Daily Business Headlines – MAY 25 2023


Investors Remain Bullish As NGX Market Capitalization Gains N167 Billion

The Nigerian Exchange (NGX) closed positive as bullish investors continue to drive up the broad market. The All-Share Index (ASI) traded 0.58% higher to close at 52,927.60 index points as against 52,621.19 index points recorded in the previous day’s trading session. The market capitalization of equities appreciated… Read More


Total Domestic Investors’ Transactions On NGX Rise To N659.26bn In Four Months

Amid the current macroeconomic challenges, the total domestic transactions performed by investors on the floor of the Nigerian Exchange Limited (NGX) has so far risen to N659.26 billion in the first four months of 2023. This is according to the recently released data on domestic and foreign portfolio participation in Nigeria’s… Read More


Buhari Seeks Senate’s Approval To Pay $556m, £98m, N226bn Judgement Debts

PRESIDENT Muhammadu Buhari has written the Senate, seeking approval for $566.8 million, £98.5 million and N226.81 billion to pay judgement debts. Buhari’s request was contained in a letter read on the floor of the Senate by the Senate president, Ahmad Lawan, yesterday in Abuja. According to him, the approval will… Read More


Reps Approve N876bn NDDC’s 2023 Budget

The House of Representatives Wednesday N876bn budget for the Niger Delta Development Commission for the 2023 financial year. This followed the consideration and adoption of the report of the House Committee on NDDC chaired by Olubunmi Tunji Ojo. The details of the budget show that N34.24bn is for personnel… Read More



Nigeria’s GDP Growth Slows To 2.31%, Driven By Non-Oil Sector In Q1

Nigeria’s Gross Domestic Product (GDP) growth rate slowed to 2.31 per cent (year-on-year) in real terms in the first quarter of the year (Q1, 2023) compared to 3.52 per cent recorded in the preceding quarter, and 3.11 per cent in Q1 2022, the National Bureau of Statistics (NBS) disclosed yesterday. The NBS attributed the decline in GDP… Read More


CBN Votes To Raise Interest Rates To 18.5%, Highest In 22 Years

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has increased its benchmark interest rate (MPR) for the third time this year by 50 basis points to 18.5% in its recently concluded MPC meeting. This was revealed by the governor of the CBN, Godwin Emefiele at the post-MPC press briefing held on Wednesday 24thRead More


Federal Government Agrees To Refund N192bn Paris Club Deductions To Governors

The Federal Government has promised to refund state governments all monies so far deducted from their accounts to meet London Paris Club obligations. Immediate past chairman of the Nigeria Governors Forum (NGF), Aminu Tambuwal, disclosed this in a communique after an emergency meeting on Tuesday night. According… Read More



Countdown To Handover: FEC Holds Last Session, Govs Dissolve Cabinets

With barely four days to the end of his regime, the President, Major General Muhammadu Buhari (retd.), on Wednesday, in Abuja, presided over a valedictory meeting of the Federal Executive Council, thanking ministers for their loyalty since 2015. He also gave a short thank-you address to all members of the State House Staff… Read More


Ondo Assembly Passes 63 Bills In Four Years — Lawmaker

The Chairman House Committee on Information, Youth and Sports Development of the Ondo State House of Assembly, Hon. Gbenga Omole, on Wednesday, said the 9th Assembly is one of the most vibrant Houses of Assembly in Nigeria, saying the Assembly remains audacious and visible in the discharge of its constitutional… Read More



Concerns As Buhari Allegedly Waives N70b Spectrum Fee For Telcos Facts have emerged on how President Muhammadu Buhari, through the Ministry of Communications and Digital Economy and the Nigerian Communications Commission (NCC), allegedly waived over N70 billion in spectrum fees for Emerging Market Telecommunications Service (EMTS), trading as 9mobile in Nigeria… Read More