Daily Business Headlines – NOVEMBER 20, 2023


Alpha Morgan Capital Remodels Unilag’s Library

A financial company, Alpha Morgan Capital, has re-modeled the University of Lagos (UNILAG) Main Library Lobby and Makerspace. The restructuring project is the first time the university library will be remodelled in 58 years. Speaking at the occasion, the Group Managing Director, Alpha Morgan, Ade Buriamo, said the library is the… Read More


Investors’ Interest Soars In Highly Capitalised Stocks

The positive trend persisted for the third consecutive week in the Nigerian stock market, with investors showing interest in highly capitalised stocks. Meanwhile, financial analysts have noted that while investors continued to digest the last inflation data showing further uptick in inflation, all eyes are focused on expected third quarter, Q3, Gross Domestic… Read More


222,141 Workers Dump PFAs, Transfer N908bn – PenCom

No fewer than 222,141 workers have changed their Pension Fund Administrators and moved N908.363bn from their Retirement Savings Accounts since the National Pension Commission opened the window of transfer. PenCom disclosed this in its transfers report on ‘Quarterly summary of Retirement Savings Accounts transferred by Pension… Read More


Petroleum Drivers Begin Nationwide Protest, Threaten To Exit NUPENG

The Petroleum Tanker Drivers (PTD) has threatened to exit its umbrella body, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), if its President Williams Akporeha and General-Secretary, Afoloabi Olawale, did not resign. Mr Gbenga Olawale, an Ex-Officio of the PTD from Ibadan depot, said in a statement on Sunday that their… Read More



Currency In Circulation Hits New High, Nears N3trn Mark

It appears that the Central Bank of Nigeria (CBN)’s policies and leadership changes has started yielding a significant role in shaping the country’s currency landscape as latest data reveal that the currency in circulation (CIC) reached a new high of N2.99 trillion at the end of October 2023. This represents an 8 per cent or N230 billion increase from… Read More

OPEC Moves To Cut Additional 1m BPD

JP Morgan’s head of energy strategy,  Christyan Malek, has warned that amid the recent plunge in oil prices, driven as much by shorting CTAs (who today are in full-blown short squeeze panic mode) as the Biden admin, the oil market was underestimating the chances of deeper supply cuts during this month’s Nov 26 OPEC+ meeting… Read More


Lagos Port Receives Largest Container Ship In West Africa

The Port Terminal Multipurpose Limited (PTML), Lagos, is set to make history on November 27 as it receives the largest Container-RORO (CONRO) ship ever to visit the sub-region. PTML is Nigeria’s and West Africa’s largest multipurpose roll-on-roll-off (RORO) terminal. The new ultramodern mega Container-RORO ship named MV GREAT… Read More



34 States Yet To Pay N35,000 Wage Award

About seven weeks after the Federal Government reached an agreement with the organised Labour on payment of the wage award to cushion the impact of the fuel subsidy withdrawal, Kano, Ekiti, and 32 other states have yet to pay the agreed N35,000 grant to their workers. While the Federal Government had commenced payment of N35,000 to all… Read More


Appeal Court Sacks Plateau Governor, Asks INEC To Withdraw Certificate Of Return

The Court of Appeal sitting in Abuja, yesterday, sacked the governor of Plateau State, Caleb Mutfwang. The court, in a unanimous decision by a three-member panel of justices, held that Mutfwang was not validly nominated and sponsored by the Peoples Democratic Party (PDP) to participate in the March 18 gubernatorial election. The appellate court held… Read More



Cyberattacks On Nigerian Government Agencies Rise — Report

Cyberattacks on government agencies and organisations are on the rise in Nigeria, other African countries, and across the Middle East. The escalation in cyber threats has been particularly severe in Africa, with Mauritius ranking 6th, Nigeria 11th, Morocco 15th, and Kenya 25th in terms of being targeted and attacked. South Africa follows… Read More