Daily Business Headlines – January 27, 2023



Daily Market Update – January 26, 2023

Renewal of buying interests was witnessed in yesterday’s trading session as the NGX All Share Index climbed by 0.29% to close at 52,752.96pts. The expansion in the index as buoyed by bargain hunting in bellwether stocks such as in NB (0.24%), ZENITHBANK (0.82%), UBA (1.23%), STANBIC (1.54%), and ACCESSCORP (4.44%)… Read More


Power Tariff Shortfall Now N2.5tn – Federal Government

The shortfall in electricity tariff payable by power consumers across the country is now about N2.5tn, while the average technical, commercial and collection losses of power distribution companies is projected to exceed N600bn this year, the Federal Government has said. It stated this in a document put together by the Nigerian Energy Support… Read More


Afdb Okays $10b To Boost Africa’s Food Production

The African Development Bank (AfDB) Group, will commit $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world, Bank Group President, Dr Akinwumi Adesina, has said. He spoke at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital of Dakar… Read More


10 Biggest Fund Managers By Value In 2022

Stanbic IBTC, FBNQuest, United Capital Asset Management, and 7 other firms have emerged as the top ten of the Securities Exchange Commission (SEC)-regulated mutual fund asset managers in Nigeria, having 147 total products under management in December 2022. According to the top 10 SEC-regulated mutual fund asset managers… Read More



CBN To Ban Dollar Charges On Card Transactions, Unveils Domestic Card

The Central Bank of Nigeria (CBN), in conjunction with the Nigerian Interbank Settlement System (NIBSS), has launched the Nigerian National Domestic Card Scheme named, AfriGo, aimed at creating a more robust payments system that would drive financial inclusion in the country. CBN Governor, Godwin Emefiele, while launching… Read More

Lekki Port, CMA CGM Shipping Collaborate To Grow Nigeria’s Trade Volume

The Lekki Port LFTZ Enterprise Limited, promoters of the Lekki Deep Sea Port, has disclosed that the port, in collaboration with CMA CGM Shipping line, will facilitate growth in trade volume for Nigeria and increase the nation’s Gross Domestic Product (GDP). Managing Director, Lekki Port LFTZ Enterprise Limited… Read More


As Faac’s Monthly Allocations Rise

In what has become cheering news to most Nigerians, the amount of money shared by the three tiers of government at the monthly meetings of the Federation Account Allocation Committee has experienced some level of increase for some time now. In May last year, the amount rose to N680.783 billion, representing an increase of 6.94 per cent… Read More



Reps Ask Schools To Suspend Activities For Elections

The House of Representatives has raised the alarm over the imminent disenfranchisement of Nigerian youths, especially those in higher institutions of learning, as the schools are scheduling examinations close to the forthcoming general elections. At the plenary on Thursday, the House urged the National Universities… Read More


Politicians, Foreigners And Nigeria’s Elections

The call, the other day, by President Muhammadu Buhari on ambassadors posted to Nigeria to desist from interfering in the country’s forthcoming election is both timely and imperative. The president spoke while receiving Letters of Credence from the Ambassadors of Switzerland, Sweden, Republic of Ireland, Kingdom of Thailand, Republic of… Read More



4G Base Stations In Nigeria Hit 39,006, Data Crashes From N1200 To N350 – Pantami

The Federal Government said on Thursday that the number of base stations in Nigeria providing fourth generation communication network in the country has reached 39,006 while the number of people who have access to broadband services have risen to 88,273,690. The Minister of Communications and Digital Economy… Read More