Daily Business Headlines – OCTOBER 20, 2023


Capitalisation Dips By N140b Amid Losses In Stanbic IBTC, Nestle, Others

Negative sentiments resurfaced on the equities sector of the Nigerian Exchange Limited (NGX) yesterday as market capitalisation depreciated by N140 billion amid losses in Stanbic IBTC, Nestle and 23 stocks. Specifically, at the close of transactions yesterday, market capitalisation of listed equities declined by 0.4 per cent to N36.864 trillion … Read More

No Respite For Nigerians As Petrol Scarcity Bites Harder In Abuja, Lagos, Others

The scarcity of Premium Motor Spirit (PMS), popular known as petrol, which again, resurfaced in some parts of the country, noticeably Abuja and Lagos, yesterday, may have further compounded the woes of Nigerians, who are currently battling lack of healthy diet due to rising inflation, forex challenges to do business, poor electricity supply… Read More


DISCOS Reduce Collection Losses To 38.4% In Q2’23

The electricity distribution companies, DisCos, have improved their revenue collection while reducing losses arising from technical, commercial and general operations. The National Electricity Regulatory Commission, NERC, said that the Aggregate Technical, Commercial and Collection Loss, ATC&C, loss recorded across all the 11 electricity… Read More


Federal Government Plans To Generate N28.1bn From Ijora Workshop Concession

The Infrastructure Concession Regulatory Commission says the federal government will generate N28.1bn from the 20-year concession of the Central Workshop Ijora. In a statement on Thursday, the Head of Media and Publicity, Manji Yarling, said the workshop was used for the maintenance of vehicles, sewage treatment plants, and… Read More



No Plan To Increase Taxes, FIRS Chairman Assures Firms

Acting chairman of the Federal Inland Revenue Service, Zacch Adedeji, has allayed fears being expressed by corporate organisations that the resolve of FIRS to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 will lead to increase in taxes. In a statement, Adedeji said such resolve would not necessarily lead to increase… Read More

Government Should Adopt Partnership For Economic Growth, Says Ex-CBN Boss

The Federal Government should collaborate with the non-state actors to achieve economic development and ensure the success of its social investment programmes, a former acting Governor of the Central Bank of Nigeria, Dr Sarah Alade, advised on Thursday. According to her, non-state actors, including the Living Above Poverty Organisation, would… Read More


Naira Depreciates To N1,175/$ In Parallel Market

The naira yesterday depreciated to N1,175 per dollar in the parallel market from N1,100 per dollar on Wednesday. However, the naira appreciated in the Nigerian Foreign Exchange Market (NAFEM) yesterday to N782.68 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N782.68 per dollar from… Read More



Tinubu Revokes Imam’s Nomination As FERMA Chairman, Appoints Ceos For Parastatals

President Bola Tinubu, yesterday, revoked the nomination of Imam Kashim Imam as Chairman of the Board of Directors of the Federal Roads Maintenance Agency (FERMA). The appointment of the 24-year-old fresh graduate had sparked reactions across the federation. Besides, the Nigerian leader approved the appointment of eight… Read More


Federal Government, Labour’s Deal Under Threat, NLC Accuses Lalong Of Violation

A nationwide strike looms as the agreement between the Federal Government and Nigeria Labour Congress, NLC, on the implementation of measures to cushion the effects of petrol subsidy removal is currently threatened. Recall that Organized Labour, comprising the Nigeria Labour Congress, NLC, and Trade Union Congress, TUC… Read More



Federal Government To Digitise Processes For Air Travellers

Olubunmi Tunji-Ojo, minister of interior, announced on Thursday that the federal government plans to digitise processes to improve travel experience for international air travellers. According to him, these processes will include an e-gate technique, online passport processing, and an advanced passenger information system, effective… Read More