Category: Business

  • Lagos urges owned-estate allottees to insure homes

    Lagos urges owned-estate allottees to insure homes

    Lagos State Government yesterday called on allottees of government-owned housing estates to ensure regular annual payment of insurance dues.

    It said the insurance payment was not a one-off payment, adding that the payment ensured risk of loss during disaster and unforeseen emergency situations was mitigated.

    Commissioner for Housing Moruf Akinderu-Fatai said government investment through the provision of world-class facilities, as well as individual and collective assets of residents of government-owned estates must be protected against risk, with compulsory insurance subscription.

    He spoke while receiving LASACO Insurance team led by the Managing Director, Ademoye Shobo, on a visit to the Ministry of Housing.

    The commissioner, represented by the Permanent Secretary, Abdulhafis Toriola, congratulated Shobo on his appointment and hailed LASACO for “seeking honest feedback and deeper engagement with the ministry.”

    READ ALSO: Critical success factors for Nigeria’s economy this year

    He commended the company for its “openness to feedback, continuous collaboration, transparency, and accountability, which are essential to improving service delivery and protecting the interest of Lagos State.”

    The ministry agreed to a deployment of technology-driven system leveraging API integration and data collaboration.

    The system, he said, would enable the ministry to easily identify home unit allottees, who had insured their properties and those who had not, thereby strengthening compliance, monitoring and risk management.

    Shobo informed the management of the Ministry of Housing that the visit was to introduce the new management and reinforce relationships with key stakeholders.

    He said: ‘’It also provided an opportunity for the LASACO Managing Director to express the company’s appreciation to the ministry for its consistent support and for safeguarding the interests of Lagos State in critical insurance engagements”.

    He commended the ministry for ensuring insurance portfolios linked to the state remained within LASACO, a company with significant Lagos State investment, noting that such actions were vital to protecting public investments and ensuring sustainable returns for the state.

    Shobo highlighted LASACO’s proven technical capacity and financial strength in managing large-scale risks for Federal Government and Lagos State, reiterating that insurance was fundamentally about risk transfer and risk sharing.

    He reaffirmed LASACO’s longstanding reputation for professionalism, noting that the company had consistently maintained the highest number of professionals in the Nigerian insurance industry for over two decades.

    The meeting also served as a platform for constructive engagement between the ministry officials and LASACO on how to better manage contractor’s bond liabilities, delivery timelines and project management process.

    LASACO managing director assured the ministry of improved collaboration and responsiveness going forward.

     “Whenever there is a valid loss, LASACO will always honour its obligations. Our record in claims settlement reflects our commitment to accountability, professionalism and trust,” he said.

  • Foreign portfolios hit record N2.65 trillion

    Foreign portfolios hit record N2.65 trillion

    Total transactions by foreign portfolio investors (FPIs) at the Nigerian stock market rose by 211 per cent to N2.65 trillion in 2025, the highest in the history of the market.

    The rate of participation by FPIs also increased by 696 basis points with foreign investors now accounting for more than one-fifth of transactions at the Nigerian market.

    Trading data released yesterday by the Nigerian Exchange (NGX) showed that total foreign portfolio transactions rose from N852.03 billion in 2024 to N2.648 trillion in 2025.

    The strong participation by foreign investors boosted total turnover at the NGX, with aggregate turnover by both domestic and foreign investors rising by 113.24 per cent to N11.92 trillion in 2025, as against N5.587 trillion in 2024.

    Nigerians also remained bullish about the outlook of the economy with domestic transactions rising from N4.73 trillion in 2024 to N9.27 trillion in 2025.

    The breakdown showed that foreign investors were more willing to retain their funds in Nigeria with more inflows than outflows.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    Foreign inflows stood at N1.40 trillion as against outflows of N1.24 trillion 2025. Inflows and outflows had stood at N396.41 billion and N455.62 billion respectively.

    There were also improvements across transactions by retail and institutional domestic investors. Turnover by retail domestic investors rose from N2.31 trillion in 2024 to N3.65 trillion in 2025 while institutional transactions increased from N2.42 trillion in 2024 to N5.62 trillion in 2025.

    The NGX attributed increasing foreign and domestic participation at the market to gains of government’s macroeconomic reforms.

    According to the Exchange, the bullish run at the market reflected broader policy reset that has redefined Nigeria’s economic outlook, including such decisive measures such as liberalisation of the naira, removal of fuel subsidies, and closer coordination between fiscal and monetary authorities.

    Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Temi Popoola said much of the market’s resilience could be traced to a “wave of coordinated reforms” that have rebuilt confidence in the country’s financial architecture.

    According to him, the market performance underscored renewed investor confidence and the resilience of Nigeria’s capital markets.

    He said government’s reforms have redefined Nigeria’s economic outlook and restored a degree of macroeconomic stability.

    He said: “The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds. This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.

    “During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market”.

    He commended President Bola Ahmed Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence.

    According to him, the capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment.

    Popoola assured that the NGX Group would continue to collaborate with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing the market’s position as a catalyst for sustainable economic growth.

    Managing Director, GTI Capital, Mr. Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.

    He noted that the stock market is the closest reflection of a country’s global economic rating as investors are sensitive to risks.

    Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sehinde Adenagbe said the market performance has strong correlation with the economic reforms of the current government.

    He said: “There is no gain saying that since President Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest. The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening”.

    He added that further digitization of the economy and the capital market has smoothen the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group, which has tremendously increased inclusiveness in the market.

    According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.

    He said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration”.

    He highlighted the enactment of the Investment and Securities Act (ISA) 2025 signed into law by President Tinubu, removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list” and the reforms in the foreign exchange (forex) market as major impetus for the market.

    According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.

    “Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.

    He however called for more supportive policies that encourage new listings, including moribund state-owned-enterprises that can be turned around as well as incentives for long-term institutional investment.

    “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development. The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment,” Adenagbe said.

  • The sleeping giant wakes up

    The sleeping giant wakes up

    When President Bola Ahmed Tinubu appointed Dr Kayode Opeifa as Managing Director of the Nigerian Railway Corporation (NRC) in early 2025, expectations were cautious. Years of stalled reforms, decaying assets and policy inertia had left the railway sector struggling for relevance in a country desperate for cheaper mobility and efficient freight evacuation. One year later, the story around the NRC has changed markedly. NTAKOBONG OTONGARAN reports.

    Transportation experts increasingly trace the renewed confidence in rail transport to the energy, clarity and reformist posture that Dr Kayode Opeifa brought into office as the Managing Director of the Nigerian Railway Corporation (NRC). From his first days at the corporation, the NRC under his leadership pursued an aggressive transformation agenda anchored on five strategic initiatives: legal enabling architecture, rehabilitation and optimisation of railway assets, railing with the states and track access policy, a freight revolution and the ambitious Vision 2-5-10-20 roadmap.

    Rather than ease into office, Opeifa chose momentum. Within weeks, he launched what became the defining thrust of his administration: the freight revolution. The flag-off of landmark freight collaboration with terminal operators signalled a deliberate shift toward rail-led logistics and trade facilitation. It was an early message that rail was no longer to be treated as a ceremonial public service but as a commercial backbone of the economy.

    That message was reinforced through immediate field engagement. He embarked on working tours of key northern rail corridors and operational hubs, focusing on restoring freight confidence and aligning district operations with the new freight-first philosophy. The visits were practical rather than symbolic, reflecting a leadership style rooted in on-ground assessment and execution.

    Public engagement soon emerged as another hallmark of the Opeifa era. When popular Nigerian entertainer, Daddy Showkey paid a courtesy visit to the NRC headquarters to appreciate the corporation for professionalism displayed during a brief train disruption on the Itakpe corridor, the moment resonated widely. It humanised the rail experience and subtly repositioned train travel as dependable, relatable and culturally relevant.

    Institutional confidence followed. An editorial endorsement by The Nation newspaper threw its weight behind the reform direction of the NRC, describing the early steps of the new management as purposeful and reform-driven. That endorsement was soon echoed by key institutions across the transport ecosystem.

    The NRC headquarters became a hive of sector-wide engagement. Urban transport authorities renewed track access arrangements while congratulating the new leadership. Inland container operators committed to moving additional cargo from Lagos to the northern hinterland by rail, reinforcing confidence in rail based evacuation and reducing pressure on congested highways.

    Gender inclusion featured prominently in the reform narrative. The managing director publicly celebrated women in rail, commending the Women in Rail initiative for its continued contribution to sustaining operations and institutional stability across the network.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    Security and asset protection tested the administration early. Incidents of vandalisation prompted a firm response, with Opeifa warning scrap dealers, iron smelters and collaborators to steer clear of railway assets. That zero-tolerance posture became consistent throughout the year, as the NRC strengthened collaboration with the Nigeria Security and Civil Defence Corps (NSCDC), Man-O-War and host communities to curb theft and sabotage along vulnerable corridors.

    Planning and vision setting followed operational momentum. Opeifa presented a comprehensive railway mapping that connected all 36 states of the federation, offering a clear visual articulation of Vision 2-5-10-20 and projecting phased expansion over short, medium and long-term horizons. He also challenged the management of the Railway Museum to reposition the centennial facility as a living cultural and commercial asset rather than a static relic.

    District tours expanded across the western corridor, with visits to Lagos and Ibadan stations, before engagements with sub-national governments gathered pace. Ogun, Ekiti and Plateau states and regional development commissions were engaged under the railing with states’ initiative, a policy designed to unlock dormant rail lines through state partnerships, shared ownership and local economic alignment.

    Energy transition emerged as another strategic pillar of the administration. Discussions with clean energy partners on compressed natural gas conversion matured into formal collaboration, laying the groundwork for a cleaner and more sustainable rail energy future. The partnership also reinforced an intermodal vision that linked rail transport with environmentally responsible road connectivity.

    Operational challenges were not glossed over. The temporary suspension of train services on some corridors following technical glitches was handled with transparency, reinforcing public trust. Similar clarity defined the handling of washouts, derailments and vandalisation incidents reported across different districts. Each episode was met with prompt communication, security coordination and remedial action.

    Labour relations remained stable. Opeifa consistently described workers as the engine room of the NRC, pledging welfare focused reforms and institutional respect. Capacity building followed, with memoranda of understanding signed with tertiary institutions to strengthen training pipelines in railway engineering, operations and asset management.

    Passenger growth became more visible during festive periods, with additional train coaches added to increase passenger capacity. Intermodal connectivity was strengthened through the introduction of cleaner fuel buses at major stations, supporting seamless movement beyond the tracks and improving last mile access.

    Beyond operations, Opeifa emerged as a visible advocate for private sector participation in rail development. Through appearances on Channels Television, NTA and TVC, he argued that Nigeria’s rail future depended on investment friendly policies, regulatory clarity and commercial discipline. His thought leadership extended to industry platforms such as the TransportDay Lecture and the anniversary celebration of Lagos State Traffic Management Authority (LASTMA), where he described the agency as one of Nigeria’s most impactful public policy interventions since independence.

    Not all challenges were physical. The NRC also confronted misinformation. False reports of burning coaches and vandalised assets circulated at different points, some recycled from incidents predating the administration. Each was promptly debunked, reinforcing a commitment to transparency and factual communication in an era of rapid information spread.

    As the year progressed, attention increasingly turned to how the NRC’s reform direction compared with rail revival efforts elsewhere. Across emerging economies, successful rail resets followed a broadly similar pattern. Governments first restored commercial relevance through freight, decentralised responsibility through sub national or regional partnerships, and only then scaled passenger services in a sustainable manner.

    India’s experience offers a clear example. Its railway reform placed freight corridors, private logistics partnerships and asset optimisation at the centre of policy long before passenger modernisation gathered pace.

    Morocco anchored its rail turnaround on strong state backing, commercial discipline, port integration and a clear separation between regulation and operations.

    Egypt combined infrastructure renewal with institutional reform, opening space for private participation while retaining strategic state control.

    Nigeria’s evolving rail reset under Opeifa aligns closely with these global pathways. The emphasis on freight as the economic driver of rail operations mirrors international best practice, recognising that passenger services thrive sustainably only when supported by strong cargo revenues. The railing with states initiative echoes decentralisation models adopted in peer economies, allowing sub national governments to take ownership of dormant corridors and align rail investment with local economic priorities.

    Equally significant is the focus on institutional credibility. By prioritising transparent communication during disruptions, strengthening asset protection and engaging professional bodies and training institutions, the NRC under Opeifa addressed the governance deficit that often undermines infrastructure reform in developing economies. This approach reflects a growing global consensus that rail revival is as much about institutions and confidence as it is about tracks and trains.

    Nigeria’s context remains more complex than many of its peers. Decades of infrastructure neglect, fiscal constraints and security challenges meant progress would likely be incremental rather than spectacular. Unlike Morocco or Egypt, Nigeria manages a vast geography with uneven economic density. Unlike India, it operates within a more fragmented fiscal and security environment.

    Yet, direction matters as much as speed. By restoring commercial logic to rail operations, encouraging state level participation, integrating energy transition and intermodal planning, and positioning rail within the broader national economic reform agenda, the NRC’s trajectory reflects lessons already tested in other emerging economies.

    In that sense, Opeifa’s first year is less about dramatic breakthroughs and more about structural realignment. It is about placing Nigerian rail reform on a path that global experience suggests can succeed if sustained.

    One year on, Dr Kayode Opeifa’s tenure has begun to redefine the NRC’s public image. From a moribund institution weighed down by history, the corporation has started reclaiming relevance as a driver of mobility, trade facilitation and national integration.

    The challenges ahead remain formidable. Funding gaps, ageing infrastructure and security risks persists. Yet, for the first time in years, the conversation around Nigerian railways shifted from nostalgia to possibility. For many observers, that shift alone marks the quiet revolution of Opeifa’s Midas touch.

  • Fed Govt pays N152b to local contractors

    Fed Govt pays N152b to local contractors

    The Federal Government has confirmed that it has disbursed N152 billion to contractors of verified contracts.

    The payment the federal government said followed established verification procedures designed to safeguard public funds and maintain accountability in government spending.

    In a statement, the Federal Ministry of Finance said the payment process is guided by existing laws and regulations to ensure transparency and protect taxpayers’ money. “The process of payment for contracts goes through various verification processes in line with extant laws and regulations, to protect taxpayers’ money and ensure accountability and transparency,” the ministry said.

    Acknowledging the financial pressure delays have placed on contractors, the ministry appealed for continued engagement as a pathway to resolving outstanding issues. “We also plead for continuous dialogue and engagement for effective resolution of all conflicts,” the statement added.

    The ministry assured contractors of its willingness to maintain open communication, urging them to respect the procedures and staff involved in handling payment requests. “We assure all contractors of our continuous support and openness to constructive dialogue and urge all contractors to respect the process and the personnel of the Federal Ministry of Finance, who have had to endure different levels of intimidation and harassment,” it said.

    It stated that all outstanding payment requests would continue to be processed in line with due process and handled “in a timely and consistent manner.”

    As part of broader efforts to address the contractors plight and restore confidence among local firms, the Federal Government has proposed setting aside N1.8 trillion in the 2026 budget to clear outstanding payments for capital projects executed under the 2024 fiscal year.

    Of this amount, N100 billion has been allocated specifically for indigenous contractors, many of whom have raised concerns over prolonged delays and worsening financial conditions.

    Read Also: Critical success factors for Nigeria’s economy this year

    The proposed budgetary provision follows recent protests by members of the All Indigenous Contractors Association of Nigeria (AICAN), who returned to the streets to draw attention to mounting debts and liquidity challenges within the sector.

    AICAN President, Mr Jackson Nwosu, said the protests were driven by what he described as growing desperation among contractors facing loan defaults and the risk of losing personal assets after borrowing to carry out government projects.

    “The government has failed to honour the agreement to pay contractors whose project details had been submitted and verified. Payments finalised before the closure of the payment portal at the end of December never reflected in our accounts,” he said.

    Nwosu also challenged official claims that the bulk of the debt had been settled, arguing that only a fraction of the outstanding obligations had been addressed. He said, “They claim 80 percent of the debt has been cleared, but in reality only 30 to 40 percent of payments have been processed.”

    According to him, payment warrants appeared to have stopped around May 2025, even as contractors continued work on ongoing projects, leading to a sharp rise in liabilities. He estimated that total outstanding obligations have now exceeded ₦4 trillion.

  • NNPCL affirms oil output boom over pipeline security

    NNPCL affirms oil output boom over pipeline security

    The Nigeria National Petroleum Corporation Limited (NNPCL) has affirmed that the collaboration between host communities of the Trans Niger Pipeline (TNP) and Pipeline Infrastructure Nigeria Limited (PINL) has led to Increasing oil production and contributing to greater revenue for the country.

    The Head, Field Operations, Eastern Corridor,  Project Monitoring Office, Akponime Omojevwhe, (PMO NNPCL), made the affirmation at the first edition of the Pipeline Infrastructure Nigeria Limited (PINL), and HOSCOMs monthly stakeholders engagement meeting, for the year 2026, held in Port Harcourt,  the Rivers State capital yesterday.

     The meeting is basically meant to get feedback from stakeholders and community people regarding their operations in the host communities.

    Speaking in his opening remarks at the event, Omojevwhe noted that the community’s support has also contributed to the sterling performance of the company in securing the TNP.

    The PMO head urged the communities to sustain the effort in ensuring that the company’s projected 2.5m barrels per day production for the year 2026 is achieved.

    “The message I was sent is to appreciate the stakeholders for your collaboration with PINL which has shown significant upshoot in the oil production and it has yielded in revenue generation.

    “I want to emphasize that this year 2026, we must be able to ensure that it is better than 2025 so that our projection can be met as far as oil production is concerned,” Omojevwhe said.

    Earlier, the General Manager, Community and Stakeholders Relations of PINL, Dr Akpos Mezeh said the company has secured assurances from the host communities to ensure that there are no infractions on the TNP.

    Mezeh noted that the company is determined to meet the Federal Government’s projected 2.5m barrels per day production, commending the surveillance guards for the effort.

    “In this year 2026, we have gotten renewed commitments from the communities to ensure that there is no infraction on the pipelines.

    “We are determined to achieve the Federal Government’s target of 2.5m barrels per day production,” he stated.

    The PINL official also disclosed plans to mediate in the talks between the Federal Government and Ogoniland in Rivers State to ensure a smooth resumption of oil exploration in the area.

    “Reaching the 2.5m barrels per day target of the Federal Government requires that we need to mediate in any area of conflict in the Niger Delta and the Ogoni area is key. In this 2026, we are determined to strengthen mediation with communities in Ogoniland to ensure that there is resumption of crude oil production in that area,” he added.

    Speaking on some of its strategies to sustain its performance in 2026, Mezeh said the company aims to align with the efforts of the Federal Government toward meeting the 2.5million bpd production target, sustain zero infractions along the TNP corridor, mediate in conflicts in Ogoniland and other oil producing communities with a view to resuming production.

    He also listed expansion of women and youth empowerment programmes, deepening community intelligence and participation, strengthening collaboration with NNPCL, Office of the National Security Adviser (ONSA), and security agencies, advocating for improved government presence and infrastructural development in the oil and gas communities.

    The company also promised to uphold transparency, accountability, and consistent engagement to conduct capacity-building training for Community-Based Contractors (CBSs) with focus on incident reporting, event reporting, guard patrol procedures, surveillance and intelligence gathering.

    While thanking the company for their support and cooperation, he urged them to continue to choose the part of peace and dialogue in resolving all issues.

    On his part, the representative of the ONSA at the meeting, Young-Harry Amachree assured that all sentiments and opinions expressed by the community people shall be adequately addressed.

    In his speech, King of Eleme Kingdom, HRM, Philip Osaro Obele, commended the company for carrying the communities along in its operations. He particularly noted the recent distribution of Christmas palliatives to the communities and surveillance guards along the TNP.

    “There is not much to say and talk about but to commend PINL for what they are doing, for carrying every person along. During the festive period, they distributed gifts, rice, beans and other things to the stakeholders.

    “Thank you very much, this will make them feel that you recognize them and the work you have assigned to them to do,” he said.

    Also speaking, a community stakeholder and king of Elele-Alimini Community in Emohua local government area of Rivers State, Eze Peter Wagbara noted that PINL has operated with a difference as against the divide and rule pattern he alleged other companies used on host communities.

    “They are not dividing our people because, most of the conflicts we see in most communities are sponsored by companies, but so far, I have watched the Pipeline Infrastructure Nigeria Limited, especially in my own domain, there have not been any such thing, “ he stated.

    Read Also: The legislature in Nigeria: Compromised, marginalised and endangered

    The monarch however, appealed to the company to fast track its women empowerment programmes and scholarship to ensure that all communities benefit.

    Speaking on behalf of youths of the area, spokesperson of Niger Delta Ethnic Youth Leaders, Dr Legborsi Yamaabana, pledged the support of youths of the region for the company. He said the company has touched the lives of youths in areas of empowerment and employment, urging the federal government to give more responsibility to the company.

    “They are part of us. We have adopted them as individuals of each of our communities across the Niger Delta.

    We have also adopted them as a special purpose vehicle to bring about peace, development, economic growth and progress.

    “ Lastly, I want to say that we would continue and sustain the support for this company, and we are appealing further to Mr. President and the government to give this company more responsibility because they are not tired of doing good, “ Yamaabana said.

    The meeting was attended by stakeholders from Rivers, Imo and Abia states.

  • Kogi floats N50b Sukuk for airport, international market

    Kogi floats N50b Sukuk for airport, international market

    Kogi State has announced plans to raise a N50 billion Sukuk bond to fast-track the construction of the Kogi State International Airport and the Lokoja International Market.

    The plan was unveiled at an investor engagement and market sensitisation forum in Abuja, where the Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, said the Sukuk would be asset-backed, infrastructure-focused and aligned with the state’s long-term development framework.

    Idris said the bond programme was designed to accelerate the delivery of critical infrastructure and not as a response to fiscal pressure.

    “This N50 billion Sukuk is strictly for infrastructure. It is dedicated to the Kogi State International Airport and the Lokoja International Market,” Idris said.

    He disclosed that the State Executive Council and the House of Assembly had approved the transaction, while the government had also applied for an Irrevocable Standing Payment Order (ISPO) from the Federal Government to strengthen investor confidence.

    According to him, Governor Ahmed Usman Ododo has directed that the state should move swiftly, with March 2026 set as the target period for fund release and construction take-off.

    “Our target is March. If it shifts slightly, it will not derail the project, but we are determined to avoid unnecessary delays,” Idris said.

    He added that the procurement process for the airport project would begin within weeks, noting that the state had engaged experienced financial and technical advisers to fast-track documentation and regulatory approvals.

    The Sukuk, structured as a senior unsecured Ijara Sukuk, will be issued at N1,000 per unit, with a total programme size of N50 billion and a tenure of between five and seven years. It will be offered through a book-building process, with a minimum subscription of N5 million.

    Managing Director of AVA Capital Group, Kayode Fadahunsi, said the projects were structured to generate revenue capable of supporting repayment.

    He explained that the funds would be monitored through multiple oversight layers, including the Securities and Exchange Commission (SEC), a Sharia Advisory Board and an independent Project Management Committee, which will provide quarterly reports to stakeholders.

    Addressing concerns on pricing and listing platforms, Fadahunsi said Sukuk instruments were generally competitively priced and could be listed on either the Nigerian Exchange (NGX) or FMDQ for secondary market trading.

    Officials also clarified that any call option on the Sukuk would only arise after the completion and delivery of the underlying assets, in line with Sukuk requirements.

    Read Also: Tax reforms have wiped out Nigeria’s middle class — UNILAG professor

    On security, Idris said the state had strengthened safety measures through the deployment of surveillance drones, training of over 1,050 hunters across local government areas and the absorption of vigilante operatives into the civil service.

    In a keynote address delivered on behalf of Governor Ododo, the administration said it was approaching the capital market on the basis of measurable indicators, including its “B” credit rating with a stable outlook by Fitch Ratings, improved fiscal management and regular salary payments.

    “We are not selling hope. We are offering assets, revenue, discipline, and delivery,” Ododo said, inviting investors to partner with the state in building long-term value.

    The governor also disclosed that Kogi has began receiving 13 per cent derivation revenue following its recognition as an oil-producing state, a development expected to enhance its revenue profile and debt-servicing capacity.

    He said proceeds of the Sukuk would be applied strictly to the airport and international market projects, which he described as critical to positioning Kogi as a logistics and trade hub.

    Market operators at the forum said the Sukuk could reach the market within months if regulatory and documentation processes are concluded as scheduled.

  • Ardova enhances information security with ISO 27001 certification

    Ardova enhances information security with ISO 27001 certification

    Ardova Plc, has been awarded the prestigious ISO 27001:2022 Certification, the world’s leading standard for information security management systems. This milestone

    underscores the company’s unwavering commitment to safeguarding customer and staff data through globally recognized best practices.

    The certification follows a rigorous and comprehensive audit process that evaluated Ardova Plc’s policies, procedures, and technical controls for information security. The process was managed by the technology and digital department of Ardova Plc, under the leadership of Mr Kamil Adebumola, with guidance from Cyberstage Systems Ltd, an accredited ISO consulting and certification body which involved multiple phases of assessment and system strengthening across all departments handling sensitive data.

    In a brief ceremony held at Ardova’s head office, Cyberstage Systems Ltd officially presented the ISO 27001 certificate to the company. The event was attended by the Managing Director, the Group Financial Controller, Head of Digital and Analytics and the dedicated ISO Champions— representatives from various teams responsible for managing and protecting customer and employee data.

    Speaking at the ceremony, the Managing Director, Mr Moshood Olajide, commended the collective effort that led to this achievement, noting that:

    “This certification is a testament to Ardova Plc’s commitment to adhering to the highest standards of information security, risk management, and compliance as an organization. This achievement is not just about compliance; it’s about our commitment to trust, resilience, and excellence in safeguarding information, and reassuring our stakeholders that we not only align with global standards but are also prepared for the future.

    Read Also: Shell plans fresh $20bn investment in Nigeria, NNPCL — Ojulari 

    Information security is at the heart of our operations, and achieving ISO 27001 reflects our ongoing commitment to protecting the trust our customers and partners place in us.”

    The ISO 27001 Certification sets Ardova Plc apart as a trusted organization with robust frameworks for identifying, managing, and mitigating information security risks. It also reinforces the company’s strategic focus on leveraging digital transformation while ensuring data confidentiality, integrity, and availability.

    The recognition marks another major step in Ardova Plc’s journey toward operational excellence and global best practices in corporate governance and compliance.

    About Ardova Plc

    Ardova Plc is a leading Nigerian integrated energy company engaged in the distribution of petroleum products, renewable energy solutions, and power generation. With a strong focus on innovation, safety, and sustainability, Ardova continues to drive progress in Nigeria’s energy sector while upholding the highest standards of business ethics and customer service.

  • Ministry unveils unified housing delivery framework

    Ministry unveils unified housing delivery framework

    The Minister of Housing and Urban Development,  Ahmed Musa Dangiwa,  has announced a new Unified Housing Delivery Framework aimed at strengthening collaboration between the Federal and State Governments to deliver housing at scale and build sustainable cities across Nigeria. This was contained in a statement from the ministry.

    The Minister spoke at the 14th Meeting of the National Council on Lands, Housing and Urban Development in Ilorin, Kwara State, under the theme “Achieving Housing Delivery and Sustainable Cities through Effective Land Management, Urban Renewal, Promotion of Local Building Materials, and Public-Private Partnerships in Nigeria,”

    He said the Federal Government is repositioning Nigeria’s housing sector to operate as a single, coordinated national system rather than fragmented interventions.

    According to the Minister, the new direction is focused on ensuring that the Ministry and all Federal Housing Institutions (FHIs) function as One Government in delivering results that directly support States and local implementation efforts

    ” This is to ensure that they operate not in silos, but as One Coherent National Housing Delivery System, working in direct support of State-level implementation,” the Minister stated.

    He explained that to translate this coordinated national system into tangible outcomes across the country, the Ministry has developed a Unified Housing Delivery Framework that enables structured State participation, greater scale, and measurable impact

    ” We have developed a Unified Housing Delivery Framework that enables structured State participation, scale, and impact,” he said.

    The Minister further emphasised that the objective of the Framework is to provide clarity and predictable collaboration between the Federal and State Governments in housing delivery.

    “The objective of this Framework is clear: to ensure that the Ministry and all Federal Housing Institutions operate as One Government, with complementary and clearly defined roles, while providing State and Local Governments with a predictable, credible framework for collaboration on housing delivery,” he added.

    Accordingly, he reaffirmed that the Ministry of Housing remains Nigeria’s designated Coordinating Ministry for housing, land, and urban development, providing policy direction, setting standards, aligning national initiatives, and mobilising private and development finance for housing delivery.

    He outlined the Inter-Ministerial Federal delivery and financing architecture driving the Renewed Hope Agenda to include Federal Mortgage Bank of Nigeria (FMBN) – delivering single-digit mortgage products, NHF-linked financing, and rent-to-own schemes; Federal Housing Authority (FHA) – serving as master developer and PPP structuring partner; Nigeria Mortgage Refinance Company (NMRC) – supporting mortgage refinancing and liquidity; MOFI Real Estate Investment Fund (MREIF) – mobilising concessional housing capital; and Family Homes Funds Limited (FHFL) – expanding access to social and affordable housing for low-income Nigerians.

    He noted that the Ministry’s 2026 Strategic Plan prioritises stronger coordination across these institutions to function as a unified national delivery system.

    ” Under the Framework, States are expected to participate as active counterparts across four flagship Federal programmes, including the Renewed Hope Housing Programme, State-led Social Housing, State Urban Renewal and Inner-City Regeneration, and a State Housing PPP and Investment Platform to develop long-term housing investment pipelines’ he explained

    The Minister further stressed that the Framework is particularly timely, as many States are experiencing improved fiscal capacity and now require structured ways to partner with the Federal Government and private capital providers for accelerated delivery.

    Dangiwa also reiterated that Nigeria’s solutions to housing challenges are known, but success depends on coordination, strong commitment, and disciplined implementation. He highlighted Federal efforts in: land reform through the National Land Titling, Registration and Documentation Programme (Link4Growth); the delivery of over 240 urban renewal and slum upgrade projects nationwide with more ongoing.

    Additionally, he listed the progress made on Building Materials Manufacturing Hubs to reduce construction costs and deepen local production; and growing results from PPP-backed Renewed Hope City projects in Karsana (Abuja), Ibeju-Lekki (Lagos), and Kano, where active house sales are already underway.

    The Minister concluded by describing the Unified Framework as a deliberate national shift away from isolated interventions toward a coordinated system where all tiers of government deliver measurable housing outcomes together.

    “The Federal Government provides leadership, institutions, and finance. States provide land and subsidies, execution, and local leadership… Together, we deliver homes, renew cities, and unlock growth,” the Minister said.

    Chairman, House Committee on Urban Development and Regional Planning, Hon. (Dr) Awaji-Inombek Abiante raised concerns over unsafe urban farming practices linked to poor land use planning, warning that they pose grave public health risks and undermine sustainable urban development in Nigeria.

    “These practices are not accidental; they are the direct consequences of poor land management and the failure to designate safe, planned environments for agriculture within urban and peri-urban areas,” he said.

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    Deputy Governor of Kwara State, Kayode Alabi, who represented the Governor identified high cost building materials as the most significant factor currently inhibiting efficient housing delivery for average Nigerian, saying that any effort to ensure sustained delivery of houses in Nigeria must necessarily prioritise local content development.

    He commended the Federal Government for the housing initiatives, and pushed for improved access to mortgage finance by average households and longtime credit to private investment concerns, stating that public investment alone cannot effectively tackle the nation’s housing gaps.

    In a vote of thanks, Minister of State for Housing and Urban Development, Hon. Yusuf Ata charged participants to translate council resolutions into concrete policies, programmes, and projects that deliver safe buildings, improve housing outcomes, strengthen land administration systems, and build more resilient and inclusive cities.

    “The true measure of our success lies in the visible impact on the lives of Nigerians and the sustainability of our urban spaces,” he remarked.

  • Firm raises $5m pre-seed capital

    Firm raises $5m pre-seed capital

    Tech startup, Sparkli, raised a $5 million pre-seed round to bring its multimodal learning engine to families and schools around the world.

    The pre-seed round will allow Sparkli to scale its generative learning engine and prepare for a private beta launch in January 2026. The company is currently validating its platform through a strategic pilot with one of the world’s largest private school groups. This partnership provides Sparkli with a powerful testing ground across a network of more than 100 schools and over 100,000 students.

    Sparkli’s approach is shaped by three shifts essential for modern childhood education, a strategy designed to solve the ‘Agency and Curiosity Gap’. First, it forces a Velocity Shift by moving away from static curriculums to real-time relevance where children explore new topics the moment they emerge. Second, it drives an Engagement Shift by replacing the dry ‘AI chatbot wall of text’ and passive screen time (watching videos, playing video games) with a multimodal playground of visuals, voice, and playable simulations. This turns consumption into active, gamified inquiry rooted in educational value. Finally, Sparkli prioritizes a Skills Shift that focuses on capabilities such as creativity and complex problem solving rather than memorization.

    Underpinning these interactions is a system that builds an interest and knowledge graph for every child over time, enabling the platform to deliver truly personalized and adaptive learning.In practice, this means if a child asks to build a city on Mars, Sparkli doesn’t just list facts but instantly generates an interactive expedition where they learn age-appropriate physics, simulate the environment, and build their own city.

    As they design the infrastructure and explore logistics, the platform challenges them to engage in debates, make strategic choices based on real arguments, and ultimately reflect on and defend their decisions.

     “Our goal is to build agency in the next generation,” said Lax Poojary, CEO and founder of Sparkli. “Children learn by exploring, making choices, asking questions, and discovering what inspires them. Sparkli turns screen time into a place where curiosity grows rather than fades.”

    Sparkli’s early pilots illustrate these shifts in action. In one classroom, eight-year-olds used the platform to simulate building their own mini food cart businesses, where teachers observed students debating concepts like budgeting and customer experience. In another pilot, students took control during an unstructured ‘Freedom Friday’ session, initiating their own expeditions into topics ranging from game design to the Big Bang. Parents testing the consumer version described a notable difference in the quality of their children’s screen time, with one parent remarking that their son returned from a session eager to outline his sustainability plan if he were Mayor for a day.

     Realizing the potential to reimagine this learning experience, CEO Lax Poojary and his co-founders, who are veterans of Google Area 120, Search, and YouTube, assembled a team of engineers and designers, including experts from ETH and the education sector. Together, they are building a platform that fuses generative AI, pedagogy, motion design, and game mechanics to address a fundamental failure in how content is delivered. Existing systems are often slow, standardized, and unable to keep pace with discovery. Textbooks take years to update, traditional edtech depends on static libraries and drills, and open-ended AI tools and chatbots, though powerful for adults, are unsafe or overwhelming for young users. This growing gap creates a major market opportunity for Sparkli to deliver a capable yet safe platform that pairs modern generative technology with strong guardrails and age-sensitive design.

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    By solving this, Sparkli positions itself to disrupt the $7 trillion global education market, a sector widely predicted to be one of the most significant use cases for artificial intelligence. While Duolingo has built the largest consumer EdTech business to date by digitizing rigid language drills, Sparkli targets a significantly larger addressable market by reimagining how the next generation acquires knowledge

     “Sparkli represents a step change in how children can interact with knowledge,” said Lukas Weder, Partner at Founderful. “The team is applying high caliber engineering and thoughtful pedagogy to a space that desperately needs innovation. Their traction with schools shows a real appetite for tools that foster curiosity and agency rather than passive consumption.”

    Sparkli’s vision is to become the AI-native operating system for childhood development. The company plans to extend its platform from curiosity into creation, giving children tools to build and prototype projects directly inside Sparkli. It seeks to connect classroom learning with home exploration and ultimately support learners as they grow into adolescence and beyond. The long-term goal is to give every child a lifelong AI companion that remembers what they cared about at age six and helps them develop those passions at 17.

    Children today have an unprecedented ability to explore ideas, yet their digital world gives them so few ways to do it. When an eight-year-old asks how to build a city on Mars, the answer should ignite imagination, not flatten it into a wall of text. Built for this moment, Sparkli is launching a new model of learning shaped for the developing brain, using real-time multimodal artificial intelligence (AI) that gives children the agency to build their own interactive learning expeditions on any topic in minutes.

    Sparkli transforms these inquiries into multi-disciplinary, real-life journeys that foster future-ready skills, including technology, design thinking, sustainability, financial literacy, entrepreneurship, emotional intelligence, and global awareness.

  • NLNG trains journalists on digital media

    NLNG trains journalists on digital media

    Nigeria Liquified Natural Gas (NLNG) has concluded the training of the first batch of 32 journalists drawn from both the print and electronic media on how to use digital tools to enhance journalism practice.

    The three day training which took place in Abuja is organised by the Journalism Clinic and sponsored by the leading operator in the nation’s gas industry and offered new insights into the rapidly evolving role of artificial intelligence and digital communication in the newsroom.

    Participants were drawn from Voice of Nigeria, The Nation Newspaper, Blueprint, Daily trust, AIT, TVC, News Agency of Nigeria, Galaxy TV, Daily Times, Democracy Radio, Independent Television, Arise News, among others.

    Addressing the participants, NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall said the company was focused on building capacity which she described  as a key pillar of its Corporate Social Responsibility.

    Tagged #NLNGChangeYourStory, she said the initiative has continued to equip journalists with the required skills and confidence needed to professional media content in an increasingly fast-paced and technology-driven media environment.

    She described journalism as a calling that informs, educates, and influences society. She encouraged the participants to apply the knowledge they gained to amplify their impact, and expressed optimism that journalists will continue to enlighten the public, and inspire valuable synergies through stories that reflect NLNG’s vision of being a globally competitive energy company improving lives sustainably.

    She further highlighted NLNG’s broader support for the media sector, citing the NLNG Prize for Energy Reporting at the Diamond Awards for Media Excellence (DAME) among others.

    Manager, Corporate Communications and Public Affairs, Anne-Marie Palmer-Ikuku, said NLNG is deliberate with its investments to raise professional standards in Nigeria’s media practice.

    She said the training reinforces NLNG’s commitment to strengthening stakeholder capability and advancing professionalism within Nigeria’s media space.

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    “This workshop moved beyond theory to address the real pressures of a digital newsroom, including speed, verification, audience trust, and relevance. Our support for these competencies is aimed at strengthening a resilient media ecosystem that produces accurate, impactful journalism that is capable of shaping public understanding and contributing to national progress,” she said.

     It featured hands on sessions and expert-led discussions with participants exploring how new media tools can be effectively deployed to deliver real-time reporting, expand audience reach beyond borders, and foster meaningful engagement across platforms.

    The workshop which was facilitated by digital communication specialist Dan Mason and media veteran Taiwo Obe guided participants through practical approaches to digital storytelling, data visualisation, online fact-checking, audience engagement, and the effective management of digital presence.

    The #NLNGChangeYourStory has so far empowered over 180 journalists with enhanced digital communication and social media skills across its various editions.