Daily Business Headlines – March 15, 2023


Investors Lose N36bn As Stock Market Slides Further

The Nigerian Exchange Limited on Tuesday continued its downward trend as investors lost N36bn at the close of trading. The All-Share Index lost 65.47 points to settle at 55,722.9 from the 55,788.37 points recorded on Monday. The market capitalisation also dropped by 0. 118 per cent to close the day at N30.355tn. A total of 199,268,791 shares… Read More


Respite As Banks, Others Accept Old N500, N1,000 Notes

Emma Ujah, Abuja Bureau Chief, Gabriel Ewepu, Elizabeth Adegbesan & Providence Ayanfeoluwa. The widespread rejection of the old N500, N1,000 yesterday melted   as banks and Nigerians began to accept the notes in compliance with the   directive of   the Central Bank of Nigeria, CBN. The CBN on Tuesday night had directed   banks to… Read More


NDIC: Banks Lost N7.19bn to Fraud, N4.97bn to Digital Banking in 2021

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the value of fraud and forgery perpetrated in Deposit Money Banks (DMBs) rose by 34.9 per cent to N7.19 billion in 2021 compared to N5.33 billion in 2020. This was contained in the NDIC 2021 Annual Report, which was seen by THISDAY. According to the NDIC, the number… Read More


E-Payment Transactions Dipped To N37tr In February

The value of e-payment transactions dropped to N37.67 trillion in February 2023, representing a 4.83 per cent decrease from the N39.58 trillion that was recorded in January 2023, the Nigeria Inter-Bank Settlement System (NIBSS) report said yesterday. NIBSS said e-payment gateways use recorded a 41.29 per cent monthly increase… Read More



Analysts Project 2.5% GDP Growth In Q1’23

Analysts at the research department of Coronation Merchant Bank have said they expect Nigeria’s Gross Domestic Product (GDP)to grow by 2.5 per cent in the first quarter of this year compared with 3.52per cent in Q4’22. The analysts made the forecast while commenting on the 2022 full-year GDP report recently released by the… Read More

NBS: Petrol Imports Gulped N11.89trn In 3 Years

Nigeria spent a total of N11.89trillion on the importation of Premium Motor Spirit (PMS)- petrol-between 2020 and 2022, according to data released by the National Bureau of Statistics (NBS). New Telegraph’s analysis of the NBS’ “Foreign Trade in Goods Statistics” reports for the last three years, shows that the country spent N5.22trillion on… Read More


Foreign Airlines Trapped Funds Hit $743m – IATA

The International Air Transport Association on Tuesday disclosed that the trapped funds belonging to foreign airlines operating in Nigeria have risen by 12.39 per cent to $743,721,097 in January 2023 from $662m in the corresponding period last year, the PUNCH learnt. IATA disclosed this in a letter addressed to the Minister of… Read More



INEC Will Prosecute Electoral Offenders With Speed – Yakubu

The Chairman of the Independent National Electoral Commission, Prof. Mahmood Yakubu, said on Tuesday that the commission is setting up a legal team to deal with cases of electoral offenders during the February 25 presidential and National Assembly polls. This was as he said the forthcoming governorship and state Houses of Assembly… Read More


INEC To Political Parties: See March 18 Elections As Contest, Not War

With exactly three days to Saturday’s governorship and Houses of Assembly elections, the Independent National Electoral Commission (INEC) has advised political parties and their supporters not to see the polls as war, but as a contest. INEC Chairman, Professor Mahmood Yakubu, disclosed this yesterday, at a meeting of the Inter-agency Consultative Committee on Election Security ahead of the elections… Read More  



Nigeria’s tech ecosystem accounts for 30% of Africa’s funded ventures — Osinbajo Vice President Yemi Osinbajo says Nigeria’s technology ecosystem accounts for almost 30 per cent of Africa’s funded ventures with no fewer than 180 startups. Osinbajo said this at the Official Inauguration of the Investment in Digital and Creative Enterprises (iDICE) Programme and the Unveiling of iDICE logo on Tuesday at the State… Read More