Daily Business Headlines – October 26, 2022

October 26, 2022

Business Headlines


Foreign, Domestic Investors’ Stake in Stock Market Down 33.94% on Global Economic Headwinds

Influenced by global and domestic challenges, domestic and foreign investors reduced their portfolios in the Nigerian equities market by 33.94 per cent in September to N81.90 billion ($187.09 million) from N123.97 billion ($289.04 million) in August 2022. The latest “Domestic & Foreign Portfolio Participation In Stock Trading” report of the Nigerian Exchange Limited (NGX), showed that domestic… Read More


NGX Investors Gain Over N200bn in 2 Trading Days Amid Depreciation in High Cap Stocks

Despite depreciation in the value of some highly capitalised stocks, market capitalisation on the Nigerian Exchange Limited (NGX) has risen by over N200 billion in two consecutive trading days. Stocks trading on the floor of the NGX had logged their steepest decline in the year following bouts of profit-taking activities recorded last week. As a result, the All-Share Index (ASI) declined by 6.67 per cent… Read More


CBN Mints N3bn Worth of ENaira, Says 33 Banks Fully Integrated

The Central Bank of Nigeria (CBN) said a total N3 billion has been successfully minted by the bank in the last one year with 33 banks fully integrated and live on the platform. In his keynote address delivered at the “eNaira 1 year Anniversary” held at Eko Hotel Lagos on Tuesday, October 25, 2022, the CBN Governor, Mr. Godwin Emefiele said there has been overwhelming interest and encouraging… Read More


Again, MAN Tasks Government on Favourable Policies for Viable Local Manufacturing

The Manufacturers Association of Nigeria (MAN) has lamented over the increasingly high-interest rates for manufacturers in the country, noting that made-in-Nigeria goods would continue to be uncompetitive if the interest rate remains at double figures. Speaking on the sidelines of the opening ceremony of its three-day Made-in-Nigeria exhibition, MAN president… Read More



Fuel Scarcity Grounds Lagos, Ogun, Abuja, Commuters Stranded

Petrol scarcity hit different parts of Nigeria on Tuesday, forcing motorists to spend hours at filling stations while battling to get the product. Black marketers had a field day, selling a litre of fuel at N300-N400 in many parts of the country. Many motorists were forced to patronise them as the unpalatable alternative was to wait for hours in filling stations… Read More

Federal Government Admits Huge Spending on Fuel Subsidy

The Federal Government, on Tuesday, said that it had spent so much in subsidising the Premium Motor Spirit, popularly petrol, confirming The PUNCH’s investigative report on the huge fuel subsidy spending by the current regime. On Monday, The PUNCH exclusively reported that the administration of the President, Major General Muhammadu Buhari (retd.), could spend nothing less… Read More


Economic Readiness Vital in Cushioning Against Effects of Future Pandemics

In the wake of 2020, what started as a local health concern quickly erupted into a global pandemic which affected the health and economy of developed and developing countries alike. While the healthcare system faced huge pressure, the deepening effect of COVID-19 plunged many countries into activating unprepared economic measures – the shutdown of economic activities… Read More



Jumbo Severance Package: Buhari, Osinbajo, Others to get N63bn, Pensioners Kick

Severance packages for the President, Major General Muhammadu Buhari (retd.), Vice President Yemi Osinbajo, state governors and other political appointees leaving office in 2023 may cost the country about N63.45bn, findings by The PUNCH have shown. The figure also covers the severance gratuity for ministers, commissioners, National Assembly members, state assembly members… Read More


Federal Government: Terror Alert on FCT By Foreign Embassies Unverified, Misleading

The federal government, yesterday, lashed out at some foreign embassies for allegedly issuing an unverified terror warning on the Federal Capital Territory (FCT), Abuja, posting clickbait, and causing panic in the country. Minister of Information and Culture, Alhaji Lai Mohammed, delivered the disavowal at a ministerial session of the on-going UNESCO Media and Information Literacy Week in Abuja… Read More



Federal Government Boosts Fibre Rollout with National Dig Once Policy by December

To bridge gaps identified in Nigeria’s fibre infrastructure rollout, the Federal Government is hoping to launch the National Dig Once Policy in the country. With the December target, the FG said it was giving the final touches to the proposed document. The Minister of Communications and Digital Economy, Professor Isa Pantami, made the disclosure in Lagos at the just concluded fourth edition… Read More