Daily Business Headlines – November 11, 2022

November 11, 2022

Business Headlines


Gains in Dangote Cement, 14 Stocks Lift Capitalisation Further by N262b

Positive sentiments persisted on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as gains in Dangote cement, 14 others lifted market capitalisation further by N262 billion. Specifically, at the close of trading yesterday, market capitalisation of listed equities appreciated by 1.10 per cent to N23.934 trillion from N23.681 trillion… Read More

Flood Insurance Claims may hit N1 trillion as Stakeholders Assess Damage

Underwriting companies in the nation’s insurance industry appear to be in dire straits and their woes compounded by the recent flood disaster ravaging about 22 states, which has resulted in the loss of life and property , with an estimated cost of about N1 trillion. Industry experts, who spoke with The Guardian and pegged the cost at about N1 trillion… Read More


Forex Crisis: Traders Lose as Naira Rebounds to 720/Dollar

The naira has rebounded by 20.8 per cent to 720/dollar at the parallel market, findings by The PUNCH have shown. The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira. The naira which fell consistently throughout last week… Read More


Hoarding, Counterfeiting, Reasons for Naira Redesigning

The Central Bank of Nigeria (CBN) on Thursday said massivecounterfeiting and hoarding of the nation’s currency were among the reasons for redesigning and issuing new naira notes. Mrs Amina Abdulmalik, Deputy Director, Currency Operations Department, CBN, said this at the apex bank’s special day, at the ongoing 36th Lagos International Trade Fair… Read More



Nigeria’s Oil Production Surpasses 1mbpd, Federal Government Battles Theft

Nigeria’s crude oil production rose above one million barrels per day for the first time since July this year, figures released by the Nigerian Upstream Petroleum Regulatory Commission on Thursday showed. Oil production in Nigeria kept crashing since last year due to massive theft in the Niger Delta, leading to humongous financial losses for the country… Read More


Nigeria’s GDP Improves by 3.11% in Q1 2022 –NBS

The National Bureau of Statistics (NBS), says Nigeria’s real Gross Domestic Product (GDP) at basic prices grew by 3.11 per cent in quarter one of 2022 on a year-on-year basis. The NBS said this showed a higher growth rate compared to the corresponding period of 2021. This is according to the Nigerian Gross Domestic Product Report… Read More

Revenue Decline: RMAFC Recommends  N10bn Stabilisation Fund for States

Following the revenue decline of most states of the federation,  the Revenue Mobilisation Allocation and Fiscal Commossion (RMAFC) has recommended more than N10 billion from  the Federal Government’s stabilisation fund account  to various states of the federation for  the period  two years. The chairman of the Commission… Read More



Buhari: No Going Back on Naira Redesign

President Muhammadu Buhari has declared that his government would not go back on the planned redesign of N1, 000, N500, and N200 notes by the Central Bank of Nigeria (CBN). Buhari said this Wednesday evening in London, shortly after meeting with King Charles III at the Buckingham palace. The president said the naira redesign policy… Read More


65,699 PVCs Burnt, Fear Heightens after Twin Attacks on INEC Offices

A resurgence of arson targeted at public institutions, especially those critical to the successful conduct of the 2023 general elections, yesterday, raised fears of a volatile electioneering season as the country begins its countdown to the polls. After a jolt from simultaneous attacks on its Osun and Ogun offices, yesterday… Read More



We Won’t Allow Any Online Platform Plunge Nigeria Into Crisis

The federal government said yesterday it would continue to monitor developments around microblogging platform, Twitter, following its takeover by a new owner. Consequently, the government said it would not allow any social media platform plunge Nigeria into crisis. The Minister of Information, Alhajir Lai Mohammed, made the position… Read More