Daily Business Headlines – MAY 19 2023


All-Share Index Closed Negative as NGX Loses N256 Billion

Investors on the floor of The Nigerian Exchange (NGX) look to take profits as the local bourse closed negative in today’s trading session to break a 4-day bullish sentiment. The All-Share Index (ASI) traded 0.90% lower to close at 52,109.43 index points as against 52,580.86 index points recorded in the previous day’s trading session… Read More


AFDB Approves $15m Loan for Infracredit to Support Nigeria’s Infrastructure Financing

The Board of Directors of the African Development Bank (AfDB) has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. The financing would enable InfraCredit leverage domestic capital markets… Read More


PENCOM Recovers N24.53bn From Defaulting Employers

The Director-General of PENCOM, Aisha Dahir-Umar, disclosed this on Thursday at the 2023 Labour Writers Association of Nigeria (LAWAN) workshop which held in Lagos. Aisha who was represented by the Head of Corporate Communications of PENCOM, Abdulqadir Dahiru, also disclosed that of the figures announced, N384.28 million was… Read More

Why Nigeria is Losing Out of Billion-Dollar of Aviacargo Industry –Experts

In his presentation titled, “Repositioning cargo operations through the development of agriculture and natural resources in Nigeria” at the ongoing Federal Airport Authority of Nigeria (FAAN) National Aviation Conference (FNAC) in Abuja, Ukoh identified noncompliance of farmers to internationally and domestically accepted… Read More



Lack of Access to Credit Stifling Economic Growth, Federal Government Says

The Federal government said lack of access to credit is one of the major challenges that have continuously stifled economic growth leading to decline in investment and job creation. It therefore, vowed to ensure that the trend is quickly reversed for greater interest of the national economy going forward. It urged stakeholders to revamp… Read More


NCAA: SAATM Created 17, 400 Jobs, Increased Contribution to GDP By $128m, Enhanced Consumer Benefits By $93m

The Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Musa Nuhu has revealed that since the federal government embraced the Single African Air Transport Market (SAATM), it has created 17, 400 jobs in the aviation industry, increased aviation contribution to Gross Domestic Product (GDP) by $128 million… Read More


Federal Government, States, Local Government Area’s shared N655.932bn in April, says FAAC

The Federation Account Allocation Committee (FAAC), on Thursday, revealed that the three tiers of government shared N655.932 billion as April subvention from the revenue generated in March. This was contained in a communiqué issued at the end of FAAC’s meeting for May 2023. According to committee, the N655.932 billion comprised… Read More



No Court Can Stop Tinubu’s Inauguration –Federal Government

In spite of ongoing litigations and protests, the inauguration of the President-elect and his deputy, Bola Tinubu and Kashim Shettima, would hold as scheduled on May 29. This was disclosed at the World Press Conference by the Chairman of the Presidential Transition Committee and Secretary to the Government of the Federation… Read More


Buhari: Jonathan Conceding Defeat In 2015 Unprecedented, Un-Nigerian

President Muhammadu Buhari, yesterday, reviewed the 2015 general election that brought him into office, and said the singular act of his predecessor, Dr Goodluck Jonathan, conceding defeat, even before the formal announcement of the election result, was unprecedented and, definitely, not Nigerian. Buhari made the… Read More



Africa Data Centres to Construct New Facility In Accra Africa Data Centres, the largest network of interconnected, carrier-and cloud-neutral data centre facilities on the continent, has announced that it will shortly start construction on its newly acquired land in the Central Business District of Accra, Ghana. The new facility, it said in a statement, has been designed for an initial 10 MW, which… Read More