Wednesday, July 1

Business

NGX lists 3.16 billion UBA shares

The Nigerian Exchange Limited has officially listed an additional 3,156,869,665 ordinary shares of United Bank for Africa Plc on its Daily Official List, marking a step in strengthening the bank’s capital base and deepening liquidity in the Nigerian capital market.…

DeFi Protocols Move Away From Discord as Scam Risks Rise

Decentralized finance (DeFi) protocols are abandoning public Discord servers, arguing that the platform has become more of a liability than a community hub. The shift drew attention on Wednesday after DeFi lending protocol Morpho said it had moved its public Discord…

NGX market surges N598bn as bulls dominate trading

The Nigerian Exchange Limited recorded a strong trading session on Wednesday as investor optimism returned to the equities market, pushing total market capitalisation up by N598bn to close at N106.78tn. The increase reflects a 0.56 per cent rise over the…

FG orders banks, fintechs to remit VAT on service fees

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms. The VAT will…

Bitcoin New High Chances Depend On Monetary Expansion: Hayes

Bitcoin will likely reach new all-time highs despite poor performance against gold and tech stocks last year, according to BitMEX co-founder Arthur Hayes, citing the potential expansion of monetary conditions. “If gold and the Nasdaq have the juice, how is…

Dangote refinery begins 24-hour petrol loading operations

The Dangote Petroleum Refinery has commenced night-time loading operations as it intensifies efforts to sustain a daily supply of more than 50 million litres of Premium Motor Spirit (petrol) across Nigeria, signalling a major shift to full 24-hour operations at…

Bitcoin Open Interest Falls 31% In Bullish Deleveraging Signal

Open interest in Bitcoin derivatives markets has declined over the past three months, resulting in dwindling leverage that has become bullish for the overall market structure, according to CryptoQuant.A 31% decline in open interest (OI) on Bitcoin derivatives since October…

Aradel achieves 10 million man-hours without injury

Aradel Holdings Plc says it recorded 10 million man-hours without a lost-time injury across its operations as of 21 December 2025. In a statement, the company said the milestone was achieved across all its subsidiaries during a period of expanded…

0M Tokenized Water Infrastructure Planned For Southeast Asia

Blockchain infrastructure firm Global Settlement Network has announced a pilot to tokenize water treatment sites in Jakarta, aiming to eventually scale it out to the rest of Southeast Asia over the next 12 months with $200 million in tokenized assets.Real-world…

Petrol price hike looms as crude crosses /barrel

The pump prices of Premium Motor Spirit (petrol) and other refined petroleum products, including Automotive Gas Oil (diesel), and Household Kerosene, among others, may spike soon as crude oil, the major feedstock for refined fuel, crossed $66/barrel on Wednesday. Brent,…

Power sector loses N187bn as unbilled energy rises

The power sector lost about N187bn to unbilled energy between July and October 2025, as data from the Nigerian Electricity Regulatory Commission revealed that electricity distribution companies failed to issue this amount as bills to customers during the period, underscoring…

Economic stabilisation still fragile, ICAN warns

Nigeria’s economy is showing early signs of stabilisation, but progress remains fragile, the Institute of Chartered Accountants of Nigeria said on Wednesday, emphasising that accountability will be critical to sustaining fiscal reforms and national development. The event, ICAN’s 2026 Economic…

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