Daily Business Headlines – SEPTEMBER 14, 2023


Stock Market Sees First Gain This Week

Nigeria’s equities market recorded its first positive close this week, rising by N338billion as investors further positioned for interim dividend in reaction to banks half year (H1) scorecards. This is also in addition to renewed interest in consumer goods stocks like NASCON and Dangote Sugar Refinery ahead of their planned merger…Read More


Gas Flaring: FG Shortlists 42 Firms For Commercialisation Programme

The Federal Government, on Wednesday, announced that it issued letters of award to 42 firms for the 2022 Nigerian Gas Flare Commercialisation Programme. It announced this in a statement issued in Abuja by the Nigerian Upstream Petroleum Regulatory Commission. The statement read in part, “The NUPRC hereby announces the outcome of…Read More

Premium PFA Pays Contributors N216.8m For Residential Mortgage

Premium Pension Limited, one of the Pension Fund Administrators in the country, says it has successfully paid 14 customers who applied to access 25 per cent of their pension savings as equity contributions for residential mortgage. In a statement, it said this was in line with the guidelines on accessing Retirement Savings Account balance…Read More


Expert Advocates Utilization Of Pension Funds To Bridge Infrastructure Gap

Managing Director/Chief Executive Officer of Access Pensions Limited, Mr. Dave Uduanu, has said that there is huge potential in using pension funds to address Nigeria’s infrastructure deficit. Uduanu disclosed this at the annual conference of Nigerian Association of Insurance and Pension Editors, NAIPE, in Lagos. Uduanu highlighted that…Read More



IATF 2023 To Generate $43bn Trade, Investment Deals, As Afreximbank Plans $40bn Intra-African Trade Funding By 2026

The Intra-African Trade Fair (IATF 2023) is expected to generate intra-African trade and investment deals worth over $43 billion in manufacturing, automotive, health/ Pharmaceuticals, tourism, construction, infrastructure, creative/ intellectual property industry, engineering, energy and power, among  other sectors. The Executive Vice…Read More

CBN: MPC Members Express Worry As Nigeria’s Budget Deficit Dips 18% In 5 Months

Amid the Federal Government’s underwhelming national budget and  dwindling revenue and expenditure, some members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) are concerned about the country’s economic outlook in the near future and have called for urgent coordination of monetary and fiscal policies. According…Read More


Stakeholders Play Blame Game As Power Generation Crashes 59%

An indication emerged on Tuesday that Nigeria’s electricity generation infrastructure may have suffered further deterioration resulting in a massive crash to 1,705 megawatts, MW, output, about the lowest in recent years. The output was 4,182 MW previous day. Both the regulators and the operators declined to speak officially on what happened but…Read More



Reps, NLC Clash Over N100m Palliatives

The House of Representatives has dismissed a statement that each member of the National Assembly collected N100 million as palliative. A statement credited to the National Assistant General Secretary of the Nigeria Labour Congress (NLC), Mr. Christopher Onyeka had claimed that the executive arm gave federal lawmakers the sum as palliatives…Read More


Shettima To Represent Tinubu At G77 Summit In Cuba

Vice President Kashim Shettima on Wednesday departed Nigeria to represent President Bola Tinubu at the G77+China Leaders’ Summit in Havana, Cuba, will be held on 15 to 17 September. The Director of Information, Office of the Vice President, Olusola Abiola, in a statement, said Mr Shettima would join other world leaders, including the UN…Read More



Digital Exchange Hits Postal Service As Revenue Drops By 17% In 12 Months

The growth of the Internet and mobile phone services in Nigeria is gradually killing postal services as most people resort to the digital exchange of important documents. The effect of this could be seen in the latest report by the National Bureau of Statistics (NBS), which shows that the total revenue generated from postal activities in 2022 fell by…Read More