Daily Business Headlines – JANUARY 15, 2024


Investors Gain N1.8tn As YTD Returns Hit Double Digits

The year-to-date gains of the Nigerian Exchange Limited have hit double digits less than a month into the New Year, signaling a sustained bullish trend. At the close of trading on Friday, the YTD returns of the benchmark index of the exchange stood at 11.06 per cent as the All-Share Index was 83,042.96 basis points with the market capitalisation… Read More

Seven Major Marketers Get Approval To Sell Dangote Fuel

The seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery for the lifting and distribution of refined petroleum products produced by the $20bn plant. Dealers under the aegis of the Major Oil Marketers Association of Nigeria confirmed on Sunday that with the registration, they would commence the distribution… Read More


No Plans For Gas Price Hike –NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has ruled out the possibility of gas price hike, saying it is retaining the prevailing Domestic Base Price (DBP) and applicable gas wholesale price for the strategic domestic sectors of the Nigerian economy. According to the Corporate Communications and… Read More


Government To Change Approach On DisCos’ Funding

Unhappy with the poor performance of electricity Distribution Companies (DisCos), the government plans to change its approach to the funding of the 11 firms. It was learnt that none of the DisCos has paid any dividend to the Federal Government, despite owning a 40 per cent stake. Besides, the government has injected not less than $1.25… Read More



Rumpus In CBN Over Planned Relocation Of Key Departments To Lagos

Internal rumpus fuelled by anxiety and bad feelings currently pervade the Central Bank of Nigeria (CBN) as the management wants to relocate key departments to Lagos, its former headquarters. It said the move was aimed at boosting efficiency and ensuring the safety of staff. In a memo, the apex bank explained that the planned action also seeks… Read More


Afreximbank, UBA Disburse NNPCL Over $2bn Oil-For-Cash Loan

The African Export-Import Bank and the United Bank for Africa have disbursed $2.25bn of the $3.3bn oil-for-cash loan facility arranged by the Nigerian National Petroleum Company Limited. In a statement from UBA over the weekend, an initial disbursement of $2.25bn has been made and a second tranche of $1.05bn is expected to be disbursed… Read More

Exchange Rate Will Stabilise, Bagudu Tells Investors

The Minister of Budget and Economic Planning, Atiku Bagudu, has said he expects the exchange rate to improve following the ongoing exchange reforms of President Bola Tinubu and the Central Bank of Nigeria. According to him, countries which have liberalised their foreign exchange market like Nigeria have enjoyed better exchange rates… Read More



Tinubu Briefed On Niger Delta Region, Pledges Support

President Bola Tinubu has received  comprehensive update on the ongoing activities and initiatives within the Niger Delta Development Ministry. The President who was briefed by the Minister,  Abubakar Momoh, expressed support for the complete execution of projects and programmes that would bring about sustainable development of the… Read More


SERAP Asks Akpabio, Abbas To Slash ‘Self-Serving’ N344.85b National Assembly Budget

Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, to reduce the National Assembly budget of N344.85 billion to reflect the current economic realities in the country and cut the cost of governance. SERAP… Read More



Federal Government To Boost Internet Speeds In Ogun, Edo, Others

Nigeria is set to launch an initiative to boost broadband development and adoption in Edo, Ogun, Kwara, Katsina, Imo, Abia, Borno, and Nasarawa in the first quarter of 2024. The initiative called the National Broadband Alliance for Nigeria is the brainchild of the Ministry of Communications, Innovation and Digital Economy and is aimed at solving low… Read More