Daily Business Headlines – NOVEMBER 28, 2023


Investors’ Bullish Optimism Further Lifts NGX Index By 0.17%

The positive momentum witnessed at the Nigerian Exchange (NGX) Limited continued on Monday with a 0.17 per cent leap at the close of business. Buying pressure, particularly in a few blue-chip equities, kept the bulls at Customs Street during the trading session, though the consumer goods space succumbed to profit-taking by 0.99 per cent… Read More


LFZ Attracts Nordic Investors To Nigeria

The Lagos Free Zone, a subsidiary of Tolaram, says it has attracted investors from the Nordic countries to boost foreign direct investment into the country. A statement by the firm on Sunday said that the investors were encouraged to take advantage of the exceptional infrastructure, incentives, and ease of doing business in the zone to set up… Read More


Banks Want Special Court To Handle Backlog Of Financial Crimes

Nigerian bankers are seeking a special commercial court to deal with backlogs of financial-related cases amidst worries over the rising losses to cybercrimes. A backlog of financial cases and knowledge gaps in the judiciary are raising concerns as the growing challenges may truncate the projected growth of the industry in Nigeria if urgent actions… Read More


Dangote’s $20bn Refinery Set To List On NGX

Chairman of Dangote Industries, Aliko Dangote, has revealed plans to list his $20 billion petroleum refinery on the Nigerian Exchange Limited (NGX) as it gears up to commence operations fully in December. Dangote, in a interview with the Financial Times, shared that the refinery, set to be listed as a separate entity, is poised to make a… Read More



Federal Government Okays N27.5trn For 2024 Budget

The Federal Executive Council (FEC), presided over by President Bola Tinubu, has approved the sum of N27.5 trillion for the 2024 appropriation bill. Minister of Budget and National Planning, Atiku Bagudu disclosed this to State House Correspondents on Monday at the end of Council meeting at the Presidential Villa. According to him… Read More


FEC Okays AFDB’s $1bn Budget Support

The Federal Executive Council (FEC) has approved a concessional budget support financing of $1 billion from the African Development Bank (AfDB). Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Monday after the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the… Read More


CIBN To CBN: Policies Should Focus On Increasing Revenue From Non-Oil Exports

The Chartered Institute of Bankers of Nigeria (CIBN) says the focus of the Central Bank of Nigeria (CBN) should continue to be on policies that will increase revenue from non-oil exports, draw in foreign portfolio investors, and encourage diaspora investment. Ken Opara, president and chairman of CIBN, made this known in a statement,said within … Read More



Tinubu Reappoints Kyari NNPC GCEO, Other Board Members

President Bola Tinubu in compliance with Section 59 (2) of the Petroleum Industry Act, 2021,  has approved the appointment of a new Board and management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023: The President in exercise of his powers reappointed the Mele Kolo Kyari as the… Read More


Adelabu: Federal Government To Adopt Bottom-Up, Off-Grid Strategy To Revamp Power Sector

The Minister of Power, Chief Adebayo Adelabu, yesterday said the federal government plans to adopt a bottom-up approach to ensure Nigeria has adequate supply of power in the not-so-distant future, as opposed to the top-to-bottom strategy adopted by his predecessors. The minister spoke in Abuja at a roundtable for the legislature, judiciary and… Read More



Nigerians Spend N2.6tn On Data, Airtime In Nine Months

The amount spent on airtime and data by Nigerian telecom subscribers rose to at least N2.59tn in the first nine months of 2023. This is according to the financial statements of MTN Nigeria and Airtel Africa. This was a 32.57 per cent increase from the N1.95tn both telcos recorded from both income sources in the corresponding period of 2022… Read More