Daily Business Headlines – JANUARY 23, 2024


Equity Market Sustains Bullish Trend With N673bn Gain

The equity market continued with its bullish trend on Monday, as investors gained N673bn. At the close of trading, both the market capitalisation of the exchange and the All-Share Index rose by 1.30 per cent to settle at N52.408tn and 95,768.12 basis points, respectively. Despite the positive trading, market participation dipped as the volume and… Read More

NERC Backs States To Regulate Electricity Firms

The Nigerian Electricity Regulatory Commission has inaugurated three working groups for the implementation of the new Electricity Act 2023. President Bola Tinubu had signed the new Act in June 2023, removing electricity from the exclusive list and giving states the power to generate and regulate power in their domains. As a result, the Chairman… Read More


Gas Supply Shortages Worsen Power Supply Crises

Hopes of improved power supply has dimmed as the management of Eko Electricity Distribution Company (EKEDC) yesterday, raised the alarm that inadequate gas supply was hampering its efforts at supplying electricity to its numerous customers. The power utility firm in a notification on its official X Handle disclosed that the present reduction in… Read More

Poultry Farmers Decry High Feed Cost, Seek Tinubu’s Intervention

With feed prices reaching stratospheric heights, the Poultry Association of Nigeria (PAN) has called on President Bola Tinubu to urgently intervene in the matter before they are forced to shut down their businesses. The association, who made the appeal at the weekend, said the poultry sub-sector was literally on life support and risks total collapse if… Read More



Lagos Moves To Plug Revenue Leakages, Grow Non-Taxable Income To 40%

The Lagos State government has said it is putting measures in place to block revenue leakages and increase collection of non-taxable generated revenue from 18 to 40 per cent. To this effect, the state’s Office of Internal Audit, in collaboration with the University of Calgary, has organised a five-day training on Revenue Systems Audit of Non… Read More


Edun: Federal Government Prioritising Intervention Funds To Tackle Rising Food Inflation

The Minister of Finance, Mr. Wale Edun, has assured Nigerians that there would be substantial intervention for the agricultural sector that would enhance increased production of rice, maize, wheat and cassava to stem the rising food inflation in the country. Edum stated this when he met with critical stakeholders to strategise on the… Read More


Reducing Cabinet Will Affect Performance, Tinubu Insists

President Bola Tinubu has justified his cabinet of 47 ministers saying the number reflects the diversity of roles required to run an efficient government. The president expressed doubt about reducing his cabinet, saying no guarantee this would boost performance He also urged the leadership of the Christian Association of Nigeria to propagate the… Read More



Tinubu Sensitive To Nigeria’s Challenges – CAN

ABUJA-The National President. of Christian Association of Nigeria, CAN, Archbishop Daniel Okoh, said yesterday President Bola Tinubu’s administration was making positive efforts to tackle the challenges facing the country. The CAN President stated this when he led a delegation of the leadership of the association on a courtesy visit to President… Read More


Federal Government Explains How Students Will Access Loans

The process for accessing the student loan programme of the Federal Government will be seamless, officials said yesterday. According to them, there will be no human contact. Everything will be automated, they said. Executive Secretary and Chief Executive Officer of the Students Loan Board, Dr Akintunde Sawyerr, who spoke to reporters at… Read More



NCC Blames Duplicated NINs For Barred Lines

Duplicated National Identification Numbers are responsible for the new wave of complaints from subscribers who have had their SIMs barred despite linking them to their NINs. This, according to the Nigerian Communications Commission, is due to the activity of third-party agents who duplicate NINs for unsuspecting telecom subscribers… Read More