Daily Business Headlines – JUNE 15 2023


Aggressive Demand For Financial Stocks Pushes NGX Higher By 3.13%

The Nigerian Exchange (NGX) Limited sustained its upward movement on Wednesday as it closed higher by 3.13 per cent when the closing gong was struck by 2:30 pm. The bullish run persisted due to the aggressive demand for financial stocks, as investors bet on them because they projected that the suspension of Mr Godwin Emefiele… Read More


Poor Counterpart Funding Stalled Deep Seaport Project – Ex-Minister

The Former Minister of Transportation, Mr Sambo Muazu, has said that the inability of the Chinese Export-Import Bank to provide 85 per cent of its counterpart funding for the Bonny Deep Seaport project stalled the commencement of the port. Sambo said this over the weekend while speaking during a Facebook interview on the… Read More

Concessionaires Invested $300m In Modernisation Project, Say Customs

The Controller General of the Nigeria Customs Service, Col. Hammed Ali (retd), has disclosed concessionaires of the Customs modernisation project have invested over $300m in the project. Addressing journalists after a mentorship lecture for the newly recruited Customs officers in Lagos on Tuesday, Ali assured Nigerians that… Read More


NMDPRA, Marketers Meet To Avert Petrol Scarcity

Following oil marketers’ cry over paucity of funds to import products, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) met with them on Wednesday in Abuja, as part of the strategy to avert products scarcity since the sector has been fully deregulated. In attendance were; Major Oil Marketers Association… Read More



OPEC Projects Nigeria’s Economy Recovery In Coming Months

The Organisation of the Petroleum Exporting Countries has said, although Nigeria’s economy faced challenges in the first half of the year, it may recover in the coming months. The group in its latest report on the Monthly Oil Market Report for May said the recovery would be hinged on Nigeria’s Purchasing Manager Index for April… Read More


Anxiety In FX Market Over FG’s Liberalisation Policy

Days of defending the naira are over as the Central Bank of Nigeria (CBN) may gave given commercial banks and other authorised dealers the nod to sell foreign exchange at market-determined rates. This move is consistent with President Bola Ahmed Tinubu’s promise to ditch the multiple exchange rate and achieve some sort of convergence… Read More


FG Generated N469bn From Company Income Tax In Q1 2023 — Down By 37.8% From Q4 2022

The federal government generated N469.01 billion from company income tax (CIT) in the first quarter (Q1) of 2023. The accrual decreased by 37.79 percent from N753.88 billion earned in the previous quarter (Q4 2022), the National Bureau of Statistics (NBS) said in its latest CIT report for the first three months of the year. As one of… Read More



10th NASS Notifies Tinubu, Parliamentary Union Of Take-Off

The Senate yesterday resolved to write letters to the Nigerian President Bola Ahmed Tinubu, the Speaker of the House of Representatives, Tajudeen Abbas and the Inter-parliamentary Union (IPU) on the commencement of their legislative activities.  After Senate President Godswill Akpabio took the opening prayers, the Senate went for… Read More


Inauguration Of 10th Lagos Assembly: Hopes, Dreams, Expectations

On Tuesday, June 6, the 10th Lagos State House of Assembly was proclaimed and inaugurated, thus, signaling the smooth take-off of another four years of robust legislative engagement by the 40-member state assembly. As early as 8am, dignitaries and personalities from across the state, and even beyond, had all… Read More



New Telcos Eyeing 27millon Nigerians Without Telecom Access – NCC LICENCING Mobile Virtual Network Operators and the continued rollout of Fifth Generation (5G) networks across the country is in a bid to offer telecommunication services to the 27 million Nigerians without access to telecoms, the Nigerian Communications Commission has said. The commission said the number of Nigerians without access… Read More