Daily Business Headlines – JANUARY 22, 2024


Positive Momentum: NGX Records Impressive 13.8% Weekly Surge, Closing With A 2.87% Gain

On the last trading day of the week, the NGX All-Share Index recorded a 2.87% gain as it appreciated by 2,641.15 points to close at 94,538.12 points. Trading was led by SWOOTs such as SEPLAT and BUA Cement, which gained 10% apiece, while Dangote Cement gained 9.98%. Similar to the ASI, equities gained N1.445 trillion as the market… Read More


NNPCL To Pay Royalties, Taxes From $3.3bn Afrexim Loan

The Nigerian National Petroleum Company Limited, on Sunday, said it would prepay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank last year. NNPCL disclosed this in a document titled, ‘Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate… Read More

Dangote Refineries Plan Supply To150,000 IPMAN Stations

The Dangote Petroleum Refinery is to supply fuel to about 150,000 retail outlets operated by the Independent Petroleum Marketers Association of Nigeria following a meeting between the management of the refinery and executives of IPMAN. Last week Monday, The PUNCH exclusively reported that IPMAN had scheduled a meeting with the… Read More


Ikeja Electric Assures Of Improved Service Delivery

In order to ensure the sustainability of its business operations in 2024 and beyond, Ikeja Electric Plc (IE), has reiterated its commitment to optimising a collaborative approach to stakeholder management. The company pledged the commitment at the first virtual stakeholder/customers engagement session for the year 2024. The utility firm… Read More



Foreign Medical, School Bills Gulped $1.58bn In Six Months – CBN

Nigerians spent $1.58bn on health tourism, foreign education, and other personal matters in six months, data from the Central Bank of Nigeria have revealed. The data from the apex bank’s Balance of Payment compilation spanning the first six months of 2023 showed that Nigerians spent $245.68m on overseas health-related issues, $896.09m on… Read More

Tinubu Tax Panel Asks States To Suspend Low-Revenue Taxes

The Presidential Committee on Fiscal Policy and Tax Reforms says it is meeting with state governors in order to reach an agreement for states to suspend some low-revenue taxes. The panel said the move would lead to the suspension of ‘nuisance taxes’ by states and local government authorities across the country. The Chairman of the… Read More


Tinubu Seeks Equitable Access To Capital For Developing Countries

Nigeria has called for a financing mechanism that will ensure equitable access to capital for developing countries to enable them to meet their development needs. President Bola Tinubu made the call at the ongoing Summit of the Non-Aligned Movement (NAM) countries, held in Kampala, Uganda. Speaking at the meeting, Tinubu stated that the… Read More



Tinubu Working To Revive Battered Economy —Akume

The Secretary to the Government of the Federation, SGF, Sen. George Akume, has assured Nigerians of the determination of President Bola Tinubu to review the nation’s economy which he said had king been battered. Akume, who spoke at a Thanksgiving Mass organized in his honour by St. Augustine Catholic Tiv Community, Abuja Archdiocese… Read More


Forensic Probe Of Ibadan Blast To Determine Next Action – Federal Government

The Federal Government, through the Ministry of Solid Minerals Development, has restated its resolve to get to the root of the explosion that rocked Ibadan last week. The explosion, which occurred in the Adeyi area, Old Bodija, Ibadan last Tuesday, led to the death of five persons. No fewer than 77 residents were injured while about 58 houses were… Read More



Ministry To Equip 1,500 Students With Tech Skills The Federal Ministry of Communications, Innovation and Digital Economy is set to launch a Build-A-Thon programme for 1,500 secondary school students. According to a statement, the four-day programme will involve students from 150 schools across three locations namely, Owerri, Maiduguri, and Abeokuta. The organisers explained that… Read More