Daily Business Headlines – NOVEMBER 1, 2023


Equities Market Gain N1.71trn In October Despite Forex, Inflationary Pressure

The Nigerian Stock Market recorded significant gains throughout the month of October as the benchmark All Share Index (ASI) and Market Capitalisation defied prevailing economic challenges to surge from 66,382.14 basis points and N36.33 trillion at the end of September to 69,236.19 basis points and N38.03 trillion, respectively, on the last trading… Read More


Federal Government, Labour Talks Shifted To Tuesday

The scheduled meeting between the organised labour and Federal Government today, over the 30-day ultimatum to meet the demands of the former as contained in a signed Memorandum of Understanding, has been postponed. A top official of the Nigeria Labour Congress, who spoke with The PUNCH, said the meeting will now hold next… Read More


CPPE Tasks Customs On Removal Of Non-Tariff Barriers To Trade At Ports

With the official confirmation of Wale Adeniyi as the Comptroller-General (CG) of Nigeria Customs Service (NCS), the Centre for the Promotion of Private Enterprise (CPPE), has urged him to prioritise trade facilitation and remove all non-tariff barriers to trade in order to boost Nigeria’s Gross Domestic Product (GDP) and revenue generation at the… Read More


Banks, Fintechs Unite To Curb $11.5tr Cyber Threats

Nigeria and other global economies are at the risk of losing $11.5 trillion to cyber threats in the year, if nothing is done to protect the cyberspace and global financial system, stakeholders have warned. The need to protect the financial system against fraud was reaffirmed at the Cyber Awareness Week held globally last week. Experts and… Read More



No Plans To Redenominate Naira –CBN

For the umpteenth time, the Central Bank of Nigeria (CBN) has refuted viral reports and text messages suggesting that a naira redenomination programme was in the offing, urging the public to totally disregard the hoax. CBN spokesman, Dr Isa Abudulmumin, in a statement on Tuesday, said it was disturbing reading messages that suggested there… Read More

Lagos, Afreximbank Sign $1.35bn Facility For Infrastructure

Lagos State and the African Export-Import Bank (Afreximbank), supported by Access Holding Plc on Monday signed a deal for a $1.35 billion facility for infrastructure and food security in the state. The signing ceremony took place on the sidelines of the ongoing 2023 AfriCaribbean trade and investment forum in Georgetown, Guyana. “We will… Read More


N16.25tr Lost To Oil Theft, $74.386b Spent On Fuel Subsidy, Says NEITI

Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country. Orji in a report to the report to the Chairman, House Committee on Public Accounts, Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386… Read More



Rivers: Tinubu Wades In; Wike, Fubara Meet, Greet In Abuja

President Bola Tinubu, Yesterday, Waded Into The Rift Between Governor Siminalayi Fubara Of Rivers State And His Immediate Predecessor, Mr Nyesom Wike, Which Has Plunged The State Into A Political Crisis. President Tinubu Used The Opportunity Of The Police Council Meeting Which Both Attended As Members, To Mediate And… Read More


Defense, Works, Top Tinubu’s 2023 Supplementary Budget Proposal

The N2.176tn 2023 supplementary budget proposal by President Bola Tinubu, submitted to the House of Representatives on Tuesday, prioritised the security of Nigerians and their property as defense got the highest allocation of N476.543bn. Given the activities of bandits and other criminal elements in the country in the past decade, this is hardly… Read More



MDAs, Firms Shun Local Data Centres, Spend Scarce Forex Abroad

Notwithstanding the investments that have gone into Nigeria’s data centre sub-sector, there are concerns that capacity utilisation of these facilities remains very poor when compared to other countries within the region, including South Africa, Kenya and others. Apart from the challenge posed by firms, government agencies, banks, which still host their… Read More