4 percent from N2.64 trillion recorded in 2022. The Comptroller-General (CG) of Customs, Mr. Adewale Adeniyi , disclosed the figure at a press conference, in Abuja, yesterday. He said, “In the fiscal year 2023, the NCS… Read More


Global Trade To Grow By 2.3% In 2024 – World Bank

After lagging the pace of global growth in 2023, global trade is projected to pick up to 2.3 percent in 2024, mirroring projected growth in global output. This reflects a partial normalisation of trade patterns following exceptional weakness last year. The World Bank’s latest Global Economic Prospects report revealed  that global trade in goods… Read More



Edu: EFCC Quizzes Top Ministry Officials, ICPC Recovers N50bn

The investigation into the sleaze in the Ministry of Humanitarian Affairs and Poverty Alleviation deepened on Wednesday with the Economic and Financial Crimes Commission investigators quizzing several top civil servants linked to the scandals. This was as The PUNCH learnt that the Independent Corrupt Practices and Other Related… Read More


Supreme Court Affirms Fintiri’s Victory As Adamawa Governor

The Supreme Court, yesterday, affirmed the election victory of Governor Ahmadu Fintiri of Adamawa State after dismissing the appeal filed by the governorship candidate of the Social Democratic Party (SDP), Umar Ardo, for lacking in merit. A five-member panel led by John Okoro, dismissed the appeal after it was withdrawn by counsel to the… Read More



ITU Moves Against Harmful Interference With Radiocommunication Services

As the world looks for solutions to pressing global challenges, where digital is taking centre stage, the International Telecommunications Union (ITU) member states have set two clear strategic goals for the union going forward. Targeted at leaving no one behind, these strategies are universal connectivity and sustainable digital transformation… Read More