Daily Business Headlines – November 3, 2022

November 3, 2022

Business Headlines

GUARDIAN

Equities Rebound as Gains Lift Index by 1.2 per cent

Following renewed bargain hunting in Dangote Cement and eight stocks, equities rebounded at the close of transactions on the Nigerian Exchange Limited (NGX) yesterday, causing the All-Share Index to rise by 1.2 per cent. Yesterday, the market capitalisation of listed equities appreciated by N292 billion to N24.119 trillion from N23.827 trillion. The ASI also increased by 537.29 basis points… Read More

CBN Developing Fresh Regulations to Tackle Threats to Financial Systems, says Emefiele

Threats posed to the financial service system informed the raising of a set of new and revised guidelines, regulations and legislations to address potential infringements, alter private sector incentives and reorganize the market to promote competition and encourage new entrants, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said… Read More

THE SUN

FX Crises to Crash $10.11bn Diaspora Remittances as Dollar Scarcity Paralyses Banks

Nigeria’s current foreign exchange crisis appears to be shaking the country’s economy to its foundation as Deposit Money Banks(DMBs) are currently batting with Dollar shortages, Daily Sun can authoritatively report. This was even as domiciliary account holders and recipients of diaspora remittances appear to be the most affected. The development could pose a threat… Read More

PUNCH

Discos Remit N291bn to CBN in Eight Months

The eleven electricity distribution companies in Nigeria remitted a total of N291bn to the Central Bank of Nigeria within the space of eight months. Data obtained from the Nigerian Bulk Electricity Trading Plc showed that the Discos remitted N291bn out of the N526bn invoice for electricity that was sold to them from January to August 2022. The electricity was produced by power generation… Read More

ECONOMY HEADLINES

GUARDIAN

Nigeria Loses $12.6b, 120 Million Barrels of Crude in Nine Months

Nigeria has lost nothing less than 120 million barrels of crude oil from January and September this year amidst a revenue crisis. The level of crude oil loss in production translates to $12.6 billion going by crude oil production data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). While Nigeria had proposed a budget of N20.5 trillion ($47.3 billion) in 2023… Read More

THIS DAY

OPEC: Dangote’s 650,000bpd Facility to Account for More Than Half of 1.2m bpd Expected Africa’s Refining

The Organisation of Petroleum Exporting Countries (OPEC) has said the much-awaited Dangote Refinery’s refining capacity would account for more than half of Africa’s expected total additional distillations in the medium term. The international oil cartel which stated this in its latest World Oil Outlook (WOO), disclosed that the addition was estimated at 1.2 million barrels per day… Read More

THE SUN

Economic Recovery: Experts Advocate Review of Federal Government’s Plans, Reforms

Economic experts have urged the Federal Government to appraise its intervention strategies geared toward economic recovery to come up with stronger plans. They urged the government to take practical steps to review its economic growth strategies to avoid being the victim of an imminent global recession. Aside the Nigerian economy being hit by the global crisis, the worsening security situation… Read More

POLITICAL HEADLINES

GUARDIAN

National Assembly Indicted for Bad Governance as Lawan Deplores Separatist Agitations

Alleged compromise, weak oversight and incompetence have been identified as some of the major problems of the current National Assembly in checking bad governance nationwide as dictated by the Constitution. Keen and critical observers of the legislature have insisted that the National Assembly erred for failing to halt the alleged breach of federal character principle by the President… Read More

PUNCH

Power: Senate to Grill Minister over N147bn Projects

The Senate Committee on Power has summoned Minister of Finance, Zainab Ahmed, over N147 billion included in the capital project of the Ministry of Power. The Chairman of the Committee, Senator Gabriel Suswam, who invited the Minister during the budget defense of the Ministry of Power, claimed that the committee could not explain how the funds for the multilateral projects… Read More

TECHNOLOGY HEADLINES

THIS DAY

To Enhance Digital Transformation, FG, Industry Stakeholders Move to Accelerate the Deployment of Emerging Technologies

Considering the role of emerging technologies in the global digital transformation agenda, the federal government, in collaboration with industry stakeholders, has said it will not relent in its efforts in promoting emerging technologies that businesses can leverage to enhance development across the country. Speaking to a cross-section of stakeholders at the just-concluded… Read More