Daily Business Headlines – JUNE 7 2023


ETRANZACT, ETERNA Leads Gainers As NGX Gains N126 Billion

The Nigerian Exchange (NGX) closed positive at the end of today’s trading session. The All-Share Index (ASI) traded 0.41% higher to close at 56,038.85 index points as against 55,806.71 index points recorded in the previous day’s trading session.The market capitalization of equities depreciated by N126 billion to close… Read More


Subsidy Removal Has Doubled Depot Petrol Price, Say Marketers

Prices of petrol at depots have increased more than 100 per cent following the official removal of subsidies since May 29. National Controller Operations, Mike Osatuyi, on Tuesday, told The PUNCH that many downstream businesses were currently struggling to stay afloat as a result of the hike in prices of products at the depots… Read More


SSASCGOC To Engage Ministry, NASS On Collapsed Quay Apron At Tin Can, Rivers Ports

Pragmatic moves to fix the collapsed quay apron at the Tin Can Island Port and other ports across Nigeria, has been the priority of the new executives of the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC), maritime branch. The union executives who expressed concerns over the… Read More

Subsidy: Manufacturers Need Stable Power To Remain In Business –MAN

The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to guarantee improve and reliable power supply  for its members  in the sector to enable them remain in busiess in the face of removal of fuel subsidy. The Association made the call as the effect of fuel subsidy removal continues to take  a toll… Read More



World Bank: Nigeria’s Economic Growth Too Slow To Reduce Poverty

The World Bank, yesterday, warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of high inflation, foreign exchange shortages… Read More


$10bn Spent On Nigeria’s Refineries Which Produced No Petrol Over A Decade

Nigeria spent more than $10 billion in a decade on three oil refineries that produced hardly any fuel, a parliamentary report said. It cost the state-owned Nigeria National Petroleum Co. 4.8 trillion naira ($10.3 billion) to run the facilities from 2010 to 2020, even though they were operating far below their combined capacity of 445,000 barrels… Read More


Paris Club Refund: Court Summons Emefiele Over $53m Debt

A Federal High Court, Abuja, on Tuesday, ordered Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), to appear before it on July 19 over a $53 million-judgment debt arising from the Paris Club refund. Justice Inyang Ekwo, who gave the order during the hearing of a suit marked: FHC/ABJ/CS/1193/2017, insisted… Read More



Akpabio’s Bid Faces Hiccups As Senators-Elect Withdraw Support

The race for the position of president of the Senate by former Akwa Ibom State governor, Godswill Akpabio, has again, suffered a major blow, as senators-elect have reportedly withdrawn support, ahead of the inauguration of the 10th National Assembly next Tuesday. This is even as senator-elect from Kano State, Sumaila… Read More


Reps Disapprove Of Nigeria Air, Ask Federal Government To Halt Operations

The House of Representatives has expressed dissatisfaction with the actions of the former minister of aviation, Hadi Sirka, in going ahead to flag off the operations of Nigeria Air despite a standing court injunction against such, and without any provision for sustaining the operations of the airline. Therefore, the House directed the… Read More



NAICOM, NITDA To Institutionalise Cyber Insurance In Nigeria With the rapid digitalisation of the global economy, the National Information Technology Development Agency (NITDA) and the National Insurance Commission (NAICOM) are collaborating to institutionalise cyber insurance in Nigeria. To this end, the NITDA Director General, Kashifu Inuwa Abdullahi, on Tuesday, paid a courtesy… Read More