Daily Business Headlines – January 19, 2023



Stock Market Sheds N47bn As Trading Closes Bearish

The Nigerian stock market on Wednesday closed bearish with a loss of N47bn, driven by profit-taking activities in Dangote Cement Plc and 20 others. The All-Share Index depreciated by 85.80 absolute points, representing a decrease of 0.16 per cent to close at 52,615.51 points. Similarly, the overall market capitalisation value lost… Read More

Atms: CBN To Sanction Banks Dispensing Old Notes

The Director of the Legal Services Department of the Central Bank of Nigeria, Mr. Kofo Salam-Alada, has said the agency will go tough on banks that continue to fill their ATM machines with old naira notes as the deadline to phase out the notes nears. He said the CBN was already monitoring banks that were still dispensing… Read More


FG: N120bn Spent on Subsidising Electricity Consumers in 2022

The federal government yesterday said it paid N120 billion in 2022 subsidising electricity consumers in selected bands, including C,D and E, down from a N552 billion peak before the Muhammadu Buhari administration took over. The Special Adviser to the president on Infrastructure, Mr Ahmad Zakari, who spoke during a programme… Read More


2023: Unlocking Fuel, Forex Subsidies’ll Earn Economy N6trn, N4trn Respectively –CPPE

Worried about the huge loses of revenue to subsidy regimes, which are damaging the economy the Director of the centre, Dr Muda Yusuf noted  that already, with  the plan to discontinue petroleum subsidy by the government , the action would unlock a minimum of N6 trillion revenue into the federation account annually, while a realistic… Read More



Volume Of Pos Transactions Falls 2% To 85.2m

The volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two percent to 85.2 million in December 2022 from 86.7 million in November. However, the value of PoS transactions rose MoM by 8.8 percent to N826.3 billion in December from N759.28 billion in November 2022. Vanguard’s findings in the electronic payment data… Read More

Gradual Removal Of Petrol Subsidy Starts April —FG

The Federal Government may begin a gradual removal of the petrol subsidy from April 2023, about three months ahead of the initial plan to effect a complete stop to the expenditure head. Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, who dropped this hint on Tuesday during an interview with ARISE TV on the sidelines… Read More


NNPCL To Invest N1.9tr In 44 Federal Roads

The Nigerian National Petroleum Corporation Limited (NNPCL) is to invest N1.9 trillion in the reconstruction of 44 federal roads, the Federal Executive Council (FEC) gave the approval yesterday. The Council gave its nod under the tax credit policy. Yesterday’s FEC was presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja… Read More



Have The Presidential Candidates Answered Important Questions About The Economy?

The 2023 general elections will be the first time since 2007 that the incumbent president will not be on the ballot. This has created a level playing field for candidates contesting in the election, especially the top three candidates. Currently, campaigns are still ongoing ahead of the elections. The campaign period has become an avenue… Read More


Electher, Csos, INEC Seek Increased Women’s Participation In Polls

Worried about the low level of participation of women in the electoral process, a non-partisan group focused on encouraging women in politics, Electher engaged the Independent National Electoral Commission (INEC) and Civil Society Organisations (CSOs) ahead of the February 2023 general elections… Read More



NCC, Lottery Commission Renew Mou To Stop Unapproved Lotteries In Telecoms

The Nigerian Communications Commission (NCC) has signed a revised Memorandum of Understanding with the National Lottery Regulatory Commission (NLRC), with provisions to deter unapproved lottery and gaming practices on telecommunications platforms through information and intelligence sharing… Read More