Economy
Lekki Free Trade Zone Will Boost Lagos Economy—Ambode
By Dipo Olowookere
Governor Akinwunmi Ambode of Lagos State disclosed on Sunday that investment activities in the Lekki Free Trade Zone would have a huge positive impact on the economy of the metropolis.
Mr Ambode, during an inspection of ongoing projects in the area, said his administration would continue to encourage and support investors to continue to do what is right for the economy, saying no efforts would be spared in providing the conducive atmosphere for investments to thrive in the state.
Business Post reports that the Governor embarked on the inspection yesterday alongside his cabinet members, billionaire businessmen, Aliko Dangote and Femi Otedola, among other businessmen.
Governor Ambode said the massive investments being jointly made in the axis by government and the private sector was targeted at making Lagos emerge as the next destination for business in Africa.
According to him, it was gratifying that remarkable progress had been made since the last time a major inspection tour of the projects was carried out.
“We have just inspected the ongoing jetty project being done by Alhaji Aliko Dangote. You are all well aware that we flagged off the construction of Lekki Deep Sea Port some weeks ago but more importantly this jetty is being done by the Dangote Group to more or less facilitate the movement of their heavy duty machinery to the petrochemical plant and other projects they are doing in this Lekki Free Trade Zone,” he said.
“What we are doing more importantly, as a government, is to continue to encourage the Dangote Group to do what is right for this country and for us to join hands together and collaborate to really show that Lagos is the next destination for the industrial revolution that is taking place in Nigeria and we are very happy to be doing this with him because we know that with the kind of infrastructure that we are providing around Lagos and the kind of infrastructure he is also providing, this place should be the next destination for anybody that is interested in investing in Nigeria.
“That is what this Lekki Free Trade Zone area is all about; that is why a whole lot of what we are doing in the Epe and Lekki axis in pieces more or less when they come to fruition will really show that Lagos is the next destination for investment in Africa,” Mr Ambode disclosed.
Also speaking, Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye, said the jetty when operational next month would facilitate the shipment of equipment to rev up the projects within the Lekki Free Trade Zone.
“This is a jetty that is being done by Dangote and by the end of this month, it will be ready for use. Some of the vessel and equipment that cannot come through the land will be coming in through the jetty and that is why this jetty has been built.
“I can assure the people that once the jetty becomes functional, most of the items needed for the fertilizer plant, petrochemicals, refinery and others will be put in place and this is very contingent to what is happening here. As a government, whatever they need in terms of support in all ramifications will be done,” Mrs Oladunjoye said.
Earlier, Mr Dangote said the combined projects under construction at the Lekki Free Trade Zone was the largest anywhere in the world, and that it was important for the right message about the axis to be communicated to the people to appreciate its impact on the economy.
“What is happening here is the largest project anywhere in the world today and this visit is just to show the Governor the industrial jetty that we have built including the water breaker which is 900meters which is almost like about a mile.
“This is to show what we have done in terms of bringing in our cargo to build the refinery. We have done quite a lot in terms of water protection and also it is environmentally friendly and this is what we have shown the Governor.
“This is just showing that this place is going to really open for business and we are looking for a lot of infrastructure to be built and this place will be the next destination for any investment in Nigeria,” the businessman said.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced the commencement of compliance monitoring activities for large taxpayers under the National e-Invoicing and Electronic Fiscal System (EFS) regime.
A statement issued on Monday and signed by the agency’s chairman, Mr Zacch Adedeji, advised corporate organisations that have yet to adopt this system to do so on or before July 31, 2026.
Recall that on February 17, 2026, NRS issued an implementation timeline for the mandatory adoption of the EFS, also known as the Merchant Buyer Solution (MBS), by large taxpayers.
They were asked to complete the process of onboarding, integration, testing, and commence invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
The compliances include the completion of onboarding on the NRS MBS; the successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIS); the completion of all required validation and testing activities; the active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and the receipt of only compliant e-invoices with a valid Invoice Reference Number (IRN) from suppliers.
Ahead of the deadline, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate across the large taxpayer segment.
Those that have not completed the process have been asked to conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
The organisation warned that failure to comply would trigger regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
By Aduragbemi Omiyale
Transcorp Power Plc suffered declines in its revenue and profit in the first half of this year; details of the company’s financial statements for the period ended June 30, 2026, have revealed.
The losses were attributed to recurring transmission line vandalism, which materially constrained the organisation’s ability to evacuate available generation capacity.
Business Post reports that earnings contracted in the first six months of this year to N181.97 billion from the N205.81 billion recorded in the same period of last year, while profit before tax moderated to N54.99 billion from N58.73 billion.
However, on a year-to-date basis, total assets went up to N619.02 billion from N563.48 billion in December 2025, as shareholders’ funds grew to N189.34 billion from N183.40 billion in FY 2025, while retained earnings soared to N140.90 billion from N123.41 billion in FY 2025.
It was observed that the increase in receivables and borrowings largely drove the expansion in the balance sheet during the period.
Also, the firm’s gross margin expanded to 38.4 per cent from 34.7 per cent in H1 2025, operating margin increased to 30.6 per cent from 28.5 per cent, and PBT margin rose to 30.2 per cent from 28.5 per cent, reflecting cost optimisation efforts and disciplined financial management, positioning the company to continue delivering sustainable value for shareholders.
“Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges.
“Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity.
“Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet,” the chief executive of Transcorp Power, Mr Peter Ikenga, stated.
“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders. We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.
By Dipo Olowookere
A total of 2.819 billion stocks worth N182.499 billion exchanged hands in 226,729 deals on the floor of the Nigerian Exchange (NGX) Limited last week, in contrast to the 3.648 billion stocks valued at N220.568 billion transacted in 251,861 deals a week earlier.
From this, financial shares accounted for 2.006 billion units sold for N99.697 billion in 96,171 deals, contributing 71.17 per cent and 54.63 per cent to the total trading volume and value, respectively.
Consumer goods equities traded 178.863 million units worth N7.872 billion in 26,637 deals, and energy stocks recorded a turnover of 151.237 million units valued at N38.309 billion in 16,879 deals.
First Holdco, FCMB, and Access Holdings accounted for 939.402 million units worth N57.673 billion in 19,051 deals, contributing 33.33 per cent and 31.60 per cent to the total trading volume and value, respectively.
Business Post reports that the performance indicators were mixed in the five-day trading week, as the All-Share Index (ASI) depreciated by 0.14 per cent to 243,462.13 points, while the market capitalisation appreciated by 0.39 per cent to N157.057 trillion.
All other indices finished higher except the main board, consumer goods, energy, Lotus II, industrial goods, growth, and sovereign bond indices, which fell by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent, and 0.33 per cent, respectively, while the commodity index closed flat.
Forty-four shares gained weight in the week versus 60 shares of the preceding week, 35 equities depreciated versus 28 equities in the previous week, and 67 stocks closed flat versus 58 stocks of the earlier week.
The best-performing stock was First Holdco, which gained 38.66 per cent to trade at N95.95. Thomas Wyatt expanded by 27.16 per cent to N3.09, Fidelity Bank grew by 15.00 per cent to N21.85, Learn Africa grew by 14.44 per cent to N10.30, and UBA chalked up 10.98 per cent to close at N45.50.
The worst-performing stock was BUA Cement after giving up 18.99 per cent to quote at N275.60, Red Star Express shed 18.53 per cent to end at N20.00, International Energy Insurance declined by 15.27 per cent to N4.66, C&I Leasing dropped 13.28 per cent to N5.55, and PZ Cussons crashed by 10.06 per cent to N80.95.
