Daily Business Headlines – NOVEMBER 21, 2023


Equity Market Starts Week With N57bn Loss

Trading activities started on a negative note on Monday, following days of bullish trend on the Nigerian Exchange Limited, which resulted in a N57bn loss for investors. The All-Share Index and the market capitalisation moderated by 0.15 per cent to close at 71,008.70 and N39.050tn respectively. The losses in today’s market were primarily driven by … Read More


NUPENG, Petroleum Drivers Deny Nationwide Protest

The Petroleum Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has dismissed reports of a nationwide protest and their purported exit from the Union as fake news. In a joint press release issued by the leadership of NUPENG and the PTD branch on Monday, the unions categorically denied… Read More

Federal Government, World Bank Plan 3-Year Programme On Ease Of Doing Business

The federal government on Monday said it is collaborating with the World Bank on a programme aimed at enhancing ease of doing business by providing an enabling environment through removal of existing bottlenecks. The programme tagged States Action on Business Enabling Reforms (SABER) is expected to run from 2024 to 2026… Read More


Banks Income Tax Rises 132% To N311bn In 9 Months

At the backdrop of the sharprise in their profit this year, leading commercial banks in the Nigeria have reported 132.1 percent rise in tax remittances to government in the nine months (9M’23) of this year. The banks paid a total of N311.347 billion income tax during the period as against the N134.127billion they paid during the corresponding… Read More



Subsidy Removal: Federal Government Records Over N1trn Monthly Revenue Inflow –Minister

Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, has said the Federation Account was witnessing improved revenue inflow since the removal of fuel subsidy from average of N650 million monthly to over N1 trillion in the last four months. The minister stated this on Monday in Asaba at the opening ceremony of a four… Read More


Tinubu Woos G-20 Investors, FAAC Meets Over Multiple Taxation

President Bola Tinubu has assured international investors from G20 nations that their money is safe within the borders of the country. The president disclosed this during a panel discussion titled “Fostering Local Value Chains and Investments in Africa — The Role of the German Private Sector at the G20 Compact with Africa Economic Conference… Read More


Federal Government Decries 4% Intra-African Trade

The federal government has decried the low level of Trade between Nigeria and other African countries as the African Continent Free Trade Area Agreement nears full implementation. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite stated this yesterday in Abuja at the opening ceremony of the 69th African… Read More



Opposition Alleges Plot To Turn Nigeria Into One Party System

The Peoples Democratic Party (PDP) and the New Nigerian Peoples Party (NNPP) have accused the All Progressives Congress (APC) of plotting to turn Nigeria into a one party state following Appeal Court judgments that sacked three governors of the opposition. On Sunday, the Court of Appeal in Abuja sacked Governor Mutfwang of Plateau… Read More


House Of Representatives Probe N447bn COVID-19 Spending, Summon 83 MDAs

The House of Representatives has summoned 83 ministries, departments, and agencies of the Federal Government as it begins an investigation into the alleged mismanagement of over N447.6bn COVID-19 intervention fund from 2020 to 2022. Checks by The PUNCH in the budgets of the MDAs showed that at least 22 of them got not less than… Read More



Digital Infrastructure: NITDA, GTA Partner To Boost Women’s Participation In Tech

As part of efforts to promote diversity in Nigeria’s technology sector, Director General of the National Information Technology Development Agency (NITDA), Kachifu Inuwa Abdullahi, has underscored the role of the National Digital Gender Inclusion strategy aimed at strengthening women participation in the advancement of technology in the… Read More