Daily Business Headlines – SEPTEMBER 12, 2023


FTSE Russell Downgrades Triggers Sell-Offs Of Nigeria’s Premier Banking Stocks

Nigeria’s stock market took a dramatic plunge to start the week, erasing the gains of the prior week, as FTSE Russell, the global index provider, downgraded the Nigerian Stock Exchange from “Frontline” to “Unclassified Market.” The reclassification, set to take effect on September 18, 2023, prompted immediate selloffs that drove the All-Share… Read More


PENGASSAN Reacts As Dangote Refinery Misses Production Deadline

The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote. While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished… Read More

Operators Excited As UAE Lifts Visa Ban On Nigerians

The United Arab Emirates, on Monday, lifted its months-long visa ban on Nigerians. Consequently, Etihad and Emirates Airlines will resume flight operations in Nigeria immediately. “President Bola Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, have finalised a historic… Read More


Metered Consumers Up By 10.4% As Discos Generate N263b In 12 Months

The number of metered electricity customers in Nigeria stood at 5.47 million in Q2 2023, indicating a growth of 10.4 per cent from the figure reported in Q2 2022 which was 4.96 million. On a quarter-on-quarter basis, the growth was only 3.1 per cent from 5.31 million recorded in the preceding quarter. Recently, the Nigerian Electricity… Read More



Bank Of Industry Hits N3.3trn Assets In H1 2023

The Bank of Industry has recorded yet another historic milestone by achieving N3.3 trillion in Total Assets as at June 30 2023. This represents a year-on-year growth level of 67 per cent on N1.97 trillion asset level as at June 2022. Profit before tax after impairments (PBT) has grown by an impressive 177 per cent year on year from N37.5billion in June… Read More


Presidential Panel Plans 83% Cut In Taxes, Levies

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has said Nigeria has over 60 different forms of taxes and levies. Many of the taxes, he added, made life unbearable for the poor in society. Oyedele spoke, while featuring as a guest on the Channels Television programme ‘Sunrise Daily’, monitored… Read More


AFREXIM Bank To Increase Intra-African Trade Funding To $40b By 2026

African Export and Import Bank (Afreximbank) has disclosed plans to double its financing for intra-African trade to $40 billion on a revolving basis by 2026, up from $20 billion in 2021. At the Nigeria Intra African Trade Fair (IATF) 2023 High Level Business Road Show in Lagos, yesterday, Executive Vice President, Intra-African Trade Bank, Kanayo… Read More



Drama As Tribunal Returns Labour Minister To Senate

The National and State Houses of Assembly Election Tribunal sitting in Jos, yesterday, annulled the election of Senator Napoleon Bali of the Peoples Democratic Party (PDP) as representative of the Plateau South Senatorial District and returned Simon Lalong, Minister of Labour of  the All Progressives Congress (APC) winner of the election… Read More


Barau Joins Tinubu In Condoling King Of Morocco Over Earthquake

The Deputy President of the Senate, Senator Barau I Jibrin, has joined President Bola Ahmed Tinubu in condoling King Mohammed VI of Morocco over Friday’s earthquake in his country. A strong earthquake of magnitude 6.8 struck central Morocco on Friday, killing more than 2,000 people and causing severe damage in several areas, according… Read More



Nigeria, Others Have 17.5 Million Online Freelancers, Says World Bank

There are about 17.5 million online gig workers in Nigeria, Kenya, and South Africa, according to the World Bank’s estimate. The global bank disclosed this in a new study titled ‘Working Without Borders: The Promise and Peril of Online Gig Work’. It stated that Kenya, Nigeria, and South Africa accounted for 80.6 per cent of Internet traffic flow… Read More