Daily Business Headlines – SEPTEMBER 29, 2023


Bearish Trading Persists On NGX As Investors Lose N112bn

Sustained bearish trading on the Nigerian Exchange Limited on Thursday resulted in a loss of N112bn by investors. The local bourse had suffered losses in each trading session this week. On Monday, investors lost 242bn, followed by N126bn loss on Tuesday. Trading didn’t take place on Wednesday due to a public holiday. As of Thursday, the market… Read More

NRC Launches Apapa-Kajola Express Train Service

In a bid to alleviate the impact of petroleum subsidy removal on Nigerians, the Nigerian Railway Corporation announced the launch of a mass transit express passenger train, code-named Apapa Express, along the standard gauge railway line. In a release on Thursday, the NRC stated that the initiative was aimed at providing relief to commuters… Read More


Why You Can’t Go On Your Planned Strike, Federal Government Tells NLC, TUC

The Federal Government yesterday asked the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, to shelve their planned nationwide indefinite strike from October 3, saying going ahead with the proposed industrial action will amount to a gross violation of a subsisting court injunction. The National Economic… Read More


Customs Grows Revenue By 70.13%, Remits N343bn In 2 Months

The acting Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi, on Thursday said the Service has grown its revenue by 70.13 per cent, to an impressive N343 billion in the past two months of July and August. Adeniyi who stated this during a press briefing to mark his first 100 days in office, said one of his early achievements… Read More



Rich Nigerians On Taxman Radar In Revenue Drive

The Federal Government has said that its plan to begin taxing wealthy Nigerians more to increase the money it gets compared to the country’s total income will begin very soon. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, mentioned this in a recent Bloomberg interview. This, according to Oyedele… Read More


CBN Will Spend $3bn Loan To Stabilise Economy – NEC

The National Economic Council on Thursday affirmed that the $3bn emergency loan-for-crude oil the Federal Government secured in August would be deployed to stabilise the naira, whose value has continued to fluctuate in the Investors & Exporters’ window and worsened in the parallel market, hitting N1000/$ earlier this month… Read More


Federal Government Mulls N75bn Intervention Fund For MSMEs –Minister

The Federal Government says it is putting in place a N75 billion intervention fund to support small businesses in response to the country’s current economic challenges. The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said this at the beginning of the 18th Abuja International Trade Fair (AITF) on Thursday in Abuja with the theme… Read More



Economic Stability Our Top Priority In 2024 – Shettima

The Vice President, Kashim Shettima, has identified stability as one of the primes in the economic agenda of the Tinubu administration for the year 2024. The Vice President stated that government at the federal, state and local government levels must remain committed to reevaluating their priorities, streamlining processes, and making bold… Read More


50 United Kingdom, Nigerian NGOs Urge Britain To Return Ibori’s Loot To Federal Government

British and Nigerian civil society groups have urged the British government to return funds confiscated from former Delta State Governor James Ibori, a convicted fraudster, to Nigeria in a swift and transparent way so the money can benefit ordinary Nigerians. In a letter to Britain’s home and foreign affairs ministers, a coalition of close to 50 NGOs… Read More



Telecoms Operators Threaten Discriminatory Tariffs To Curb States’ Excesses

To approach minister, NCC for implementation Telecommunications operators are considering jettisoning uniform tariffs, especially on voice services in the country. The implication of the move, if implemented, is that subscribers would be charged differently for telephony services depending on their locations. The telcos under the aegis… Read More