Daily Business Headlines – November 2, 2022

November 2, 2022

Business Headlines


Investors Lose N2.7 trillion as High-Interest Rates, Others Depress Market Indices

Rising interest rates and other macroeconomic challenges have continued to hit hard on the equities sector of the Nigerian Exchange Limited (NGX) as investors lost over N2.7 trillion in the month of October. Specifically, the All-Share Index (ASI) decreased by 10.58 per cent to close at 43,839.08 points on October 31, 2022 from 49,024.16 points it closed trading on September 30, 2022… Read More


Savers Grin as Interest Rate on Savings Deposit Hit All-time High of 4.08%

Following the increase in Monetary Policy Rate (MPR) to 15.5 per cent, interest on deposits with banks increased to 4.08 per cent in September 2022, becoming one of the highest since January 1, 2017, the Central Bank of Nigeria (CBN) money market indicators have revealed. Interest on savings deposit was at 2.93 per cent in August 2022 when the MPR was at 14 per cent, it went up 4,08 per cent… Read More


Dollar Crisis: EFCC Plans Massive Raid on Forex Dealers

The Economic and Financial Crimes Commission on Tuesday carried out simultaneous operations against Bureau de Change operators in Abuja and Kano, as the Naira slumped to N857 to a dollar at the parallel market. The PUNCH gathered that the raids in the two cities, which netted a good number of illegal BDC operators and individuals suspected to be customers, would also be extended to Lagos… Read More


Forex: Turnover in I&E falls 69% to $1.5bn

THE volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market fell 69 per cent, year-on-year (YoY), to $1.5 billion in October 2022, from $4.88  billion in October  2021. No immediate reason for the sharp decline was given but dealers said it could be attributed to supply-side inadequacies. Details of forex trade data from FMDQ Exchange… Read More



Gas Flaring: Federal Government Targets $1bn Revenue from Sale of 50 Gas Clusters —Investigation

The Federal Government has concluded plans to sell 50 gas-flaring clusters in the Niger Delta, under the Nigerian Gas Flare Commercialisation Programme, NGFCP, thus generating $1 billion as revenue. The programme, which is in line with the Petroleum Industry Act, PIA, would also generate between $80 million and $100 million per annum from sales of flared gas, in addition to tax revenues… Read More


Federal Government Owes Contractors over N11tn, says Fashola

The Federal Government owes contractors about N11.16tn for the construction of various highways across the country and certificates of completion. The Minister of Works and Housing, Babatunde Fashola (SAN), who made this disclosure while defending the proposed budget of his ministry in the 2023 Appropriation Bill, said his ministry had currently awarded 1,642 highway contracts… Read More


Nigeria, Others Move to End Tax Incentives, Waivers to High-Net-Worth Individuals, Businesses

The federal government of Nigeria and the African Tax Administration Forum (ATAF) have announced their resolve to stop tax waivers and incentives to high-net-worth individuals (HNWIs) and multinationals in Nigeria and other African countries. The Executive Secretary of the African Tax Administration Forum (ATAF), Mr. Logan Wort, and the Executive Chairman, Federal Inland Revenue Services (FIRS)… Read More



2023: Rift Widens in South-West over Afenifere’s Endorsement Style

More facts are coming out on why Yoruba leaders are divided over the endorsement of the presidential candidate of the All-Progressives Congress (APC), Asiwaju Bola Tinubu, by the leader of Yoruba socio-political group, Afenifere, Pa Reuben Fasoranti, at his residence in Akure, Ondo State, on Sunday. Fasoranti’s action was a counter to an earlier endorsement of the Labour Party… Read More


Floods: Federal Government gets N109.3bn Support, Constructs Mini-Dams

The Federal Government has received $249m (N109.3bn at Tuesday’s official exchange rate of N439.02/$) from the African Development Bank ($244m) and the International Fund for Agricultural Development ($5m) for flood impact mitigation and food production. It has also commenced the construction of mini-earth dams and is currently restocking the country’s strategic food reserves… Read More



NCC: Nigeria’s Telecoms Industry Investment Hits $60.5bn

In the last 21 years, a total of $6.5billion has been invested in Nigeria’s telecom industry. This was revealed by the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta. According to Dambatta, the investment has increased from a meagre $500 million in the total money invested in the industry in 2000 to over $70 billion in 2022… Read More