Daily Business Headlines – October 13, 2022

October 13, 2022

Business Headlines


Capital Market to Provide Funds for Businesses, Seeks More Investors

As a way of encouraging investors to explore opportunities in the capital market to grow businesses, the Securities and Exchange Commission (SEC) has said that the market will be available to provide funding to entrepreneurs. The Director General of SEC, Lamido Yuguda, stated this at the maiden Gombe State Investment Summit themed “Industrialisation: The Pathway to Innovation… Read More


Lack of Investors’ Confidence in Economy Worrisome — NESG

The Nigeria Economic Summit Group, NESG, yesterday expressed concerns over investors’ lack of confidence in the economy. In a statement signed by Asue Ighodalo for the Board of Directors, NESG pointed out that the Appropriation Bill submitted by President Muhammadu Buhari to the National assembly showed a huge deficit, adding that it limits the country’s ability to attract… Read More


DMO Offers N225bn Bonds for Subscription

The Nigerian Debt Management Office, DMO has offered three Federal Government Bonds, which are valued at N225 billion for subscription. This disclosure is contained in a circular on the website of the DMO’s office. The bonds include; 14.55 per cent, April 2029 FGN Bond, a 12.50 per cent, April 2032 FGN Bond and a 16.24 per cent, April 2037 FGN Bond… Read More


Naira Suffers Worst Depreciation in History

As Naira suffered the worst depreciation against the US dollar in history- exchanging N441.17 to a dollar- at the official market, the Central Bank of Nigeria (CBN), has advised Nigerians to shun buying dollars from black market traders. The Naira has continued to fall in value against the US dollar, and it is now officially at its lowest level in the official market. According to FMDQsecurities… Read More



Nigeria Seeks Debt Restructuring from IMF, World Bank

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday disclosed that the Nigerian government was in talks with the International Monetary Fund (IMF) and the World Bank to restructure the country’s debts. The minister also revealed that the country was considering tapping from the IMF’s newly created Food Shock Window, that allows member-countries… Read More

Lawmakers Flay Federal Government over N8.2trn Recurrent Expenditure in 2023 Budget

The Senate and House of Representatives yesterday passed for second reading the N20.51 trillion 2023 budget presented to the National Assembly last Friday by President Muhammadu Buhari. The approval of the appropriation bill at the upper chamber followed a robust debate on its general principles by senators. Many of the federal lawmakers, however, frowned at rising recurrent… Read More


FAAC: Resilient Amid Zero Remittance From NNPCL

The Nigerian federation could flourish independent of oil revenue after all. Glimpses into the federation revenue basket, with nearly one year of Nigeria National Petroleum Company Limited, NNPCL, not remitting oil revenue into the Federation Account Allocation Committee (FAAC) proves a possibility of a flourishing economy devoid of oil revenue. Since January 2022, NNPCL, unlike before, has not paid a dime into FAAC’s purse on pretext of shouldering oil subsidy provision… Read More



INEC Worries Over Insecurity as Crises Stall APC, PDP, LP Campaigns

Two weeks after the ban was lifted for presidential candidates to begin campaigns for February’s elections, the three leading political parties – All Progressives Congress (APC), Peoples Democratic Party (PDP) and Labour Party (LP) – are still in a fix over the composition of their Presidential Campaign Councils (PCCs), slowing down what was anticipated to be a hectic season of rallies… Read More


No Plan to Sell Power Transmission Company – Federal Government

The Federal Government, on Wednesday, said there was no plan to sell the Transmission Company of Nigeria and urged the public to dismiss statements regarding a non-existing plan to privatise the government-owned power firm. It said this was in response to media reports and statements claiming that there was a plan to privatise TCN. According to the Federal Ministry of Power… Read More



Operators Seek Access to FX, as More Players Risk Collapse

Telecommunications operators have, again, called on the Central Bank of Nigeria (CBN) to prioritise their access to foreign exchange (FX), especially as the illiquidity crisis worsens. The operators, under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), said members have been having it very rough accessing FX since the beginning of the year… Read More