
Business
Investors lose N601b in four days
• Naira falls amid pressure
Nigeria’s financial markets were on a tailspin at the weekend amid concerns over macroeconomic outlook and dodgy currency risks.
Investors panicked as sustained price depreciation at the stock market built up net loss of N601 billion in four days. The naira fell across the official and parallel markets as pressure continued to mount on the national currency on the back of huge unmet foreign exchange (forex) demand.
At the official Investors and Exporters (I & E) Window, naira depreciated by 16 basis points to N464.00 per dollar while it fell by 13 basis points to N743.00 per dollar at the parallel market.
The three-digit gap between the official and parallel markets has sustained pressure on the national currency, with most analysts expecting the forex liquidity crisis to remain in the meantime in the absence of any major policy changes.
Nigeria’s forex reserves cut a 12-week consecutive decline at the weekend with a modest increase of $38.89 million to close at $35.43 billion.

Benchmark indices at the Nigerian stock market indicated average decline of 2.08 per cent, equivalent to net capital depreciation of N601 billion within four days of trading.
The steep decline depressed Nigerian equities’ average year-to-date return to 1.25 per cent, a far cry from recent high of about 10 per cent. Weekend’s bearish closing further highlighted the negative trend that had seen Nigerian equities dropping by 4.31 per cent in the past two weeks.
The performance of Nigerian equities bucked global optimism as investors showed stronger appetite for advanced and emerging markets. United States’ benchmark indices- Dow Jones Industrial Average (DJIA) and S & P 500 Index rose by 1.6 per cent and 1.0 per cent respectively. United Kingdom’s FTSE 100 Index appreciated by 1.7 per cent. Japan’s Nikkei 225 Index rose by 3.5 per cent while China’s SSE inched up by 0.3 per cent.
Most analysts remained cautious about outlook for the Nigerian financial markets, citing macroeconomic uncertainties and absence of any immediate policy triggers for a sustained recovery.
Analysts at Afrinvest Securities, a major securities dealing firm, said they expected the bearish performance at the stock market “to linger on account of sustained weak investor sentiment”.
Analysts at Arthur Steven Asset Management said while recent price depreciation may fuel bargagin-hunting, investors must be wary of running profit-taking sentiment.
Cordros Capital, a leading investment banking group, said the country’s forex liquidity crisis may linger in the short-to-medium term, a market euphemism for some one or more years.
According to analysts, forex liquidity issues will remain as there are no positive signal that denotes an improvement in forex supply in the light of the country’s low forex inflows from domestic sources, such as crude oil production; and foreign portfolio investors.
At the stock market, there were nearly no safe haven for investors with a market-wide selloff overshadowing dividend declarations by several active companies.
The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), closed weekend at 51,893.94 points as against the week’s opening index of 52,994.13 points.
Aggregate market value of all quoted equities at the NGX dropped from its week’s opening value of N28.869 trillion to close weekend at N28.268 trillion.
All sectoral indices closed negative at the weekend, with the exception of the NGX Consumer Goods Index, which posted a modest growth of 0.05 per cent. The NGX 30 Index, which tracks the 30 largest stocks at the market, dropped by 1.65 per cent. The NGX Banking Index, the most influential index, dipped by 1.40 per cent. The NGX Insurance Index, the most populous sector, declined by 1.76 per cent while the NGX Industrial Goods Index dipped by 0.40 per cent.
There were more than two losers for every gainer at the market. Pricing trend analysis showed 18 gainers against 39 losers last week, on the same trend with 16 gainers and 37 losers recorded in the previous week.
The Nation
Business
Enugu Air Launches New Website
…moves online services to www.enuguairlines.ng
Enugu Air has announced the launch of its new official website, enuguairlines.ng, as part of efforts to provide passengers and customers with a better, safer and more convenient digital experience.
The airline said the migration to the new website is designed to improve how passengers connect with Enugu Air and access its services online, including flight bookings, schedules and the latest updates.
Announcing the development, the airline said: “We’ve moved! We’re innovating! We’ve migrated to a better, safer and convenient website to connect you to the world.”
Passengers can now access Enugu Air’s online services through its new web address, enuguairlines.ng, which the airline described as its new digital home.
The airline urged passengers and prospective travellers to save the new web address and use it for flight bookings, checking schedules and obtaining the latest information about its operations.

“Same Enugu Air. New web address,” the airline stated, emphasising that the change represents an improvement in its digital platform while retaining the Enugu Air brand and services.
The airline further encouraged customers to visit, www.enuguairlines.ng for all flight-related information and online services.
It further stated that the old website, enuguairlines•com has been discarded and no longer in use.
Business
Nigeria records 8.51m terabytes of data use in first half of 2026
Nigerians consumed a record 8.51 million terabytes of data in the first half of 2026, underscoring the country’s accelerating shift toward a digital-first economy.
Data from the Nigerian Communications Commission (NCC) confirmed this. Specifically, in January, consumption was 1.385 million terabytes; February, 1.260 million terabytes and March, 1.422 million terabytes.
In April, consumption was 1.414 million terabytes. It climbed to 1.504 million terabytes in May and 1.532 million terabytes in June.
In 2025 alone, Nigerians consumed over 13.2 million terabytes of data, a 35 per cent increase from 2024, reflecting how connectivity has become essential for daily life.
The surge in consumption was driven largely by the twin giants of the telecom sector, MTN Nigeria and Airtel Nigeria, whose half-year reports revealed data services have firmly overtaken voice as the primary revenue stream.

According to industry figures, average monthly data usage per subscriber rose sharply, reflecting the growing reliance on mobile broadband for work, entertainment, and commerce.
Streaming platforms, social media, fintech apps, and remote work tools have all contributed to the spike in demand.
MTN Nigeria reported that its 55.7 million active data subscribers consumed an average of 14.8 gigabytes per month, representing a 15.2 per cent increase year-on-year. Overall, MTN’s data traffic surged by 25.8 per cent across its network in the period.
This translated into a massive N1.70 trillion in data revenue, a 38.4 per cent jump compared to the same period in 2025. Data now accounts for more than half of MTN’s total service revenue, dwarfing its voice earnings of N993.5 billion, which grew at a modest 12 per cent.
Airtel Nigeria also posted strong numbers, recording N691 billion in data revenue ($507 million). While Airtel’s voice services contributed to a combined N1.42 trillion in voice earnings alongside MTN, the clear trend is that data has become the dominant driver of growth.
Together, MTN and Airtel generated N2.4 trillion from data services in H1 2026, cementing their role as the backbone of Nigeria’s digital economy.
MTN invested N620.5 billion in capital expenditure during the period, focusing on expanding 4G coverage, scaling 5G rollout, and strengthening fibre infrastructure. The company’s aggressive push into next-generation networks is aimed at meeting the surging demand for high-speed connectivity.
Airtel, meanwhile, faced challenges with fibre cuts and vandalism, forcing reinvestments to stabilize its network. The operator is blending 5G expansion with satellite partnerships to extend coverage into rural and semi-urban areas, where demand for reliable Internet is rising.
Despite these investments, many consumers continue to express dissatisfaction with service quality. Complaints of slow speeds, unstable connections, and high costs remain widespread, highlighting the gap between consumption growth and infrastructure capacity.
The NCC has repeatedly urged operators to deepen investments in fibre, towers, and spectrum to sustain the country’s digital transformation. Analysts note that the sector is undergoing a structural shift from voice-first to data-led growth, with internet connectivity now central to economic activity.
Industry experts predict that Nigeria’s data consumption will continue to rise exponentially as smartphone penetration increases and more services migrate online. The rollout of 5G is expected to further accelerate usage, enabling innovations in fintech, e-commerce, healthtech, and entertainment.
The consumption of 8.51 million terabytes in H1 2026 marks a historic high for Nigeria’s telecom industry. It reflects not only the appetite of a digitally hungry population but also the broader transformation of the economy.
With MTN and Airtel leading the charge, the challenge now lies in improving service quality, expanding infrastructure, and ensuring affordable access for millions of Nigerians. As data becomes the lifeblood of communication and commerce, the telecom sector’s ability to keep pace with demand will determine how effectively Nigeria harnesses the opportunities of the digital age.
Business
AFRAA welcomes Enugu Air, strengthens Nigeria’s Domestic Aviation growth
The African Airlines Association (AFRAA) has admitted Enugu Air as Member, extending the Association’s membership base in Nigeria’s fast-growing domestic aviation market and reaffirming AFRAA’s commitment to supporting the continued development of African carriers across the continent.
This was announced by AFRAA in Nairobi on Wednesday, making Enugu Air the 50th Member of the association, joining the AFRAA airline fraternity, collectively representing more than 85 per cent of total international traffic carried by African airlines.
Speaking on the occasion, AFRAA Secretary General, Mr. Abdérahmane Berthé, said, “We are delighted to welcome Enugu Air into the AFRAA fraternity.

“As a state-backed carrier serving Nigeria’s rapidly expanding domestic market, Enugu Air represents the kind of homegrown investment that is vital to building resilient air connectivity across our continent.

“We look forward to supporting the airline through the IOSA certification process and to its continued growth within the AFRAA membership, as we work together to advance the cause of unified African skies.”
Reacting to the development, the CEO of Enugu, Capt Tolu Ita, described the admission into AFRAA as a major milestone in the airline’s short history.
“We are honoured to join the AFRAA fraternity. This membership underscores Enugu Air’s commitment to safe, reliable, and affordable air travel for Nigerians while contributing to the vision of a unified African aviation market.
“We look forward to collaborating with fellow AFRAA members and leveraging the association’s support as we grow our network and pursue IOSA certification,” Tolu stated.
Founded on July 7, 2025, Enugu Air commenced commercial operations with a fleet of Embraer E170/E190/E195 aircraft.
The airline, which has its headquarters in Enugu and operates from the Akanu Ibiam International Airport, currently serves nine domestic destinations including Enugu, Abuja, Lagos, Port Harcourt, Kano and Benin City.
As part of the airline’s growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
As part of its growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
The admission of Enugu Air aligns with AFRAA’s strategic priorities and strengthens the voice of the association. Nigeria, as Africa’s most populous nation and one of its fastest-growing economies, remains central to the realization of a truly integrated African aviation market.
Meanwhile, founded in Accra, Ghana, in April 1968, and headquartered in Nairobi, Kenya, AFRAA’s mission is to promote, serve African Airlines and champion Africa’s aviation industry.
The association envisions a sustainable, interconnected and affordable air transport industry in Africa, where African airlines become key players and drivers of African economic development.
AFRAA membership cuts across the entire continent and includes all the major intercontinental African operators.
The association’s members represent over 85% of total international traffic carried by African airlines.
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