Daily Business Headlines – October 17, 2022

October 17, 2022

Business Headlines


GTCO, Mutual Benefit, FBNH Lift NGX Turnover by N11.9 billion

Trading in the shares of Guaranty Trust Holding Company (GTCO), Mutual Benefits Assurance and FBN Holdings last week lifted the volume of shares traded as a turnover of 491.8 million shares worth N11.9 billion was recorded in 14,350 deals by investors on the floor of the exchange. The volume of shares traded was, however, higher than a total of 5.9 billion units valued at N8.8 billion… Read More

CBN, NDIC, AMCON Stifling Banks’ Growth, Directors Cry Out

Bank Directors Association of Nigeria (BDAN) has called for the review of necessary regulations to prevent the deposit money banks from paying insurance on deposits sterilised with the Central Bank of Nigeria (CBN). The directors said banks have been compelled to insure all their total deposits whereas about 50 per cent of funds are available to the operators for lending… Read More


Despite Epileptic Power Supply, Banks’ Credit to Energy Sector Hits N15.55trn

Against the backdrop of worsening power supply in Nigeria, Deposit Money Banks’ (DMBs) credit to the power and energy sector increased to N15.55trillion between 2019 and 2021, the National Bureau of Statistics (NBS) data has revealed. A breakdown of the numbers showed that banks in 2021 alone, extended N10 trillion credit to the power and energy sector, about 14 per cent… Read More


CBN Governor Woos Foreign Investors for Nigeria

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has invited foreign investors to consider Nigeria and other countries in Africa as their choice investment destination, noting that business confidence in the continent is on the rise. He said this during the EuroKnowledge award conferred on him by FIN Banking on Emerging Markets Forum on the sidelines… Read More



NBS: States Raked in N5.10 trillion IGR in Three Years

The 36 states of the federation including the Federal Capital Territory (FCT) generated a total sum of N5.10 trillion in Internally Generated Revenue (IGR) between 2019, 2020, and 2021, according to the National Bureau of Statistics (NBS). Total domestic revenue mobilisation stood at N1.64 trillion in 2019, with tax revenue accounting for 64.65 per cent of the total share… Read More


Grid Collapses 98 Times Under Buhari Amid N1.52tn Bailout

Nigeria’s available power generation capacity fell by 981.8 megawatts between 2015 and August 2022 despite the over N1.51tn intervention in the sector by the Federal Government since the current administration came on board in 2015. This came as the national grid collapsed 98 times under the regime of the President, Major General Muhammadu Buhari… Read More


Africa Living on the Edge, says IMF

The International Monetary Fund (IMF) has described sub-Saharan Africa (SSA) at the moment as a region “living on the edge”. This comes via its regional economic outlook released yesterday. Like other regions, the Fund said the outlook of the region is extremely uncertain as geopolitical tension, monetary tightening and food price crisis continue… Read More



Federal Government says Flood Killed 603, Blames States, LGs

The Federal Government, on Sunday, said the floods ravaging parts of the country have so far claimed 603 lives. The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, disclosed this at a press conference in Abuja. She said, “As of today, the number of persons affected nationwide is 2,504,095. The number of those displaced nationwide… Read More


Nigeria’s Hunger Level ‘Serious,’ Ranks 103 out of 121 Countries

Every minute, more than six Nigerians enter the extreme poverty bracket as the number of poor persons in the country race towards the 95.1 million projected this year by the World Bank. According to the World Bank, in its latest 2022 Poverty and Prosperity Report, Nigeria contributed three million people to global extreme poverty, while the country is “home to a large share… Read More



MTN, Airtel Hike in Data Tariffs Unsettles Subscribers

Telecoms subscribers to MTN and Airtel, woke up last week to experience a sudden increase in their data plan, without prior notice from the telecoms operators, and not even from the telecoms industry regulator that is supposed to protect consumers as it had always done, since the rollout of Global System for Mobile communication (GSM) in 2001… Read More

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