Daily Business Headlines – November 15, 2022

November 15, 2022

Business Headlines


CBN Pledges Inclusion of Unbanked Persons as Cash Deposit Increases

The Central Bank of Nigeria (CBN) has lauded the increased deposit of cash in banks and financial institutions across the country. The Director, Corporate Communications of CBN, Osita Nwanisobi, who stated this in Abuja at the weekend, also reiterated the bank’s commitment to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve… Read More

NGX Resumes Bearish as Selloff in MTNN, Others Drag Indices by N76b

Transactions in the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as a sell-off in MTN Nigeria and 12 stocks dragged market capitalisation by N76 billion. At the close of trading yesterday, the market capitalisation of listed equities declined by 0.34 per cent to N23,866 trillion from N23.942 trillion reported the previous day… Read More


Investors Dump Shares in Exchange’s Alternative Board

Following their weak corporate earnings, investors have shunned listed companies on the Nigerian Exchange Limited’s Alternative Securities Market Board. A total of four companies comprising Capital Oil Plc, Rak Unity Petroleum Company Plc, Juli Plc, and Smart Products Nigeria Plc are listed on the ASeM with severe economic headwinds playing a critical impact on the earnings of the companies… Read More


Nigeria’s October Oil Production Increases Marginally, Hits 1.014m bpd

Nigeria struggled to exceed the 1 million barrels per day oil production mark in October, a ‘feat’ it hadn’t achieved in the last two months. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data obtained by THISDAY indicated that Nigeria drilled 1.014 million barrels per day for the month under review, exceeding production for August which was 972,394 bpd… Read More



Federal Government Affirms Nigeria’s Revenue Challenge Compounds Debt Problem

President Muhammadu Buhari, yesterday, stated that the nation’s revenue challenges are heightening the country’s debt problem, necessitating the need to improve earnings as well as the ease of doing business. Buhari equally said it is true that what matters right now is the county’s debt service to revenue ratio which is undoubtedly high but admitted that increasing revenues… Read More


Nigeria can’t Survive with Endless Borrowing – DMO

The Debt Management Office has disclosed that it has been difficult for Nigeria to borrow from the international markets as global lenders and investors are shunning countries with Category ‘B’ economic ratings. According to the Director-General of the DMO, Patience Oniha, Nigeria must gear up its revenue drive while looking for alternative sources of funds internationally… Read More


Climate Financing Fund to Africa Hits $247bn Shortfall Annually – Osinbajo

Vice President, Prof Yemi Osinbajo, has said that Africa needs $277 billion for climate financing, but receives only $29.5 billion. He added that the continent needed more climate financing. He spoke during the unveiling of the 4D Digital Green Industrial Corridor and the launch of the African Union Transition Fuels Oversight and Regulatory Management Accelerator (TRANSFORMA)… Read More



Oil Theft: Federal Government Arraigns 16 Foreigners, Detains Vessel

A Federal High Court sitting in Port Harcourt, Rivers State, has arraigned 16 foreigners for offences bordering on conspiracy, stealing, attempt to deal in crude oil, and false pretences. The foreign nationals were caught onboard a vessel, MT Heroic Idun. According to the charges, the foreigners had, in August 2022, at the Akpo Oilfield in Rivers State, conspired among themselves… Read More


237-Day Medical Trips: Despite Buhari’s Pledge to Cut Cost, Presidential Fleet Racks Up N64.15b

President Muhammadu Buhari returned to the country on Sunday night, marking his 10th medical return trip from London, and 237 days of either treating or checking undisclosed ailments abroad in the last seven years. President Buhari’s medical tourism record, which is unprecedented in Nigeria’s history, as well, costs the country in medical bills and the operating cost of the Nigerian Air Force One… Read More



Mobile Subscribers Hit 210m in August –NCC

The Nigerian Communication Commission (NCC) has said the total number of active mobile subscribers reached 210 million in August 2022 from 208 million in July. Executive Vice Chairman/Chief Executive Officer, NCC, Prof Umar Danbatta, disclosed this at the NCC Special Day at the 36th Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI)… Read More