Daily Business Headlines – MAY 11 2023


NGX All-Share Index Halts Four Days Gaining Streak On Profit Takings

Trading activities at the floor of The Nigerian Exchange Limited (NGX) ended its four-day gaining streak, as the benchmark index shed 0.75% to close at 52,209.06 points. CAVERTON Plc (-9.48%) led the losers as shares of BUACEMENT Plc (-8.02%) which has market valuation of over N3trillion also closed negative. The All-Share…  Read More


FEC Okays N327.34bn New Contracts For Award

The Senior Special Assistant on Media and Publicity, Garba Shehu, said under Aviation ministry, council approved N3.4 billion as consultancy fee for the construction of a 2nd runway at the Nnnamdi Azikiwe International airport, Abuja. He said council also approved N449.9 million for the engagement of consultants for the development… Read More


DMO To Auction Another N360bn Bonds After 2 Months

The Debt Management Office (DMO) has called for subscription for four units of N90 billion savings bonds about two months after it offered similar bonds in March. The DMO in a statement yesterday stated that it was receiving the subscription by auction and called for applications of 1,000 per unit subject to a minimum subscription of… Read More


BVN Has No Expiry Date — CBN

The Central Bank of Nigeria, CBN, has clarified that the Bank Verification Number, BVN, has no expiry date.  CBN’s spokesman. Dr. Isa AbdulMumin, made the clarification in a statement last night.  He was reacting to media reports that the BVN expires after 10 years. He said: “The attention of the CBN has been drawn to reports… Read More



Buhari Seeks Senate Approval Of Additional $800m From World Bank

The Senate President, Ahmad Lawan has read a letter from President Muhammadu Buhari, GCFR, requesting for the approval of an additional financing of the National Social Safety Net Programme to the tune of $800 Million to be secured from the World Bank. Lawan read the letter on Wednesday morning as he welcomed his fellow members… Read More


Inflation Rate Eases To 4.9% In April, Less Than Expectations

A widely followed measure of inflation rose in April, though the pace of the annual increase provided some hope that the cost of living will head lower later this year. The consumer price index, which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate, according to a Labor… Read More


Oil Production Now One Million Barrels Lower daily – Federal Government

Nigeria’s oil production is currently lower than its technical allowable capacity by about one million barrels per day, the Federal Government announced on Wednesday. It attributed the low oil output to challenges such as lack of investments, insecurity, and reduction in hydrocarbon funding arising from energy transition, among others… Read More



10TH NASS Leadership: Senators-Elect, Reps-Elect Move For Open Contests

Plans by the ruling All Progressives Congress, APC, through its National Working Committee, NWC, to impose leadership on the 10th National Assembly appears to be creating more problems for the party, as some of the lawmakers have called for an open contest and squaring up to confront the party. This came as the… Read More


Election Litigations As INEC’s Fresh Albatross

It will also be the same temporal relief and reprieve recently enjoyed by the Independent National Electoral Commission (INEC) after being subjected to psychological torture and unending severe criticisms since it announced the candidate of the All Progressives Congress (APC) as the winner of the February 25 presidential election… Read More



Reps Reject NCC’s N700bn Request To Close Coverage Gap

The ad-hoc committee of the House investigating the NCC’s failure to provide telecommunications coverage and utilisation of the Universal Service Provision Fund (USPF) rejected the request yesterday when the Executive Vice Chairman of the commission, Umar Garba Dambatta and his team appeared before it. The committee… Read More