Daily Business Headlines – March 9, 2023


Interest In Dangote Cement, 17 Others Lift Stock Market By N108bn

Investors’ positive sentiments resurfaced in the stock market of the Nigerian Exchange Limited (NGX) yesterday as renewed interest in Dangote Cement Plc and 17 others triggered N108 billion increase in the overall market capitalisation. The NGX All Share Index (ASI) rose by 197.20 basis points or 0.35 per cent to close at 55,801.14… Read More


339m Litres Of Petrol Distributed In One Week – NNPCL

The Nigerian National Petroleum Company Limited has said a total of 339 million litres of petrol was distributed to 63 depots across the country in seven days. Data that The PUNCH obtained from the NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Monday showed that the products were sent out… Read More


Analysts Warn Of Earnings Slide As Firms Battle Naira Crunch

A naira crunch sparked by the redesign of high-value currency notes in Nigeria is doing more harm than good to businesses in Africa’s largest economy, with analysts now warning of a potential decline in earnings in the first quarter of 2023. The worst reading of private sector activity since the COVID-19 pandemic, according to Stanbic IBTC’s… Read More

Quoted Companies And The Power Of ESG

Professionals in the securities market are under pressure to upscale their skills to offer superior investment advice in the rapidly changing global business environment. Perhaps, this informed the latest decision of Chartered Institute of Stockbrokers (CIS) and its global professional partner, Chartered Institute for Securities and Investment (CISI)… Read More



VAT, CIT revenue up 33% to N4.92 trn in 2022

Revenue from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 33 per cent, year-on-year, YoY, to N4.92 trillion in 2022 from N3.68 trillion in 2021. Analysis of VAT and CIT data for 2022 by the National Bureau of Statistics, NBS, showed that CIT recorded stronger growth at  45 per cent as against the 24.5 per cent growth recorded… Read More


Exporters Get N308.45bn Export Expansion Grant

Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak had disclosed that promissory notes valued at N308.45 billion have been approved the disbursement to 199 exporting companies under the Export Expansion Grant (EEG) Scheme. Speaking while issuing letters to some beneficiaries… Read More


CBN Should Rethink Monetary Policy – Economists

In the changed economic environment marked by a resurgence of inflation and high debts in Nigeria and across the globe, central banks must adopt new approaches in their efforts to attain and maintain macroeconomic stability, economists have said. They must look for alternative measures or combinations of policies rather than relying on… Read More



INEC Must Transmit Gov Polls Results Electronically – Court

The Federal High Court in Lagos, on Wednesday, ordered the Independent National Electoral Commission to directly and electronically upload from the polling units to the IReV the results of the forthcoming, governorship and state House of Assembly elections in Lagos State. Justice Peter  Lifu made the order while delivering judgment on a… Read More


INEC Shifts Governorship, State Assembly Polls To March 18

Hours after the Court of Appeal sitting in Abuja green-lighted a request by the Independent National Electoral Commission (INEC) to reconfigure the Bimodal Voter Accreditation System (BVAS) used for the conduct of the February 25 presidential and National Assembly elections, the electoral body yesterday announced the postponement of… Read More



97% Of Firms In Nigeria, Others To Experience Tech Skills Challenge In 2023 About 97 per cent of organisations in Nigeria, Kenya, South Africa and other parts of the region are expected to have a tech skills challenge in 2023. According to SAP Africa, which disclosed this in its ‘Africa’s Tech Skills Scarcity Revealed’ report released and discussed during a webinar, yesterday, added that 93 per cent of firms surveyed in… Read More