Daily Business Headlines – JANUARY 19, 2024


NGX Capitalisation Hits N50tr Mark On Bargain Hunting In Industrial Firms

The reign of the bulls continued unabated on the equities sector of the capital market yesterday as the capitalisation crossed N50 trillion mark, while the all-share index (ASI) hit 91,000 mark. This notable upswing was attributed to investors’ interest spanning various stocks within the industrial, oil and gas as well as consumer goods. ASI… Read More

Foreign Airlines, Agencies In Fresh Push For Release Of $751m Stuck Fund

Sequel to the last intervention by the Central Bank of Nigeria (CBN), foreign airlines and travel agencies have made a fresh appeal for a structured plan to fully defray $751 million outstanding stuck fund in Nigeria. The stakeholders, though acknowledged the federal government’s commitment that led to the release of $61 million recently, they… Read More


Three States To Experience Two-Day Blackout, Says TCN

Electricity consumers in Gombe and some parts of Yola and Bauchi states will experience power outage on Thursday and Friday as a result of scheduled maintenance of power facilities by the Transmission Company of Nigeria. The TCN announced that its “maintenance crew will carry out scheduled preventive maintenance on the… Read More


New Minimum Wage: Cost Of Living Will Determine Our Demand —NLC

Ahead of the new minimum wage negotiations, organised labour plans to demand wages based on the cost of living and other socio-economic indices across the country. This came as the Federal Government has promised to clear arrears of the N35,000 wage award owed its workers. Vanguard gathered that labour has been working round the clock… Read More



Non-Oil Exports Slipped To $4.5 Billion Last Year, Says NEPC

Despite the federal government’s efforts to diversify the economy through non-oil exports, the Nigerian Export Promotion Council (NEPC) revealed that non-oil exports dropped from $4.8 billion in 2022 to $4.5 billion last year. NEPC equally attributed the decline to factors such as rejections, poor certification of products, political crises in… Read More


We Won’t Allow CBN To Print Money, Says Budget Minister

Amidst revenue pressures facing the 2024 national budget, the Federal Government, FG, has indicated that it would no longer allow Central Bank of Nigeria, CBN, to print money by Ways and Means to fund the budget deficit. Disclosing this in a chat with journalists in Lagos, the Minister of Budget and National Planning, Atiku Bagudu, however… Read More


Federal Government Plans Over $3tn For Energy Transition

The Minister of State for Petroleum Resources (Oil), Dr Heineken Lokpobiri, has disclosed that Nigeria will spend a total sum of $3.1tn to transit from fossil fuel to cleaner and renewable energy. Lokpobiri said the nation had projected $1.9tn for energy transition plan, while $1.2tn was estimated for renewable energy plan in 2060, making a sum… Read More



Impact Of Fuel Subsidy Removal Tough On Nigerians —Tinubu

President Bola Tinubu, yesterday, acknowledged that the impact of the removal of fuel subsidy was very tough on Nigerians, and has affected every sector of the economy, including education, but assured that the future remained bright. Tinubu, who is a Visitor to the University of Lagos, UNILAG, spoke at the 54th convocation… Read More


Abiodun, Sule, Oborevwori, Idris, Know Fate Today

Five governors will today know if they will remain in office or exit as their states’ chief executives. The governors, whose fates are to be determined by the Supreme Court, are Dapo Abiodun  (Ogun), Sheriff Oborevwori (Delta), Inuwa Yahaya (Gombe), Nasir Idris (Kebbi) and  Abdullahi Sule (Nasarawa). The Supreme Court’s schedule… Read More



Disconnection Put On Hold As Globacom, MTN Reach ‘Agreement’

The Nigerian Communications Commission (NCC) has said that MTN and Globacom have both reached an agreement to resolve the interconnect debt issue, over which the former was to disconnect the latter today. This came as the 10-day pre-disconnection notice issued by the Commission lapsed today. However, NCC in a statement signed by its… Read More