Daily Business Headlines – NOVEMBER 22, 2023


NGX Rebounds, Gains 0.08%

In a recovery from the previous day’s loss, the Nigeria Exchange Tuesday posted gains as the All-Share Index rose by 0.08% to close at 71,066.55 points. Gains in Tier-1 Banking including ZENITHBANK (+0.15%), GTCO (+0.54%) and UBA (+0.73%) contributed to outweigh losses in other stocks such as INTBREW (-2.17%), OANDO… Read More


Federal Government Revokes 1,633 Mining Licences, Vows To Sanitise Sector

The Federal Government through the Ministry of Solid Minerals Development has revoked 1,633 minerals titles previously given to non-complying mining companies. The minister also promised to clean up the solid minerals sector for international competitiveness and urged all stakeholders who have acted wrongly in this sector to turn a new leaf… Read More

Obey Tax Laws, FIRS Warns Shipping Companies

The chairman, Federal Inland Revenue Service, Zacch Adedeji, has charged non-domestic companies shipping crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations. Adedeji gave the charge in Lagos at a workshop on taxation of non-resident shipping companies organised by FIRS in conjunction with Oil… Read More


Federal Government Begins Recruitment Of Community Managers Across 36 States For 3MTT

The Federal Government has commenced the recruitment of community managers under its ongoing Three Million Technical Talent (3MTT) programme. The Ministry of Communications, Innovation and Digital Economy, announced this in a statement. The ministry informed that the nationwide recruitment exercise will produce 37… Read More



Federal Government To Re-Establish National Shipping Line To Halt $10bn Annual Afreightment Loss –Oyetola

The Federal Government has concluded plans to re-establish a National Shipping Line through a strategic Public Private Partnership (PPP) to capture substantial share of the estimated $10 billion annual ship charter market within the country. The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated this on Tuesday at a… Read More


Nigeria, Germany Sign $500m Renewable Energy, Gas Deals

In a significant move to strengthen economic ties, Nigerian and German companies sealed two pivotal agreements in Berlin on Tuesday. The accords valued at $500m, encompass a renewable energy pact and a gas export deal, marking a milestone in bilateral cooperation, the Presidential spokesperson, Ajuri Ngelale said in a statement. Union Bank… Read More


Federal Government Gives Conditions To License Modular Refineries

The Minister of State for Petroleum, Senator Heineken Lokpobiri said the federal government will give financial support to licensed private modular refinery owners with proven records. Lokpobiri  who was accompanied by the Executive Secretary, NCDMB, Engr. Simbi Wabote and the MD of Bank of Industry, Olasupo Olusi during… Read More



Ohanaeze, Aferifere, M’Belt Forum Press For State Police

Prominent ethnic groups in Nigeria, including Ohanaeze Ndigbo Worldwide, Middle Belt forum (MBF), the Coalition of Northern Youth Groups and Ijaw National Congress(INC), have backed the call by the pan Yoruba socio-political organisation, Afenifere, on President Bola Tinubu to sign an Executive Order for the establishing of state and… Read More


States Spend N1.7tn On Trips, Meals, Others, Borrow N988bn

The 36 states of the federation have spent N1.71tn on recurrent expenditures including allowances, foreign trips, office stationery, aircraft maintenance, and more in the first nine months of 2023. This is according to an analysis of their budget performance reports sourced from Open Nigerian States, a budgIT-backed website that serves as… Read More



Excellent Quality Of Service, Non-Negotiable In Telecoms Industry —NCC

The Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr Aminu Maida, has said that quality of service in the telecommunications sector is non-negotiable as he called for industry collaboration to make this a reality. Maida, who spoke in Lagos at an interactive session with chief… Read More