Daily Business Headlines – JUNE 8 2023


NGX Index Contracts By 0.03% On Renewed Selling Pressure

Selling pressure on large and mid-cap stocks like GTCO, Lafarge Africa, FBN Holdings, Flour Mills and others weakened the Nigerian Exchange (NGX) Limited by 0.03 per cent on Wednesday. The renewed profit-taking came a day after the local stock market rebounded, as investors embarked on cautious trading, monitoring happenings… Read More


Marketers Struggle To Raise N10bn For New Petrol Orders

Many depot owners may soon shut down their facilities due to the inability to meet the new financial requirement of about N10bn by the Nigerian National Petroleum Company Limited as the cost of lifting fuel from its ships, The PUNCH has learnt. The PUNCH on Wednesday noticed that many filling stations in Lagos State were not selling… Read More


LIRS, FIRS Issue Public Notice On Joint Tax Audit, Investigation

The Lagos Internal Revenue Service (LIRS) and the Federal Inland Revenue Service (FIRS) have issued a public notice on the Memorandum of Understanding (MoU) signed by both agencies to establish a Joint FIRS and LIRS Audit and Investigation Team, aimed at encouraging the exchange of information between both agencies… Read More


Federal Government Approves Ratification Of Maritime Conventions, Protocols

The federal government has approved the ratification of six maritime conventions and protocols that promote cleaner marine environment, ship-breaking criteria, global standard for fishing crew and response to oil pollution casualties. The approved instruments for ratification are Hong Kong International Convention for Safe… Read More



Nigeria Loses $2.7 Billion To Beans Exportation Ban

Stakeholders have raised concern that Nigeria has been losing $382.5 million yearly to the ban on beans exportation by the European Union (EU) in the last eight years, bringing the total loss to $2.9 billion. This comes against the backdrop of calls by stakeholders in Nigeria to adopt Agroecology to help the country save money and… Read More


AFDB Reiterates Commitment To Women-Led Enterprises

The African Development Bank (AfDB) Group has reiterated it’s commitment towards supporting women-led enterprises on the continent. The bank in a statement on its website said it would provide grants to small businesses to ensure this was achieved. ”The AfDB’s Gender Equality Trust Fund(GETF) will provide a 950,000 dollars… Read More


Palm Oil Imports From Malaysia Surges 353% In 4 Months

Palm Oil imports from Malaysia – a top global producer to Nigeria have surged by 353 per cent in the first four months of 2023 despite local players ramping up production, data from the Malaysian Palm Oil Council shows. The Nigeria’s palm oil import from Malaysia increased to 92,961 metric tons (MT) between January-April… Read More



Subsidy: Tinubu directs Shettima, Governors To Work On Palliatives

As Nigerians grapple with the aftershocks of the fuel subsidy removal, President Bola Tinubu has directed the National Economic Council to come up with inputs on palliatives and  the minimum wage review as part of measures to cushion the pain of subsidy removal. This was as the Trade Union Congress said it was expecting the Federal… Read More


NASS Leadership: Kalu, Yari, Izunaso’s Negotiations Reach Advanced Stage

Former Deputy Majority Leader of the Senate and senator-elect for Bauchi Central, Abdul Ahmed Ningi, yesterday, said no fewer than 67 of his colleagues have thrown their weight behind the aspiration of Orji Uzor Kalu and Abdulaziz Yari to emerge as presiding officers of the Senate. He said key contenders for the senate presidency… Read More



NITDA Bill: Multiple Regulations, Taxation Fears Grip Telcos Telecommunication operators have been kicking against the National Information Technology Development Agency Bill, which they claimed would impose multiple regulations and levies on them. BLESSING AFOLABI examines the issues surrounding the proposed NITDA Bill and how it may impact the telecom sector… Read More