Daily Business Headlines – March 21, 2023


NGX: Investors Lose N16 Billion In Nigeria’s Stock Market

On Monday, investors at the Nigerian Exchange Ltd. (NGX) stock market lost N16 billion due to sell-offs in medium- and large-capitalised stocks. The NGX All Share Index (ASI) decreased by 29.35 basis points or 0.05 per cent to close at 54,886.04 basis points from 54,915.39 recorded on Friday. Similarly, the market capitalisation lost… Read More


E-Bills Payment Falls By 44% Over Cash Crunch – NIBSS

The value of electronic utility payments fell by 44.86 per cent in February despite the Central Bank of Nigeria’s naira redesign policy aimed at growing cashless transactions. In February, the value of utility bills payment fell to N90.93bn from N164.89bn in January according to data from the Nigeria Inter-Bank Settlement System… Read More


Lingering Economic Challenges Push 44 Firms Off NGX List In Seven Years

Parlous infrastructure, foreign exchange (forex) shortages, multiple taxation, among others have been linked to rising cases of firms being delisted from the Nigerian Exchange Limited (NGX), especially in the manufacturing sector as investors at the weekend, charged the incoming government not to handle issues of the capital market with levity… Read More  


As MPC Ends Today, Stakeholders Seek Urgent Solution To Naira Scarcity

With the scarcity of the naira biting harder in many parts of the country, financial experts have urged the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to take urgent steps to address the perennial shortage of cash. The meeting, which started yesterday, is expected to end today, with the CBN governor… Read More  



N1trn Debt Payment, Gas Supply, Others Top Gencos’ Agenda For Incoming Govt

Power Generation Companies (Gencos) have listed some issues affecting operators and investors in the Nigerian Electricity Supply Industry (NESI), which they want the next president to pay priority attention to. Executive Secretary of the Association of Power Generation Companies (APGC), Dr Joy Ogaji, in an exclusive chat with… Read More

Nigeria’s Oil Rigs Count Stagnates, Despite February Crude Production Growth

Despite adding about 48,000 barrels per day in February, Nigeria’s oil rigs count stagnated at 13 during the month, THISDAY analysis of the latest data released by the Organisation of Petroleum Exporting Countries (OPEC) has revealed. Hope of new investment in the oil and gas sector in the country grew markedly in January when Nigeria’s oil… Read More


Banks’ borrowing from CBN falls 14% to N453.7bn

Banks’ borrowings from the Central Bank of Nigeria (CBN) Standing Lending Facility (SLF) fell month-on-month (MoM) by 14 percent to N453.7 billion in February from N528.15 billion in January 2023. Vanguard findings from the CBN’s Financial Data for January and February 2023, however, showed that banks’ deposits in the apex bank’s Standing… Read More



European Union Observers Blame Politicians, INEC For Vote-Buying

The European Union has knocked the Independent National Electoral Commission for failing to live up to expectations in the electoral process of Nigeria. The Chief Observer, EU Election Observation Mission, Barry Andrews, in his preliminary statement of the EU EOM on the governorship and  Houses of Assembly elections on Monday said… Read More


Governorship Elections: Aggrieved Candidates Should Go To Court, Foreign Observers Say

Foreign observers, under the aegis of the International Police Chaplain Sustainable Development and Law Enforcement (IPCSL), have urged aggrieved political parties and their candidates to go to court to challenge the results of the March 18 governorship and state assembly elections. The observers also counselled Nigerians to preserve… Read More



Consensys, Moonpay Partner To Empower Nigerian Users With Easy Access To Crypto Directly In Metamask Market-Leading Web3 company, ConsenSys, revealed that MetaMask, the world’s leading self-custody wallet and MoonPay, the leading web3 infrastructure company, have expanded their offering in Nigeria. Users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio… Read More