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Headlines news

Businesses under water as flood rages

Many Micro, Small and Medium Enterprises (MSMEs) in Nigeria that were already facing existential threats from a struggling economy have seen their pains aggravated as floods are crippling their businesses. According to a BusinessDay survey, most of the…

Kogi, Nasarawa businesses struggle to stay afloat
Kogi and Nasarawa states are among the worst hit by the floods ravaging many parts of Nigeria. Kogi is experiencing the worst floods in the last decade, measuring 13.2 compared to 12.8 measured in 2012, according to the state government.

Flood-hit Niger-Delta businesses fear worst
Flooding may be perennial in Nigeria but the present disaster has been described by witnesses and victims as the worst, leading to the death of over 600 persons. The local people in the Niger Delta have their own ways of measuring the size and volume of flooding.

Nigeria’s 2023 health budget big on paper, light on expectation
Africa’s most populous country has struggled to reform its healthcare amid major funding constraints and the pressure mounted by the COVID-19 pandemic on the already stretched workforce. But in his bid to change the narrative, President Muhammadu Buhari has…

Nigeria’s biggest banks generate N57bn from account maintenance fees in H1
The biggest banks in Nigeria raked in the sum of N57 billion from account maintenance charged on their customers’ accounts in the first half of this year, BusinessDay findings show. The banks include First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and Zenith BankZenith Bank…

Nigeria’s ballooning debt enters junk territory
Nigeria’s oversized debt has entered the range of junk after the extra risk premium which investors demand for holding the debt of Africa’s most populous nation rose above one thousand basis points, according to JPMorgan index. The JPMorgan index categorises a debt as distressed once the extra risk premium..

Market gains N35bn as week opens
Nigeria’s equities market opened the new week on a positive note as investors booked about N35 billion gain at the close of trading on Monday, October 24. The market defied some analysts’ expectations of continuing bearish sentiment as investors take advantage of rising interest rates in the fixed-income market…

Rishi Sunak wins polls to become UK’s new Prime Minister
Rishi Sunak has been elected as the Prime Minister of Britain. Sunak secured over 150 of the MPs’ endorsements which is required to become the winner. He was declared the winner Monday by the Returning officer in the leadership election. Sunak nominations were far above fellow competitor Penny Mordaunt who…

Terror alert: British Commission restricts access, as schools switch to online classes
Following the security alert issued by the United States Embassy on an elevated risk of terrorist attacks in the Federal Capital Territory (FCT), the British High Commission (BHC) has announced reduced services, saying it will only be open for business for critical staff only. The Commission, in a notice issued on Sunday…

Moody’s Downgrades Nigeria’s Rating to B3 from B2 and Places it on Review for Downgrade
– Moody’s Investors Service (Moody’s) has today downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2 and placed them on review for downgrade. Source Moody’s Investors Service Read More

Economic Fears Hold Oil Prices Steady Despite Bullish Catalysts – OIR 211022
– Oil prices were flat on Friday morning as fears of an economic slowdown were countered by a decline in OPEC+ production and news that China may be easing its Covid restrictions. Source Oilprice Read More

FG subsidy spending to hit N11tn in 2023
– The administration of the President, Major General Muhammadu Buhari (retd.), could spend not less than N10.976tn as subsidy on Premium Motor Spirit, popularly called petrol, from when it came to power in 2015 till May 2023. Source Punch Read More

FG Steps Up Oil Theft Probe, Begins Prosecution
– The Federal Government has stepped up its probe into the massive crude oil theft in the Niger Delta, as all those found guilty are going to face prosecution, the Nigerian National Petroleum Company Limited has said. Source Punch Read More

Reaching The Finish Line – How to Safeguard Your M&A Deal
– An M&A deal can be described as a marathon. The process from initial negotiations to drafting term sheets, conducting due diligence, negotiating and eventually, the signing and closing (or completion) of the transaction documents is often drawn-out. Source Aelex Read More

NLPGA to Partner NLNG, NNPC for Uninterrupted Domestic LPG Supply
– The Nigeria LPG Association (NLPGA) – the umbrella body for all stakeholders in the LPG industry has said that it will be partnering with Nigeria LNG Limited (NLNG) and NNPC Limited to commemorate its 15th anniversary of the Domestic Supply Obligation Program with an international Conference and Exhibition themed. Source ThisDay Read More

FG, Stakeholders to Audit Controversial PMS Consumption Figures
– With the Nigerian economy currently at a tipping point, the Ministry of Petroleum Resources, the agencies under it and other relevant stakeholders are set to interrogate the daily petrol consumption figure of 68 million litres as investigations suggest the numbers may be inflated. Source Sun Read More

Oil Prices Slide as China Demand Data Disappoints
– Oil prices fell on Monday after China released much-delayed trade data which showed that demand in the world’s largest crude importer remained lacklustre in September as strict COVID-19 policy and fuel export curbs depress consumption. Source Reuters Read More

Security Alert:   U.S. Embassy Abuja
– There is an elevated risk of terror attacks in Nigeria, specifically in Abuja.  Targets may include, but are not limited to, government buildings, places of worship, schools, markets, shopping malls, hotels, bars, restaurants, athletic gatherings, transport terminals, law enforcement facilities, and international organizations. Source US Embassy Read More

NCC to issue two more 5G licences at $273.6m each
– The commission made this known on Saturday in a memorandum titled ‘Information Memorandum on 3.5 GHz Spectrum Auction’. Source TheCable Read More

PenOP Seeks Adoption of AI, Big Data to Promote Sector’s Growth
– The association believes AI, data analytics and big data have a key role to play in shaping how industries evolve. They made the position at a seminar organised by the operators in Lagos which was tagged, ‘What has Data Analytics, Artificial Intelligence (AI) and Big Data got to do with Pensions’. Source Guardian Read More



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