Daily Business Headlines – October 28, 2022

October 28, 2022

Business Headlines


Equity Market Dips by N127bn

The Nigerian equities market on Thursday reversed its three-day bullish streak due to profit-taking, mainly in stocks of Airtel Africa. Accordingly, investors gained N127 billion or 0.52 per cent as market capitalization went down to N24.306 trillion from N 24.433 trillion the previous day. Accordingly, the All-Share Index (ASI) declined by 234.6 points or 0.52… Read More


CBN Reiterates Proactive Risk Management for Healthy Financial System

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has urged financial managers to work towards building a more resilient economy that will contain external shocks, whilst supporting growth in key sectors of the economy. Emefiele made the call at the second national risk management conference held in Lagos, yesterday… Read More


Airfares May Rise to N200, 000 for a One-Hour Flight in December

There is no sign that airfares in domestic flights may come down as many hoped when the base fare rose to N50,000 for one hour flight about seven months ago; rather, the base fare has risen to N70,000. Booking a flight for the middle of November from different domestic airline sites last week indicated that the minimum fare for a one-hour flight was N74,000. This, industry experts said, would rise… Read More


Mixed Reactions Trail CBN’s e-Naira Adoption Amid Increased Sensitisation

Amid increased sensitization about the e-Naira by the Central Bank of Nigeria (CBN), some Nigerians appear not convinced that the initiative was what Nigeria needs at the moment although several others have commended the apex bank. The e-Naira made its debut last year and has ever since been crawling in search of acceptability despite the huge push by the CBN to improve its adoption… Read More



Return of Queues: How Operators, Smugglers Steal N200.8b Monthly in Petrol Subsidy Claims

There are indications that President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources, and key members of agencies in the oil sector, especially the Nigerian National Petroleum Company (NNPC) Limited, have questions to answer over subsidy scandal standing at about N200.8 billion monthly amid the return of petrol queues across the country… Read More


Why We Approved 5-Year Tax Break, Other Incentives for Investors in Agric Sector —Federal Government

The Federal Government yesterday disclosed it has approved new incentives for investors in the country’s agricultural sector. The Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar, stated this in Abuja, while speaking at the 29th edition of the LAPO Annual Development Forum, with the theme, ‘Financing Agriculture and Rural Development Initiatives in Nigeria… Read More


Federal Government Disburses N17tn to SMEs, Registers 650,000 Businesses

The National Collateral Registry in collaboration with the Development Finance Department of the Central Bank of Nigeria has said it has disbursed over N16.6tn since 2017 and registered over 650,000 businesses under the NCR scheme. This was disclosed at an event in Lagos organized by the Development Finance Department of the Central Bank of Nigeria in collaboration… Read More



Arrest of Suspects, UK’s Updated Advisory Heighten Fears in Abuja

Despite repeated assurances by the government, insecurity fears heightened, yesterday, at the Federal Capital Territory (FCT), as the United Kingdom (UK) updated its earlier travel advice of October 26 to British nationals in the country, warning against travelling to the nation’s capital, Abuja. The Foreign, Commonwealth and Development Office (FCDO) of the British High Commission… Read More


EFCC Talks Tough, Targets Politicians over Vote Buying

Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa, has vowed to go after and arrest politicians involved in vote buying, ahead of the 2023 general elections. Bawa, who appeared before the Senate Committee on Anti-corruption, told newsmen on the sideline that the Commission will work with the Independent National Electoral Commission (INEC)… Read More



Nigerians Spend 22% of Their Salaries on Monthly Streaming Subscriptions- Report

According to data made available by Picodi.com, Nigeria ranks first globally on the list of countries where citizens pay the highest subscription cost to several streaming platforms in relation to the country’s average wage earnings. The analysis which ranked several countries across the globe considered subscriptions to select popular social media and streaming platforms… Read More