Economy
Lagos Partners Farmers on Maize Production
By Sodeinde Temidayo David
The Lagos State Government has announced the plan to partner with the Maize Farmers’ Association of Nigeria (MAAN) in a bid to explore the possibilities of maize production.
This was revealed over the weekend by the Commissioner for Agriculture, Ms Abisola Olusanya, when she received members of the group.
Ms Olusanya explained that the meeting was convened to explore the opportunities available for the sourcing of silage from the partnership.
“Silage is a very cheap and affordable source of feed for livestock in the State, particularly cows, and there is a need for collaboration with the Maize Farmers Association of Nigeria, which is coming on the heels of my visit to the Igbodu Feedlot in Epe,’ the Commissioner said.
According to her, in this year’s farming season, MAAN would be planting about 167,000 hectares of maize across Nigeria with an average crop output of five metric tonnes per hectare.
As stated by the Commissioner, the collaboration with the association will help the state grow its own maize and would serve as a major source of production for cattle feed.
“I am particularly delighted about this initiative because it is in line with the State’s Five-Year Agricultural Roadmap, particularly the reform of the red meat value chain,” she said.
The senior government official further noted that there is a potential for about 835,000 metric tonnes of silage, which could be available for the Feedlots in the State.
Lagos’s partnership with MAAN is aimed at establishing feedlots and fattening centres that will help with the traceability and hygiene of the cattle before they are slaughtered for consumption.
In a different development, the Lagos state government has restated the vow to intensify raids on clubs, bars and lounges, over noise pollution in the state.
The alarm was made yesterday as the state government read the riot act to nightclubs, bars and lounges, especially those in the Lekki axis, to desist from noise pollution. Following this, any club that fails to adhere to the act will risk being shut.
Also, apart from putting such clubs or bars under lock and key, the owners of the relaxation points would also be prosecuted according to the dictates of the law.
A statement signed by the Commissioner for the Environment and Water Resources, Mr Tunji Bello, said enforcement raids were carried out on some nightclubs in Lekki following repeated complaints by residents of the area and environs.
According to him, a visit by enforcement officers of the Lagos State Environmental Protection Agency (LASEPA) to a club at Lekki, following complaints of flagrant noise pollution, revealed the use of different giant speakers and musical instruments for stage plays and shows, necessitating its closure.
The Commissioner also noted that many residents especially elderly citizens, have always come to his office with petitions and complaints about the adverse effects of noise pollution on their health every night until the early hours of the next day.
It was also noted that the exercise will be a continuous one, and all clubs that engage in noise pollution are advised to retrace their steps.
Mr Bello stated that no one organisation would be treated as a sacred cow in the latest campaign, pointing out that research has also shown noise pollution as one of the causative factors for reduced lifespan.
The campaign is attributed to the second pillar of the six-point Development Agenda of the present administration is Health and Environment, as it includes combating noise pollution.
By Adedapo Adesanya
MTN Nigeria Communications Plc is awaiting regulatory approval from the Central Bank of Nigeria (CBN) to complete the planned transfer of a 60 per cent stake in its fintech businesses to its parent company, MTN Group, before the end of 2026.
The transaction involves MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services Limited (YDFS), two businesses within MTN Nigeria’s financial technology portfolio.
The development follows the company’s earlier announcement in April that MTN Group, through its fintech subsidiary, would acquire a 60 per cent stake in both companies for N95.5 billion, as part of a restructuring aimed at reducing MTN Nigeria’s exposure to the loss-making fintech operations.
Under the proposed structure, MTN Nigeria would retain a 40 per cent interest, while MTN Group Fintech would hold 60 per cent.
The company had said the transaction would be implemented in two phases, with the second phase involving the creation of a financial holding company, Fintech HoldCo, which would ultimately own 100 per cent of MoMo PSB and YDFS.
However, the completion of the restructuring is subject to CBN approval, which Business Post gathered is expected to be concluded in the second half of 2026.
The proposed transaction is designed to redistribute the financial and operational risks associated with the fintech businesses between MTN Nigeria and its parent company.
MTN Nigeria had explained that the restructuring would allow MTN Group Fintech to share future capital requirements, losses, regulatory obligations and execution risks associated with the businesses, while MTN Nigeria would maintain a significant minority stake.
The planned investment has an implied value of N152.06 billion in capital injection into the fintech companies, with the N95.5 billion transaction value based on an intra-group debt-free and cash-free valuation.
MoMo PSB operates as a payment service bank, providing services including deposits, payments, transfers and digital wallets to individuals and small businesses through digital and mobile platforms.
YDFS, meanwhile, operates as a licensed super-agent, providing agency banking services such as cash deposits, withdrawals and bill payments through the MoMo network.
MTN’s decision to restructure the businesses comes as the telecommunications company continues to invest heavily in its core connectivity operations amid growing demand for data and digital services.
MTN Nigeria also said it had invested more than N1.6 trillion in network infrastructure since the beginning of 2025, including N620.5 billion in the first half of 2026 alone.
The company’s data business has also expanded significantly, with data revenue rising by 38.4 per cent to N1.70 trillion in the first half of 2026, overtaking voice revenue of N993 billion.
The growth in data services has been supported by a 9.3 per cent increase in active data subscribers to 55.7 million, while smartphone penetration rose to 66.4 per cent.
MTN’s Chief Financial Officer, Mr Modupe Kadri, said the company remained focused on maintaining investment in its core operations while managing cost pressures and strengthening its balance sheet.
The company’s fintech restructuring therefore comes against the backdrop of a broader strategy to optimise its businesses, allocate capital more efficiently and ensure that investments are aligned with areas offering stronger growth prospects.
Once approved by the CBN, the transaction will allow MTN Nigeria to reduce its direct financial exposure to the fintech businesses while retaining a 40 per cent stake and continuing to participate in their future growth.
The company is expected to provide further updates on the transaction as the regulatory approval process progresses, with completion targeted before the end of 2026.
By Dipo Olowookere
The local stock exchange recorded a 0.12 per cent week-on-week expansion last week as a result of the gains achieved by 26 equities on the platform. The number of price advancers, however, was lower than the 33 posted in the preceding week.
In the five-day trading week, there were 63 price losers, higher than 56 of the previous week, while 58 stocks closed flat versus 58 stocks of the earlier week.
The price advancers were led by AVA Capital, which grew by 33.33 per cent to N11.00. FCMB gained 13.10 per cent to trade at N12.95, First Holdco appreciated by 12.23 per cent to N145.40, Fortis Global Insurance soared by 11.11 per cent to N2.60, and Linkage Assurance went up by 10.63 per cent to N1.77.
On the flip side, Thomas Wyatt shed 26.71 per cent to close at N3.21, Trans-Nationwide Express crashed by 23.76 per cent to N2.15, CMFC dropped 22.68 per cent to settle at N3.00, Ecobank stumbled by 18.94 per cent to N71.20, and Consolidated Hallmark lost 16.51 per cent to N6.98.
Last week, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited rose by 0.12 per cent to 245,573.60 points, and the market capitalisation also chalked up 0.12 per cent to finish at N158.513 trillion.
Similarly, all other indices finished higher apart from the main board, insurance, consumer goods, energy, Lotus II, industrial goods, growth, sovereign bond, and commodity indices, which depreciated by 0.83 per cent, 3.31 per cent, 1.75 per cent, 0.03 per cent, 0.46 per cent, 0.17 per cent, 2.14 per cent, 0.09 per cent and 0.01 per cent, respectively.
In the week, market participants transacted 5.359 billion shares worth N139.053 billion in 261,869 deals compared with the 5.119 billion shares valued at N404.762 billion traded in 285,223 deals a week earlier.
Data showed that the Financial Services space led the activity chart with 3.469 billion shares sold for N73.013 billion in 117,509 deals, contributing 64.73 per cent and 52.51 per cent to the total trading volume and value, respectively. The energy counter followed with 1.023 billion shares worth N18.900 billion in 17,680 deals, and the ICT sector recorded a turnover of 232.368 million shares worth N14.624 billion in 31,866 deals.
Japaul, Fortis Global Insurance, and FCMB accounted for 2.562 billion units valued at N14.173 billion in 6,645 deals, contributing 47.80 per cent and 10.19 per cent to the total trading volume and value, respectively.
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
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| Litecoin Miner L9 | $1000.00 | $13.00 | 10 | $1000.00 + $130 |
| Bitcoin Miner S21 XP Imm | $5000.00 | $70.00 | 25 | $5000.00 + $1750 |
| Bitcoin Miner S21e XP Hyd | $10000.00 | $150.00 | 35 | $10000.00 + $5250 |
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In short
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