Daily Business Headlines – MAY 18 2023

MAY 18, 2023


NGX: Banking Stocks Gain Pushes Market Higher By 0.31%

On Wednesday, equities trading at the Nigerian Exchange Limited (NGX) remained bullish as the benchmark index gained 0.31 per cent to settle at 52,580.86 basis points. Sustained interests in Zenith Bank, Guaranty Trust Holding Company and First Bank of Nigeria Holdings kept the market in the positive territory as these banking stocks… Read More


Senate Urges CBN To Release $717m Airlines Trapped Fund

The Senate yesterday urged the Central Bank of Nigeria (CBN) to release $717,478,606 airline funds trapped in the country. The upper chamber also called on the apex bank to allocate $25million to airlines in Nigeria at its forthright dollar auction and called on the Federal Government to reverse the trend of increasing airlines blocked… Read More

FEC Makes Massive Projects Approvals

As part of the Federal Government’s efforts at expanding maritime infrastructure and relieve the facilities in Lagos of congestion, the Federal Executive Council (FEC) has approved three port development projects for Ondo, Lagos and Delta states. Minister of State for Transportation, Prince Ademola Adegoroye, who spoke excitedly… Read More


Excise Duty: MAN Urges Federal Government To Suspend 2023 FPM, Reverse Tax on Sups

The Manufacturers Association of Nigeria (MAN) has raised concerns about the provisions of the 2023 Fiscal Policy Measures (FPM), including the record increase in excise duty on beverages and tobacco and the introduction of a tax on Single Use Plastics (SUPs), among others, and called on the Federal Government to suspend same… Read More



Anxiety Grows as Nigeria’s Foreign Investments Dip By $75bn

Nigeria faces a gloomy economic future as its international investment position (IIP) recorded a lower net financial liability of $74.48 billion at the end of 2022, data from the Central Bank of Nigeria (CBN) revealed. The National Bureau of Statistics (NBS), had on Monday revealed that the country’s headline inflation rose to a fresh 17-year… Read More


Cargo Clearance From Lekki Port Takes 5 To 10 Days

Lekki Freeport Terminal, the terminal operator for the Lekki Deep Seaport has assured shippers of a faster turnaround time for the clearance of goods from the port. According to them, it will take between five to 10 days to clear goods, which is the fastest compared to existing ports across the country. Kehinde Olubi-Neye, the chief commercial… Read More


IMF: Sub-Saharan Currency Depreciation Driven by External Factors

The International Monetary Fund (IMF) has expressed concerns over the sweeping currency depreciation across sub-Saharan African, saying that the currencies have weakened against the US dollar, fanning inflationary pressures across the continent as import prices surge. The global lender noted that this was mainly driven by external factors… Read More



In Phone Conversation, US Secretary of State Tasks Tinubu on Inclusive Leadership

The United States Secretary of State, Antony Blinken has tasked the President-elect, Asiwaju Bola Tinubu, on inclusive leadership that represents all Nigerians. Blinken in a telephone conversation with Tinubu that took place Tuesday evening also emphasized his continued commitment to further strengthening the US-Nigeria relationship… Read More


10th NASS Leadership: Tension as APC NWC Throws Contest Open

Barring any last-minute change, the National Working Committee, NWC, of the All Progressives Congress, APC, will declare a free contest for principal officers of the 10th National Assembly. The APC had zoned the Senate presidency to the South-South and the speaker of the House of Representatives to the North-West. It announced… Read More



New Operational Technology Threat Puts Organisations at High Risk Microsoft, on Tuesday, released its latest Cyber Signals Report at a virtual press conference, where it exposed how a new cyber threat is putting organisations and technology teams at high risk. The Microsoft’s latest Cyber Signals report highlights how cybercriminals are using Operational Technology (OT) as gateways… Read More