Wednesday, July 1

Business

GenCos slam N1.1tn power budget without subsidies

The Federal Government has allocated over N1.1tn to the power sector in the 2026 Appropriation Bill, an amount higher than the N900bn budgeted for the sector in 2025. However, stakeholders have raised concerns as a detailed examination of the budget…

Bitcoin’s “Failed” Breakout Sees ,000 Target Return

Bitcoin (BTC) slid to eight-day lows on Tuesday as macro headwinds gave bulls new headaches.Key points:Bitcoin toyed with the 2025 and 2026 yearly opens after a “failed” breakout from its multimonth range.Current BTC price weakness is not a result of…

Ethereum Address Poisoning Attacks Steal 0K After Fusaka

Recent record network activity on Ethereum could be linked to a wave of address poisoning attacks that are taking advantage of low gas fees since December, said security researcher Andrey Sergeenkov.Cointelegraph reported on Friday that network activity retention nearly doubled…

Institutions Add  Billion In Bitcoin As Retail Stays Fearful

Bitcoin accumulation by wallets holding between 100 and 1,000 BTC could signal that there is continued interest in Bitcoin from institutional investors in the US.“Institutional demand for Bitcoin remains strong,” said CryptoQuant founder Ki Young Ju on Tuesday, adding that…

Pendle Introduces New Governance Token To Spur Broader Adoption

Decentralized Finance yield platform Pendle is set to replace its vePENDLE token as its primary governance and reward token, arguing the previous design held back broader adoption. In an announcement via X on Monday, Pendle unveiled sPENDLE, its new “liquid staking…

Banks record rising loan defaults amid strong demand – CBN

Banks operating in Nigeria have reported a broad rise in loan defaults across households and businesses, showing growing stress in the credit market despite improved loan supply and rising demand. According to the Central Bank of Nigeria’s Credit Conditions Survey…

Magic Eden to Capitalize on Speculation Supercycle

Magic Eden CEO and co-founder Jack Lu says his company will be well-positioned for the “supercycle” where “finance merges with entertainment” amid a recent boom in prediction markets and betting.“Speculation is mainstream now. And Magic Eden is building for this…

FG budgets N10m for Abuja runway after dumping N532bn bid

Confusion continues to surround the construction of the second runway at the Nnamdi Azikiwe International Airport, Abuja, with uncertainty over the actualisation of the project. Discussions around the project peaked in 2025 when its estimated cost reached N532bn. However, the…

Pump.fun Launches ‘Pump Fund’ Investment Arm

Memecoin launchpad Pump.fun is spinning up a new investment arm aimed at backing promising startups, in its first significant pivot away from its memecoin roots. Pump.fun said on Monday it was launching Pump Fund alongside a $3 million hackathon, which…

Aid cuts push Nigeria deeper into hunger emergency – UN

Humanitarian aid cuts are pushing Nigeria deeper into a hunger emergency, with food assistance plummeting from 1.3 million people reached during the 2025 lean season to just 72,000 expected to be assisted in February, the UN World Food Programme has…

Banks record rising loan defaults amid strong demand – CBN

Nigeria’s economy is exhibiting early signs of stabilisation, with the Central Bank of Nigeria projecting stronger growth and easing inflation for 2026. The apex bank forecasts GDP growth of 4.49 per cent, average inflation of 12.94 per cent, and external…

NSDC pushes greenfield projects to raise sugar output –CEO

The Executive Secretary and Chief Executive Officer of the National Sugar Development Council, Mr Kamar Bakrin, tells OKECHUKWU NNODIM and other select journalists how greenfield sugar projects are driving increased output, investment, and Nigeria’s quest for self-sufficiency Greenfield sugar projects…

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