News

Osun Election: Govs, ‘political structure’ can’t deliver Tinubu in 2027 – Vatsa

Published

44 minutes ago

August 17, 2026

Preport

A chieftain of the All Progressives Congress, APC, in Niger State, Jonathan Vatsa, has warned President Bola Tinubu that relying on governors and political elites could jeopardise his 2027 re-election bid.

Vatsa, a former Commissioner for Information, Culture and Tourism, said the outcome of the Osun governorship election showed that many political leaders had lost touch with the electorate and could no longer guarantee votes for the ruling party.

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Speaking with journalists in Minna on Monday, he urged Tinubu to change his approach and reconnect directly with Nigerians, saying the President should not depend solely on political structures ahead of 2027.

“For the number of APC governors that gathered in Osun, and for them to come back empty-handed, it is an indication that they have lost the confidence of the people,” Vatsa said.

He attributed the growing public anger to economic hardship, arguing that increased revenues following the removal of fuel subsidy had not translated into meaningful relief for ordinary Nigerians.

“The entire fuel subsidy money is being shared to the governors who are doing little or nothing with it, and unfortunately Nigerians are putting the blame of the current hardship on the doorstep of President Tinubu,” he said.

Vatsa said Nigerians were becoming less influenced by political structures, big names and elite endorsements, insisting that voters were now more concerned about tangible improvements in their lives.

“What the people want now is food on their table, jobs for their children, security in their communities, and visible impact from government in their daily lives,” Vatsa added.

The APC chieftain also blamed internal divisions within the ruling party for its poor performance in Osun, warning that similar opposition within the party could affect the 2027 general elections.

“There are so many oppositions within the party, and this will also play out in the general elections in 2027,” he said.

Vatsa further cautioned Tinubu against depending on ministers, lawmakers and governors whom he said had lost the confidence of their constituents.

“Many of the elites he is relying on, including ministers, lawmakers and governors, are not working in his best interest,” he noted.

Vatsa described the Osun election as an early warning to the APC, saying hunger, unemployment, insecurity and perceived poor leadership could shape voters’ decisions in 2027.

“If, despite the full solidarity of the APC structure in Osun, the governorship result did not favour our party, then the message is crystal clear. It is time for Tinubu to reconnect with the grassroots before the 2027 contest,” he stressed.

Business

NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week

Published

20 minutes ago

August 17, 2026

Preport

Trading activity on the nations bourse recorded a sharp increase in the week ended August 14, 2026, as investors exchanged 12.153 billion shares valued at ₦176.058 billion across 224,146 deals.

The performance represents a 126.8 percent increase in traded volume compared with the 5.359 billion shares worth ₦139.053 billion exchanged in 261,869 deals in the previous week. Turnover value also increased by 26.6 percent, while the number of deals declined by about 14.4 percent.

The increase in activity was also reflected in other trading indicators. Market depth improved to 27.76 percent from 21.67 percent in the previous week, while average daily value traded rose to ₦35.21 billion from ₦27.81 billion.

The Financial Services Industry dominated market activity, accounting for 11.212 billion shares valued at ₦88.991 billion across 102,246 deals. The sector contributed 92.25 percent of total equity turnover by volume and 50.55 percent by value.

The Information and Communication Technology (ICT) Industry followed with 246.127 million shares worth ₦51.605 billion traded in 27,169 deals, while the Services Industry ranked third with 198.195 million shares valued at ₦1.995 billion across 13,747 deals.

Activity was particularly concentrated in three equities; Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc. The trio accounted for 9.488 billion shares worth ₦36.219 billion in 1,781 deals, representing 78.07 percent of total equity turnover volume and 20.57 percent of turnover value for the week.

The fixed-income segment also recorded increased activity, with investors trading 232,979 units valued at ₦226.258 million in 35 deals, compared with 117,372 units worth ₦121.249 million in the previous week.

In the Exchange Traded Products segment, 2.346 million units valued at ₦501.051 million were traded across 5,291 deals.

Despite the surge in trading activity, the broader equities market closed lower as investors took profits following recent gains. The NGX All-Share Index declined by 1.20 percent to 242,619.20 points, while market capitalisation fell by 1.19 percent to ₦156.624 trillion.

Market breadth, however, showed some improvement. 26 equities appreciated during the week, unchanged from the previous week, while the number of declining equities eased to 59 from 63. 62 equities closed unchanged, compared with 58 in the preceding week.

The market breadth ratio consequently improved to 0.69x from 0.62x in the previous week, indicating a narrower gap between gainers and decliners despite the decline in the benchmark index.

Trans-Nationwide Express Plc led the gainers’ chart with a 32.09 percent increase, followed by International Energy Insurance Plc, which advanced 31.68 percent, and Sovereign Trust Insurance Plc, which gained 13.77 percent. On the other side, AVA Capital Plc topped the losers’ chart with a 34.55 percent decline, followed by Unilever Nigeria Plc, down 18.94 percent, and Zichis Agro Allied Industries Plc, which shed 15.08 percent.

Meanwhile, Lasaco Assurance Plc expanded its share capital following the listing of 9.236 billion additional ordinary shares on the NGX Daily Official List on Wednesday, August 12, 2026.

The additional shares arose from the company’s rights issue of five new ordinary shares for every six existing shares held as of February 20, 2026. Following the listing, Lasaco Assurance’s issued and fully paid-up share capital increased from 11.084 billion shares to 20.320 billion ordinary shares of 50 kobo each.

Despite the week’s moderation, the broader market remains firmly positive for the year, with the NGX All-Share Index recording a year-to-date return of 55.91 percent as of August 14.

Sectoral performance has been even stronger in parts of the market, with the NGX Oil and Gas Index up 94.81 percent year-to-date, followed by the NGX Premium Index at 85.14 percent and the NGX Industrial Goods Index at 82.84 percent, underscoring the strength of the market’s gains despite the week’s profit-taking.

The post NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week appeared first on Business Today NG.

News

Uber adds Zipline drones to its Eats delivery network

Published

24 minutes ago

August 17, 2026

Preport

Uber is investing in, and partnering with, drone delivery company Zipline with the goal of making one million deliveries per day using the startup’s drones by the end of 2029.

Zipline drones will make the first deliveries on the Uber Eats platform by the end of this year, the companies said on Monday. These deliveries will start in Zipline’s existing markets, and the companies want to expand into “dozens of U.S. cities.”

The companies didn’t disclose the investment amount.

Uber has been taking on multiple drone delivery partners as it looks for ways to keep growing Uber Eats. The ride-hail giant is replicating the early business model it’s adopted for robotaxis and other services built around autonomous vehicles, which is to essentially bring as many companies on to its platform as possible.

This approach has helped Uber stay at the forefront of these new technologies despite selling off its own programs like the aerial ride-sharing service, Uber Elevate, and Uber Autonomous Technologies Group, which was working on autonomous vehicles. Investments have been a huge part of the strategy, with Uber committing more than $10 billion to dozens of autonomous vehicle providers.

The strategy is not a panacea, though. Uber recently clashed with one of its highest-profile partners so far, Waymo, and the companies are now expected to walk away from each other when their contracts expire in 2028. Uber and Waymo are also on different sides of a growing fight over autonomous vehicle regulation.

The ride-hail giant had tested the waters of drone delivery when it still had its Elevate division. The company dipped back into the idea late last year when it announced a partnership with Israeli startup Flytrex, which also came with a minor investment.

Uber thinks Zipline’s drones can fulfill orders on Uber Eats within five to ten minutes. “Truly quick commerce is proving to be an even bigger market than the original food market was,” Uber CEO Dara Khosrowshahi told the Wall Street Journal in an interview. “We think this can be an enormous tailwind for the next leg of growth for Eats.”

Zipline, based in San Francisco, recently closed an extended Series H funding round of $800 million, pushing its valuation to $7.6 billion.

“Every great transportation revolution has changed where people live, how businesses operate, and how economies grow,” Zipline co-founder Keller Cliffton said in a statement. “Together with Uber, we’re taking the next step toward building a world where getting what you need is as fast and effortless as sending a text, no matter where you are.”

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