Daily Business Headlines – October 25, 2022

October 25, 2022

Business Headlines


Bargain Hunting in MTNN, Seven Stocks Lift Capitalisation by N36b

Following bargain hunting in MTN Nigeria and seven stocks, transactions on the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, causing market capitalisation to gain N36 billion. The All Share Index (ASI) rose by 64.90 points, representing an increase of 0.15 per cent to close at 44,461.63 points. While the overall market capitalisation value gained N35 billion to close at N24.21 trillion… Read More


Bank Directors Seek End to Regulation Affecting Profit

Bank Directors Association of Nigeria has said payment of deposit insurance premium on the funds sterilised at the Central Bank of Nigeria as the Cash Reserve Ratio is impacting the profitability of the banks. They spoke at BDAN’s annual summit in Lagos. They said the continued payment of deposit insurance levy by banks to the Asset Management Corporation of Nigeria… Read More

Federal Government Faults Foreign Airlines Over Blocked Funds, Others

The Federal Government has dismissed threats by foreign airlines to suspend operations in Nigeria over their inability to repatriate their blocked forex from the country. The Minister of Aviation, Senator Hadi Sirika, said that Nigeria would fare better if foreign airlines boycott the country, as the government has developed the capacity to face the challenges. Sirika said this in Abuja on Monday… Read More


PSBs to Sell Foreign Currencies Realised from Cross Border Personal Remittances –CBN

The Central Bank of Nigeria (CBN) has authorised Payment Service Banks (PSBs) across the country to sell foreign currencies realised from inbound cross-border personal remittances to authorised foreign exchange dealers. This was even as the apex bank has ordered PSBs to accept deposits from individuals and small businesses, to be covered by the deposit insurance scheme; carry out payments… Read More



Nigeria Raises Stake, Secures $1.8 billion Facility from Islamic bank

The Islamic Development Bank (IsDB) has approved a total financing of $1.8 billion for Nigeria. The facility includes $971 million in project financing by IsDB, about $288m provided by the Islamic Corporation for the Development (ICD), the bank’s private sector affiliate, $477m in trade operations by its trade arm, the International Islamic Trade Finance Corporation (ITFC), and $90 million… Read More


Diesel Prices Rise by 210%, Kerosene 118%, Gas 86% as Energy Costs Take a Toll on Nigerians

There appears to be no respite for Nigerians as the price paid for their energy needs has continued to skyrocket year-on-year, according to the latest data from the National Bureau of Statistics (NBS). A review of the information released by the NBS showed that the average retail price of diesel paid by consumers in September 2022 was N789.90 per litre, an increase of 210.20 per cent from N254.64… Read More


External Debt Rises to $40bn Under Buhari

Nigeria’s total external debt has risen from $10.32bn on June 30, 2015, to $40.06bn as at June 30, 2022, The PUNCH has learnt. This shows that there has been an increase of 288.18 per cent in seven years, according to the external debt stock reports by the Debt Management Office. A breakdown shows that in 2015, 36 states had $3.27bn external debt while the Federal Government had $7.05bn… Read More



Census 2023: Buhari’s Best Legacy for National Planning, Development

President Muhammadu Buhari is about to bequeath to Nigerians one of the best legacies as the National Population Commission (NPC) has concluded plans to hold the next census in April 2023. That would make it 17 years after the last census was held in 2006. Nigerians and indeed, the world may not have given Buhari the rightful acclaim that he deserves but since he gave approval to the NPC proposal… Read More


Atiku, Tinubu, Obi Demand Security Beef-up, Reject Campaign Suspension

The Presidential campaign organisations of the Peoples Democratic Party, the All Progressives Congress and the Labour Party have demanded increased security on campaign grounds. Speaking against the backdrop of the terror alerts issued on Sunday by the United States Mission and British High Commission in Nigeria, the councils also insisted that they would not suspend their rallies… Read More



Mobile Transfers Up N12.8trn in 9 Months –NIBSS

Buoyed by the rising connectivity across the country, the Nigeria Inter-Bank Settlement System (NIBSS) said bank customers in Nigeria transferred a total of N12.8 trillion over mobile devices between January and September this year. According to NIBSS data for mobile money transfers for the 9-month-period, the value of deals through the channel has already surpassed the N8 trillion recorded… Read More