Daily Business Headlines – November 28, 2022


Investors Stake N15.34bn In 712m Shares As Equities Gain 6.9% W/W

Bullish sentiments remained a dominant status at the Nigerian Exchange Limited (NGX) as investors staked N15.34 billion in 711.68 million shares in five trading sessions. Specifically, the market’s All Share Index (ASI) advanced by 6.88 per cent week-on-week (w/w) to close at 47,554.34 points on gains recorded in Airtel Africa, BUA Foods… Read More

Capital Market: Public companies to end use of proxies for AGMs Dec 31

Amid concerns by shareholders over continued virtual and proxies’ for Annual General Meetings (AGMs), the Corporate Affairs Commission (CAC) has stated that the use of proxies by public companies will cease to apply effective from December 31, 2022. The Registrar-General, CAC, Alhaji Garba Abubakar, disclosed… Read More


Dangote Plans 300,000 New Jobs

Africa’s foremost industrialist, Aliko Dangote, is planning to create 300,000 fresh jobs through his new multibillion naira investment in the sugar sub-sector. A statement from the corporate communication department of the company quoted the Group’s President, Aliko Dangote, as saying that the company was providing fresh funds… Read More

SEC Cautions Managers Against Holding Client’s Fund, Securities

The Securities and Exchange Commission has cautioned some fund managers to desist from holding on to client’s funds and securities. It warned that such habit would lead to dire consequences. The Director-General, SEC, Mr Lamido Yuguda, made this known during the post capital market committee press briefing in Lagos weekend… Read More



Annual UK-Study Expenses Hits $2.5bn Amid Forex Scarcity

The Governor, Central Bank of Nigeria, Godwin Emefiele, has said annual foreign exchange outflow on study-related to the UK has hit to about $2.5bn as visa applications increased. He also said the official foreign exchange receipt from crude oil sales into the official reserves of the country had dried up, but that the CBN had introduced measures… Read More

Federal Government borrows N24tn from CBN amid fiscal risks

The Federal Government has borrowed N6.31tn from the Central Bank of Nigeria through Ways and Means Advances in 10 months. This has pushed the Federal Government’s borrowing from the CBN from N17.46tn in December 2021 to N23.77tn in October 2022. The N23.77tn owed the apex bank by the Federal Government is not part… Read More


Federal Government Launches RCMMP, Says It’ll Accelerate Economic Growth

The Federal Government has described the revised capital market master-plan (RCMMP) as a veritable tool that will accelerate the growth of the nation’s capital market, economic growth and increase both domestic and foreign investor participation. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed stated… Read More



2023 Polls: Concern As INEC Tracks Hundreds Of PVCs To Individuals

Ongoing investigation into alleged proliferation of Permanent Voters Cards (PVCs) in the country is apparently paying off as the Independent National Electoral Commission (INEC) has traced the election materials to homes of some persons, including politicians. This is the result of sting operations by security operatives following reports… Read More


62 New Sans For Inauguration

As part of activities to mark the legal year of the Supreme Court, 62 new legal practitioners across the country would on Monday November 28, 2022 be conferred with the SANships titles. The Legal Practitioners’ Privileges Committee had in September announced the elevation of 62 lawyers to the rank of Senior Advocate of Nigeria… Read More



FCT Minister Reduces Telcos Row Charges By 90%

The Minister of the Federal Capital Territory, Mohammed Bello, has said that telecommunications operators who want to deploy broadband infrastructure in green areas will only pay N14.50 as Right of Way charges. He noted that the discounted charges would be from December 1, 2022, and run for the next two years. He said this… Read More

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