Business
Muslim Leaders Create Market in Lagos to Make Food More Affordable for Residents

Muslim scholars in Mushin, Lagos, under the League of Islamic Leaders, have launched an initiative called the Market of Convenience (MFC) to provide food items at more affordable prices.
The market, designed to ease the financial burden on Lagos residents, particularly Muslims, aims to serve as a community-driven solution to Nigeria’s rising economic challenges.
During a one-day sensitization program in Lagos, the Convener and Chairman of the MFC initiative, Alhaji Musoddiq Sanni, called on religious leaders to support the project.
He emphasized that the market was created to offer an alternative shopping experience for essential food items while promoting fairness in trade.
Sanni explained, “This market is not just about selling food; it’s about creating an avenue where justice and fairness in business transactions, as instructed by Allah in the Qur’an, are upheld.”
The MFC, which has been officially registered with the Corporate Affairs Commission and the Lagos State Ministry of Agriculture, represents a significant step toward addressing the economic hardship faced by many Nigerians.
Sanni mentioned the importance of establishing branches of the market across Lagos, including in Ikeja, to expand access to affordable food items.
He encouraged religious leaders in Ikeja to replicate the model in their communities, emphasizing that such initiatives align with the values of the Muslim community.
Alhaji Sulaimon Olanijo, Chairman of the League of Islamic Leaders in Mushin, added that the market could significantly alleviate the difficulties many Muslims face when purchasing food.
He urged other Muslim organizations to adopt the MFC system, stating that collaboration among Islamic groups could help realize the dream of establishing similar markets nationwide.
Olanijo also noted that this initiative supports the Federal Government’s push for food security.
The importance of cooperative societies was another key focus during the program.
Sanni mentioned that the League of Islamic Leaders is developing a detailed operational blueprint to ensure the market adheres to Islamic principles (Sharia) while remaining accessible to all.
He stated, “The idea of cooperation and collective effort is essential in our faith, and the MFC is a manifestation of that principle.”
Alhaji Abdul-Rahmon Abdul-Azeez, Chairman of the Council of Imams in Ikeja Division, commended the initiative, noting that it comes at a time when food prices have skyrocketed, leaving many struggling to meet their basic needs.
He added that the MFC has the potential to significantly reduce the cost of living if its model is widely embraced.
Business
IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
Business
Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Business
GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
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