Business

Eko Electricity Distribution Company, EKEDC, and the Transmission Company of Nigeria, TCN, are trading blame over the reason for the drop in power supply allocation to the former, which serves parts of Lagos and Ogun states.Eko Disco, in a statement on X on Friday, blamed constraints on the national grid and low generation for the reduction in its power supply allocation. According to the disco, its power supply allocation dropped from 486 megawatts to 347MW. Consequently, the disco said the reduction in power allocation had impacted electricity supply to its customers in southern parts of Lagos and the Agbara industrial communities in Ogun State. “Due to constraints on the national grid and low generation from a major power source, our power allocation has dropped from 486MW...

Meta, the parent company of WhatsApp, will begin charging businesses for certain messages sent through the WhatsApp Business Platform from October 1, 2026. Meta disclosed the pricing change in a WhatsApp Business Platform pricing update in July 2026, stating that charges for service messages would resume from October 1, 2026. The new charges will affect companies using the official WhatsApp Business Platform, formerly known as the WhatsApp Business API, to manage customer conversations at scale. Banks, fintechs, e-commerce companies, telecoms operators, logistics firms and large retailers that rely on the platform for customer service and transactional communication are among those that could be affected. However, the development will not affect ordinary WhatsApp users or m...

Crude oil emerged as the dominant commodity handled through Lagos ports in August, with total reported imports reaching 2,392,454 metric tonnes during the month. Available figures showed that 1,867,712 metric tonnes of crude oil arrived at the Lekki Deep Sea Port in the first week of August, while a further 524,742 metric tonnes was scheduled for discharge at the Apapa Quays before the end of the month. The figures underline the continued prominence of crude oil among commodities passing through Lagos’ major ports during the period. Bulk wheat ranked next on the import chart, with a combined volume of 321,849 metric tonnes. Of this figure, 176,243 metric tonnes was recorded in the first week of August, while another 145,606 metric tonnes was expected later in the month. ...

The Federal Airports Authority of Nigeria, FAAN, has reversed its ban on Bolt drivers and other e-hailing platforms operating at Nigerian airports after facing heavy criticism over high airport taxi fares. FAAN’s Director of Public Affairs, Henry Agbebire, disclosed this in a statement on Thursday. This comes after controversy trailed the ban on e-hailing services and the introduction of the Airport Car Hire Rank Management System, ACHRAM. Recall that in a viral video on X, an airport passenger raised the alarm that FAAN-owned ACHRAM had pegged the cost of a car hire service at N30,000 for a trip that would normally cost N8,000. However, FAAN clarified that ACHRAM is not an e-hailing platform like Bolt or Uber and does not seek to monopolise car-hiring services...

Operatives of the State Anti-Kidnapping Unit, SAKU, Delta Police Command, have intercepted quantities of “Gbefun Hot Drink” suspected to be adulterated. SAKU, Warri, during a stop-and-search operation along the Warri–Agbarho Expressway, intercepted a Toyota Sienna conveying the drinks and arrested the 44-year-old driver on 17th August 2026. SP Edafe Bright, Police Public Relations Officer (PPRO), Delta Command, confirmed that further investigation led operatives to a warehouse at Lower Ginuwa, Warri, where additional quantities of the suspected adulterated drink, other beverages and a Suzuki Shuttle bus loaded with similar products were recovered. “The suspected operators fled on sighting the police. Efforts are ongoing to apprehend them and unravel the source and distribution...

Binance says it has stopped processing transactions involving 17 cryptocurrency-asset service providers and platforms following recent regulatory developments. In a notice to users on Saturday, the cryptocurrency exchange listed the affected entities and the dates from which transactions involving them would no longer be processed. Binance did not disclose the specific regulatory developments that prompted the restrictions across multiple countries. The exchange said the restrictions would take effect in phases. Shelbit (Shelbit General Trading LLC), which operates in the UAE and Iran, and Aban Tether Exchange, which operates in Iran, were affected from August 7. From August 13, the restrictions applied to A7 Nigeria and A7 Africa, which operate in Nigeria, as well as PilotFinance Lt...

The President Bola Ahmed Tinubu-led administration has finally unveiled a breakdown of the N15.8 trillion in savings from fuel subsidy removal and gains of other reforms over the last three years. The Minister of Finance, Taiwo Oyedele, disclosed this at a press conference on Wednesday, giving a detailed breakdown of the administration’s subsidy removal reforms. According to Oyedele, the reforms resulted in N15.8 trillion in savings that accrued to the Federation Account. He noted that the savings from fuel subsidy removal were shared among the Federal Government, states and local governments. According to him, the Federal Government received N5.43 trillion, while the states received N6.52 trillion and local governments received N3.88 trillion from the fuel subsidy removal savi...

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 18th August, below. You can swap your dollar for Naira at these rates. How much is a dollar to naira today in the black market? Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1415 and buy at ₦1405 on Tuesday 18th  August, 2026, according to sources at Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach...

Economists and financial analysts have explained why food prices and the cost of living continue to rise despite Nigeria recording a second consecutive decline in headline inflation in July 2026. DAILY POST reports that Nigeria’s headline inflation declined for the second consecutive month to 15.43 percent in July from 15.91 percent in June, according to the Consumer Price Index, CPI, and inflation report released by the National Bureau of Statistics, NBS, on Monday. NBS data showed that the month-on-month headline inflation rate in July 2026 stood at 1.57 percent, representing a 0.09 percentage-point decline from the 1.66 percent recorded in June. On a year-on-year basis, Adamawa State recorded the highest all-items inflation rate at 33.03 percent, while Nasarawa State r...

INEC CVR The Independent National Electoral Commission (INEC) has urged the general public to disregard information circulating on social media regarding the just-concluded Governorship Election in Osun State. The Chief Press Secretary to the INEC Chairman, Dayo Oketola, clarified on ARISE NEWS on Monday while speaking on the conduct and outcome of the poll that all electors were duly registered and were accredited at their designated polling units before they could participate in the election. He noted that the deployment of the Bimodal Voter Accreditation System (BVAS) made speculations of ghost voters impossible. Oketola, hence, warned Nigerians to desist from relying on unverified videos and information circulated on social media. “We are in an age of AI, misi...