Daily Business Headlines – JULY 11 2023


Nigerian Equity Market Close To All Time High As TINUBULLS Continue

The first trading day of the week saw a bullish start for the stock market, as equities added 851 billion in value.  The equity market closed higher by 2.48%, reaching N35.18 trillion from N33.83 trillion in the previous session, reflecting the optimistic mindset of investors. The Nigerian Stock Exchange All Share Index (NGX ASI) ended the trading… Read More


ACAEBIN Advocates More Investments To Check Cyber-Fraud

The latest banking fraud and forgeries report by FITC for the first quarter (Q1) of 2023 has seen the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) call for more investments in dealing with risks associated with cyber fraud. The report by FITC revealed that bank customers in Nigeria lost a total of N472 million to fraudsters in Q1… Read More

CPPE Kicks Against FIRS’ S Decision To Collect Tax From Informal Sector

The Centre for the Promotion of Private Enterprises (CPPE) has advised against the decision of the Federal Inland Revenue Service (FIRS) to undertake Value Added Tax (VAT) collection in the informal sector, saying the economics of collection does not support the move. Director of the Centre, who made the remark following the… Read More


Nigeria Now Accounts For 33% Of Africa’s Gas Reserves – Federal Government

Nigeria currently accounts for 33 per cent of the total gas reserves in Africa, the Federal Government said on Monday.While disclosing this through the Nigerian Upstream Petroleum Regulatory Commission, it added that the gas reserves in Nigeria could last for about 94 years. The Chief Executive Officer, NUPRC, Gbenga Komolafe, disclosed… Read More



Foreign Investments Dropped By $1.1bn In Q1 — NBS

The total foreign capital inflow into Nigeria in Q1 2023 dropped by $1.132bn in the first quarter of 2023, the National Bureau of Statistics has disclosed. In a report yesterday, the NBS said the figure was a 28 per cent ($1.5bn) decrease when compared to the same period in 2022. It however stated that the figure was a 6.78 per cent increase… Read More


Organised Private Sector Demands Policy Roadmap For Non-Oil Exports

Members of the Organised Private Sector, on Monday, intensified calls for the formulation of policies to articulate a definite roadmap for non-oil export and non-traditional tradable goods and services. They said the panacea for employment generation, foreign exchange earnings and investments in non-oil exports, particularly in the agricultural sector… Read More


Federal Government To Integrate NIMASA, FIRS, Other Revenue Collecting Agencies

The Federal Government is set to integrate the activities of the Nigerian Maritime Administration and Safety Agencies (NIMASA), the Federal Inland Revenue Services (FIRS), and other revenue-collecting agencies in Nigeria. Zach Adedeji, the Special Adviser to President Bola Tinubu on Revenue, disclosed this on Monday during an… Read More



Court Restrains INEC From Prosecuting Suspended Adamawa REC

The Federal High Court, Abuja has stopped the Independent National Electoral Commission (INEC) from prosecuting the suspended Adamawa Resident Electoral Commissioner (REC), Hudu Yunusa-Ari, over his declaration of Aisha ‘Binani’ Dahiru, the All Progressives Congress (APC) candidate, as governor in the March 18 poll. Justice Donatus… Read More


Akeredolu Writes Assembly, Extends Medical Leave

GOVERNOR Rotimi Akeredolu of Ondo State, yesterday, wrote to the state House of Assembly requesting an extension of his medical leave. The Speaker of the Assembly, Mr. Olamide Oladiji, who confirmed the receipt of the letter, explained that the governor’s request was sequel to doctors’ advice on the need for him to take adequate… Read More



Capital Inflow Into Telecoms Declines By 87% In Q1 2023

Nigeria’s telecommunications industry recorded a significant decline in capital importation in the first quarter of this year as total foreign investments for the quarter stood at $22 million.  Compared with the $168.3 million attracted by the industry in Q4 2022, this represents an 87% decline in foreign investment. According to the Capital Importation data… Read More