Daily Business Headlines – JUNE 21 2023


Nigerian Stocks Rises By N51 Billion As Academy Plc Tops Gainers

The Nigerian Exchange (NGX) closed positive at the end of today’s trading session. The All-Share Index (ASI) traded 0.16% higher to close at 59,110.02 index points as against 59,014.85 index points recorded in the previous day’s trading session. The market capitalization of equities saw a gain of N51 billion to close at N32.185… Read More


Subsidy Removal: NEITI Probes Petrol Consumption Figure

The Federal Government should not go back on its decision to halt subsidy on Premium Motor Spirit, popularly called petrol, despite the opposition against the move, the Nigeria Extractive Industries Transparency Initiative stated on Tuesday. NEITI also announced that it had commenced a study to determine the actual consumption of petrol… Read More

Naira Devaluation Pushes Nigeria’s Export To N42tn

The value of Nigeria’s export may rise to at least N41.99tn per year following the Central Bank of Nigeria float of the naira. The apex bank had last Wednesday directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to bridge the gap between… Read More


Manufacturers Recalibrate, Hopeful Of Unified FX Rate Impact

During his inaugural speech on May 29, President Bola Tinubu said he would work towards a unified exchange rate. Two weeks after this announcement, the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange (FX) market. The development means that all forex windows are now collapsed and floated… Read More



Electricity Act 2023: States Begin Moves To Establish Utility Commissions

There are strong indications that various State Governments as federating units under the constitution may have begun moves to establish their various utility commissions in line with the recently assented Electricity Act 2023. President Bola Tinubu, had recently assented to the electricity bill, which authorises states, companies and individuals… Read More

OPS Raises Concern Over Electricity Tariff Hike, 7.5%VAT On PMS

Nigeria’s Organised Private Sector (OPS) has raised concerns over the hike in electricity tarrif effective June 1 and the 7.5 percent  value added tax (VAT) on the premium motor spirit (PMS), saying this was coming at the wrong time when manufacturers are grappling with the harsh economic realities worsened by the removal of fuel… Read More


Africa’s Trade Volume Slows 2.7% On Harsh Environment

Africa’s trade volumes slowed sharply by 2.7 percent in 2022 from 10 percent in 2021, following global output deceleration occasioned by challenging environment, according to a new trade report by Afreximbank. But the general price increases more than offset the losses in volumes, giving impetus to the value of global trade which… Read More



10th NASS: Battle Shifts To Reps’ Principal Officers

Following the emergence of Hon Tajudeen Abbas and Hon Benjamin Kalu as presiding officers for the 10th House of Representatives, the battle over who gets what has been shifted to principal officers of the House. The principal officers of the House are Majority (House) Leader, Deputy Leader, Chief Whip, Deputy Whip, Minority… Read More


Tinubu Appoints Hakeem Odumosu As Substantive EFCC Chairman

Following the suspension of Abdulrasheed Bawa as the Chairman of the Economic and Financial Crimes Commission (EFCC), President Bola Ahmed Tinubu has appointed the retired Assistant General of Police (AIG), Hakeem Odumosu as the substantive Chairman of the Commission. New Telegraph reports that President Bola Tinubu… Read More



Software Practitioners Elect New Executives As Abioye Emerges President Members of the Institute of Software Practitioners of Nigeria (ISPON), have elected new executives to lead the group from 2023 to 2025. ISPON elected Bimbo Abioye, an accountant turned IT executive, who takes over from Chinenye Mba-Uzoukwu, the immediate past president. ISPON is the industry professional body… Read More