Daily Business Headlines – SEPTEMBER 18, 2023


Banking Stocks Contribute 66.7% To Equities Market Turnover

Heavy transactions in the shares of some banks lifted the volume of shares traded last week, as a turnover of 2.9 billion shares worth N47.4 billion was recorded in 44,654 deals by investors on the floor of the exchange. It was higher than 2.64 billion units valued at N45.5 billion that changed hands in 44,189 deals the previous week. Specifically, the…Read More


Nigeria Failed In Aviation Safety Audit, Even At 70% Rating — NCAT Rector

Despite recording 70 percent score in the recent safety audit by International Civil Aviation Organisation, ICAO, the Rector of the Nigerian College of Aviation Technology (NCAT), Zaria, Alkali Modibbo in this interview with Prince Okafor, described the record as failure for the nation’s aviation sector, he also disclosed developments surrounding the…Read More

Strike: FG Invites NLC For Meeting Today

The Federal Government has again invited the leadership of the Nigerian Labour Congress, NLC, to a meeting today, following threats by the labour movement to embark on strike in protest against removal of fuel subsidy. The Director Information, Ministry of Labour and Employment, Olajide Oshundun, who disclosed this in a statement yesterday…Read More


CBN Probe: Investigators Beam Searchlight On Top Staff’s Firms, Cronies

The Jim Obazee-led special investigative panel constituted by President Bola Tinubu in July to probe and reset the Central Bank of Nigeria (CBN) has extended its dragnet to companies and establishments owned by top shots at the apex bank including its board members. While the companies were kept under wraps as investigations deepen, Daily…Read More



23 States Grow Foreign Loans By 64%

TWENTY-Three Nigerian states grew bilateral loans by 64.26 per cent in six months to $462.81m as of the end of June. Most of the loans were taken from China, India, France and other countries. This was despite the persistent fall of the naira, making dollar-denominated loans more expensive. In June 2023, the Central Bank of Nigeria directed…Read More


NNPC, Indorama Seal Deal To Deepen Nigeria’s Gas Strategy

Following President Bola Tinubu’s visit to India last week, the country’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has signed a memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries. The…Read More

Oil Rises To 10-Month High On Supply Cuts, Demand Optimism

Oil hit a 10-month high on Friday and posted a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combined with optimism around Chinese demand to lift crude. Brent crude futures rose by 23 cents or 0.3 per cent to settle at $93.93 a barrel, while the US West Texas Intermediate (WTI) futures were up by 61…Read More



Tinubu Departs Nigeria For 78th UNGA

President Bola Tinubu left Nigeria for New York on Sunday to attend the 78th United Nations General Assembly (UNGA) from September 18 to 26, 2023. The UNGA theme is “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development Goals towards Peace, Prosperity, Progress, and…Read More


National Assembly Plans Quick Screening, Private Sector Demands Forex Reforms

The National Assembly has hinted on plans to expedite the screening of nominees for the positions of the Governor of the Central Bank of Nigeria as well as the deputies. The parliament said this would be done along with a list of two ministerial nominees of President Bola Tinubu. The president had on Friday nominated Yemi Cardoso to as the…Read More



Nigeria Signs MOU With Cuba On Science, Technology Development

Nigeria’s delegation to the G77+China Summit led by Vice President Kashim Shettima has signed a Memorandum of Understanding (MOU) with the Republic of Cuba to further enhance collaboration in the field of Innovation, Science and Technology between the two countries. The signing ceremony which took place Saturday on the sidelines…Read More