Daily Business Headlines – MAY 23 2023


Stocks Rises As NGX Gains N98 Billion

Investors at the floor of The Nigerian Exchange (NGX) began the new week in a positive mood as the local bourse closed positive. The All-Share Index (ASI) traded 0.35% higher to close at 52,369.13 index points as against 52,187.93 index points recorded in the previous day’s trading session. The market capitalization of equities appreciated… Read More


AFDB Rallies $2.7tr To Meet Climate Change Needs Of Nigeria, Others

African Development Bank (AfDB), yesterday, lamented the devastating effects of climate change in several poor African countries, saying the continent would require $2.7 trillion in interventions by 2030 to adapt.  African Development Bank (AfDB), yesterday, lamented the devastating effects of climate change in several poor African countries… Read More

$18.5b Dangote Refinery To Release First Products In August

The much-awaited Dangote Refinery was commissioned yesterday by President Muhammadu Buhari, promising a shift in the country’s energy economics as well as export-import relations. With an investment of $18.5 billion, the refinery is expected to revolutionise Nigeria’s economy and alter the course of history. Following the grounding… Read More


Federal Governement Begins Shutdown Of Unlicensed Fuel Marketers

The Federal Government, on Monday, announced that no unlicensed petroleum product dealer would be allowed to load products from June 1, 2023, as it vowed to shut down such businesses beginning from that day. It warned that from June 1, 2023, anyone who wants to deal on petroleum products must obtain a licence, stressing that “no licence… Read More



NGX To Collaborate With FG On Listings, Market Participation

This was even as it revealed that despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market. Its Chief Executive Officer, Temi Popoola made this known at a Closing Gong Ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa (EMEA)… Read More


Nigeria Imported N1.5tr Raw Sugar In Six Years

The Nigerian Sugar Master Plan (NSMP) was launched in 2013 as a harbinger to ensure sustainability of production in the country. With the country overly dependent on imported refined sugar, the masterplan, termed Backward Integration Policy (BIP), engendered development of the sector with the establishment of Dangote Sugar… Read More

Buhari To Commission N19.6bn Customs Headquarters Today

President Muhammadu Buhari is set to commission the ultra-modern headquarters of the Nigerian Customs Service in Abuja today. Briefing newsmen ahead of the commissioning, the Chairman of the commissioning planning committee, DCG Wale Adeniyi said the building is valued at N19.6 billion. Giving a brief background Giving a brief…Read More



Supreme Court To Deliver Judgment May 26 In PDP Suit Against Tinubu, Shettima

The Supreme Court has adjourned until May 26 to deliver judgment in a case by the Peoples Democratic Party, PDP, seeking the disqualification of President-elect, Sen. Bola Tinubu and Kassim Shettima, the vice-president-elect. The PDP had urged the apex court to reverse the Court of Appeal judgment, led by Justice James Abundaga,… Read More


PEPC Dismisses Atiku, Obi’s Request For Live Telecast Of Proceedings

The Presidential Election Petition Court (PEPC) in Abuja, yesterday, dismissed request by the presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, and his Labour Party (LP) counterpart, Peter Obi, for live streaming of proceedings of their petition against the election and declaration of Bola Tinubu as winner of the… Read More



Nigeria Gets 30% Of Africa’s Foreign Direct Investment – NITDA

The Director General of National Information Technology Development Agency, Kashifu Inuwa, has said that almost 30 per cent of Africa’s Foreign Direct Investment ends in Nigeria. According to him, the Nigeria tech ecosystem has attracted about $4.4bn investment in 2015, 2019 and 2020 commutatively, and ICT contributed… Read More