Daily Business Headlines – JANUARY 30, 2024


NGX Continues Bullish Momentum As ASI Gains 2.22%, Hits 104,674.67

After slowing down the bullish momentum last week, the NGX has jerked back with a 2.22% gain, as the All-Share Index hit 104,674.67 points, up 2272.79 points from last Friday’s 102,481.55 points. Investors gained N1.244 trillion as the market capitalization appreciated to N57.282 trillion, from last Friday’s N56.038 trillion. Despite the bullish… Read More


Tinubu To Inaugurate Committee On New Minimum Wage Today

President Bola Ahmed Tinubu will inaugurate a 37-man tripartite committee on new minimum wage today (January 30) with a mandate to recommend a new national minimum wage for the country. The committee, whose inauguration is scheduled to hold by 12:00 noon at the Council Chamber, Presidential Villa, State House, Abuja, is sequel… Read More


Pension Funds Rise By 22% To N18tn – NAICOM

The total assets under the Contributory Pension Scheme reached N18.36tn by the end of 2023, according to data from the National Pension Commission. PenCom’s ‘Unaudited report on pension funds industry portfolio for the period ended December 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds… Read More

NERC Issues New Power Generation, Distribution Licences

The Nigerian Electricity Regulatory Commission has issued two power licences to the Alaro Connect Free Zone Enterprise at Alaro City in Epe, Lagos State. The licences would allow the enterprise to generate and distribute electricity within the free zone. The NERC made this known in a statement on its X handle on Monday. According to the… Read More



Minister Assures Of Supply To Nigeria-Morocco Gas Pipeline

The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, has assured of uninterrupted supply to the Nigeria-Morocco gas pipeline project. According to a statement by the minister’s spokesman, Louis Ibah, on Monday, Ekpo stated this when he led a delegation from Nigeria to Rabat in Morocco to meet with the country… Read More

Federal Government To Sanction Shipowners Over Carbon Emission Violation

The Federal Government says it is putting strategies in place to sanction vessels that contravene the International Maritime Organisation sulphur regulations. The Minister of Marime and Blue Econnomy, Adegboyega Oyetola, disclosed this on Monday, during the arrival ceremony of the largest container vessel, ‘CMA CGM Scandola… Read More


CBN Releases Fresh $500 Million To Clear Verified FX Backlog

The Central Bank of Nigeria (CBN) has released fresh $500m to various sectors of the economy to address the foreign exchange (FX) challenge. The Acting Director, the Corporate Communications Department of the CBN, Hakama Sidi-Ali, stated this in Abuja yesterday. According to Sidi-Ali, this comes barely a week after the apex bank… Read More



Tinubu Condoles With Abdulsalami Over Sister’s Death

President Bola Tinubu has condoled with the former head of state, Abdulsalami Abubakar, over the death of his younger sister, Salamatu Asabe. In a statement by the Special Adviser on Media and Publicity to the president, Ajuri Ngelale, President Tinubu also condoled with the family, and all those who mourn “this painful loss.” The president said the… Read More


ECOWAS: We Are Ready To Engage Burkina Faso, Mali, Niger — Federal Government

The Federal Government said yesterday it was ready to engage the governments of Burkina Faso, Mali and Niger Republic, so the people of the West African countries can continue to enjoy the economic benefits and democratic values in the Economic Community of West African States, ECOWAS. The government’s declaration came yesterday… Read More



NDPC Investigating 17 Major Cases Of Data Breach In Nigeria, Earns N400 Million

The Nigeria Data Protection Commission (NDPC) has said that it is actively investigating 17 major cases of data breaches across various sectors, including finance, technology, education, consulting, government, logistics, and gaming/lottery. The National Commissioner of the NDPC, Dr Vincent Olatunji, disclosed this at the Global Data Privacy… Read More