Business
TCN suspends planned power outage in Ondo, Ekiti – BEDC
The Transmission Company of Nigeria (TCN) has decided to suspend the planned power outage on the Osogbo/Akure and Ado-Ekiti 132KV transmission lines. This decision comes after an earlier announcement by the BEDC Electricity Plc (BEDC) that the outage was scheduled to last for two months.
Evelyn Gbiwen, the Head of Branding and Corporate Communications at BEDC, released a statement confirming the suspension of the planned outage. According to her, TCN has informed BEDC that the outage, originally set to take place from July 1 to August 31, has been suspended indefinitely. This means that BEDC’s services will continue without interruption until further notice from TCN.
The planned outage was initially intended to facilitate maintenance work on the 132KV Osogbo-Akure transmission line, including the installation of optical ground wire and other necessary activities that require outage for safety reasons.
BEDC has reassured its customers in Ondo and Ekiti states that despite the suspension of the planned outage, the company remains committed to providing uninterrupted electricity services and serving its customers better.
In summary, the power outage that was scheduled for Osogbo/Akure and Ado-Ekiti has been put on hold until further notice from TCN, allowing BEDC to continue its operations without disruption.
Business
BREAKING: Uber winds down operations in Nigeria, effective September 2
“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.”
• An Uber driver at work
Ride-hailing company, Uber, has shut down its operations in Nigeria.
In a statement, the company, which came into Nigeria in 2014, said its exit is effective from September 2, 2026.
“After a thorough review, we have taken the difficult decision to wind down operations in Nigeria, effective September 2, 2026.”
“Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.
“Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there safely. We know this may cause disruption to your routine, and we sincerely apologize for the inconvenience.”
Uber said said its plan is to support drivers, riders and local team members through the transition.
Business
Allawee shutting down operations by December 1, warns customers must withdraw by November 30
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
• Allawee logo
Nigerian card-issuing fintech Allawee is shutting down its business and personal account services from December 1, 2026.
This follows its acquisition by Pay Stack.
Accordingly, customers have been given until November 30 to withdraw their funds and make alternative arrangements.
The company disclosed the decision in emails sent to customers, according to TechCabal, explaining that its technology now operates within Paystack following the latter’s acquisition of Allawee in 2025.
Allawee warned that payments sent to its account numbers from December 1, 2026 will fail, while its cards will also stop working, regardless of the expiry dates printed on them.
Customers have been advised to withdraw their balances before the deadline, provide new bank details to people or businesses that regularly pay them, and replace saved Allawee card information on subscriptions and other recurring payments.Allawee said customers would not lose their money because of the shutdown. “Your money will remain yours,” the company said.
Business
Naira Exchange Rates Wednesday, September 2
BLACK MARKET RATES
US Dollar (USD) ₦1,400
Great British Pound(GBP) ₦1,890
EURO (EUR) ₦1,580
Canadian Dollar (CAD) ₦1,020
South African Rand (ZAR) ₦75
Ghana CEDI (GHS) ₦95
West African CFA Buy ₦2, 300
CENTRAL AFRICAN CFA Buy ₦2,150
CBN Exchange Rates
US Dollar (USD) ₦1,329.43
Great British Pound (GBP) ₦1,800.18
EURO (EUR) ₦1,542. 01
Swiss Franc (CHF) ₦1,637.63
Chinese Yuan (CNY) ₦197.79
Japanese Yen (Yen) ₦8.31
West African CFA (XOF) ₦2.36
West African Unit Account (WAUA) ₦1,823.95
Saudi Riyal (SAR) ₦354.08 South African Rand (ZAR) ₦82.47
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