Daily Business Headlines – NOVEMBER 17, 2023


Nigerian Stocks Post 0.02% Marginal Growth On Passive Performance

A marginal growth of 0.02 per cent was recorded by the Nigerian Exchange (NGX) Limited amid a subdued performance caused by mild profit-taking in the banking, energy and industrial goods sectors. Bargain-hunting in the consumer goods and insurance counters stretched the upward trend posted yesterday, particularly because of… Read More


Banks’ USSD Debt To Telcos Hits N200bn

Banks now owe telecommunication firms N200bn for Unstructured Supplementary Service Data services. This is following a slowing of negotiations between the banks and telcos. Telecom operators disclosed this on Thursday at the Nigerian Communications Commission industry interactive session with the new Executive Vice Chairman/Chief… Read More

Fuel Scarcity: Marketers Blame Low Supply, NNPCL Disagrees

Oil marketers stated on Thursday that the reason behind the long queues at petrol filling stations in Abuja and neighbouring Nasarawa and Niger States is the insufficient supply of Premium Motor Spirit by the Nigerian National Petroleum Corporation Limited. The NNPCL, which is the sole importer of the product, refuted the oil marketers’ claim… Read More


Spike In Inflation Hampering Manufacturing, Says LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the continued uptick in inflation, noting that it is squeezing consumers’ spending and saving as well as constraining manufacturing productivity. The Director-General, LCCI, Dr Chinyere Almona, regretted that Nigeria’s inflation keeps going up instead of regressing… Read More



2024 Budget: Why We Are Against Borrowing — Finance Minister

Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has explained why the present administration was circumspect on reliance on borrowing to finance the 2024 Budget. Edun declared that the nation must seize the initiative to generate adequate revenue and must be determined to reduce its current high deficit… Read More


Forex: Federal Government Blames Low Export Earnings, Plans Diversification

The Federal Government has linked the country’s foreign exchange scarcity to its low export earnings. Speaking at the 40th annual Conference of the Chartered Institute of Directors on Thursday, in Abuja, the Minister of Finance and Coordinating Minister of Economy, Wale Edun, said the government was planning to further diversify the economy… Read More

Nigeria Withdraws $1bn Claim Against Eni

The Federal Government has concluded plans to withdraw civil claims totalling $1.1bn against Eni SpA, ending a long battle in Italian courts over allegations of corruption in an oil field deal. The Ministry of Justice will waive the claims before Italy’s highest court “unconditionally” and “with immediate effect” no later than Nov. 17, according … Read More



Appeal Court Sacks Zamfara Governor, Kano, Bauchi Governors Know Fate Today

The Court of Appeal in Abuja has voided the election of Dauda Lawal as the governor of Zamfara State. A three-member panel of justices led by Justice Omoloye Jombo-Ojo on Thursday ordered a rerun of the election in three local governments of Birnin Magaji, Bukuyyum and Maradun. In the lead judgment delivered by Justice Sybil… Read More


Adeleke Suspends CJ Despite Court Order

Osun State Governor Ademola Adeleke yesterday suspended the Chief Judge, Justice Oyebola Adepele-Ojo, replacing her with Justice Yinka Afolabi in an acting capacity. This is despite an interim injunction by Justice Dele Peters of the National Industrial Court sitting in Ibadan restraining the governor from removing the CJ or terminating her… Read More



Dearth Of Engineers Worry Former NIMC Boss, Tasks ABU Graduates On Impact

The immediate past Director-General, National Identity Management Commission (NIMC), Aliyu Aziz, is worried about the dearth of engineers in Nigeria. Aziz said in Nigeria, the engineering landscape is marked by infrastructural development, with a focus on energy, transport, and housing, stressing that while the nation boasts rich oil reserves… Read More