Business

The Transmission Company of Nigeria (TCN) has kicked off the reconstruction and upgrade of the 138-kilometre Alaoji–Onitsha 330kV transmission line, a strategic move to strengthen electricity supply in the South-East. The project, executed in collaboration with the African Development Bank (AfDB), involves clearing the Right of Way (RoW) under a Resettlement Action Plan (RAP), according to a Monday statement from TCN. The upgrade will convert the existing single-circuit line into a 330kV double-circuit quad-conductor line, greatly boosting the grid’s capacity and efficiency. Aromeh Adole, Assistant General Manager at the AfDB Project Implementation Unit, stated that the new line will deliver four times the transmission capacity of the current line, revolutionizing bulk power delivery in...

PayPal has become the latest brand to distance itself from Wireless Festival amid backlash over Kanye West headlining the event. Festival organisers confirmed that PayPal will not appear on any event branding while the rapper is involved, and potentially going forward. Although not a headline sponsor, PayPal plays a key role as the payments partner for Live Nation UK Festivals, including offering early ticket access. The move follows similar decisions by Diageo and Pepsi, both of which recently withdrew sponsorship amid growing criticism. The controversy has drawn political attention, with Keir Starmer describing Kanye West’s involvement as “deeply concerning” due to his past antisemitic remarks. Despite the backlash in the UK, the artist’s performances in the United State...

Global oil prices have climbed close to $120 per barrel, even as OPEC+ approved a production increase of 206,000 barrels per day for May. The decision was reached during a virtual meeting of eight member countries, but analysts say the planned output boost may have little real impact due to ongoing supply disruptions. Many major producers are struggling to raise production amid geopolitical tensions, particularly the conflict involving the United States, Israel, and Iran, which has damaged infrastructure and created security risks. The alliance’s Joint Ministerial Monitoring Committee also raised concerns about repeated attacks on oil facilities, noting that repairs are costly and slow, further limiting supply. A major factor driving the surge in prices is the disruption in the...

A Compressed Natural Gas (CNG)-powered luxury bus was badly damaged after a sudden explosion at the Lagos Garage Terminus in the Mando area of Kaduna State. The unexpected blast caused panic among commuters and traders, with debris scattered across the busy park as people fled for safety. Eyewitnesses said the explosion occurred without warning, leaving the vehicle severely wrecked and drawing widespread attention within the area. Despite the extent of the damage, no casualties were reported, a development many described as surprising given the intensity of the explosion. Emergency responders quickly arrived to secure the scene and prevent further danger. While the exact cause remains unknown, the incident has raised fresh concerns about the safety of CNG-powered vehicles in...

Passengers booked on a Air Peace flight from London Heathrow Airport to Nigeria expressed anger after repeated delays left them stranded overnight. The flight, originally scheduled for 9:20 p.m. on Saturday, was first pushed to 10:20 p.m., after which passengers claimed airline officials stopped providing updates, sparking frustration and confusion. Travellers said tensions rose after hours of uncertainty, with one passenger alleging that the situation nearly turned chaotic as anger mounted among those waiting to board. By early Sunday morning, passengers were moved to a nearby hotel. The airline later sent an email apologising for the disruption and rescheduled the flight to 3:00 p.m. the same day. Some passengers described the experience as disorganised, blaming poor communic...

Minister of Finance, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting Nigeria’s daily crude oil production to 1.84 million barrels. Edun gave the commendation during a meeting at the Ministry of Finance headquarters in Abuja with the Commission’s Chief Executive, Oritsemeyiwa Eyesan. In a statement issued on Friday by the Commission’s Head of Media and Corporate Communication, Mr Eniola Akinkuotu, the minister described the development as highly encouraging. “It is reassuring to hear that production has reached 1.84 million barrels per day. That is excellent progress,” Edun said, noting that the achievement aligns with the directive of President Bola Ahmed Tinubu. He urged the Commission to sustain the momentum and work towards...

The Nigerian equities market closed in the red on Thursday ahead of the Easter holidays, as sell-offs in 24 listed firms wiped out about N3 billion in market value. Stocks such as John Holt, Abbey Mortgage Bank, International Energy Insurance, CHAMS, and Tantalizers were among the key drivers of the downturn, as investors offloaded shares. At the close of trading, market capitalization slipped marginally by 0.002 percent, declining from N129.809 trillion at the opening to N129.806 trillion. Similarly, the All-Share Index shed 4.66 points, or 0.002 percent, to settle at 201,698.89, down from 201,703.55 recorded in the previous session. Despite the dip, the market maintained a year-to-date return of 29.62 percent. Market breadth, however, remained positive, with 34 gainers compar...

The Federal Capital Territory (FCT) chapter of the Performing Musicians Employers’ Association of Nigeria has directed hotel owners, event organisers, and other stakeholders in Abuja to obtain official approval before engaging live music bands or face sanctions. The directive was announced by the association’s acting governor, Michael Oyibo Kaycee, during a press briefing on Friday. He stressed the need for stakeholders in Abuja’s entertainment industry to hire only certified musicians, warning that the association will no longer tolerate exploitation, disrespect, or underpayment of performers. Kaycee stated that operators must comply with industry regulations, engage accredited professionals, and meet their obligations, adding that a PMAN task force is now fully active to enforce...

The Lagos State Government has sealed off a branch of Access Bank for violating environmental regulations. The Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed the development in a statement issued on Thursday. He explained that the action followed a whistleblower alert, which triggered an investigation by the Lagos State Wastewater Management Office. The probe revealed that the branch, situated on Land Bridge Avenue in Oniru, Victoria Island, had been discharging untreated faecal waste into public drainage systems. According to Wahab, the facility was shut down during a joint enforcement operation after officials confirmed the environmental offence. The illegal discharge reportedly caused unpleasant odours and contributed to pollution, contravening exist...

Britain is set to host high-level talks with about 35 countries aimed at exploring ways to reopen the Strait of Hormuz, a critical global oil route disrupted by the ongoing conflict involving Iran. The virtual meeting will be chaired by British Foreign Secretary Yvette Cooper and will include representatives from countries such as France, Germany, Italy, Canada, and the United Arab Emirates. The United States is not expected to participate. The discussions follow remarks by US President Donald Trump, who stated that securing the vital waterway should be the responsibility of nations that depend on it, suggesting the route could reopen “naturally.” The Strait of Hormuz, which accounts for roughly a fifth of the world’s oil consumption, has been effectively shut down by Iran in ...