Business
Flooding: Two Feared Dead In Early Monday Rain In Abuja

Two people were on Monday feared dead following Monday morning’s downpour, which caused heavy flooding at the Trademore Estate in Lugbe along the Nnamdi Azikiwe Airport Road.
The estate, which has been perennially affected by flooding, is home to several civil servants and other categories of people.
A resident of the area who made a video of the flood could be heard calling on the Federal Government and the Federal Capital Territory FCT Minister, Nyesom Wike, for help.
She said two people had been swept away by the flood. The development has not been confirmed by the administration.
The FCT Administration had since 2022 made several attempts to demolish parts of the estate said to be on a flood plain, but a court case instituted by residents against it halted the exercise.
READ ALSO: Flood Sweeps 16-year-old Barber Into Ogun Canal
Recall that the Nigerian Meteorological Agency, NiMet, had on Sunday predicted thunderstorms and hazy weather conditions from Sunday to Tuesday in some parts of the country.
NiMet’s weather outlook indicated morning thunderstorms over the central states in places like Plateau, Nasarawa, the Federal Capital Territory, Benue, and Niger states.
Also later in the day, there are prospects of thunderstorms over parts of Kogi, Niger, Plateau, Benue, Nasarawa, and the Federal Capital Territory.
In its reaction to the prediction, the FCT Emergency Management Department (FEMD) said it has placed its flood vanguards and local emergency management committees in the six area councils on alert following warnings of possible flooding in the territory.
In a statement by Head, Public Affairs of the Department, Nkechi Isa, “The FCT Emergency Management Department, FEMD, has placed its vanguards and the local emergency management committees in the six area councils on alert following early warnings of possible flooding in the Territory.
READ ALSO: Obaseki Links Rising Inflation To Nation’s Inability To Produce, Export
“A weather outlook issued by the Nigeria Meteorological Agency, NiMet, and made available to FEMD says isolated thunderstorms are likely today over parts of the FCT, Nasarawa, Kogi, Benue, and Plateau.
“NiMet advises that strong winds may precede the rains in areas where the thunderstorms are likely to occur and urged the public to take adequate precaution.
“NiMet also predicts similar weather conditions for Tuesday 25th and Wednesday 26th June 2024.
“Meanwhile, the National Flood Early Warning System (FEWS) Centre of the Federal Ministry of Environment has predicted that locations in 15 states are likely to witness heavy rainfall that may lead to flooding between today and tomorrow.
READ ALSO: VIDEO: How Flood Ravages INEC Head Office In Benin
“States like Kogi, Nasarawa, Niger, and Kaduna are among states expected to experience heavy flooding. However, the FCT may not experience flooding.
“In reaction to the early warning on neighbouring states, the Ag. Director General of FEMD, Mrs Florence Dawon Wenegieme, said the department has put in place mitigation measures around the city.
“Mrs Wenegieme informed that the Search and Rescue Team are on the alert, while local divers have been posted to vulnerable locations.
“The Ag DG appealed to residents to always use the 112 emergency toll-free number in the event of an emergency.”
Business
CBN Sets POS Maximum Transactions In Fresh Guidelines
The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.
The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.
CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.
The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
CBN noted that the guidelines would take effect from April 1, 2026.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.
“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.
“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.
Business
Naira Records First Appreciation Against US Dollar At Official Market
The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.
The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.
This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.
READ ALSO:Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months
Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.
However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.
The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.
Business
SEC Warns Nigerians Of AfriQuantumX Ponzi scheme
Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.
The regulator also urged the public to be cautious about investing with the firm.
SEC disclosed this in a recent statement.
According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.
READ ALSO:SEC Warns Nigerians Over AI-generated Investment Scams
“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.
“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.
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