Nigeria News (Standard)
Lagos-Based MEXC Records ₦935trn Global Trades, Expands Multi-Asset Gateway in May
Crypto platform posts record liquidity and launches 110 new tokens, as Proof of Reserves shows strong asset backing
Crypto platform posts record liquidity and launches 110 new tokens, as Proof of Reserves shows strong asset backing
MEXC, a cryptocurrency trading platform with growing presence in Lagos and across global markets, announced on Monday that it recorded a monthly trading volume of $641 billion (about ₦935 trillion at current rates) in May 2026, marking its strongest performance to date. The company said this growth followed the launch of new asset classes and transparency measures aimed at boosting investor confidence.
In its May operational update released in Lagos, MEXC reported that it ranked first worldwide for silver futures liquidity, according to TokenInsight’s Crypto Exchange Liquidity Report. The platform implemented a zero-fee trading policy which saved users $240 million (₦350 billion) in transaction charges across 949 trading pairs. During the same period, MEXC listed 110 new tokens on its spot and futures markets, with fresh listings generating $1.18 billion in trades. User participation in newly listed assets rose by 36 percent month-on-month, especially for tokens linked to real-world assets, AI infrastructure, and decentralised finance themes.
The expansion beyond crypto-native products was also highlighted by a 21 percent rise in traditional financial (TradFi) futures trading on the platform during May. Notably, U.S. stock futures volume increased by 85 percent while stock index futures surged by 134 percent compared to April figures. This development reflects growing demand among Nigerian and global users for access to multiple asset classes—including equities, indices, commodities and precious metals—within one trading environment.
MEXC’s Launchpad campaign for SPACEX(PRE), a tokenised pre-IPO opportunity tied to U.S. equities, drew over 38,000 participants who collectively subscribed more than 56 million USDT (about ₦84 billion), achieving an oversubscription rate of 15.5 times. The company said this demonstrated robust appetite for diversified investment opportunities among its user base.
On transparency and asset security, MEXC published its June Proof of Reserves report showing an average reserve ratio of 156.5 percent for major digital assets—meaning reserves exceeded user balances by a significant margin. According to the report: BTC reserves stood at 269 percent; ETH at 118 percent; USDT at 114 percent; and USDC at 125 percent coverage levels. The company also said it uses Merkle Tree cryptographic verification and partners with cybersecurity firm Hacken for monthly audits to ensure all user assets are fully backed.
Looking ahead, MEXC disclosed that its Guardian Fund—which is designed to protect user assets during volatile market cycles—is targeted to reach $500 million (₦730 billion) within two years. Wallet addresses will be published publicly so users can independently verify holdings.
Industry analysts say these results signal a shift in how exchanges compete globally: “The next phase will be defined not just by how many coins are listed but by how seamlessly platforms integrate liquidity, low fees and transparent asset protection,” said one Lagos-based fintech consultant who reviewed the announcement.
MEXC maintains that it is committed to building an all-in-one gateway for digital and traditional assets, positioning itself as a bridge between Nigeria’s fast-growing crypto community and global financial opportunities.
Nigeria News (Standard)
SEC Warns Nigerians in Lagos Against Fake Dangote Refinery IPO Offers
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
The Securities and Exchange Commission (SEC) has issued a strong warning to investors in Lagos and across Nigeria against falling for alleged Initial Public Offering (IPO) schemes linked to Dangote Refinery. The alert was released on Wednesday following increasing reports of fraudsters claiming to sell shares in the refinery to unsuspecting members of the public.
According to the SEC, these offers, often advertised on social media and via unofficial channels, have not been approved or sanctioned by regulatory authorities. The commission emphasised that Dangote Refinery has not floated any IPO or invited the public to subscribe for its shares as at the time of this advisory.
The development comes amid rising investor interest in Nigeria’s oil and gas sector, especially after the official commissioning of the multi-billion naira Dangote Refinery in Lekki, Lagos State. Many Nigerians seeking quick returns have reportedly been targeted by scammers promising high profits from purported refinery share purchases.
In a statement, SEC management urged Nigerians to always verify any investment offer with the commission before committing funds. “Investors are advised to exercise utmost caution and avoid falling victim to fraudulent investment schemes promising shares in companies that are not listed or offering public subscription,” the commission said. The regulatory body further warned that engaging with unregistered operators exposes investors to significant financial risks.
The SEC reiterated its commitment to safeguarding Nigeria’s capital market and advised anyone with information on such illegal offers to report directly through its official channels. No official response has been received from Dangote Group regarding these fraudulent claims. Investors are encouraged to remain vigilant as enforcement actions against perpetrators are ongoing.
Nigeria News (Standard)
Oba of Benin Sets July 2 Ritual to Place Curses on Kidnappers Amid Rising Edo Insecurity
Palace action follows emergency meeting with native doctors, as traditional leaders seek to bolster security efforts in Edo State
Palace action follows emergency meeting with native doctors, as traditional leaders seek to bolster security efforts in Edo State
The Oba of Benin, Oba Ewuare II, has scheduled a spiritual exercise for 6:00 a.m. on July 2, 2026, at his palace in Benin City to place traditional curses on kidnappers, armed robbers, cultists and other violent criminals across Edo State. The decision comes after an emergency meeting with native doctors, traditional priests, priestesses and youth representatives in response to escalating insecurity in the state.
According to palace sources, the monarch’s move is a direct response to increased reports of kidnapping, ritual killings and armed robbery along highways and rural communities within Edo State and neighbouring areas. The meeting at the Oba’s Palace strongly condemned these criminal activities and called for urgent intervention from both government and traditional institutions.
Oba Ewuare II has directed that traditionalists from across Edo South Senatorial District will participate fully in the ritual, which is expected to involve prayers, invocations and rites calling on ancestral powers to confront those perpetrating or aiding violent crimes. The monarch stated that such spiritual action is rooted in the authority of the ancestors and is meant to complement ongoing efforts by security agencies.
“This exercise is necessary given the worsening security situation,” Oba Ewuare II said at the palace meeting, adding that both modern law enforcement and traditional mechanisms are needed for deterrence. While police and other agencies continue their operations against criminal gangs, stakeholders have described the planned ritual as a decisive step that reflects the historical role of Benin’s traditional rulers in safeguarding social order.
Preparations are ongoing at the palace ahead of July 2. Traditional leaders from various communities are expected to converge for what palace officials describe as a crucial spiritual intervention targeting kidnappers, bandits and their collaborators. The initiative comes amid calls from state officials for tougher penalties against convicted kidnappers—including public execution—underscoring how insecurity remains a pressing challenge for residents across Edo.
Nigeria News (Standard)
Lagos Households Favour Viva Plus Dishwashing Liquid for Tough Grease After Sunday Meals
Product gains popularity among Nigerian families in Lagos as users highlight gentle formula and strong oil-cutting performance
Product gains popularity among Nigerian families in Lagos as users highlight gentle formula and strong oil-cutting performance
Many households in Lagos have increasingly turned to Viva Plus Dishwashing Liquid as their preferred choice for cleaning up after large family meals, especially on Sundays. The trend was observed across major markets in the state over the weekend, with users citing the product’s effectiveness against stubborn oil stains and its gentle impact on hands as key reasons for the shift.
According to several respondents who spoke during a market survey on Saturday, the ability of Viva Plus to tackle residue from popular dishes like jollof rice and stews has made it stand out among other brands. One resident noted that while cooking for extended family gatherings remains a cherished tradition, the task of scrubbing heavily soiled pots and plates had previously been a dreaded chore due to persistent grease and harsh detergents.
Industry observers say the growing preference for mild-yet-effective dishwashing solutions reflects changing consumer expectations in Nigeria’s urban centres. With a focus on both cleanliness and skin safety, many Lagosians now seek products that deliver strong results without causing dryness or irritation. Retailers in Alaba and Mushin markets confirmed a noticeable increase in demand for Viva Plus, describing it as one of the fastest-moving household items this quarter.
While official health agencies have not issued specific endorsements, local vendors praised the product’s performance based on feedback from frequent buyers. “Our customers always come back for more because it does not peel their hands but still washes off oil very well,” said one trader at Oshodi market. Some sellers also attributed its popularity to affordable pricing relative to imported alternatives.
As competition intensifies among FMCG brands in Nigeria’s household cleaning sector, experts predict that consumer loyalty will increasingly favour those products that address both functional needs and everyday comfort. Manufacturers are expected to respond with further innovation targeting the Nigerian market’s unique culinary habits.
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