Daily Business Headlines – JULY 12 2023


Local Bourse Post 5th Day Gain As Investors Gain N580.23bn

Bulls continued to gain dominance at the Nigeria Exchange Limited (NGX) as the equities market gained for the fifth consecutive session. At the end of trading activities on Tuesday, the All-Share Index (ASI) gained 1.65 per cent to close at 65,669.29 basis points. Specifically, gains in Dangote Cement, BUA Cement and Dangote Sugar… Read More


NNPCL Gearing Up For IPO –Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari, on Monday, said efforts were in top gear to sell shares of the outfit through an Initial Public Offering (IPO). He said the moves were consistent with its new status as a limited liability company governed by the rules of the Company… Read More

Subsidy Removal: Why We Are Yet To Resume Petrol Imports-Oil Marketers

Despite the removal of subsidy on Premium Motor Spirit(PMS), popularly called petrol, by the Federal Government and the exchange rate unification, Major Oil Marketers Association of Nigeria(MOMAN) has said some challenges are militating against its effort at resuming fuel importation. Chairman of MOMAN, Mr. Olumide Adeosun, stated this in… Read More


CBN Advises Risk Management Practitioners On Emerging Risks

The Director, Risk Management, Central Bank of Nigeria, Dr Blaise Ijebor, has urged risk managers practitioners to keep up with trends that will pose as risks for their organisation. Ijebor, gave this charge during the 2023 Certified Risk Manager Induction. 80 professionals were inducted at the event in Lagos on Tuesday. While urging them to stay… Read More



CITN Throws Weight Behind Tinubu’s Tax Reform Initiatives

Chartered Institute of Taxation of Nigeria (CITN) has thrown its weight behind the Federal Government’s initiative to set up the Presidential Committee on Fiscal Policy and Tax Reforms. President Bola Ahmed Tinubu, had recently signed four Executive Orders with key fiscal policy measures featuring prominently, including the suspension of the… Read More


NNPCL Says Federal Government To Renegotiate OPEC Oil Quota November

The Nigerian National Petroleum Company Limited has said the Federal Government will renegotiate the country’s production quota in the ongoing OPEC+ cuts by November. The Group Chief Executive Officer, Mele Kyari, during a live interview with Bloomberg, said the country was working towards ramping up crude oil production by about… Read More


H1: Federal Government Spent $1.1bn On Foreign Debt Service As Total Remittances Hit $952m

As Nigeria continues to grapple with economic challenges, it has emerged that the federal government spent $1.169 billion to service its debt obligation from January to June 2023. According to the export and international payment data released by the Central Bank of Nigeria (CBN), the federal government spent $112.35 million in January… Read More



Akpabio, 13 Senators To Earn Over N5.6b Ex-Governors Pension, Benefits

Barring a change of mind by the beneficiaries, no fewer than 14 sitting senators, including the Senate President, Godswill Akpabio, will draw pensions and other benefits worth N5.6 billion from their states, for the duration of the 10th Senate. Except the former Governor of Ogun State, Senator Gbenga Daniel, who has requested that he be exempted… Read More


PDP Govs Task Federal Government On Insecurity, INEC, Others On Neutrality In Bayelsa, Imo, Kogi Gubernatorial Polls

Peoples Democratic Peoples Democratic Party Governors Forum (PDP-GF) has called on the Federal Government to tackle insecurity in the country. It also charged the Independent National Electoral Commission (INEC) and security agencies to be neutral in the conduct of  Bayelsa, Imo and Kogi States gubernatorial elections. The PDP governors… Read More



80 Countries To Discuss Fintech’s Resilience, Innovation In Nigeria The Nigeria

Fintech Week (NFW) returns with a renewed focus on embracing resilience, driving innovation, and fuelling diversification and is scheduled to take place from October 24 to October 26, 2023. NFW23 is poised to unite over 15,000 financial and fintech executives from over 80 countries across the globe for an engaging week-long series of… Read More