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7 103

Average annual rent in Lekki Phase 1 hits N10 million, highest in five years Lekki Phase 1 has emerged as the fastest-growing residential rental market among Lagos Island’s prime property locations, recording a five-year rent compound annual growth rate (CAGR) of 35.9%, the highest among the four major submarkets tracked. This is according to the Lagos Island Residential Market Report 2026 by Lagos Realty, which tracks residential rental prices, sales values and land costs across Ikoyi, Victoria Island, Lekki Phase 1 and Ikate between 2022 and 2026. Read more https://nairametrics.com/2026/07/08/average-annual-rent-in-lekki-phase-1-hits-n10-million-highest-in-five-years/

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Every successful journey has moments of failure and seasons of waiting. Stay focused. Stay consistent. Never stop believing in what you're building.

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De Beers cuts diamond prices sharply as weak demand pressures market De Beers has implemented some of the steepest official diamond price cuts in its history, marking a significant shift in strategy as the global diamond industry continues to grapple with weak demand, growing competition from synthetic stones, and a prolonged market downturn. The latest price reductions were introduced during the company’s first sales cycle under a revamped customer structure, signalling what reports see as the end of De Beers’ years-long effort to keep its official prices above prevailing market levels, Bloomberg reported. Read more https://nairametrics.com/2026/07/07/de-beers-cuts-diamond-prices-sharply-as-weak-demand-pressures-market/

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Oando posts N135.76 billion FY2025 pre-tax profit amid N3.76 trillion working capital deficit Oando Plc has reported a pre-tax profit of N135.76 billion in its audited full-year results for the period ended December 31, 2025, a sharp 64.6% decline from N383.27 billion in FY2024, amid negative working capital position of N3.76 trillion. The audited result filed with the Nigerian Exchange (NGX) on Monday, July 6, 2026, shows a 22.2% revenue contraction from N4.09 trillion in 2024 to N3.18 trillion in 2025, and a gross loss position from N93.34 billion gross profit in FY2024 to N2.76 billion loss in 2025. Read more https://nairametrics.com/2026/07/07/oando-posts-n135-76-billion-fy2025-pre-tax-profit-amid-n3-76-trillion-working-capital-deficit/

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Lagos-Calabar Coastal Highway not causing Lagos flooding, say Sanwo-Olu, Umahi Lagos State Governor Babajide Sanwo-Olu and the Minister of Works, David Umahi, have dismissed claims that the ongoing Lagos-Calabar Coastal Highway is responsible for flooding in parts of Lagos, describing the narrative as misinformation circulating on social media. The clarification came during a courtesy visit by the Minister of Works and members of the National Assembly to the Lagos State Governor. Their comments followed reports suggesting that the coastal highway contributed to the recent flooding experienced in parts of the Lekki axis. Read more https://nairametrics.com/2026/07/07/lagos-calabar-coastal-highway-not-causing-lagos-flooding-say-sanwo-olu-umahi/

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Singapore retains position as world’s most expensive city for wealthy individuals – Report The cost of maintaining a luxury lifestyle for high-net-worth individuals (HNWIs) increased by an average of 10.2% over the past year, with Singapore retaining its position as the world’s most expensive city for wealthy residents, according to the 2026 Julius Baer Lifestyle Index. The annual index, which tracks the prices of 20 luxury goods and services across 25 global cities, found that rising property prices, stronger currencies and higher costs for premium goods continued to reshape the global cost of wealth. The Lifestyle Index measures the cost of a basket of luxury expenses, including residential property, private school fees, healthcare, watches, jewellery and luxury vehicles, providing a snapshot of how much it costs wealthy individuals to maintain their lifestyles in different financial centres. Read more https://nairametrics.com/2026/07/07/singapore-retains-position-as-worlds-most-expensive-city-for-wealthy-residents-report/

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Lagos arrests 396 beggars, begins profiling for return to home states The Lagos State Government has arrested 396 beggars and commenced profiling them ahead of their return to their respective home states. This was disclosed by the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, in a statement shared via his official X page on Tuesday. The state government said those apprehended would also receive appropriate assistance where necessary before being handed over to the relevant authorities to facilitate their safe return. Read more https://nairametrics.com/2026/07/07/lagos-arrests-396-beggars-begins-profiling-for-return-to-home-states/

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China moves to restrict global access to its most advanced AI models Chinese authorities have held meetings with top technology companies over the past month to discuss potentially restricting overseas access to the country’s most advanced artificial intelligence models, including those yet to be released. According to Reuters, citing people familiar with the development, the move signals that Beijing is treating cutting-edge AI as a critical national security asset. Three people familiar with the discussions, who were not authorised to speak to media and declined to be identified, said the talks were led by China’s Ministry of Commerce and included tech giants Alibaba and ByteDance as well as AI startup Z.ai. The discussions follow a series of steps by Beijing to keep homegrown AI within the country, and mirror similar moves by the United States to restrict the export of advanced AI technology to foreign markets. Read more https://nairametrics.com/2026/07/07/china-moves-to-restrict-global-access-to-its-most-advanced-ai-models/

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Beta Glass: SEC approves N6.94 billion mandatory takeover offer by Emerald HoldCo The Securities and Exchange Commission has approved a mandatory takeover offer valued at N6.94 billion by Emerald HoldCo B.V. for up to 11.74 million ordinary shares of Beta Glass Plc. The approval was disclosed in a notice to the Nigerian Exchange dated July 6, 2026, signed by the company’s registrar and secretary, DCSL Corporate Services Limited. Under the offer, Emerald HoldCo is seeking to acquire up to 11,741,509 ordinary shares at N590.94 per share, representing a total transaction value of approximately N6.94 billion. Read more https://nairametrics.com/2026/07/07/beta-glass-sec-approves-n6-94-billion-mandatory-takeover-offer-by-emerald-holdco/

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Enugu bans traffic task force operations on federal highways The Enugu State Government has banned all traffic task force operations on federal highways across the Enugu metropolis with immediate effect to curb the activities of fake enforcement officials accused of extorting motorists. The directive was announced in a statement issued on Monday by the Commander of the Enugu State Traffic Management Authority (ESTMA), Mr. Kenneth Aniebonam Ugwu, and made available by the spokesperson to Governor Peter Mbah, Dan Nwomeh. The government said the decision followed reports of individuals impersonating officials of the Enugu State Ministry of Transport to harass and extort motorists on federal highways, actions it said had tarnished the image of the ministry and undermined lawful traffic enforcement. Read more https://nairametrics.com/2026/07/07/enugu-bans-traffic-task-force-operations-on-federal-highways/

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HBM Nigeria appoints Fatima Akilu, Nella Andem-Ewa to Board HBM Nigeria Plc, formally Lafarge Africa, has appointed Dr. Fatima Akilu and Nella Andem-Ewa as Independent Non-Executive Directors, effective July 1, 2026. The appointments were disclosed in a notice dated July 6, 2026, and signed by Company Secretary Adewunmi Alode. They follow the resignation of Adenike Ogunlesi and Elenda Osima-Dokubo from the company’s board, effective June 30, 2026. Read more https://nairametrics.com/2026/07/06/hbm-nigeria-appoints-fatima-akilu-nella-andem-ewa-to-board/

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Success isn’t built on dreams alone, it’s born from foresight, purpose, and hard work. Tony Elumelu reminds us that entrepreneurs must see beyond today, understand their environment, and think long-term. Quick wins will guide you, but your vision and impact will define you. Dare to dream. Work with purpose. Build with persistence. The future belongs to those who see it before it arrives. 🎥Skoll.org

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NELFUND to replace direct school payments with digital token system The Nigerian Education Loan Fund (NELFUND) has revealed plans to replace its current system of paying tuition fees directly to tertiary institutions with a digital token-based payment system. The move is aimed at eliminating double payments and improving transparency in the disbursement process. The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this during an interview on ARISE News on Sunday. He explained that the planned upgrade would give students greater control over when their tuition payments are made while ensuring funds are used solely for educational purposes. Read more https://nairametrics.com/2026/07/06/nelfund-to-replace-direct-school-payments-with-digital-token-system/

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Federal workers demand N300,000 minimum wage, payment of outstanding arrears The Federal Workers Forum (FWF) has called on the Federal Government to approve a N300,000 national minimum wage, while also demanding the immediate payment of outstanding wage awards, salary arrears and other worker entitlements. The demand was made on Monday by the National Coordinator of the Forum, Andrew Emelieze, in a statement issued in Abuja. The group also urged the government to settle the outstanding two-month wage award owed to federal workers since June 2024, pay the arrears of the 40% peculiar allowance, and complete the implementation of the N70,000 national minimum wage, including all outstanding salary arrears arising from its implementation. Read more https://nairametrics.com/2026/07/06/federal-workers-demand-n300000-minimum-wage-payment-of-outstanding-arrears/

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The man inheriting Tony Elumelu’s boardroom: Meet Emmanuel Nnorom, incoming UBA Chairman On Monday, July 6, 2026, the United Bank for Africa (UBA) announced that billionaire investor Tony Elumelu is set to retire as Group Chairman after 12 years. The Group also revealed the executive chosen to inherit one of Africa’s most influential banking boardrooms: Emmanuel N. Nnorom. The leadership transition takes effect on August 21, subject to regulatory processes, marking the end of Elumelu’s tenure under the Central Bank of Nigeria’s corporate governance limits for non-executive directors. For Nnorom, the appointment caps more than four decades in banking, finance, auditing and corporate leadership, much of it spent helping shape institutions that have become household names in Nigeria’s financial sector. Read more https://nairametrics.com/2026/07/06/the-man-inheriting-tony-elumelus-boardroom-meet-emmanuel-nnorom-incoming-uba-chairman/

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Local governments hold solution to poverty, says Presidency The Presidency has said that local governments hold the key to tackling poverty among Nigeria’s most vulnerable citizens because they are the tier of government closest to the people. The position was stated by the Special Adviser to the President on Economic Affairs (Office of the Vice President), Tope Fasua, during an appearance on Channels Television’s Sunday Politics on July 5, 2026. He added that the Federal Government has deliberately shifted more responsibilities and resources to states and local governments in line with President Bola Tinubu’s push for local government autonomy. Read more https://nairametrics.com/2026/07/06/local-governments-hold-solution-to-poverty-says-presidency/