General News
NGX weekly: Investors gain N1.137trn as Wema, FBN, Universal lead

Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalisation appreciated by 1.80 per cent each, to close the week at 105,451.06 and N64.303 trillion respectively.

Theses are against 103,586.33 and 63.166 trillion posted last week.
Consequently, equity investors gained a total of N1.137 trillion for the week under review.
Similarly, all other indices finished higher with the exception of NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas.
Also, NGX Industrial Goods which depreciated by 6.91, 0.08, 1.11, 0.17, 0.34, 0.34 and 0.26 per cent respectively, while the NGX ASeM closed flat.
Meanwhile, a total turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals was traded this week by investors on the floor of the Exchange.
This was in contrast to a total of 2.618 billion shares valued at N69.742 billion that exchanged hands last week in 47,953 deals.
The Financial Services Industry measured by volume led the activity chart with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals: thus contributing 73.86 and
47.97 per cent to the total equity turnover volume and value respectively.
The Services industry followed with 407.032 million shares worth N2.226 billion in 4,996 deals.
Third place was the ICT Industry, with a turnover of 237.680 million shares worth N3.628 billion in 5,280 deals.
Trading in top three equities namely, Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc, measured by volume accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals.
These contributed 35.74 per cent and 24.50 per cent to the total equity turnover in volume and value respectively.
Also, 51 equities appreciated in price during the week, lower than 82 equities in the previous week.
Thirty-nine equities depreciated in price higher than 18 in the previous week, while 62 equities remained unchanged, higher than 52 recorded in the previous week.
Multiverse Mining and Exploration Plc led 50 other advanced equities on the gainers’ table by 53.42 per cent to close at N12.35 per share.
Sunu Assurances also led the 38 other declined equities on losers’ table by 36.52 per cent to close at N7.30 per share.
Looking ahead, analysts at Cowry Asset Management Ltd., predicted bullish momentum at the equity market to persist in the coming week.
The analysts said this would be supported by anticipation of fourth quarter 2024 unaudited financial results and preparations for the dividend earning season.
They noted that positive sentiment is likely to prevail as stocks continue to reach new historical highs, bolstered by favourable market valuations and outlooks.
“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said. (NAN)
Culled from NAN
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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