Daily Business Headlines – NOVEMBER 14, 2023


Profit-Takers Weaken Nigerian Exchange By 0.33%

The Nigerian Exchange (NGX) Limited succumbed to the bears on Monday after it depreciated by 0.33 per cent as a result of the dominant activities of profit-takers. The loss was buoyed by the selling pressure on the industrial goods space, with BUA Cement the major culprit. Investors also booked profit in Japaul, which gained over 50%… Read More


CBN, NBET Others Owe Federal Government N190bn For Electricity Supply

Federal Government owned power firm, the Niger Delta Power Holding Company has said that the Central Bank of Nigeria, the Nigerian Bulk Electricity Trading Plc, and the Nigerian Electricity Liability Management Company owe the sum of N190bn for electricity supply. Managing Director and Chief Executive Officer, NDPHC, Chiedu Ugbo… Read More

Manufacturers Kick Against CBN Price Verification Portal

The Manufacturers Association of Nigeria has told the Central Bank of Nigeria to rescind its recently introduced Price Verification System. The Director-General of the association, Segun Ajayi-Kadir stated this in an exclusive interview with The PUNCH recently. According to him, the CBN’s Price Verification Portal Constitutes one of many… Read More


NDIC Clarifies Misleading News Report On Liquidation Of 20 Banks

The Nigeria Deposit Insurance Corporation (NDIC) has debunked reports that the Central Bank of Nigeria (CBN) has liquidated 20 banks. In a statement, the NDIC said  that the 20 banks mentioned in the reports were among the banks that had been previously closed due to the revocation of their operating licenses by the CBN between 1994 and… Read More



Federal Government Moves To Streamline State Governments’ Borrowings

In a move designed to curb indiscriminate borrowing by state governments, the Federal Government, through the Fiscal Responsibility Commission (FRC), has issued a template and guidelines on requirements that banks must meet before lending to state governments. The template is designed to ensure that banks comply with all the necessary… Read More


Federal Government Identifies $23bn Investment Opportunities In Energy Transition

The Federal Government has identified about $23 billion in investment opportunities in Nigeria for projects that are directly related to the country’s Energy Transition Plan, the Minister of Power, Adebayo Adelabu, stated on Monday. In his remarks at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu said the opportunities… Read More

Naira Slump Persists Despite 46% Rise In Dollar Turnover

The amount of dollars traded on the Investor & Exporter forex window rose by 46.69 per cent to $123.25m on Monday. On Friday, the turnover of dollars in the official market was $84.02m. This increased to $123.25m on Monday. Despite this, the naira depreciated by 1.96 per cent to N795.41/$ as of the close of trading on Monday after closing… Read More



Ondo Elders To Lawmakers: Stop Impeachment Of Aiyedatiwa

SOME leaders of the pan-Yoruba socio-political organisation, Afenifere, religious leaders and elders in Ondo State, yesterday, waded into the political crisis in the state and the impeachment process of the embattled Deputy Governor, Lucky Ayedatiwa, and called on all concerned to sheath their swords. Rising from a meeting held in Akure, the… Read More


Labour Shuns Court Order, Declares Indefinite Strike

Organised labour has ordered its members to withdraw services and shutdown the nation indefinitely beginning from 12 midnight. The leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) gave the directive at a joint press conference in Abuja, yesterday. On Friday, the National Industrial Court (NIC) had… Read More



Federal Government Urges Agencies To Tackle IT Challenges

The Federal Government has charged all heads of information and communication technology agencies and other professionals in the sector to develop an effective standard framework that will bring IT solutions to support the government, private sector, and society. This was contained in a statement on Monday by the Head of the press and… Read More