Daily Business Headlines – MAY 15 2023


All-Share Index Declines -0.48% As NGX Closes Week Negative

The NGX All-Share Index was bearish during the trading week that ended May 12, 2023, as it declined by -0.48% to close at 52,214.62 index points on Friday. Market Capitalization also lost –N137 billion to close at N28.431 trillion as against N28.568 trillion recorded during the preceding week.  The declines were driven by losses in the banking… Read More

Oil And Gold Post Another Week Of Losses

It’s another week of losses in the energy market as the black liquid is on its fourth consecutive week of losses despite OPEC+’s attempt to reduce oil production. The yellow metal as well posted losses during the week, as investors increase their risk appetite amid surging interest in meme coins. New York-traded West Texas.…. Read More


Budget Deficits, Low Revenue Responsible For Rising Debt – Dmo

The Debt Management Office (DMO) says decades of operating budget deficits by successive governments is responsible for Nigeria’s high debt profile. The Director-General of the DMO, Patience Oniha, said this to the News Agency of Nigeria (NAN) on Sunday in Abuja. According to Oniha, a review of Nigeria’s fiscal data shows… Read More


Contributory Pensions Gained N590bn In Q1 – Report

The assets under the Contributory Pension Scheme rose by N590bn in the first quarter of 2023, figures from the National Pension Commission have revealed. The figures disclosed that the assets rose from N14.99tn as of the end of December 2022 to N15.58tn as of the end of March 2023. This was according to the unaudited report on… Read More



Acci Set For Federal Government Funding For Methanol Fuel

The chamber in statement, stated that the decision was made at a workshop organised by the Department of Environmental Sciences and Technology of the Federal Ministry of Science, Technology, and Innovation (FMSTI). The workshop was aimed at engaging with the business community on the conduct of feasibility studies for the… Read More


Fuel Subsidy: Suspend Disbursement Of $800m Loan To FG, SERAP Tells W’Bank

The group also urged Malpass and the World Bank to reopen discussion on the reportedly approved $800million loan with the incoming administration to clarify details on the rationale and use of the loan given that  the term of office of President Muhammadu Buhari-led government ends in May 2023. The Federal Government in April… Read More


FG Says N350tr Devt Plan Will Expunge Obstacles To Business, Secure Nigeria’s Future

Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, has declared that the National Development Plan (2021-2025) has been designed to secure the future of Nigeria, including satisfying requirements for attainment of Sustainable Development Goals 2030. The minister stated this during a special TV forum organised … Read More



Group Asks INEC To Conduct CVR Before Imo, Bayelsa, Kogi Guber

A civil Society Organisation, Catch them Young Community Initiative (CATYCOI), has urged the Independent National Electoral Commission (INEC) to conduct Continuous Voter Registration (CVR) before the forthcoming governorship elections in Imo, Bayelsa and Kogi states.The group said it is concerned about participation of youths in… Read More


10TH NASS: Shettima, S-South Gov Move To Split Opposition’s Ranks

As the ruling All Progressives Congress, APC, battles pressures from two sides on whether or not to revisit its zoning template, Vice President-elect, Senator Kashim Shettima, a South-South governor and some power brokers have moved in to ensure that the party’s choices prevail. The APC National Working Committee, NWC… Read More



NIN, Naira Depreciation Cost Airtel Nigeria $192 Million In Lost Revenue

Airtel Africa’s Nigerian operations have reported a substantial revenue loss of $110 million, due to the barring of SIM cards due to the National Identification Number (NIN) registration requirement. The company also reported it lost $82 million on the devaluation of the naira in the year under review. Airtel reports its year-end on March 31st… Read More