Business

The Pharmacy Council of Nigeria has sealed no fewer than 572 pharmacies, patent medicine stores and illegal medicine outlets across Plateau State following a four-day enforcement operation. Announcing the exercise at a press conference in Jos on Friday, the PCN’s Head of Enforcement, Dr Suleiman Chiroma, said the outlets were shut for multiple regulatory breaches, including cooking inside drug premises, unauthorised clinical practice, and improper access to controlled medicines. Speaking on behalf of the Council’s Registrar, Ibrahim Ahmed, Chiroma stated that the operation was carried out under the Pharmacy Council of Nigeria (Establishment) Act No. 31 of 2022. He described it as part of a broader effort to enforce the National Drug Distribution Guidelines aimed at fixing what the Fe...

The Central Bank of Nigeria (CBN) has introduced a ₦100 million penalty for banks and authorised dealers that process foreign exchange transactions without adequate documentation. The sanction is contained in the offences and sanctions section of the fourth edition of the CBN Foreign Exchange Manual, released by the apex bank’s Trade and Exchange Department in May 2026. According to the manual, authorised dealers involved in such transactions will pay ₦100m, in addition to ₦10m for each affected transaction. The manual stated, “Authorised dealers shall pay ₦100m in addition to ₦10m per transaction” for consummating foreign exchange transactions with inadequate documentation. The revised manual, the first major update since 2017, is expected to serve as a regulatory guide f...

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 5th June, 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 ₦1400 and buy at ₦1385 on Friday 5th June, 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 their respec...

The Abuja Electricity Distribution Company (AEDC) has announced that electricity consumers in the Federal Capital Territory, Nasarawa, Niger, and Kogi states will soon begin receiving compensation following a directive from the Nigerian Electricity Regulatory Commission (NERC). NERC had ordered compensation for Band A customers after a shortfall in power supply recorded in February and March 2026. The directive applies to customers who received less than 18 hours of electricity during the period. According to the regulator, all eleven electricity distribution companies are required to implement compensation for affected customers, with a deadline of May 31, 2026, for February’s shortfall and June 30, 2026, for March’s. Speaking on the development, AEDC Managing Director, Chijioke ...

The Transmission Company of Nigeria has announced that power supply to several communities in Delta State will be disrupted as it continues preventive maintenance work at its Delta 132/33kV Transmission Substation. In a statement issued on Friday on its X handle, TCN said the maintenance exercise, which began on June 4, will continue daily from 10:00 a.m. to 5:00 p.m. until June 16, 2026. According to the company, the work is aimed at facilitating the connection of a bus coupler circuit breaker and the rehabilitation of five isolators on the main busbar. “The maintenance is to facilitate the connection of a bus coupler circuit breaker and the rehabilitation of five isolators on the main busbar,” the statement said. Health 360: How Unsafe Water Is Still Making People Sick 0:0...

Chelsea have paid tribute to former record goalscorer Bobby Tambling, who has passed away at the age of 84. Tambling remains one of the most iconic figures in Chelsea’s history, scoring 202 goals in 370 appearances between 1959 and 1970. His goal record stood for more than 40 years before being surpassed by Frank Lampard in 2013. The striker made an immediate impact by scoring on his debut at just 17 years old and went on to play a key role in Chelsea’s successes during the 1960s. He helped the club win the Football League Cup in 1965, scoring against Leicester City in the final. He also found the net in the 1967 FA Cup final, though Chelsea lost to Tottenham Hotspur. Tambling earned three caps for England national football team before leaving Stamford Bridge for Crystal Palace in...

The Nigerian Electricity Regulatory Commission (NERC) will set to pay eligible Band A customers a special compensation package, over poor power supply arising from generation constraints on the national grid between February and March 2026. This was contained in a public notice issued on its social media handles on Thursday. The commission said the directive was introduced following significant generation shortfalls across the Nigerian Electricity Supply Industry, which prevented electricity distribution companies from delivering the minimum service levels guaranteed to some Band A customers in the first quarter of the year. NERC stated that it had issued Directive No. NERC/2026/002 on the Special Compensation of Band A Customers Arising from Grid Generation Constraints to address...

The exchange rate between the US Dollar and the Nigerian Naira in the parallel market, commonly known as the black market or Aboki FX market, remained a key focus for traders and businesses on Wednesday, June 3, 2026. According to information gathered from Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,381 and sold at ₦1,390 in the black market. Black Market Dollar to Naira Rate CurrencyBuying RateSelling RateUSD/NGN₦1,381₦1,390 Meanwhile, the official exchange rates provided by the Central Bank of Nigeria (CBN) showed the dollar trading within a range of ₦1,350 to ₦1,370. CBN Dollar to Naira Rate CurrencyLowest RateHighest RateUSD/NGN₦1,350₦1,370 The CBN has consistently maintained that it does not recognize transactions conducted in the parall...

The Board of Abbey Mortgage Bank Plc has announced that the Central Bank of Nigeria has approved the conversion of the lender from a primary mortgage bank to a regional commercial bank. The bank disclosed this in a regulatory filing submitted to the Nigerian Exchange Limited, other regulatory authorities, and the investing public on Wednesday. According to a statement signed by the Company Secretary, Geoff Amaghereonu, the financial institution has also undergone a corporate name change as part of its transition strategy. Pursuant to the resolution of the shareholders passed at the Extraordinary General Meeting of the bank held on Friday, January 24, 2025, the name of the bank has officially been changed from Abbey Mortgage Bank Plc to Abbey Bank Plc. The management said th...

Alleged explicit videos involving Sean “Diddy” Combs, model Daphne Joy—who shares a child with rapper 50 Cent and a male escort have leaked online. The videos made it to the internet this week. One of the X-rated videos features the currently incarcerated record exec pleasuring himself while watching Daphne perform mouth action on another man. Another video also shows the male escort preparing to have s£xual intercourse with the model while Diddy continues to pleasure himself in the room.   50 Cent reacted to the leak by sharing a screenshot on Instagram along with the caption: "She’s not a victim, SIRE is can you imagine going to eighth grade to find out this is your mom. The court system in LA thinks it’s fine." Daphne has also reacted to the video in a ...