Daily Business Headlines – JUNE 14 2023


Equities Investors Earn N1.2trn At NGX As ASI Appreciates By 3.99 Per Cent

Equities trading at the Nigerian Exchange Limited (NGX) opened the week on an impressive note as investors reacted positively to the policy signals and planned financial sector reforms from the new administration of President Bola Tinubu. The NGX All Share Index ballooned by 399 basis points or 3.99 per cent to settle at 58,163.55 points… Read More


Nigeria Loses $17bn Annually Over Lack Of National Carrier – MAN DG

The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has restated the need to resuscitate the nation’s national carrier to reduce capital flight with the death of the Nigerian National Shipping Line (NNSL). The MAN boss noted that  with the absence of a national carrier, Nigeria loses about $17 billion… Read More


Consumers, Companies Paid N1tn Tax In Q1 2023 – NBS

Consumers of goods and services and companies paid about N1.18tn as taxes to the government in the first quarter of 2023, according to the latest reports by the National Bureau of Statistics. This represents a slight increase from the N1.14tn that was raised in Q1 2022. The N1.18tn was raised from Value Added Tax and… Read More

NASD OTC Diversifies Operations

Nigeria’s only licensed Over-The-Counter Exchange, NASD OTC has commenced the diversification of its operations in order to enhance its competitive edge, attract more customers, boost revenue and deliver shareholder value. According to a statement, the Exchange is already holding talks with the National Pension… Read More



Trapped Funds: Embark In Massive Export Drive For Forex, Experts Urge Federal Government

As President Bola Tinubu, vowed to ensure that investors and foreign businesses repatriate their dividends and profits home”, his government has been urged to leverage the RT200 policy of the Central Bank of Nigeria (CBN) and embark on massive export drive to earn more foreign exchange (forex). Recently, the International Air… Read More


Nigeria Increases Oil Export Storage Capacity By 4m Barrels

The Federal Government, yesterday, offered its first terminal establishment licences under the Petroleum Industry Act (PIA) to Nigeria National Petroleum Company Limited and Balema Oil Producing Limited, while wooing investors into the sector. Offered by the Nigerian Midstream Downstream Petroleum Regulatory… Read More


Nigeria’s Oil Output Rises 15.6% To 1.3 Mb/D

THE Organisation  of Petroleum Exporting Countries, OPEC, yesterday, disclosed that Nigeria’s oil output, excluding condensate increased by 15.6 per cent to 1.3 million barrels per day, mb/d in May, from 1.1 mb/d recorded in the preceding month of April 2023. The organization, which disclosed this in its June 2023 Monthly… Read More



Akeredolu On Overseas Medical Trip, Says Ondo Speaker

The governor was said to have been seriously ill past couple of weeks and unable to attend to government activities. His ill health had left many indigenes and supporters anxious, with opposition political parties, especially the Social Democratic Party (SDP), demanding that he opens up on his true health status. However, the State House… Read More


10TH NASS Leadership: How Akpabio, Abbas Floored Opponents

After months of political intrigues, permutations, and drama, the four candidates nominated by the ruling All Progressives Congress, APC, for Senate and House of Representatives leadership won their elections in style yesterday. The four anointed candidates are Senate President, Godswill Akpabio; Deputy Senate President, Jibrin… Read More



NCC Positions Nigeria For $13.2tr 5G Revolution The Nigerian Communications Commission (NCC) said it has played an effective role in placing the country in a vantage position to reap the immense benefits of the Fifth-Generation (5G) network. The NCC noted that the communications sector is indeed the pace-setter sector as far as the expansion of the frontiers for… Read More