Economy
FAAN clarifies Lagos airport smoke incident
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The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire outbreak at Terminal 2 of the international wing of the Murtala Muhammed Airport (MMA), Lagos.
This is contrary to initial concerns that prompted an emergency response by the agency yesterday.
An initial post on the social media handle of FAAN had alleged that there was a fire incident at the Lagos airport.
The post had stated: “The Federal Airports Authority of Nigeria (FAAN) wishes to inform the public that a fire incident has occurred at Terminal 2 of the Murtala Muhammed International Airport, Lagos.
“The FAAN Aerodrome Rescue and Firefighting Service (ARFFS) is currently responding to the incident and working diligently to contain the situation. There have been no reported casualties or loss of life,” the authority said.
But a statement yesterday by the Director, Public Affairs and Consumer Protection, FAAN, Henry Agbebire, debunked the earlier post by the agency.
According to Agbebire, the smoke within the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
The statement emphasised that investigations were ongoing to determine what triggered the automatic activation.
FAAN said normal flight operations had resumed at the terminal following the incident.
The statement read in part: “Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident.”
FAAN, therefore, assured passengers, airlines and other airport users that safety remained its top priority, stressing that a comprehensive investigation had commenced to establish the exact cause of the incident.
The agency also said that the temporary congestion experienced at the terminal’s entry screening points was a direct consequence of the precautionary evacuation carried out after the smoke was detected.
According to FAAN, all passengers were safely evacuated from the terminal before being allowed back into the facility after emergency responders declared the area safe.
It said the re-entry process required every passenger and their baggage to undergo fresh security screening, resulting in longer processing times and queues at the terminal.
However, FAAN confirmed that the backlog had been cleared, with passenger movement and access points returning to normal.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,400 per dollar on Wednesday.
But the naira appreciated to N1,347.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,347.5 per dollar from N1,351 per dollar on Wednesday, indicating N3.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N57.5 per dollar from N49 per dollar on Wednesday.
The interbank turnover at NFEM rose by 0.22 percent to N371.8 million yesterday from N370.98 million the previous day.
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