Daily Business Headlines – January 16, 2023



Market Cap Adds N703bn Amid Investors’ Positive Sentiment

Positive sentiments returned to the stock market of the Nigerian Exchange Limited (NGX) as investors renewed interest in listed fundamental stocks. The positive sentiment lifted the stock market capitalisation by N703billion, closing last week at N28,602trillion from N27.899trillion the market opened for trading… Read More


Insurance Stocks To Buy In 2023 If You Are Looking For Dividend

As the equity market continues to perform well, the insurance sub-sector of the financial sector has remained relatively stagnant. Unlike other sub-sectors, insurance companies have not appreciated in value and a large percentage of them are trading below their nominal prices of 50 kobo. Performance in the sector has been poor… Read More


Oil Earnings Rise By N363bn In Three Months

Nigeria is making progress in oil earnings following improvements in security in the Niger Delta region, as the country raked in an additional N363bn from crude oil sale in the months of October, November and December 2022. Figures obtained from the Federal Ministry of Petroleum Resources on Sunday, showed that the country’s oil production… Read More


Nigeria Loses N8tr To FX Arbitrage In Three Years

From 2020 to last year, Nigeria lost, at least, N8 trillion to rent seekers who explore the multiple rates in the foreign exchange (FX) market to rip off the country, data obtained by The Guardian yesterday have shown. This came as the Central Bank of Nigeria (CBN) continues to dilly dally on the exchange rate convergence, three years… Read More



Non-Oil Exports Rises 29% To N6.56bn

Nigeria’s non-oil exports rose by 29 per cent, year-on-year, YoY, to $6.56 billion in ten months, reflecting the impact of Federal Government efforts to boost foreign exchange inflow from non-oil sources as well as favourable commodity prices in the international market. The figure was $4.58 billion in the corresponding period of 2021 (10M’21)… Read More  


FCCPC Boss Explains Inability To Resolve Bank Customers’ Complaints

The Executive Vice Chairman and Chief Executive Officer of the Federal Competition and Consumer Protection Council (FCCPC), Mr. Babatunde Irukera has said the enactment of the Bank and Other Financial Institutions Act (BOFIA) 2020 has limited the power of the council on the Nigerian banking industry in dealing with bank… Read More


Prioritise Infrastructure Financing In Budget Appropriation Processes – Cppe

The Centre for the Promotion of Private Enterprise (CPPE) has called for reforms in the budget appropriation processes to prioritise infrastructure financing and human capital development, adding that, it would boost productivity and competitiveness of the economy. This is even as CPPE insist that, to unlock growth and investment… Read More



Mounting Debts, Fuel Subsidy Crisis: Mega Burdens For New Govt

The socio-economic challenges before whoever becomes Nigeria’s next president are daunting but contenders for the coveted seat have yet to impress Nigerians with their manifestos, OKECHUKWU NNODIM writes. Currently confronted with humongous debts, insecurity, high subsidies on Premium Motor Spirit… Read More


INEC Should Rein In Its Staff (1)

What initially appeared as mere allegation may have started taking a semblance of truth as indications continue to unfold that some staff of the Independent Electoral Commission, INEC, are actually working hand in glove with some politicians to rig the 2023 general elections. Since the Permanent Voter’s Cards, PVCs, collection exercise… Read More



Google Unveils Portal For 2023 Elections

Google has announced the launch of a portal, the Nigeria Elections Trends Hub, to serve as a platform for Nigerians to search and discover trending information related to the national elections. According to the firm, users of the platform will be able to get trending information related to the presidential and vice-presidential candidates, parties, and issues… Read More