Daily Business Headlines – JULY 17 2023


Volatile Trading Week Ends With Nigerian Stocks Slumping, N98 Billion Loss Incurred

The Nigerian equities market ended the week with a negative performance as the total value of listed equities fell by N98 billion on Friday, 14th July 2023.   The market experienced a slight dip of 0.29% and ended the week at N34.069 trillion on Friday. This represents a minor decrease from Thursday’s closing of N 34.167 trillion. The market closed… Read More


MAN Kicks Against Members’ Displacement In World Bank’s Mass Metering Programme

The Manufacturers Association of Nigeria (MAN) has decried  the impending displacement of local meter manufacturers and assemblers in the downstream of the power sector in the process of government’s implementation of the national mass metering programme (NMMP) Phase II World Bank funded supply of 1.2million smart energy meters… Read More


Federal Government, Lagos Clear Extortion Points Along Ports Access Roads

The Federal Government through the Nigerian Ports Authority, in collaboration with the Lagos State Government, has commenced the demolition of shanties and extortion points leading to the Lagos ports, to enhance trade facilitation and improve the security and safety of port users in the state. A statement by the authority said the operation… Read More


Standard Chartered, Access Seal Sales Agreement In Five Countries

Standard Chartered Bank and Access Bank Plc have entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone as well as its consumer, private and business banking business in Tanzania. Each transaction remains subject to the approval of the respective… Read More



FX Illiquidity Persists As Naira Exchange Rate Falls To N803/$1

Despite recent reforms taken the Bola Tinubu administration, investigations by Daily Sun can reveal that manufacturers and businesses are still unable to access forex at the official market. Consequently, naira exchange rate to the Dollar fell to N803.90/$1 at the Investors’ and Exporters’ (I&E) window last week. The supply constraint is said to be… Read More

Emefiele’s Detention Scaring Foreign Investors, Finance Experts, Lawyers Tell Federal Government

Finance experts and lawyers have advised the Federal Government to call the Department of State Services (DSS) to order as the prolonged detention of the suspended Central Bank of Nigeria Governor, Mr Godwin Emefiele, may besending dangerous signals to offshore and local investors who now see the country as a paradise where the rule of law… Read More


CBN Raises Corporate Governance Bar To Boost Market Confidence

During his May 29 inaugural speech, President Bola Tinubu gave a clear indication of the economic direction his administration would go. It was not surprising when the Central Bank of Nigeria (CBN) quickly adjusted to the new direction. Swiftly, the apex bank floated the foreign exchange rate at the Import and Export (I&E) window, which has … Read More



Africa Union: Tinubu Rejects Fresh Scramble For Africa, Pledges To Strengthen ECOWAS

President Bola Tinubu on Sunday in Nairobi, Kenya strongly rejected the notion of a new scramble for Africa as various countries including China, United States, Russia, France and Iran, are establishing new blocs between them and the continent. Speaking at the Fifth Mid-Year Coordination Meeting (5thMYCM) of the African Union (AU), the… Read More


Adamu Resigns As APC Chair

The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu, tendered his resignation last night, Daily Trust reliably gathered. Credible sources confirmed to. The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu, tendered his resignation last night, Daily Trust reliably gathered… Read More



Digitising Nigerian Msmes Will Boost GDP By N53bn – NITDA DG

Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA) has urged non-tech micro, small, and medium enterprises (MSMEs) to adopt digitalization and technology to accelerate growth. Abdullahi who stated this during a recent visit to GIZ/DTC Nigeria office noted that by digitising their processes… Read More