Daily Business Headlines – JANUARY 17, 2024


Investors’ Fortune Rises By N1.8 Billion In One Day

The bulls strengthened hold on the equities sector of the capital market, yesterday, as virtually all the bluechip stocks recorded price appreciation, raising investors’ wealth by N1.83 billion. At the close of transactions, the market capitalisation of listed equities increased by 3.94 per cent to N48.139 trillion from N46.316 trillion reported… Read More


NNPCL Uncovers 83 Illegal Refineries, 22 Suspects Arrested

The Nigerian National Petroleum Company Limited says it has in the past one week uncovered no fewer than 83 illegal refineries in the Niger Delta. The NNPCL disclosed this on its X handle on Tuesday, as part of its war on crude oil theft, saying 15 illegal pipeline connections were also discovered within the same period. “In the past week… Read More

Inflation Fuelling Hardships Among Workers, Says NECA DG

The Director-General of Nigeria Employers’ Consultative Association, Mr Adewale Oyerinde, has said that the disposable income of an average Nigerian worker has been severely affected by the high rate of inflation in the country, fuelling economic struggles among them. He stated this during an interview with The PUNCH in Lagos recently. He said… Read More


LIRS Reaffirms Jan. 31 Deadline For Annual Tax Returns

The Lagos State Internal Revenue Service (LIRS) has reminded employers to submit their yearly tax returns on or before January 31, 2024 deadline or face sanctions. Executive Chairman of LIRS, Mr. Ayodele Subair, said this in a statement yesterday, adding that employers with businesses within the state must adhere to the deadline… Read More



Customs Sets N1.130trn Revenue Target For Tin-Can Command

The Nigeria Customs Service, NCS has set N1.13 trillion as a revenue target for the Tin-can Island Port Command. The Customs Area Controller, CAC, Tin-can Island Port command, Comptroller Dera Nnadi, who disclosed this, yesterday, said the target allocated to Tin-can Island Port command constitutes 27 percent of the national target. He said… Read More


Currency Outside Banks Rose To N3.08trn In Nov 2023 –CBN

Latest figures from the Central Bank of Nigeria (CBN), on Tuesday, revealed that cash outside banks experienced a 27.80 per cent increase, reaching N3.08 trillion in November 2023 from N2.41 trillion in recorded in September 2023. This was even as currency in circulation (CIC) grew by 92 per cent, from N2.76 trillion in September 2023… Read More


Federal Government Saves N8tn From Subsidy Removal, FX Reform –Tinubu Panel

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget… Read More



Insecurity: We Won’t Rest Until Agents Of Darkness Are Eliminated –Tinubu

President Bola Tinubu has declared that his administration would not rest until those he referred to as “agent of darkness,” causing insecurity in the nation were completely eliminated. The President made the vow at the official unveiling of the book, “Working with Buhari, Reflections of a Special Adviser, Media and Publicity (2015-2023)… Read More


Ibadan Explosion Traced To Illegal Miners’ Explosives -Makinde

The Oyo State Governor, Seyi Makinde, on Wednesday, said preliminary investigations by security agencies revealed that the explosion that rocked the Bodija Area of Ibadan, the state capital on Tuesday was caused by explosive devices stored by illegal miners. No fewer than 10 persons were feared killed and 15 others hospitalised following the… Read More



Unbundling Of Computer Science Teaching Will Boost IT, Says NITDA

The National Information Technology Development Agency (NITDA) has commended the recent decision by the National Board for Technical Education (NBTE) to unbundle the Higher National Diploma (HND) in computer science programme into four distinct specialisations: artificial intelligence, network/cloud computing, software/web… Read More