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Business · Daily Post ·Blackout looms in Lagos as Egbin power station shuts down
Lagos State faces a potential electricity outage following the shutdown of the Egbin power station. As Nigeria's largest thermal power plant, the facility's closure is expected to significantly reduce power supply to the metropolitan area and affect the national grid until operations are restored.
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Business · Nairametrics ·NGX Group shareholders call for sustained performance, tighter market surveillance at AGM
During the Nigerian Exchange Group Annual General Meeting, shareholders urged the organization to maintain its current growth trajectory and financial performance. Investors emphasized the need for stricter market surveillance to ensure transparency and stability. The meeting highlighted the importance of regulatory oversight in sustaining investor confidence and protecting the integrity of the capital market.
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Business · BusinessDay ·TheNiche Lecture: Alex Otti delivers the home truth on Nigeria’s economy
Governor Alex Otti recently addressed the state of Nigeria’s economy during TheNiche Lecture. The presentation focused on the structural fiscal challenges facing the nation and provided an assessment of prevailing economic realities. Otti shared insights on governance and suggested pathways for potential recovery within the current Nigerian financial and political landscape.
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Business · BusinessDay ·Cutix PLC rewards highly performed distributors with car, other items, certificates
Cutix PLC has presented various rewards to its top-performing distributors in recognition of their contributions to the company's growth. The incentives provided included a motor vehicle, household items, and certificates of achievement. These rewards serve as formal acknowledgement for the distributors' roles in maintaining the company's market position and sales performance.
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Business · BusinessDay ·Why Africa’s supply chains are broken – Mbanefo
Mbanefo identifies the structural and systemic factors contributing to the current challenges within Africa's supply chain networks. The analysis highlights logistical bottlenecks and infrastructure deficits that impede efficient trade across the continent, suggesting that these disruptions significantly affect regional economic integration and the movement of goods between African nations.
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Business · BusinessDay ·AREWA24 files N10 b defamation suit against NBMOA, others
AREWA24 has filed a 10 billion naira defamation lawsuit against the Northern Broadcast Media Owners Association and several other entities. The legal proceedings represent a significant financial claim over alleged reputational damage. This judicial move follows public disputes involving the media organization and the association, as the parties seek resolution through the Nigerian court system.
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Business · Nairametrics ·
Champion Breweries projects stronger 2026 following N839.2 million Q1 profit
Champion Breweries has reported a first-quarter profit of N839.2 million. Following this financial performance, the company expressed optimism regarding its future growth, projecting a significantly stronger market position and operational results by 2026. This outlook reflects the brewery's current fiscal trajectory and its long-term strategic plans within the Nigerian beverage industry.
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Business · Nairametrics ·
Champion Breweries explains Q1 earnings decline, projects strong 2026
Champion Breweries reported a decline in its first-quarter earnings, providing detailed explanations for the performance dip. Despite the current financial challenges, the company projects a robust recovery and strong growth trajectory by 2026, driven by strategic adjustments aimed at stabilizing its operations within the competitive Nigerian brewing industry.
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Business · BusinessDay ·Oyo pays 18bn salaries monthly, IGR jumps to over N103bn monthly – govt
The Oyo State government has announced that its monthly salary expenditure stands at 18 billion Naira. Concurrently, the state’s Internally Generated Revenue has reportedly increased to more than 103 billion Naira per month. These figures highlight the current financial standing and fiscal performance of the state administration.
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Business · BusinessDay ·Norrenberger to launch Nigeria’s first Corporate sustainability benchmarking report
Norrenberger is preparing to launch Nigeria’s inaugural corporate sustainability benchmarking report. The initiative seeks to provide a comprehensive framework for assessing the sustainability performance of businesses across the country, offering insights into environmental and social governance practices within the Nigerian corporate landscape to foster better transparency and accountability.
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Business · BusinessDay ·Nigeria braces for fuel price surge as Brent crude tests $126
Nigeria is preparing for an imminent increase in domestic fuel prices as the international benchmark, Brent crude, approaches a trading price of $126 per barrel. This surge in global oil costs is expected to exert significant pressure on the country's energy market and overall economy in the coming days.
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Business · The Punch ·ICAN registrar urges AI adoption in Nigeria’s tax system
The Registrar of the Institute of Chartered Accountants of Nigeria has advocated for the integration of artificial intelligence into the nation's tax system. This recommendation aims to modernize tax administration and improve efficiency in revenue collection and processing across the country.
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Business · The Punch ·
Egbin shutdown, grid fault paralyse Lagos power supply
Lagos State is experiencing widespread power outages following a shutdown at the Egbin power station and a fault on the national grid. The disruption has significantly affected electricity distribution across the commercial hub, leading to prolonged blackouts for residential and industrial consumers as technical teams work to restore the system.
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Business · Vanguard ·Meta shares plummet near 10% after earnings, Google skyrockets
Meta's stock value dropped by nearly 10% following the release of its quarterly earnings report, while Google's parent company experienced a significant surge in share prices. These developments highlight contrasting investor reactions to the financial performances of the two major technology firms in the international stock market.
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Business · PM News ·
Extended blackout looms in Lagos as Egbin power station shuts down
Residents in Lagos face a potential period of extended electricity outages following the shutdown of the Egbin power station. The facility, which is a major contributor to Nigeria’s national grid, has ceased operations, leading to concerns over significant disruptions to the power supply across the metropolitan area and surrounding regions.
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Business · Nairametrics ·
NGX Group posts N5.98 billion pre-tax profit in Q1,2026
Nigerian Exchange Group (NGX Group) reported a pre-tax profit of N5.98 billion for the first quarter of 2026. The announcement details the group's financial performance during the initial three months of the fiscal year. This report provides key data regarding the organization's profitability and operational outcomes within the Nigerian capital market infrastructure sector.
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Business · BusinessDay ·Scrapped tax breaks on foreign loans raise costs, threaten investment
The elimination of tax incentives on foreign loans has increased borrowing costs, potentially discouraging capital inflows into Nigeria. This regulatory shift raises financial burdens for businesses and threatens to reduce long-term investment. Consequently, the local economy may face challenges in attracting the necessary funding for large-scale projects and industrial expansion.
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Business · PM News ·
Lagos disburses ₦1.126bn to 668 Retirees under Pension Scheme
The Lagos State government has disbursed ₦1.126 billion to 668 retirees under its Contributory Pension Scheme. This payment represents the state's commitment to settling accrued retirement benefits for former public servants, providing financial support to individuals who have concluded their service within the state's civil and public sectors.
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Business · BusinessDay ·Court rejects FCCPC’s bid, upholds injunction halting airtime lending clampdown
A Nigerian court has dismissed an application by the Federal Competition and Consumer Protection Commission to lift an injunction. This ruling maintains a temporary halt on the commission’s efforts to clamp down on airtime lending services, allowing providers to continue operations pending further legal developments in the case.
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Business · BusinessDay ·Universal to sell half of its Spotify stake, generating around $1.4bn
Universal Music Group plans to divest half of its current equity stake in the streaming service Spotify. The transaction is projected to yield approximately $1.4 billion in proceeds for the record company. This strategic financial move follows years of investment in the platform as part of Universal's broader portfolio management strategy.
Nigerian News
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