Daily Business Headlines – SEPTEMBER 13, 2023


Volume Of Transactions On NGX Rises By 32% Amid FTSE Russell Downgrade

Despite the declassification of Nigerian Exchange Limited (NGX) from “frontline” to “unclassified” market by FTSE Russell, a global index provider, investors on the trading floor showed no panic as the volume of stocks traded rose by 32 per cent in two consecutive trading days. FTSE Russell had on Monday, noted that the reclassification… Read More

Transporters Seek Removal Of 7.5% VAT On Diesel To Avert Fuel Scarcity

To avoid throwing Nigerians into a fresh round of petrol scarcity, the Nigerian Association of Road Transport Owners (NARTO) has called on the Federal Government to immediately remove the 7.5per cent  Value Added Tax (VAT) on the Automotive Gas Oil (AGO), also known as  diesel, saying the cost was totally unbearable and making it… Read More


Post-Subsidy Talks: Labour Threatens Indefinite Strike, Gives One Week Ultimatum

Barely one week after leading a two-day nationwide warning strike,  the organised labour on Tuesday threatened to begin an indefinite strike should the Federal Government fail to meet its demands at the end of a 21-day ultimatum which will expire in approximately one week’s time. The workers union said the proposed strike was necessary following… Read More


PENCOM Puts Contributory Pension Scheme At N17 Trillion

The National Pension Commission (PenCom) has revealed that the Contributory Pension Scheme has hit N17.7 trillion as of the end of July 2023.The Pension management body said the pension asset increased by about 1.8 per cent from N16.76 trillion the fund was as of the end June. According to its monthly data for July 2023, the total pension… Read More



Nigerians To Start Clearing Goods From Cotonou Ports – Customs

The acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on Tuesday, announced that Nigerian importers would soon be able to clear their goods from the ports in Cotonou, Benin Republic. He disclosed this in Abuja at the end of a two-day working visit by the director-general and senior officials of the customs… Read More


Nigeria To Gain $10.3b From Trade Agreement, Tariff Elimination On IT Products

The completion of the second expansion of the Information Technology Agreement (ITA-3) could bring more than 400 unique information technology (ICT) products under the ITA’s tariff-eliminating framework, which would add more than $750 billion to the global economy in 10 years. The Information Technology and Innovation Foundation (ITIF)… Read More

AFDB Pledges To Support Eritrea, Africa’s Blue Economy

The African Development Bank (AfDB) has pledged to support the Eritrean government in developing its blue economy, industrial processing zones, financial markets and agriculture and energy. The President of AfDB, Dr Akinwumi Adesina, stated this during his visit to the President of Eritrea, Isaias Afwerki recently. Adesina said he was impressed… Read More



Kalu Defeats PDP, LP At Tribunal

There was jubilation in Abia North as the National Assembly Election Petition Tribunal sitting in Umuahia, Abia State, upheld victory of Dr. Orji Uzor Kalu. A three-man panel led by Justice Samson Paul-Gang, in a unanimous judgment, dismissed the petition of candidates of PDP and LP, Mao Ohuabunwa and Nnamdi Iro Orji, respectively for… Read More


Akeredolu Sacks Deputy Governor’s Aides

All the media aides attached to the office of the Ondo State Deputy Governor, Lucky Aiyedatiwa, have been relieved of their positions. This was contained in a statement issued by the Chief Press Secretary to Governor Rotimi Akeredolu, Richard Olatunde, on Tuesday. According to the statement, the affected aides include the Press Secretary… Read More



Blockchain Technology Will Revolutionise Governance, Enhance Transparency —NITDA Boss

The Director-General of the National Information Technology Development Agency (NITDA), Mallam Inuwa Abdullahi, has said that blockchain technology, with its inherent principles of transparency, security and decentralisation can streamline governance and enthrone accountability. He said NITDA is fully committed to supporting and nurturing… Read More