Daily Business Headlines – MAY 24 2023


NGX Market Capitalization Appreciates By N137 Billion

Trading activities at the floor of the Nigerian Exchange (NGX) closed in bullish territory. The All-Share Index (ASI) traded 0.48% higher, to close at 52,621.19 index points, as against 52,369.13 index points recorded in the previous day’s trading session. The market capitalization of equities appreciated by N137 billion to close at N28.652… Read More

LASG Raises N134.8 Billion In Long Tenure Bonds For Projects In Electricity, Others

Lagos state has raised N134.8 billion in long-tenure bonds for infrastructural projects in electricity and other sectors. This is according to the state Governor Babajide Sanwo-Olu. He made the announcement late Tuesday night, May 23 via his official Twitter account. According to Governor Sanwo-Olu, the investment will boost the… Read More


Financial Times Recognises Alpha Morgan

Alpha Morgan Capital has received recognition from the Financial Times & Statista as one of the fastest-growing companies for two years in a row, 2022 and 2023 respectively. In a statement by the company, the brand was ranked fourth  in the financial services sector in the continent, fourth in Nigeria and 17th in the African investment banking… Read More


CBN Revokes Licenses Of 132 Mfbs, 4 Pmbs, Others

For failing to meet minimum performance standards, the Central Bank of Nigeria, on Tuesday, revoked the operating licenses of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation was disclosed in the official gazette of the Federal Government published on the website of… Read More



Import Bill On Manufactured Goods Falls 18.4% To N2.45trn

The value of manufactured goods imported into the country fell to N2.448 trillion in the fourth quarter ended December 31, 2022 as the government tightens the noose on importation of certain items into the country. This represents an 18.43 percent Year-on-Year (YoY) decline compared to N3.001 trillion recorded in the corresponding period in 2021 and… Read More


How Dangote’s $18.5bn Refinery’ll Boost Energy Security, Foreign Exchange

History was made on May 22 as the $18.5 billion Dangote Refinery and Petrochemical Complex in Ibeju-Lekki, Lagos, was commissioned by President Muhammadu Buhari, flanked by some African Presidents and other dignitaries from within and outside Nigeria. As a country whose growth has been stunted by energy crises, the… Read More


Buhari: My Govt Invested In Infrastructure For Economic Growth, Prosperity

President Muhammadu Buhari has declared that making infrastructure development the focus of his administration was a deliberate policy to create wealth and make poverty alleviation easier. Speaking in Abuja yesterday, at the virtual inauguration of three bridges, three secretariats, and one road project undertaken by his administration… Read More



Presidential Poll: Court Merges Atiku, Obi, APM’s Petitions For Hearing May 30

Despite objections by the President-elect, Asiwaju Bola Tinubu and the ruling All Progressives Congress, APC, the Presidential Election Petition Court, PEPC, sitting in Abuja, yesterday consolidated the three different petitions seeking to nullify the outcome of the 2023 presidential election. The court, in its pre-hearing report… Read More


May 29: Biden Dispatches Delegation To Tinubu’s Inauguration

The United States Diplomatic Mission to Nigeria, in a statement made available to Daily Sun, said the Secretary of the United States Department of Housing and Urban Development, Honorable Marcia L. Fudge, will lead the delegation. “President Joseph R. Biden, Jr. today announced the designation of a Presidential… Read More



Federal Government Launches National Policy On Blockchain Technology

The Minister of Communications and Digital Economy, Prof. Isa Pantami, has inaugurated the National Committee on the implementation of the National Blockchain Policy for Nigeria. The launch followed the approval and directive of President Muhammadu Buhari, earlier in the month. The President, while conveying his approval to… Read More