Daily Business Headlines – October 19, 2022

October 19, 2022

Business Headlines


Promptly Disclose Substantial Interests in Listed Firms, NGX Urges Investors

To reduce the distortion of companies’ public information and market data, Nigerian Exchange Limited (NGX) has urged investors to disclose their substantial interest in listed companies not later than 10 business days after such a transaction. According to NGX, sudden announcements of previously undisclosed interests breach the Exchange’s rules as well as other extant market laws… Read More

Amid Tough Operating Environment, Banks’ Interest Expense Reached N741.4bn in H1

On the backdrop of a high operating environment, a total of 13 Deposit Money Banks spent a whopping sum of N741.4 billion in interest expenses on customers and borrowings in the half year ended June 30, 2022, THISDAY analysis of the banks’ financial results has revealed. This is an increase of 30.4 per cent from N568.6billion reported in the corresponding half year of 2021… Read More


Hike in Airfares Inevitable, Experts Say

Despite the Central Bank of Nigeria’s move to disburse $265m in trapped funds belonging foreign airlines, the carriers have shut down their global distribution services in Nigeria. Based on this, aviation experts are of the view that the hike in air airfares is inevitable, because travel agents are being knocked out of the industry, leaving passengers at the mercy of black market rates when purchasing… Read More


Stakeholders Bicker over Exclusion of Maritime Sector from 2023 Budget

Despite being the second largest revenue earner for Nigeria after oil, the Federal Government has again ignored the maritime sector in its 2023 Appropiation Bill. With a total expenditure of N20.51 trillion proposed in the “2023 Budget of Fiscal Consolidation and Transition” presented to the joint session of the National Assembly by President Muhammadu Buhari, last week, power, roads, rail… Read More



Ensuring Fiscal Suitability at Sub-national Levels 

The states must take concrete steps to urgently improve on fiscal sustainability in order to address rising poverty and achieve good governance, James Emejo writes If anything, the 2022 State of States Report by BudgIT, a non-profit promoting transparency and accountability in budget and public resources, continues to raise questions about the sincerity of sub-national governments to make their states… Read More


Nigerians Pay N1.23tn Tax to 36 States

Nigerians across 36 states of the federation paid N1.23tn in taxes in 2021, a 19.19 per cent increase from the N1.03tn paid in 2020. This is according to data from the States’ Internally Generated Revenue report by the National Bureau of Statistics released recently. According to the data, tax revenues accounted for 66.16 per cent of state’s IGR (N1.56tn) in 2020 and 64.88 per cent of N1.89tn in 2021… Read More


Agricultural Insurance as Instrument for Sustainable Food Supply

Even as every sector of the economy strives to remain viable even in the midst of global socio-economic crises, one indispensable industryfor the survival of mankind is the agriculture. As critical as it is to the development of the country and crucial to the achievement of the Sustainable Development Goals (SDGs), which seek to eradicate extreme poverty and hunger by 2030, it’s however thrust… Read More



Violent Campaigns: INEC Summons Political Parties for Dumping Peace Accord

Disturbed by increasing incidents of violence at campaigns and growing resort to incendiary comments barely three weeks after signing the Peace Accord, the Independent National Electoral Commission (INEC) has expressed concerns over the spate of violence at the ongoing campaigns. The Commission said it would summon leaders of political parties next week over the resort to violence… Read More


Next Government to Inherit $716m Judgment Debts

The Presidency of Major General Muhammadu Buhari (retd.) may pass on at least $715.86m judgment debts to the next administration, The PUNCH has learnt. The judgment debts were listed as 18 promissory notes in a document titled, ‘Schedule of Promissory Notes Issued by Category as at March 2022’ by the Debt Management Office… Read More



Tech Startups Funding in Nigeria, Others Drop from $1.2b to $367m

Funding for technology startups in Nigeria, South Africa, Egypt, and Kenya among other African countries dropped in quarter three. Data from CB Insights revealed that venture capital flows into African start-ups fell to $ 367 million for the third quarter of September, compared to the second quarter of June. Funding in the comparative quarter of 2021 amounted to $1.2-billion… Read More