Daily Business Headlines – MAY 10 2023

NAIRAMETRICS

Conoil Plc Gains 10% To Lead Gainers As All-Share Index Rises By +0.05%

Trading activities at the floor of the Nigerian Exchange Limited (NGX) closed on a positive note as Conoil Plc (+10%) led the gainers. Shares of Transcorp Plc which have been on a bearish run finally had a bullish day for the first time since 27th April 2023 as it closed positive (+9.50%) today. The All-Share Index appreciated by +0.05%… Read More

Lagos State Launches New N100 Billion Bond Issuance

The Lagos State Government (LASG) has announced the launch of its Series I Bond Issuance under the N1 Trillion Debt and Hybrid Instruments Issuance Programme (DAHI Programme). The Series I Bond Issuance is aimed at raising up to N100 billion from the capital market and is scheduled to close on Friday, May 12, 2023… Read More

GUARDIAN

Afam’s Fast Power Plant To Revolutionise Energy Value Chain, Says Buhari

President Muhammadu Buhari, yesterday, said inauguration of Afam 3 fast power 240-megawatt turbine in Oyigbo Council of Rivers State would revolutionise Nigeria’s energy value chain. Represented by Vice President Yemi Osinbajo, the President described the facility as an important part of the nation’s evolving story to… Read More

THISDAY

Banks Demand Tax Clearance Certificate On FX Transactions

The federal and state governments have mandated commercial banks as well as Ministries, Departments and Agencies of Government (MDAs) to henceforth, implement the demand for a valid Tax Clearance Certificate (TCC) as a prerequisite for carrying out any business transaction with individuals and organisations in the country… Read More

ECONOMY HEADLINES

NAIRAMETRICS

CBN’s RT200 FX Policy: Emefiele Says Forex Repatriation Increased By 40%

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that foreign exchange repatriation into Nigeria increased by 40% as a result of the implementation of its RT200 FX programme. Emefiele also said that exporters who do not sell their export proceeds at the Investor and Exporter (I&E) window would not… Read More

PUNCH

Foreign Loans Will Shrink, IMF Warns Nigeria

The International Monetary Fund has warned Nigeria to expect a significant reduction in foreign loans as the global economy continues to experience new shocks and contractions. The IMF Deputy Divisional Chief, Wenjie Chen, stated this during a keynote presentation at the International Monetary Fund Regional Economic Outlook which was… Read More

GUARDIAN

Amid 168% Tariff Hike In 8yrs, Nigerians Pay Premium For Unavailable Electricity

Despite a near zero improvement in power supply efficiency under President Muhammadu Buhari’s administration and contrary to the boast by the Minister of Power, Abubakar Aliyu, that Nigeria enjoys the cheapest electricity, findings show that over 100 countries offer cheaper electricity compared to Nigeria.  Painfully, this is coming as the… Read More

POLITICAL HEADLIINES

SUN

Reps Adjourn Plenary To May 16

The announcement is contained in a statement by the Clerk of the House, Yahaya Danzaria, yesterday, in Abuja. He said the earlier adjourned date of May 9 will no longer stand as it would not allow members to participate actively in the ongoing induction programme of the 10th Assembly. “This is to inform all members and the… Read More

DAILYPOST

Supreme Court Affirms Adeleke’s Victory As Osun Governor

The Supreme Court sitting in Abuja on Tuesday affirmed the election of Ademola Adeleke of the Peoples Democratic Party, PDP, as the Governor of Osun State. The judgement followed an earlier decision by a three-member panel of the appellate court led by Mohammed Shuaibu, which affirmed his victory, nullifying the judgement… Read More

TECHNOLOGY HEADLINES

GUARDIAN

NITDA Bill Will Slice Sector’s Capital Inflow, ATCON Warns The Association of Telecommunication Companies of Nigeria (ATCON) said the National Information Technology Development Agency (NITDA) bill will erode investors’ confidence and drastically reduce capital inflow into the sector. ATCON, in a memorandum signed by the National President, Tony Emoekpere and addressed to the Senate… Read More