Daily Business Headlines – JANUARY 31, 2024


Investors Lose N856bn As NGX Ends Bullish Run, Sheds 1.49%

The Nigerian Stock Exchange (NGX) on Tuesday halted its bullish run, experiencing a dip of 1.49 per cent at the close of trading activities. This downturn marked a departure from the recent positive momentum, with the All-Share Index shedding 1,564.52 points to close at 103,110.15 points, down from the opening value of 104,674.67. Losses… Read More


Minimum Wage Review: Federal Government Urges Committee To Be Guided By Social Justice, Timely Completion Of Task

President Bola Tinubu has inaugurated a 37-man Tripartite National Minimum Wage Committee, with a directive to its members to ensure their decisions are firmly rooted in social justice and equity. In order to guarantee sustainability by all tiers of government, the President said the committee needs to pay attention to the ability of all parties… Read More


Abuja Disco Management Fired Over Poor Power Supply

A Major Management shakeup yesterday hit the Abuja Electricity Distribution Company (AEDC), as the embattled electricity firm named Victor Ojelabi, as its Acting Managing Director/CEO. Until yesterday, Ojelabi was the firm’s Chief Internal Auditor. The appointment also means the new MD becomes the sixth Chief Executive of the Disco… Read More


NNPCL Woos South Korean Investors For Gas Projects

The Nigerian National Petroleum Company Limited has held talks with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria. NNPCL said in a statement issued in Abuja on Tuesday that the discussions which held in Seoul, South Korea, were aimed at deepening the oil company’s drive to tap into the… Read More



Trapped Funds: CBN Releases Fresh $64.44m To Foreign Airlines

The Central Bank of Nigeria (CBN), on Tuesday, said it has cleared verified outstanding liabilities to foreign airlines with $64.44 million. The money is forex backlog accumulated from the sales of international flight tickets by foreign airlines operating in Nigeria. Confirming the figures, CBN’s Spokesperson, Mrs Hakama Sidi Ali, noted that… Read More


Naira Plunges In ‘Official Market’, CBN Warns Forex Dealers

The naira plunged further at the official window on Tuesday, closing at an all-time-low of N1,482 against the United States dollar. The local unit had closed at 1,348 against the greenback on Monday after the FMDQ Security Exchange review the methodology used for the calculation of its rates. This came as the Central Bank of Nigeria released… Read More

Nigeria: IMF Foresees Weaker Growth

The International Monetary Fund has downgraded Nigeria’s economic growth projections for 2024 to 3.0 per cent from 3.1 per cent in its October forecast. It disclosed this in its ‘World Economic Outlook Update, January 2024.’ In a table, the IMF estimated that Nigeria’s economy grew by 2.8 per cent a slight decline from the 2.9 per cent it… Read More



Rising Insecurity: Senate Expresses Anger, Summons Security Chiefs, Pass Resolution On Tinubu

Security Chiefs will next week appear before the Senate to explain the reasons behind the rising level of insecurity in the country. This is following the resolve by the Senate on Tuesday to invite Nation’s security heads. The Senators rising from their two hours executive session passed the resolution via a motion which was read by the Senate… Read More


AU Expresses Regret As Mali, Burkina Faso, Niger Send Formal Withdrawal Notice To ECOWAS

The African Union yesterday expressed “deep regret” over the decision by the military regimes in Burkina Faso, Mali and Niger to withdraw from the West African bloc ECOWAS. Meanwhile, Niger has now sent ECOWAS official notification of its withdrawal from the West African bloc, an official source said Tuesday, a day after Mali and Burkina… Read More



Regional Internet Penetration Lags Behind Global Speed

The Internet Corporation for Assigned Names and Numbers (ICANN) said that while provisional estimates showed that Internet users in Africa increased from 4.5 million in 2000 to nearly 600 million in 2022, penetration remained at 43 per cent as against 68.6 per cent in the rest of the world. ICANN said insufficient infrastructure and the high cost… Read More