Daily Business Headlines – October 5, 2022

October 5, 2022

Business Headlines


DMO offers two FG savings bonds for subscription

The Debt Management Office (DMO), has announced the offering of two Federal Government of Nigeria (FGN) savings bonds for subscription. The first offer is a two-year FGN savings bond, which will be due on October 12, 2024 at 11.38 per cent. The second one is a three-year FGN savings bond, which will be due on October 12, 2025, at 12.38 per cent… Read More

Stock Market Resumes Bearish as Capitalisation Dips by N71b

The stock market resumed from the national holidays and declared to make the 62nd Independence commemoration on a bearish note as losses suffered by blue-chip stocks, especially International Breweries and Redstar Express, shaved off N71 billion from the capitalisation. After transactions on the Nigerian Exchange Limited (NGX), yesterday, the market capitalisation of listed equities… Read More


Banks’ Cost-to-income Spike as Inflationary Pressure Mounts

Following record inflation rate in Nigeria, deposit money banks (DMBs) in the country have consistently recorded hikes in the cost-of-income ratio threatening earnings and profitability for 2022 full-year results. Cost-income is a ratio between the costs involved in running a business and the income the business produce. The ratio is important for determining the profitability of a bank… Read More

Emefiele: Rise in Disruptive Banking Technologies Disturbing

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday stressed that the rapid evolution of financial technology (fintech) companies has continued to alter the financial landscape globally. He said developments have continued to disrupt traditional ways of offering financial services in the banking landscape, describing the disruptions as, “very disturbing.”… Read More



Bailout: Economy gulps over N9trn in 3 years –CBN

The Central Bank of Nigeria (CBN), has given assurance that the economy is in safe hand, having ploughed over N9 trillion into the economy in the last 3 years in form of bailout funds to keep it afloat. According to the apex bank  in its Communiqué at the end of Monetary Policy Committee (MPC) meeting last week in Abuja, even the outlook from reputable fiscal and monetary authorities… Read More


Tackle inflation, restore stability, World Bank urged African governments

African governments must swiftly restore macroeconomic stability to stabilise their economies, the World Bank has advised. The Bank noted that the global headwinds are slowing growth as countries continue to contend with rising inflation, which is undermining the progress made on poverty reduction in recent years… Read More


For Second Time in 45 Years, NNPCL Declares Profit, Rakes in N674bn After Tax Revenues

For the second time in its 45-year history, the Nigerian National Petroleum Company Limited (NNPCL) , formerly a corporation, yesterday declared a Profit After Tax (PAT) financial position, announcing that it raked in N674 billion for the 2021 financial year. The amount is 134.8 per cent or N387 billion higher than the N287 billion announced by the company in 2020… Read More



Buhari Presents Last Budget of N19.76trn to NASS Friday

President Muhammadu Buhari will on Friday present a projected N19.76 trillion 2023 budget to a joint session of the Senate and House of Representatives. The presentation as contained in a letter by President Muhammadu Buhari and read in plenary, yesterday, by President of the Senate, Ahmad Lawan, would take place by 10:00am… Read More


Buhari Accuses ASUU of Corruption as FG Registers Two New Varsity-based Unions

President Muhammadu Buhari, yesterday, accused the Academic Staff Union of Universities (ASUU) of involvement in endemic corruption in the education sector, alleging that corruption in the sector undermines federal government’s investment in education. Buhari said incessant strikes by unions created the impression that government was underfunding education… Read More



Federal Government Moves for Safety, Privacy of Nigerians’ Data

Minister of Communications and Digital Economy, Isa Ali Pantami, has said with increasing data generation, it is necessary to put in place, a principal legislation for security, confidentiality and privacy to check abuse. He warned that it is a criminal offence to access data in the country without permission, adding that the 1999 Constitution (as amended) clearly states that citizens’ correspondences… Read More