Daily Business Headlines – JULY 19 2023


Nigerian Stocks Surge, Gains 449 Billion Naira In Value

The Nigerian stock market maintained its positive momentum as the total value of listed shares rose by N449 billion naira on Tuesday, 18th July 2023.  The market ended Tuesday’s session with a modest gain of 1.31%, lifting its value to N34,722 trillion. This represented a slight recovery from the previous day’s close of N 34,273 trillion. The market… Read More


NPA Rakes In N191.4bn Revenue In H1, Eyes N500bn By Year End

The Nigerian Ports Authority (NPA) has released its half-year performance report, showing a gross revenue of N191, 430,093,501.The report, signed by its Managing Director, Mohammed Bello Koko, also showed that the Authority, between January and June, remitted N55,712,565,027.46 to the Consolidated Revenue Fund (CRF) of the… Read More

Expect Price Fluctuations, IPMAN Tells Nigerians As Petrol Price Hits N617/Litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said Nigerians should expect fluctuations in the price of Premium Motor Spirit (PMS), popularly called petro as a result of the deregulation of the petroleum downstream sector. National Operations Controller of IPMAN, Mr. Mike Osatuyi, told Daily Sun that yesterday’s hike… Read More


56 Firms Receive Fuel Import Licences As Consumption Drops By 35%

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the demand for Premium Motor Spirit (PMS) has dropped by over 35 per cent since the removal of subsidy. According to the Chief Executive Officer, NMDPRA, Farouk Ahmed, the daily PMS truck out has reduced significantly to about 47 million litres per… Read More



Oil Exploration: Nigeria’s Rig Count Rises 27.7% To 14 — Report

NIGERIA’s rig count, an index of measuring activities in the upstream sector of the petroleum industry rose, year-on-year, YoY, by 27.3 per cent to 14 in June 2023, from 11 in the corresponding period of 2022. Also, on month-on-month, MoM, the nation’s rig count rose by 7.7 per cent to 14 in June 2023, from 13 in May 2023… Read More


UK Agency Approves Naira For Financing Transactions

Britain’s export finance agency will add the naira to its list of “pre-approved currencies” for financing transactions. This will enable the agency provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that has pre-approved for its programme of funding… Read More

Economy Remains Weak, Fragile –LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has warned that the Nigerian economy remains weak and fragile despite showing 10th consecutive growth amid contracting monetary policies.  President of the chamber, Dr Michael Olawale-Cole, made the remark during an address on the state of the economy for the second… Read More



Appeal Court Dismisses APC Gubernatorial Appeal Against Governor Mbah

THE Enugu Division of the Court of Appeal has dismissed the suit filed by the governorship candidate of the All Progressives Congress, APC, in the 2023 general election in Enugu state, Chief Uche Nnaji, challenging the victory of Dr. Peter Mbah of the Peoples Democratic Party, PDP.“ The decision of the three-man panel of the appellate court was… Read More


Kogi 2023: “Why Ododo Remains The Best” – Governor Bello’s CPS, Onogwu

Frontline Gubernatorial candidate of the All Progressives Congress, APC, Ododo Ahmed Usman in the November 11 Kogi Governorship polls has been described as the most competent among other candidates to succeed current Governor Yahaya Bello, the Chief Press Secretary to the State Governor, Onogwu Muhammed has said… Read More



CBN, CBE Establish Nigeria-Egypt FinTech Bridge

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt fintech bridge. Director of Corporate Communications of the apex bank, Dr Isa AbdulMumin, stated this in a statement, revealing that the signing took place during the Seamless North… Read More