Daily Business Headlines – JANUARY 12, 2024


NGX Rebounds As Investors Gain N313bn

Trading on the Nigerian Exchange Limited closed in the green zone on Thursday, earning investors about N313bn. This surge of bullish sentiments followed the bourse recording the first depreciation of its market capitalisation on Wednesday. The All-Share Index rebounded by 0.70 per cent on renewed investors’ interest to close at 82,597.08, while… Read More


Trapped $700m: Foreign Airlines Threatening To Exit Nigeria Soon, AFARN Warns

Despite the recent release of $61.64 million to foreign airlines in Nigeria by the Central Bank of Nigeria (CBN), there are still fears that some foreign airlines may exit the country if they are unable to completely repatriate their funds estimated around $700 million. The Association of Foreign Airlines and Representatives in Nigeria (AFARN)… Read More


Dangote Refinery To Reach Full Capacity In June As Crude Demand Up By 2mbpd

Dangote Refinery may produce at its full capacity of 650,000 barrels per day by the second quarter of this year. This comes as China leads global oil demand to two million barrels per day (bpd), thereby increasing the total demand to about 103 million bpd. Wood Makenzie, in a new outlook obtained by The Guardian, yesterday, showed that a modest… Read More

MAN Calls For Business-Friendly Investigations To Save Fragile Industries

The Manufacturers Association of Nigeria (MAN) has called for civility and caution by the Economic and Financial Crimes Commission (EFCC) operatives when carrying out their investigations. Director-General, MAN, Segun Ajayi-Kadir, said MAN received the news of the invasion of Dangote Industries Limited (DIL) by dozens of the EFCC… Read More



Seme Customs Facilitates N32.448bn Export, Rakes In N5.946bn Revenue

The Seme border command of the Nigeria Customs Service (NCS) has said it facilitated 222.442.88 metric tons of goods including 6,253 trucks of export produce, with Free On Board (FOB) value of N32.448 billion. It also said it generated N5.946 billion revenue in 2023. The command also said it made 513 interceptions valued at N1. 374… Read More

Nigeria, Others To Spend $720 Billion In New Gas Pipeline Projects

Nigeria and other six regions across the globe are set to spend about $720 billion on new gas pipeline projects a report by Reuters quoting statistics from Global Energy Monitor (GEM) has said. Six regions each have a share of 10 per cent or more of the global expenditure total on gas pipelines already in construction or planned soon… Read More


FAAC Urges Federal Government To Pay N228bn Election Loan

The Postmortem Sub-Committee of the Federal Account Allocation Committee has recommended that the Federal Government refund the N228bn loan it secured from the non-oil excess revenue account to finance the 2023 general elections. This information was disclosed in a comprehensive report signed by the sub-committee Chairman… Read More



Supreme Court Delivers Judgements In Kano, Plateau, Lagos, 4 Others Today

The Supreme Court will deliver judgements on governorship appeals in Kano, Plateau, Lagos, Zamfara, Ebonyi, Bauchi and Cross River states today. Of the seven states, those of Kano and Plateau are the most contentious. In Kano, the case is between Governor Abba Yusuf of New Nigeria Peoples Party, NNPP, and Nasiru Gawuna of All… Read More


Road Project Contractors Get Greenlight On N1.5tr Payment

These are best of times for road contractors being owed by the Federal Government. They are to be paid outstanding claims from the N1.5tr made available by the Federal Government. Works Minister David Umahi, who dropped the hint yesterday while addressing a gathering of contractors and senior ministry officials. The minister, however… Read More



NIMC To Clear 2-Year Backlog Of Payments To NIN Enrollment Agents In Q1 2024

The National Identity Management Commission (NIMC) has announced plans to clear outstanding payments owed to its enrollment agents known as Front-End Partners (FEPs) within the first quarter of 2024. The agents engaged by the Commission to assist in the enrollment of Nigerians for the National Identification Number (NIN) have… Read More