Nairametrics Live Updates

Where is Africa’s next big investment opportunity? Tomorrow, some of Nigeria and Africa’s leading voices in business, finance and economics will come together for a conversation that seeks to answer that question. The Real Deal: Africa’s Greatest Investment Opportunity will explore the continent’s investment potential, growth prospects and the opportunities that could define Africa’s next economic chapter. With voices including Aliko Dangote, Bismarck Rewane, Dr. Biodun Adedipe and Samaila Zubairu, the conversation is one investors, business leaders and anyone interested in Africa’s economic future will want to follow. Date: September 3, 2026 Time: 10:00 a.m. – 12:00 noon Venue: Eko Hotel & Suites, Lagos Live Stream: Watch live at surl.li/bgsqzs

BREAKING: Uber shuts down operations in Nigeria, Uganda Global ride-hailing company Uber has announced plans to wind down its operations in Nigeria and Uganda, effective Wednesday, September 2, 2026. In a statement, the company said the decision followed a “thorough review” and was limited to the two markets, with no impact on its operations elsewhere in Africa. “After a thorough review, we have taken the difficult decision to wind down operations in Nigeria and Uganda, effective September 2, 2026,” Uber said. The company said its immediate priority is to support drivers, riders and local team members through the transition. Read more here: https://nairametrics.com/2026/09/02/uber-shuts-down-operations-in-nigeria-uganda/

AU to launch African Credit Rating Agency on October 7 The African Union (AU) has announced that the African Credit Rating Agency (AfCRA) will be officially launched on October 7, 2026. This marks a significant step in the continent’s efforts to strengthen its financial independence and reshape perceptions of African credit risk. The announcement was made in a post on the AU’s official X account on Wednesday. The launch event will take place in Port Louis, Mauritius, where the agency is headquartered. Read more https://nairametrics.com/2026/09/02/au-to-launch-african-credit-rating-agency-on-october-7/

BREAKING🚨🚨🚨 SEC proposes N3 billion minimum capital for forex brokers, N5 billion for trading platforms The Securities and Exchange Commission (SEC) has proposed a new regulatory framework for online forex trading and Contracts for Difference (CFDs), setting minimum capital requirements of up to N5 billion for operators seeking to participate in Nigeria’s retail forex market. The proposed rules, issued under the Investments and Securities Act (ISA) No. 2, 2025, are contained in the draft Rules on Online Forex Trading and Contracts for Difference published by the capital market regulator on Tuesday, September 1. Read more https://nairametrics.com/2026/09/02/sec-proposes-n3-billion-minimum-capital-for-forex-brokers-n5-billion-for-trading-platforms/

Lagos land scarcity is pushing homes into the sky, Elara CEO As Lagos continues to grow and available land becomes increasingly constrained, the way homes are developed across the city is also beginning to change. In some of the state’s most sought-after locations, developers are looking upwards, creating high-rise residential communities that can accommodate more homes on increasingly expensive parcels of land. The shift is also being reflected in the preferences of property buyers, including Nigerians living and working in central Lagos, members of the diaspora and investors seeking properties that can retain and appreciate in value. Read more https://nairametrics.com/2026/09/02/lagos-land-scarcity-is-pushing-homes-into-the-sky-elara-ceo/

US may require parents to prove citizenship or immigration status for children’s passports The United States government may require parents and legal guardians to provide proof of their citizenship or immigration status when applying for passports for their children under new rules being considered by the State Department. The proposed requirement is part of the Trump administration’s broader effort to restrict birthright citizenship and could introduce additional documentation requirements for parents seeking US passports for children born in the country. Read more https://nairametrics.com/2026/09/02/us-may-require-parents-to-prove-citizenship-or-immigration-status-for-childrens-passports/

ICYMI. BREAKFAST STORIES Customs schedules Sept. 7 to 15 for screening of ASC II, AIC candidates https://nairametrics.com/2026/09/02/customs-schedules-sept-7-to-15-for-screening-of-asc-ii-aic-candidates/ NNPC profit falls 47.9% to N279 billion in July amid lower crude and gas output https://nairametrics.com/2026/09/02/nnpc-profit-falls-47-9-to-n279-billion-in-july-amid-lower-crude-and-gas-output/ Iran-US renewed conflict pushes crude oil above $95 for the first time in five weeks https://nairametrics.com/2026/09/02/iran-us-renewed-conflict-pushes-crude-oil-above-95-for-the-first-time-in-five-weeks/ Airtel Africa adds the most market cap in August. Is it still worth buying? https://nairametrics.com/2026/09/02/airtel-africa-adds-the-most-market-cap-in-august-is-it-still-worth-buying/ Naira breaks N1,330/$ barrier, hits strongest level in two years https://nairametrics.com/2026/09/02/naira-breaks-n1330-barrier-hits-strongest-level-in-two-years/ US-Iran tensions spark Safe-Haven rush as gold hits N190,000/g in Nigeria https://nairametrics.com/2026/09/02/us-iran-tensions-spark-safe-haven-rush-as-gold-hits-n190000-g-in-nigeria/ Businesses borrow more as private sector credit swells to N83.43 trillion https://nairametrics.com/2026/09/02/businesses-borrow-more-as-private-sector-credit-swells-to-n83-43-trillion/

Nigeria to develop homegrown ranking system for tertiary institutions The Federal Government has announced plans to strengthen Nigeria’s national tertiary institution ranking system and develop a credible framework that could serve as a benchmark for higher education institutions across Africa. Minister of Education, Dr. Tunji Alausa, disclosed this in a statement posted on his X (formerly Twitter) account on Tuesday. Read more https://nairametrics.com/2026/09/02/nigeria-to-develop-homegrown-ranking-system-for-tertiary-institutions/

Nigeria’s power reforms offer model for strengthening global energy security — Minister Nigeria’s power sector reforms could provide a model for developing economies seeking to strengthen energy security amid rising geopolitical tensions and fragmentation, Minister of Power Joseph Tegbe has said. Tegbe made the remarks in a keynote address at the opening plenary of the 50th edition of the Middle East Energy 2026 Leadership Summit in Dubai, where he spoke on “Energy Security and the Effect of Geopolitics.” Read more https://nairametrics.com/2026/09/02/nigerias-power-reforms-offer-model-for-strengthening-global-energy-security-minister/

BREAKING: Tony Elumelu’s stake in Seplat now worth $1.28 billion The Chairman of Heirs Group, Mr. Tony O. Elumelu’s stake in Seplat Energy Plc, held indirectly through Heirs Energies Ltd and Heirs Holdings Ltd, is now worth approximately $1.28 billion. This latest valuation is based on Seplat’s Tuesday, September 1, 2026 closing share price of N12,320.60 per share, reflecting a further increase from the position disclosed in the company’s unaudited H1 2026 financial statements. According to Seplat’s ownership disclosures, the billionaire founder of United Bank of Africa (UBA) holds 120.4 million shares, representing 20.07% of the company, making Heirs Group the single largest disclosed shareholder. At Seplat’s Tuesday close of N12,320.60 per share, that stake is now valued at approximately N1.484 trillion (120,400,000 shares × N12,320.60), up from N1.37 trillion at the June 30, 2026 closing price of N11,363.90 used in the H1 filing, a gain of roughly N114 billion in market value in just over two months. Read more here: https://nairametrics.com/2026/09/02/tony-elumelus-stake-in-seplat-now-worth-1-28-billion/

Nigerian equities extend rally as ASI crosses 246,000 points, gain N1.22 trillion bullish momentum on Tuesday, September 1, 2026, with the benchmark NGX All-Share Index (ASI) rising above the 246,000-point mark once again since August 11 when it closed at 246,723.57 points, extending gains from the previous session. The ASI advanced 0.77% to close at 246,082.63 points, up from 244,199.39 points in the previous session, gaining 1,883.24 points during the trading day. Market capitalisation rose to N158.96 trillion from N157.74 trillion, adding approximately N1.22 trillion to investor wealth, while the market’s year-to-date return strengthened to 58.14%. Read more https://nairametrics.com/2026/09/02/nigerian-equities-extend-rally-as-asi-crosses-246000-points-gain-n1-22-trillion/

ICYMI. DINNER STORIES Africa50 appoints former IFC regional director Cheick-Oumar Sylla as CEO https://nairametrics.com/2026/09/01/africa50-appoints-former-ifc-regional-director-cheick-oumar-sylla-as-ceo/ WIOCC secures $300 million from AFC, Vision Invest to expand Africa’s digital infrastructure https://nairametrics.com/2026/09/01/wiocc-secures-300-million-from-afc-vision-invest-to-expand-africas-digital-infrastructure/ Only 31% of Lagos residents own homes as rents surge—Report https://nairametrics.com/2026/09/01/only-31-of-lagos-residents-own-homes-as-rents-surge-report/ Elon Musk, Larry Ellison and other billionaires lose $23.5 billion in 24 hours https://nairametrics.com/2026/09/01/elon-musk-larry-ellison-and-other-billionaires-lose-23-5-billion-in-24-hours/ Power outage hits Lekki, Ajah, Ibeju-Lekki as 12 feeders go down — EKEDP https://nairametrics.com/2026/09/01/power-outage-hits-lekki-ajah-ibeju-lekki-as-12-feeders-go-down-ekedp/

JAMB, WAEC fix N4,000 fee for O’Level result verification The Joint Admissions and Matriculation Board (JAMB) and the West African Examinations Council (WAEC) have fixed the fee for O’Level result verification at N4,000, payable once during the tertiary admission process. The two examination bodies disclosed this in a joint statement issued on Tuesday in Abuja, as reported by the News Agency of Nigeria (NAN). Under the arrangement, candidates whose admissions are coordinated by JAMB will verify their WAEC results once through JAMB, after which the verified result will be made available to the institution where they are seeking admission. Read more https://nairametrics.com/2026/09/01/jamb-waec-fix-n4000-fee-for-olevel-result-verification/

Lagos prime land costs $1 million for 507sqm, second most expensive in Africa The cost of acquiring prime land in Lagos is now about US$1 million for 507 square metres, making it the second-most expensive among 11 major African cities surveyed, according to a report by Estate Intel. The report compared what US$1 million can purchase across selected African cities. Only Cape Town was more expensive, with the same investment buying about 329 square metres. The findings highlight the significant premium attached to prime land in Lagos compared with several other major African property markets. Read more https://nairametrics.com/2026/09/01/lagos-prime-land-costs-1-million-for-507sqm-second-most-expensive-in-africa/

Lagos prime land costs $1 million for 507sqm, second most expensive in Africa The cost of acquiring prime land in Lagos is now about US$1 million for 507 square metres, making it the second-most expensive among 11 major African cities surveyed, according to a report by Estate Intel. The report compared what US$1 million can purchase across selected African cities. Only Cape Town was more expensive, with the same investment buying about 329 square metres. The findings highlight the significant premium attached to prime land in Lagos compared with several other major African property markets. Read more https://nairametrics.com/2026/09/01/lagos-prime-land-costs-1-million-for-507sqm-second-most-expensive-in-africa/

ICYMI. Lagos homes to get 36GB monthly data as FG begins TV audience measurement https://nairametrics.com/2026/09/01/lagos-homes-to-get-36gb-monthly-data-as-fg-begins-tv-audience-measurement/ Where to invest in September 2026: Stocks, fixed income and assets to watch https://nairametrics.com/2026/09/01/where-to-invest-in-september-2026-stocks-fixed-income-and-assets-to-watch/ Nigeria’s money supply hits N138.78 trillion in July despite tight CBN policy https://nairametrics.com/2026/09/01/nigerias-money-supply-hits-n138-78-trillion-in-july-despite-tight-cbn-policy/ Pivot Integrated Energy secures N100 billion in oversubscribed maiden Commercial Paper issuance https://nairametrics.com/2026/09/01/pivot-integrated-energy-secures-n100-billion-in-oversubscribed-maiden-commercial-paper-issuance/

How Nigeria achieved its fastest quarterly GDP growth in five years Nigeria’s economy recorded its strongest quarterly growth in five years in the second quarter of 2026, with real Gross Domestic Product (GDP) expanding by 4.43% year-on-year. This is according to the latest data released by the National Bureau of Statistics (NBS). The Q2 performance was an improvement from the 3.89% growth recorded in Q1 2026 and the 3.87% full-year growth in 2025. The 4.43% expansion is the highest quarterly growth recorded since Q2 2021, when the economy grew by 5.01% on the back of a post Covid-19 Pandemic induced recession bounce. Read more https://nairametrics.com/2026/09/01/how-nigeria-achieved-its-fastest-quarterly-gdp-growth-in-five-years/

Nigeria’s private sector growth hits 29-month high at 54.3 – Report Nigeria’s private sector recorded its strongest improvement in business conditions in 29 months in August 2026, driven by a surge in new orders, stronger output and improved customer demand. The headline Stanbic IBTC Bank Nigeria Purchasing Managers’ Index rose to 54.3 points in August from 52.5 points in July, according to the latest report published on Tuesday. Read more https://nairametrics.com/2026/09/01/nigerias-private-sector-growth-hits-29-month-high-at-54-3-report/

MTN, Airtel push telecoms to 10.38% growth, N5.2 trillion GDP Nigeria’s telecommunications and information services sector contributed N5.20 trillion to real Gross Domestic Product (GDP) in the second quarter of 2026, driven largely by leading players such as MTN and Airtel. The sector recorded 10.38% real year-on-year growth in Q2 2026, accelerating from 7.39% in the corresponding quarter of 2025, according to the latest GDP report released by the National Bureau of Statistics (NBS). Read more https://nairametrics.com/2026/09/01/mtn-airtel-push-telecoms-to-10-38-growth-n5-2-trillion-gdp/