The Nation Newspaper

Category: Business

  • FG raises credit guarantee for Tomato farmers to 75%

    FG raises credit guarantee for Tomato farmers to 75%

    The federal government has raised the Credit Risk Guarantee (CRG) for tomato crate financing to 75 per cent under the Dutch-funded HortiNigeria Programme, in a policy move expected to unlock over ₦500 million in intervention funding for Nigeria’s horticulture sector.

    Country Representative of the International Fertilizer Development Center (IFDC) and Programme Director of HortiNigeria, Mohamed Selassie Idris, announced this during the 47th Regular Meeting of the National Council on Agriculture and Food Security (NCAFS) held in Kaduna.

    Idris explained that the CRG, which stood at 30 per cent a year ago and was later increased to 50 per cent, has now been scaled up to 75 per cent through the collaboration of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

    He said the development would boost confidence among financial institutions, expand access to credit for agribusinesses, and significantly reduce post-harvest losses in the tomato value chain.

    “This will strengthen the supply chain and enable more farmers and crate producers to access financing,” he said. “The use of plastic crates has proven to reduce tomato damage during transport from northern states to southern markets.”

    READ ALSO: Nigeria losing $15bn yearly to oil theft — Experts

    According to Idris, the new credit framework—supported by NIRSAL, will make available a ₦500 million fund for crate manufacturing and distribution to farmers in major tomato-producing states.

    He noted that the use of traditional raffia baskets often leads to as much as 50 per cent loss of produce when transported from states such as Kaduna and Kano to southern markets, but the adoption of plastic crates is changing that narrative.

    The programme director said HortiNigeria’s partnership with the Federal Ministry of Agriculture and Food Security and the National Tomato Policy Committee aligns with ongoing reforms to modernise the horticulture sector and promote sustainable agricultural practices.

    Funded by the Embassy of the Netherlands, HortiNigeria is implemented by a consortium led by IFDC in partnership with the East-West Seed Knowledge Transfer Foundation (EWS-KT), KIT Institute, and Wageningen University & Research (WUR).

  • Nigeria losing $15bn yearly to oil theft — Experts

    Nigeria losing $15bn yearly to oil theft — Experts

    Nigeria is losing an estimated $15 billion annually to oil theft and pipeline vandalism, a new study by Professor Usman Muhammed of Kaduna State University has revealed, raising serious concerns about the long-term sustainability of President Bola Ahmed Tinubu’s Renewed Hope Agenda beyond 2027.

    Speaking at the 1st Citizens Engagement Conference (North-West Edition) in Kaduna, themed “The Positive Impact of Oil and Gas Reforms by President Ahmed Bola Tinubu,” Professor Muhammed said the nation’s oil and gas sector remains its economic backbone, yet poor governance, policy inconsistency, and infrastructural decay continue to limit its full potential.

    According to him, Nigeria, despite holding 37 billion barrels of crude oil and 209 trillion cubic feet of gas reserves, is still grappling with production inefficiencies and massive fiscal leakages. “Despite being Africa’s largest oil producer, the country continues to struggle with declining productivity and weak institutional accountability,” he said.

    The academic’s report showed that between 2019 and 2024, Nigeria’s crude oil output averaged 1.4 to 1.67 million barrels per day, below its OPEC quota of 1.8 million barrels, while inflation and unemployment soared above 22 percent and 33 percent, respectively.

    Professor Muhammed noted that while the Petroleum Industry Act (PIA) 2021 introduced major reforms, establishing the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the gains are yet to fully manifest due to weak enforcement.

    “Implementation of the PIA and the commercialization of NNPC have begun to yield modest results, but production efficiency and local content development remain moderate,” he said.

    His research further revealed a strong correlation (r = 0.74) between oil production and GDP growth, showing that higher production could significantly boost national income. Regulatory quality and investment inflows, he added, account for over 81 percent of GDP performance variance in the sector.

    Comparative data presented at the conference placed Nigeria behind its peers in regulatory efficiency, scoring 63 out of 100, compared to Norway’s 92 and the United States’ 90, a gap experts attributed to weak institutional coordination and poor technology adoption.

    “The twin problems of oil theft and pipeline vandalism have continued to undermine the sector’s growth,” Professor Muhammed warned. “Without decisive measures, Nigeria risks losing the transformative gains envisaged under the Renewed Hope Agenda.”

    The study recommended digital monitoring of oil production, rehabilitation of pipelines with anti-theft technologies, and increased investment in research and development. It also urged the government to promote local content and economic diversification through gas-based industrial hubs.

    Complementing the findings, the Co-convener of the Citizens Engagement Conference, Mallam Nasir AbdulQuadri, called on the federal government to allow private investors to run refineries while focusing solely on regulation.

    “When we talk about reform in the oil sector, it means the government must take its hands off business,” he said. “Public refineries have failed for decades, but one man’s vision has given us the 650,000 barrels per day Dangote Refinery, proof that private ownership works.”

    Read Also: How Nigeria can tackle crude oil theft- Ned Nwoko

    AbdulQuadri said deregulation was already yielding positive outcomes and called on Nigerians to remain patient with ongoing reforms. “When we deregulate, we kill corruption. The subsidy era enriched a few individuals at the expense of the nation. Now, the process is open and transparent,” he explained.

    He described the conference as an avenue to bridge the information gap between citizens and government, enabling Nigerians to understand ongoing reforms and their long-term benefits. “Many citizens are unaware of the positive changes in the sector, and this ignorance often breeds misinformation,” he added.

    AbdulQuadri also urged Nigerians to unite behind the reform agenda. “In this country, we don’t have Hausa, Igbo or Yoruba; we don’t have Muslim or Christian, only good and bad people. Good Nigerians must work together against those using tribe and religion to divide us,” he said.

    Participants at the conference, including industry experts, regulators, and civil society actors, agreed that only policy stability, transparency, and private-sector participation can unlock the full potential of Nigeria’s oil and gas sector.

    Professor Muhammed concluded that sustainable growth beyond 2027 depends not just on oil output, but on Nigeria’s ability to institutionalize regulatory excellence, diversify its economy, and strengthen public accountability.

  • Oborevwori deepening infrastructure, energy devt in Delta — Aniagwu

    Oborevwori deepening infrastructure, energy devt in Delta — Aniagwu

    The administration of Delta State Governor Sheriff Oborevwori is deepening infrastructure development and expanding energy access across the state, the Commissioner for Works (Rural Roads) and Public Information, Charles Aniagwu, has said.

    Aniagwu explained that these initiatives are aimed at accelerating economic growth, diversifying the state’s economy, and improving the living standards of Delta residents.

    Speaking on The Morning Show on ARISE News yesterday, Aniagwu said the state’s contributions to national revenue, especially from oil-producing areas, justify the level of federal allocation it receives.

    “Delta contributes significantly to the federal purse, and to whom much is given, much is expected,” Aniagwu said. “The reason we are getting what you may call a reasonable share is because we have contributed more reasonably, not because the Federal Government suddenly decided to show us love, but because we have demonstrated commitment by securing our coastal communities and creating an enabling environment for oil production.”

    He said the Oborevwori administration had taken infrastructure development “to a much higher level,” ensuring that all 25 local government areas benefit from road construction, hospital rehabilitation, and school upgrades.

    “Beyond construction, these projects serve as safety nets for our people. They not only inject funds into the local economy but also change the skyline of government facilities in our communities,” he explained.

    On efforts to address power supply challenges in parts of the Ndokwa nation, Aniagwu clarified that it was largely the Kwale axis that was affected, not the entire Ndokwa region.

    He announced that the groundbreaking ceremony for the Kwale Free Trade Zone would be held on Tuesday.

    “As we speak, a number of companies have already moved into the Kwale Free Trade Zone, building facilities on nearly 1,000 hectares of land. This will enhance the economic fortunes of the Ndokwa people and help diversify Delta’s economy,” Aniagwu said.

    He further explained that the state government is extending the 33KV electricity line from Abraka through Ogume to Kwale to ensure that communities in the area are connected to power.

    “Even though electricity is largely a private sector responsibility, we intervened because we understand the importance of powering our communities. The work being done will soon energize those areas,” he assured.

    Addressing concerns about the Independent Power Project (IPP) in Kwale, Aniagwu explained that the project feeds into the national grid, hence the state cannot directly step it down without federal collaboration.

    Read Also: Oborevwori inducted into SWAN-Nigeria Order of Sports

    “Once the power is made available, it doesn’t matter where it comes from as long as it powers homes and businesses. What’s important is that our people are connected, because that drives local enterprise and strengthens security through economic inclusion,” he added.

    The commissioner described the Kwale Free Trade Zone as a “game changer” that will attract industries, create jobs, and reduce gas flaring in the region through investments in gas processing.

    “Already, companies involved in gas processing are helping to reduce flaring, improving air quality, and converting what was once waste into energy,” he noted.

    Aniagwu also attributed the smooth execution of projects in the state to Governor Oborevwori’s harmonious relationship with the Delta State House of Assembly, crediting the governor’s leadership and transparency for the synergy.

    “Because the governor was once Speaker, he understands the terrain and works harmoniously with all arms of government. There is equitable distribution of infrastructure across the three senatorial districts, and this transparency has also helped reduce the state’s debt burden,” he said.

    Aniagwu affirmed that the Oborevwori administration remained focused on delivering sustainable infrastructure, promoting industrial growth, and enhancing the overall quality of life for Deltans.

  • Tinubu hails take-off of Nigeria’s first methanol factory in Ondo

    Tinubu hails take-off of Nigeria’s first methanol factory in Ondo

    President Bola Tinubu has applauded the commencement of full operation at the Indigenous Methanol and Ammonium Bicarbonate plant located in Ondo state, describing it as a milestone in local chemical and fertilizer production in the country. 

    The Chinese-owned SuperTech Chemical Industry Limited operates the facility, which is the first indigenous Methanol and Ammonium Bicarbonate plant in Nigeria. 

    The Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo disclosed this on Sunday during a site tour and inspection of the SuperTech Methanol and Ammonium Bicarbonate Plant at the Ondo-Linyi Industrial Hub, Omotosho, in Ore,.Odigbo Local Government Area of the state.

    Ekpo, who was accompanied by top officials of the NNPC Ltd and other key industry stakeholders, said the project aligns with President Tinubu’s Renewed Hope Agenda, which envisions natural gas as a driver of industrial growth, innovation, and sustainable job creation.

    According to the Minister, the plant has the capacity to produce 100,000 metric tons of methanol and 160,000 metric tons of ammonium bicarbonate annually- marking a historic leap for Nigeria’s gas-based industrialization.

    “Moving around and seeing the kind of investment that has come into this place is encouraging. They are taking advantage of our natural gas resources to produce methanol and ammonium bicarbonate.

    “I have also charged the NNPC representatives here to ensure upstream production takes advantage of this methanol output to support and grow this company.

    “Mr. President is pleased that investors are using our gas resources to develop the economy. The Federal Government will give them all necessary support to scale production from the current 100,000 metric tons to the projected 500,000 metric tons by 2026,” Ekpo said.

    He lauded the relocation of the entire production facility from China to Nigeria and its 100% mechanical completion as of March 2025, describing it as a testament to the resilience and technical competence of the project promoters.

    “The relocation of this entire plant from China to Nigeria – and its full mechanical completion – speaks volumes about the determination and technical capacity of the promoters. It is a shining example of what’s possible when government policy aligns with the private sector initiative.

    “This facility is not only the first of its kind in Nigeria but also a vital addition to our downstream gas value chain, unlocking new opportunities for chemicals, fertilizers, and industrial inputs crucial to manufacturing and agriculture,” the minister added.

    Speaking during the inspection, Mr Yang Jijiang, Chairman of SuperTech Chemical Industry, said the project demonstrates the company’s commitment to Nigeria’s industrialization and energy transition agenda.

    Read Also: 2027: Rep. Jibrin dumps NNPP for APC, declares support for Tinubu

    Mr Jijiang explained that since commissioned of the facilities, Supertech has met its daily and monthly production capacity, demonstrating commitment to excellence and reliability. 

    According to him, the plant is positioned as Nigeria’s pioneer methanol producer, leveraging advanced facilities and strong partnerships to meet local esnd and drive industrial growth. 

    He added that the SuperTech Methanol and Ammonium Bicarbonate Plant is expected to play a vital role in Nigeria’s quest for gas-based industrialization, job creation, and export diversification.

    “With strong support from the Federal and Ondo State Governments, NNPC Ltd, GACN, and NMDPRA, we have turned vision into reality,” he said. 

    Mr Jijiang noted that SuperTech is proud to contribute to job creation, technology transfer, and deeper cooperation between Nigeria and China. 

    Also speaking, Dr. Alexander Ajipe, Principal Consultant to the Ondo-Linyi Industrial Hub, commended the Minister’s visit as a major morale booster for the Chinese investors.

    “This project is a great achievement for Ondo State and Nigeria. We are now producing fertilizer and methanol locally, reducing our dependence on imports,” Ajipe said. 

  • National Payment Stack executes first transaction between bank, Fintech

    National Payment Stack executes first transaction between bank, Fintech

    The National Payment Stack (NPS) has executed its first payment between a commercial bank and financial technology company (Fintech), the Nigeria Inter-Bank Settlement System (NIBSS) has said.

    The transaction carried out between PalmPay and Wema Bank marked the dawn of a new era of seamless, secure, and inclusive financial transactions.

    NIBSS yesterday stated that the transaction carried out on Friday, November 7, at exactly 11:56am, represented a major leap forward in the evolution of Nigeria’s payment ecosystem.

    According to NIBSS, completed in milliseconds with instant settlement, the transaction demonstrated the robustness, scalability and transformative potential of the NPS – a national infrastructure powered by NIBSS, to unify, modernise and future-proof digital payments in Nigeria.

    “Developed as a next-generation payment infrastructure, the NPS embodies NIBSS commitment to speed, innovation, interoperability and security; all crucial pillars in supporting Nigeria’sfast-growing digital economy.

    “Built on an advanced architecture, NPS enables, speed: Instant, reliable, and high-volume payment processing, interoperability: Seamless integration across banks, fintechs, and other payment institutions and security of transactions, among other benefits.

    Read Also: Fintech promises more creativity after award win

    “The National Payment Stack (NPS) is the new engine driving Nigeria’s next phase of payment innovation. Built on the ISO 20022 international standard for financial messaging, this global framework enhances data richness, interoperability, and regulatory compliance; aligning Nigeria’s payment infrastructure with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic financial transactions.

    “This strategic migration ensures continued compatibility with international systems, promotes greater transparency, and establishes the payments foundation for the development of Nigeria’s Digital Public Infrastructure (DPI) which is a critical enabler of our nation’s digital economy. The NPS will replace the current NIBSS Instant Payment (NIP) platform, offering enhanced value, scalability, and a superior customer experience across the payment ecosystem,” NIBSS stated.

    Speaking during media rounds at the NPS launch in June 2025, Mr. Premier Oiwoh, Managing Director, NIBSS, emphasised that the National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.

    NIBSS extended special recognition to PalmPay and Wema Bank for being the trailblazers of this achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realizing this vision.

    As integration continues across the ecosystem, NIBSS encouraged all banks, fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians.

  • Nigerian equities mirror global stocks’ slowdown with N2.8trillion pullback

    Nigerian equities mirror global stocks’ slowdown with N2.8trillion pullback

    • Profit-taking, Trump’s threat turn market red

    Global equities closed weekend on the negative as Nigerian equities closing with a net loss of N2.8 trillion.

    Trading data at the Nigerian Exchange (NGX) showed that the All Share Index (ASI)- the value-based common index that tracks all quoted equities at the NGX, declined  by 2.11 per cent to close at 149,524.83 points. Aggregate market value of all quoted equities also dropped to N94.9 trillion at the weekend as against N97.7 trillion recorded as week’s opening value.

    Data provided by Afrinvest West Africa showed that global equities drifted lower during the week as profit-taking in technology stocks, hawkish comments from some central bank officials, and mixed economic data tempered the optimism that had buoyed markets in recent weeks.

    Although expectations of near-term rate cuts in the United States and Europe remain intact, investors turned more cautious amid signs of uneven global growth and renewed geopolitical concerns. Consequently, the MSCI World Equity Index declined by 2.0 per cent, reflecting a broad risk-off tone across developed and emerging markets.

    In the United States, equities retreated as investors took profits from mega-cap technology and AI-linked stocks following a string of mixed corporate earnings and weak macroeconomic prints.

    Also, the ongoing government shutdown continued to disrupt economic operations, delaying key data releases and forcing the Federal Aviation Administration to cut flight operations due to staffing shortages. Meanwhile, the weaker-than-expected ISM Services PMI-Actual: 50.0 per cent versus 51.7 per cent expected, reinforced concerns of slowing activity, while Fed officials reiterated a “data-dependent” stance on rate cuts, dampening hopes of a November policy easing. As a result, the S&P 500 and NASDAQ indices fell 1.8 per cent and 2.8 per cent respectively.

    Afrinvest reported that across Europe, despite lingering expectations of a possible policy pivot by the European Central Bank later in December, equities traded broadly lower amid weak earnings updates and muted growth prospects.

    Read Also: Indices Trading is Becoming a Safer Option for Nigerian Investors

    As such, France’s CAC 40 and Germany’s XETRA DAX indices fell 2.4 per cent and 1.9 per cent respectively, while UK’s FTSE All Share index dipped 0.9 per cent weighed by losses in industrials and energy sectors despite modest gains in defensive sectors.

    In Asia, performance was mixed as investors balanced optimism over semiconductor demand with caution surrounding China’s fragile recovery. Japan’s Nikkei 225 index slumped 4.1 per cent dragged by weakness in industrial and technology exporters amid Yen volatility. Conversely, Hong Kong’s Hang Seng index rose 1.3 per cent.

    Market analysts remained optimistic on the outlook for Nigerian equities noting that despite the steep decline, the broader market picture remains positive.

    Analysts pointed out that in the nine months to September 2025, total equities transactions on NGX reached N8.538 trillion, with domestic investors accounting for 78.44 per cent of trading activity. Significantly, foreign inflows of N1.030 trillion exceeded outflows of N810.39 billion, demonstrating continued international confidence in Nigerian equities.

    Analysts said the downturn might represented a healthy correction and attractive entry points for long-term investors seeking value.

    The pullback at the NGX followed recent remarks from United States President Donald Trump threatening military action against Nigeria, which prompted some cautious repositioning, alongside natural profit-taking following previous rallies. This drove declines across several blue-chip counters.

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe said the main drivers of the decline were domestic.

    According to him, the market downturn was driven by profit-taking after the eight per cent gain in October and concerns over proposed 25 per cent capital gains tax on large portfolios.

    “Investors are advised to monitor foreign participation, policy clarity, and key economic indicators, while fundamentals in the financial and energy sectors remain supportive,” Amolegbe said.

    Managing Director, Globalview Capital Limited, Aruna Kebira, described the downturn as temporary, noting that strong fundamentals underpin the market.

    He said: “The current downturn is temporary as fundamentals remain strong. Valuations are now even more attractive and should soon draw renewed buying interest.”

    Chief Executive Officer, Nigerian Exchange (NGX), Jude Chiemeka said the price correction was an opportunity for strategic portfolio positioning.

    He said: “A well-diversified portfolio across equities, fixed income, and alternative assets helps investors manage risk and capture opportunities as the market recalibrates”.

    Market watchers have also expressed concerns that uncertainty surrounding the planned 25 per cent capital gains tax set to take effect in 2026 might have amplified the correction.

    They argued that Nigeria’s corporate fundamentals remain robust as listed firms continue to sustain profitability and dividend payouts across key sectors, signaling underlying strength.

    Analysts encourage investors to view the pullback as a strategic repositioning phase rather than a prolonged downturn, emphasizing that disciplined investors can capitalize on improved valuations to build long-term wealth.

  • ‘$2.8tr required to connect the world’

    ‘$2.8tr required to connect the world’

    Achieving universal, meaningful internet connectivity by 2030 could require an investment of $2.6 trillion to $2.8 trillion at current prices, according to the Connecting Humanity Action Blueprint released by the International Telecommunication Union (ITU) – the UN agency for digital technologies and the Communications, Space & Technology Commission (CST) of the Kingdom of Saudi Arabia.

    The report outlines the challenges, projected costs, and collaborative strategies needed to make sure everyone, everywhere, can use the Internet, including the estimated one-third of humanity currently offline.

    The largest investment component — $1.5 trillion to $1.7 trillion — is required for hard infrastructure, alongside substantial funding for human and institutional capacity, mainly in developing countries.

    “Digital connectivity means creating opportunities for education, jobs, and access to essential services that can transform lives and communities. While significant resources are needed to meaningfully connect everyone, these are investments that will contribute to a prosperous digital future for all,”said ITU Secretary-General Doreen Bogdan-Martin.

    ITU estimates that 2.6 billion people are still excluded from the digital world, with connectivity closely linked to levels of socio-economic development. In 2024, an estimated 93 per cent of the population in high-income countries was using the Internet, compared to just 27 per cent in low-income countries.

    The new report on achieving universal meaningful connectivity builds on ITU’s original 2020 Connecting Humanity study, published under the direction of the G20 during the presidency of the Kingdom of Saudi Arabia, by identifying critical gaps with the anticipated costs for addressing them.

    “The world needs between $2.6 trillion and $2.8 trillion to connect humanity by 2030. This figure is nearly five times higher than the last assessment conducted in 2020 in partnership with ITU during the Saudi chairmanship of the G20. Such a dramatic increase underscores the urgency for international cooperation, collective investment, and the sharing of expertise if we are to achieve the vision of universal, meaningful connectivity for all,” Acting Governor of CST. H.E. Eng. Haytham AlOhali, said.

    Key costs highlighted in the report include: Digital infrastructure – $1.5 trillion to $1.7 trillion: Expanding broadband networks to underserved populations represents the single largest cost. The report estimates the costs of deploying fibre networks in and around urban areas, 4G fixed wireless in rural regions, and satellites in the most remote locations.

    Read Also: Indices Trading is Becoming a Safer Option for Nigerian Investors

    Affordability – $983 billion: Reducing the cost of smartphones and broadband services — both fixed and mobile — is vital so that individuals and households worldwide, particularly in lower-income regions, can afford to connect and stay online.

    Digital skills – $152 billion: Connectivity alone is not enough — people must have the skills to use the Internet effectively. Investments to fund large-scale digital literacy initiatives can empower individuals to access online education, secure better jobs, and actively participate in a digitally-driven society.

    Policy and regulation – $600 million: Modernizing regulations and creating predictable policy environments worldwide are essential to unlock efficiencies and promote innovation. While this represents the smallest cost component, it holds back digital transformation and sustains the other gaps. The impact of closing it would be massive.

    As the Connecting Humanity Action Blueprint highlights, global progress on connectivity has been uneven, with the world’s 46 least-developed countries lagging significantly due to financing barriers, limited technical expertise, and unreliable infrastructure.

    To address these challenges, ITU calls for innovative business approaches and renewed collaboration between governments, the tech industry, development finance institutions, and civil society, to close current divides and prevent future ones, particularly in fields like artificial intelligence (AI).

    The report concludes with recommendations to accelerate digital inclusion worldwide, including using schools as gateways to Internet access, investing in energy infrastructure in Africa, and enhancing data collection at the sub-national level.

  • ‘NDIC better equipped to execute liquidation mandate’

    ‘NDIC better equipped to execute liquidation mandate’

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has said that the corporation now operates under stronger and more effective laws to carry out its bank liquidation mandate.

    He spoke when he received the President and Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Ihekweazu (SAN), and members of his council on a courtesy visit to the NDIC Headquarters in Abuja.

    Sunday said the corporation’s powers in the area of the liquidation of failed insured institutions have been significantly enhanced with the   enactment of the NDIC Act No. 30 of 2023, together with the Banks and Other Financial Institutions Act (BOFIA) 2020.

    He noted that the NDIC is now better positioned to prosecute parties at fault for bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability.

    He expressed his appreciation to the National Assembly for addressing the long-standing challenge of a weak legal framework that had constrained the Corporation’s operations. He also commended the judiciary for its growing expertise in deposit insurance law and practice, as demonstrated by the effective adjudication of failed bank cases through judgments that have brought relief to depositors.

    Read Also: Indices Trading is Becoming a Safer Option for Nigerian Investors

    He said: “The enhanced powers granted to the Corporation under the NDIC Act 30 of 2023, the BOFIA 2020 and the improved understanding of the judiciary, have made it impossible for individuals to hide under the law to escape liability.

    “With stronger legal backing, individuals now approach the Corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.”

    He attributed the corporation’s ability to realise sufficient assets to declare a first round of liquidation dividends to the uninsured depositors of defunct Heritage bank Limited within one year of the revocation of its licence, to the positive impact of the new legal framework. He reiterated that the NDIC would continue to leverage the strengthened laws while collaborating with BRIPAN and other stakeholders to enhance the effective discharge of its mandate

  • NGX’s non-interest board to channel funds to productive sector

    NGX’s non-interest board to channel funds to productive sector

    • N1.3tr Sukuk listings

    Nigerian Exchange (NGX) would use its fast-growing non-interest finance board to expand access to amenable capital, especially to the productive sector of the economy.

    Chairman, Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, said the Exchange remains committed to playing leading roles in advancing Africa’s Islamic finance ecosystem through the strategic expansion of its non-interest finance board

    According to him, the NGX’s non-interest finance board has become a central platform for expanding access to Sharia-compliant financial instruments and attracting investors seeking transparency, inclusivity, and sustainability.

    “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds.

    “Our goal is to broaden market participation while channeling capital towards productive sectors of the economy,” Kwairanga said.

    He pointed out that NGX currently hosts over N1.3 trillion in listed Sukuk, reflecting growing investor appetite for assets that deliver both financial returns and social impact.

    He assured that with collaboration with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), NGX would continue to strengthen governance frameworks and deepen the non-interest capital market to attract a broader base of ethical investors.

    Read Also: NGX Group engages women on investment

    Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, also highlighted the strategic role of non-interest finance in driving sustainable economic transformation and enhancing market inclusion.

    He said: “At NGX, our non-interest finance board represents more than a platform, it embodies our commitment to unlocking ethical capital, diversifying investment opportunities, and driving sustainable development.

    He noted that by leveraging innovation and strategic partnerships, NGX is creating pathways for inclusive growth and positioning Nigeria at the forefront of Islamic finance in Africa.

    Kwairanga and Chiemeka spoke at the 7th African International Conference on Islamic Finance (AICIF) in Lagos. The conference was organised by Metropolitan Skills Limited in collaboration with SEC. The two-day event convened policymakers, regulators, development partners, and market participants to explore policy reforms, product innovation, and strategies to unlock liquidity across Africa’s Islamic finance markets.

    Nigeria’s non-interest capital market has recorded significant expansion in recent years, with sovereign Sukuk issuances raising over N1.4 trillion to fund multiple projects nationwide. As the market continues to mobilise long-term, low-cost capital for infrastructure and sustainable development, Nigeria stands poised to lead Africa’s transition toward a more inclusive, ethical, and resilient financial future.

  • Alternative Bank expands funding to women, youth in agriculture

    Alternative Bank expands funding to women, youth in agriculture

    The Alternative Bank has reaffirmed its commitment to inclusive agricultural growth with the expansion of its non-interest financial facilities targeted at women and youth across Nigeria.

    Speaking at the Agriculture Summit Africa (ASA) held in Abuja, the Executive Director, South, of the Alternative Bank, Korede Demola-Adeniyi, said the initiative aims to empower women and young people to participate fully in agriculture through accessible financing, financial literacy, and risk-sharing partnerships.

    Adeniyi explained that as a non-interest financial institution, it operates on a risk-sharing model rather than conventional lending, ensuring that both the bank and beneficiaries collaborate to achieve mutual success.

    She highlighted that the bank has implemented several agricultural empowerment programmes across at least five states, including a successful pilot project in Kano, where 120 women benefited from a tricycle initiative designed to enhance livelihoods and improve safety for women and children in rural communities.

    Read Also: The Alternative Bank, NCX partner on commodities trade

     “We don’t call what we do loans because we work hand-in-hand with beneficiaries,” she said. “We provide facilities at next to nothing, particularly to support women. Since we share both the risk and the profit, our focus is on creating lasting impact for all parties.

    “The women in Kano, who were previously underserved, now have a steady source of income. Beyond economic empowerment, the initiative has improved safety, as women now transport other women and children, reducing the risk of assault and kidnapping,” Adeniyi added.

    She further disclosed that the bank recently launched a ginger production pilot in Kaduna focused exclusively on women farmers.

    The project, she said, is addressing pricing challenges through partnerships with development institutions to ensure fair market access and sustainable incomes for participants.

    To deepen its reach in underserved areas, the Alternative Bank has deployed a network of empowered agents who serve as direct links between the bank and rural communities, providing real-time feedback and support.

     “We want to remain effective in rural areas where banks can not always be physically present. Our agents help us stay connected and responsive,” she said.

    Adeniyi added that bank will debut a dedicated agriculture product by year-end, engineered to put women and youth at the center of key value chains and to scale access to non-interest, risk-sharing finance.