Business
Edo Community Kicks Over Relocation Of Aerodrome By Edo Govt

Okpella community in Etsako East Local Government Area of Edo State is poised for war with the State Government over alleged relocation of the proposed airport project in Edo North Senatorial district of the state.
The community spokesman, Chief Richard David, in a press conference on Sunday, stated that there was already a plan by BUA and Dangote to build an aerodrome in the area, calling on the state government to support the project instead of getting approval for another airport in Etsako West.
David stated that BUA and Dangote were planning to build the aerodrome in Okpella because of their huge investment in the area which has propelled development in the community
The community also expressed surprise that a letter from the Federal Mjinistry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.
He said they had expected something to be done to correct the anomalies by the FMA but unfortunately nothing was done.
He lamented that despite the immense contribution of Okpella to the economic sustenance of Edo, the community remains the most marginalized in infrastructural consideration.
He said, “It was a thing of joy to the people when the BUA group hinted that it had started the process of setting up an aerodrome in Okpella for which appropriate modalities of location of suitable site, soil tests and payment of compensation to crop owners had been completed.
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“We had expected the government to back this process instead of initiating a fresh move for another airport and erroneously mentioning Okpella as the site.
“We had also expected that the government will commit resources to set up auxiliary infrastructure like access road to and fro the aerodrome, supply of water, improved power supply and others.
“To our surprise, a letter from the federal ministry of Aviation dated 16/12/2021 with reference number FMA/ADD/402/5.42/C.9/12 conveying approval for an airport project, wrongly mentioned Okpella as being part of Etsako West Local Government Area.
“We had expected something to be done to correct this but nothing was done. This action of the FMA, the silence of the Etsako East Council and the body language of the State Government have angered our youths and generality of the community.
“We are sure that the same investors trying to build the airstrip will be used to source for funds for this proposed airport by the state government. But we demand that the investors be allowed to continue with the ongoing project in Okpella.
“We have been appealing to and pacifying our youths, who have been visibly restive and suspicious of government action on this project.
“But if the project is stopped and taken to another place, we cannot quaranteed the peaceful coexistence between the investors and the community unless Okpella ceases to be their host community.”
Business
NNPCL Raises Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .
As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.
During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.
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At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.
However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.
Most of the NNPC stations were not dispensing fuel.
Business
CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.
The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”
The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.
Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.
Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.
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According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.
The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.
To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.
Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.
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ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.
Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.
The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.
READ ALSO:Nigeria’s External Reserves Increase As CBN Releases 2024 Financial Results
The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”
Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.
The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.
Business
Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.
This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.
Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.
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Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.
To this end, the market breadth also closed positive with 32 gainers and 21 losers.
Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.
READ ALSO:UK Stock Markets Plunge In Biggest Daily Fall Amid Trump Tariff
Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.
Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.
Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.
According to DAILY POST, NGX has continued its bullish run from last month’s end to date.
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