Daily Business Headlines – JULY 04 2023


Nigerian Stocks Open July With N534 Billion Gain

The Nigerian Exchange (NGX) closed positive at the end of today’s trading session as Investors begin July with bullish sentiments. The All-Share Index (ASI) traded 1.61% higher to close at 61,949.24 index points as against 60,968.27 index points recorded in the previous day’s trading session. The market capitalization of equities saw… Read More


CBN Intervenes As More Pos Operators Implement Rate Hike

Central Bank of Nigeria has said it will intervene to resolve issues around the new charges adopted by Point of Sale operators in Nigeria. Already, Point of Sale agents are meeting with stakeholders across the country to agree on changes in transaction charges for PoS services. This is following increases in PoS charges across Lagos, Ogun, and… Read More


PENCOM Fines Defaulting Firms N12.093bn

The National Pension Commission (PenCom) has sanctioned defaulting companies N12.09billion monetary fines, LEADERSHIP learnt. This is aside the N12.440 billion principal contributions recouped, making a total payment of N24.5billion by employers who failed to remit the pension contributions of their workers as and when due. The penalty… Read More


Bread Producers Serve Notice Of Imminent Hike In Prices

Nigerians have been asked to brace up for increase in the prices of bread, a major food item on the table of almost all Nigerians. The produce said their cost of production has risen following the withdrawal of fuel subsidy and the liberalization of the foreign exchange (forex) market by the federal government. President of Premium Bread makers… Read More



Tinubu Assures Investors Of Policy Consistency

President Bola Tinubu has assured the global business community of his administration’s commitment to policy consistency and better investment climate. According to Special Adviser Special Duties, Communication and Strategy, Dele Alake, the president gave the assurance when he received the delegation of the Shell Petroleum… Read More

Concerns As Nigeria’s External Reserves Dip $3bn In 6 Months

Nigeria’s struggles with weak crude oil output and a drop in foreign investors’ participation in the capital market has triggered a decline in its external reserves, which fell by about $2.8 billion in the first six months (H1) of 2023, data obtained from the Central Bank of Nigeria (CBN) revealed. The external reserves had opened the year at about $37… Read More


Bank Of America Warns Nigeria Inflation May Hit 30%

The Bank of America has said the Monetary Policy Committee of the Central Bank may need to increase interest rates by at least 700 basis points before the end of the year to curb inflation. In an interview with Bloomberg on Monday, the bank’s sub-Saharan Africa Economist, Tatonga Rusike, said the hike was necessary to tackle soaring… Read More



Tinubu, INEC Kick As Court Admits EU Final Report In Evidence In Atiku’s Petition

The Presidential Election Petition Court (PEPC), yesterday, admitted in evidence, a certified true copy of a final report by the European Union Electoral Observer Mission on the 2023 general elections. The mission accredited 110 observers from 25 EU member states, as well as Norway, Switzerland and Canada. The report admitted and marked as… Read More


Chinese Govt Offers Tinubu Development Model For Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchun, on Monday, promised that his country will give the needed support to the President Bola Tinubu-led Federal Government  to ensure the development of the country. Speaking during a meeting with the Secretary to the Government of the Federation, George Akume, Jianchun gave the assurance… Read More



The Journey Towards The Nigeria Data Protection Act 2023

The Nigeria Data Protection Act 2023 signed into Law by His Excellency, President Bola Ahmed Tinubu GCFR on June 12, 2023, effectively positions Nigeria to take its pride of place in the comity of nations in the very important aspect of data protection and data privacy. In this article, I will discuss the timeline and catalogue the series of… Read More