Daily Business Headlines – SEPTEMBER 11, 2023


Oando, CWG Leads Gainers As NGX Halts 2-Day Losing Streak

Nigerian equities traded in positive territory at the end of Friday’s trading session as Investors snapped a 2-losing streak to end the week positive. The All-Share Index (ASI) traded 0.09% higher to close at 68,143.34 index points as against 68,082.11 index points recorded in the previous day’s trading session. Likewise, the market… Read More


FMDQ FX Market Turnover Records $445.6m In Five Days

FMDQ Securities Exchange has posted a total turnover of $445.58 million in its foreign exchange (FX) spot and derivatives markets segment for the week ended September 8, 2023. The figure represents a decrease of 19.2 per cent ($105.90 million) from $551.48 million reported for the week ended September 1, 2023. According to… Read More

Nigeria To Showcase Investment Opportunities To 500 Investors At Fair

Nigeria will host over 500 investors from across the world amidst drive by the new government to increase investment in the country. The investors, including existing companies in Nigeria, are expected to converge at the 18th Abuja International Trade Fair (AITF), organised by the Abuja Chamber of Commerce and… Read More


Banks’ Bad Loans Hit N478bn Amid Economic Downturn

At least four banks recorded N478bn non-performing loans during the first half of this year, according to their financial results. Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc and two other banks reported N478.93bn non-performing loans by value in the half-year ended June 2023, an increase of nearly… Read More



Falling Consumption, Weak Sales Threaten FMCG Businesses, Jobs

Poor consumer spending, local consumption and weakening sales and low consumption are currently reducing the chances of survival and shrinking the profit margin of companies in the fast-moving consumer goods (FMCG) sector, with experts calling for an urgent intervention to prevent another recession. With many households… Read More


States Share N1.51trn FAAC Allocation In H1

A report from the Nigeria Extractive Industries Transparency Initiative (NEITI), has revealed how the 36 States of the Federation shared N1.51 trillion between January and June this year as monthly allocation from the Federal Accounts Allocation Committee (FAAC). The figure is 34.5 percent of the total N4.37 trillion shared by the… Read More


Oil Price Rises To $92.79 On Output Cut, May Hit $107

THE price of Nigeria’s Bonny Light, weekend, rose to $92.79 per barrel, from $90.88 per barrel, recorded last Tuesday as the impact of extended output cuts hit the market. Russia extended its voluntary crude oil export cut by 300,000 barrels daily until December 2023, while Saudi Arabia extended its 1 million daily supply cut into… Read More



Tinubu, Atiku Legal Battle Shifts To US

The United States District Court for the Northern District of Illinois has fixed the hearing for the case between the presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar and President Bola Tinubu tomorrow. The former vice president had filed a suit at the US court, demanding that Chicago State University (CSU) release… Read More


Biden, Tinubu Discuss Stronger Ties, Nigeria’s Invitation To G20

On Sunday, President Joe Biden of the United States assured Nigeria of his administration’s strong commitments to the Nigeria-US longstanding relationship. Biden gave the assurance when he met with President Bola Tinubu on the sidelines of the G20 summit in India. Biden assured that his administration would reinforce the enduring commitment to… Read More



NCC Approves Tech Development Centre For ABU

The Nigerian Communications Commission has approved the establishment of a Centre of Excellence at Ahmadu Bello University, Zaria to strengthen capacity building in the telecommunications sector. According to a statement by the ABU’s Director, Directorate of Public Affairs of the institution, Auwal Umar, obtained by… Read More