Daily Business Headlines – October 24, 2022

October 24, 2022

Business Headlines


Two Banks Lead in 53.4% Financial Sector’s Contribution to Market Turnover

Two bank stocks – Guaranty Trust Holding Company (GTCO) and Fidelity Bank Plc, drove activities in the financial service sector of the Nigerian Exchange Limited (NGX) last week. With the development, the financial sector has maintained its dominance in volume terms with 501.3 million shares valued at N5 billion traded in 8,279 deals; thus contributing 53.4 per cent to the total equities turnover… Read More


Despite N14.43trn AuM, PFAs Reduce Exposure to Stock Market, T.Bills as Inflation Diminish Investment

Despite growth in assets under management (AUM) to N14.43 trillion, Pension Fund Administrators (PFA) exposure to stock market and Treasury Bills (T-Bills) dropped in August 2022 to highlight low-yield environment as inflation rate continued to diminish investment. The latest report by the National Pension Commission (PenCom) revealed that PFA exposure in the Nigerian equities market dropped… Read More


Domestic Card Scheme to Become Effective January – CBN

The Central Bank of Nigeria, in line with its mandate to promote stability, inclusion and growth in the financial and payment system, says it has introduced a national domestic card scheme that will become effective on January 16, 2023. A statement from the Director, Corporate Communications, CBN, Osita Nwanisobi, said Nigeria is Africa’s largest and most vibrant economy… Read More


Local Shipowners Lament Violation of Cabotage Law by Foreign Shipping Firms

Indigenous shipowners have called on the Federal Government to clamp down on foreign vessels violating the nation’s Cabotage law by illegally operating in its coastal waters. The group also warned that  the exclusion of Nigerian shipowners is costing it billions of dollars as Nigerian own vessels are left out to play a role in the lifting of crude, with saying foreign vessels remaining key players… Read More



Federal Government Subsidy Spending to hit N11tn in 2023

The administration of the President, Major General Muhammadu Buhari (retd.), could spend not less than N10.976tn as subsidy on Premium Motor Spirit, popularly called petrol, from when it came to power in 2015 till May 2023. Already the government has spent about N6.88tn in subsidising the commodity, according to data obtained from the Nigerian National Petroleum Company Limited… Read More


Federal Government, Stakeholders to Audit Controversial PMS Consumption Figures

With the Nigerian economy currently at a tipping point, the Ministry of Petroleum Resources, the agencies under it and other relevant stakeholders are set to interrogate the daily petrol consumption figure of 68 million litres as investigations suggest the numbers may be inflated. The move, Daily Sun learnt, is non-punitive but solely driven by the need to cut back on what the government spends… Read More


Nigerian Bonds Head Towards Junk Status, Experts Warn

The operators of the fiscal and monetary policies must devise novel ways of addressing the economic challenges confronting Nigeria will face more credit rating reviews from international bodies. The Guardian had reported that Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior… Read More



Military: We’re Prepared to End Oil Theft

The military high command, weekend, declared that the armed forces were prepared to end oil theft in the Niger Delta region, saying security forces remained determined to end insurgency, armed banditry and ready to pave the way for a free, fair and secure 2023 Polls. Inspector-General of Police, Usman Baba, also said the Nigeria Police, the military and other security forces were fully prepared… Read More


Terror Attacks: US Issues Security Alert to Nationals

The Embassy of the United States, Abuja, has said that there is an elevated risk of terror attacks in Nigeria, specifically in Abuja. In a security alert issued to its nationals, the United States Embassy said targets may include, but are not limited to, government buildings, places of worship, schools, markets, shopping malls, hotels, bars, restaurants, athletic gatherings, transport terminals, law enforcement facilities… Read More



Federal Government’s Earnings from Spectrum Sales Rise to $1.09bn

The Federal Government through the Nigerian Communications Commission is set to make at least $1.09bn (N476bn) from the sale of four 5G spectrums. This is after the NCC revealed in a new ‘Information Memorandum on 3.5 GHz Spectrum Auction’ that it has set the reserve price for two more 5G spectrum licences at $273.60m a piece. It said, “The reserve price is the minimum price for one Lot… Read More