Daily Business Headlines – September 26, 2022

September 26, 2022

Business Headlines


Fueled by Investors Appetite for Higher Returns, Firms Raise N553.9bn CPs in 8 Months

As investors’ appetite for higher returns continues to swell following rising interest rates, listed/unlisted companies are taking advantage raising a whopping sum of N553.8 billion Commercial Papers (CP) in the last months. Companies such as Providus bank United Capital, Coleman Technical Industries Limited, FSDH Funding SPV Plc, FBNQuest Merchant Bank, FCMB Limited among others have raised CP on the FMDQ Exchange market in eight months under review…Read More

Zenith, NGX, GTCO Lift Market Turnover by N9.4 billion

Heavy transactions in the shares of Zenith Bank Plc, NGX Group Plc and Guaranty Trust Holding Company Plc (GTCO), last week, lifted the volume of shares traded on the capital market, as a turnover of 562.9 million shares worth N9.4 billion was recorded in 16,013 deals. This volume of shares traded was higher than a total of 719.4 million units valued at N8 billion that was exchanged in 17,444 deals the previous week… Read More

37 Firms Get Licenses’ to Produce 762.3MW

Fresh licenses and permits have been issued to 37 companies to produce a total of 762.3 megawatts of electricity in order to boost power supply across the country, data obtained from the Nigerian Electricity Regulatory Commission showed. An analysis of the commission’s latest Fourth Quarter 2021 Report on Sunday also indicated that the metering of power users dropped by 71.86 per cent when compared to the number of those who were metered by power distribution companies in the preceding quarter…Read More

Nigeria, Others to Benefit from Afreximbank $3bn Payment, Settlement System

Nigeria and other African countries are to benefit from the $3 billion Africa Export Import Bank (Afreximbank) Pan-African Payment and Settlement System(PAPSS). PAPSS is expected to boost intra-African trade by transforming and facilitating payment, clearing and settlement for cross-border trade across Africa) …  Read More


NNPCL Spent 94.7% of August Oil, Gas Revenue on Petrol Subsidy

The Nigerian National Petroleum Company Limited (NNPCL) spent 94.77 per cent of its revenue on petrol subsidy payment in August, latest data from the national oil company has affirmed. The development, which clearly signposts grim outlook for the economy, came the same weekend the police high command disclosed that the Police Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB) seized 123 oil tankers deployed for the purpose of crude oil theft… Read More

Debt Relief: If Buhari Means What He Told World Leaders

At the United Nations General Assembly (UNGA) in New York, the United States, last week, President Muhammadu Buhari, made an open-ended request for ‘outright’ debt cancellation for developing countries facing “the most severe challenges”. “Indeed, the multifaceted challenges facing most developing countries have placed a debilitating chokehold on their fiscal space…Read More

Oil Price Falls to $86/Barrel

Brent, the global benchmark for crude, dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week despite efforts by the Organisation of Petroleum Exporting Countries to stabilise the cost of the commodity. As oil prices plunged, data obtained from the September 2022 Oil Market Report of OPEC indicated that an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month…Read More


Expectations as Politicians Warm Up to Private Sector
Every government faces tough decisions about the appropriate measures to be taken whenever there is a crisis. For Nigeria, it has been extremely tough biting the bullet in relation to available fiscal policy options. Leaving the status quo means businesses have to deal with uncertainty and struggle to survive. While fiscal decisions lag, the lingering issues of insecurity, inflation and foreign exchange scarcity create more concerns for stakeholders…Read More

Africa Can’t Develop Without Power – Obasanjo

Former President Olusegun Obasanjo has disclosed that without adequate electricity supply, all efforts and energy channelled towards the development of Africa economically and socially will not materialise. Obasanjo and other world leaders spoke on Friday during the FIN International Trade and Investment Forum, a sideline event at the United Nations General Assembly, UNGA, New York…. Read More



NCC Disburses N500m, Seeks Increased Digital Literacy

The Nigerian Communications Commission has disbursed financial grants and an endowment of N500m in seven years. It has also urged the Nasarawa State Scholarship Board to support the NCC in creating awareness about the intervention projects of the commission concerning research and digital literacy to provide more opportunities for the citizenry… Read More

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