Author: user user

FG targets transparent tax system through digital reforms

The Federal Government has reaffirmed its commitment to achieving a transparent, fair and technology-driven tax system, especially with digital reforms to improve tax administration and rebuild public confidence.

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this on Thursday at a hybrid stakeholders’ engagement convened in Lagos by the Office of the Tax Ombud.

The engagement has its theme as ‘Promoting Fairness, Transparency and Trust in Tax Administration in Nigeria’, brought together government officials, professional bodies and private sector stakeholders to discuss measures for improving the nation’s tax system.

Oyedele, represented by Mr Olufemi Olarinde, Special Adviser on Tax Policy to the Executive Chairman of the Federal Inland Revenue Service (FIRS), said the government’s ongoing tax reforms were designed to create a system where taxpayers pay only what they legitimately owe.

He said the reforms would reduce opacity, minimise human discretion and establish a predictable, accountable and efficient tax administration framework.

‘If we get fairness, digitisation and harmonisation right, we will earn the trust of our citizens, and trust is the true currency of any tax system,’ Oyedele said.

The minister said digitising tax processes would improve transparency, reduce corruption and inefficiency, while harmonising revenue collection across government would address multiple taxation and lower compliance costs for taxpayers.

He described the Office of the Tax Ombud as a major step toward strengthening accountability, adding that taxpayers deserved quality service and an independent platform to protect their rights and resolve disputes fairly.

Oyedele reaffirmed President Bola Tinubu’s commitment to an efficient and accountable tax regime, urging stakeholders to support reforms through continuous consultation and collaboration.

The Chief Executive and Tax Ombud of Nigeria, Dr John Nwabueze, said the engagement was aimed at strengthening partnerships with professional bodies to improve confidence in the tax system and encourage voluntary compliance.

Nwabueze said effective tax administration depended on public trust, noting that citizens were more willing to comply when they considered the system fair, transparent, impartial and predictable.

He said the Office of the Tax Ombud, established under the Joint Revenue Board (Establishment) Act, 2025, complements tax authorities by protecting taxpayers’ rights and independently addressing complaints.

He added that the office had introduced digital platforms, including a website and Case Management System, alongside taxpayer education programmes, to improve access to redress and enhance service delivery.

During a panel session, President of the Nigerian Bar Association (NBA), Afam Osigwe (SAN), said a fair tax system must be transparent, simple and free from harassment and corruption.

Osigwe urged government to ensure taxpayers could see the impact of their contributions through improved infrastructure and public services, saying visible outcomes would encourage compliance.

He also called for stronger legal backing for the Tax Ombud, noting that its decisions were largely advisory under the existing framework.

Responding, Nwabueze said steps were being taken through the National Assembly to strengthen the office’s powers and improve compliance with its recommendations.

Representing the Nigeria Employers’ Consultative Association (NECA), Dr Olumuyiwa Adebayo, urged government to expand the tax base rather than increase pressure on existing taxpayers.

Adebayo said multiple tax audits, investigations and overlapping compliance requirements increased the cost of doing business and discouraged investment.

Vice President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr Etofolam Osuji, said transparency and trust remained essential for effective tax administration and voluntary compliance.

Deputy Vice President of the Chartered Institute of Taxation of Nigeria (CITN), Dr Titilayo Fawokan, urged stronger protection of taxpayer rights, independent complaint channels and wider public education.

The Executive Secretary of the Joint Revenue Board and moderator of the panel, Mr Olusegun Adesokan, said digital platforms deployed by the Tax Ombud had made it easier for taxpayers to submit complaints and seek redress.

Stakeholders agreed that digital innovation, stronger institutions and improved taxpayer education were critical to reducing disputes and strengthening compliance.

Earlier, the Special Adviser to the Lagos State Governor on Taxation and Revenue, Mr Abdul Kabir Ogungbo, endorsed the establishment of the Tax Ombud as a major step towards improving transparency and taxpayer confidence.

Ogungbo said the office would provide an independent platform for resolving disputes involving tax assessments, payments and related matters.

He said concerns over multiple taxation were largely driven by public perception arising from different agencies carrying out statutory responsibilities.

According to him, Lagos introduced the Lagos Revenue Portal in 2024 to centralise billing, payments, reconciliation and refunds through a single digital platform.

He added that the state planned to integrate collections by local governments and ministries, departments and agencies into the platform to further simplify compliance.

Stakeholders commended the Federal Government’s tax reform agenda and called for sustained engagement to promote transparency, accountability and trust in Nigeria’s tax administration.

They expressed confidence that digital reforms and stronger taxpayer protection mechanisms would encourage voluntary compliance and improve confidence in the country’s tax system.

Why I’m needed by everyone – Eniola Badmus

Actress Eniola Badmus has described loyalty as her defining trait, saying she does not fake relationships.

In a post shared on her Instagram page, the actress said loyalty is her ‘superpower’ and that she remains fully committed to those in her circle.

Badmus stated that she does not play games or pretend in relationships.

‘Loyalty is my superpower. When I’m for you, I’m for you 100%, no games, no pretence. I don’t fake relationships or loyalty. My circle knows: if you’re in my corner, I’ve got you for real. Everybody needs an Eniola Badmus in their corner. Loyalty isn’t just what I do; it’s who I am’, she wrote.

The post comes hours after Badmus rekindled her friendship with singer Davido, her former close friend.

The actress shared photos of them together at a recent event with the caption, ‘Baddoo X Baddest’.

Insecurity in Benue, source of sleepless nights – IGP Disu

The Inspector General of Police (IGP), Olatunji Disu, on Thursday visited Benue State, where he warned against unauthorised persons bearing arms.

The IGP, who spoke at a security stakeholders meeting held at the old banquet hall of Government House, described insecurity in the state as unacceptable and a source of ‘sleepless nights’ for residents and security agencies.

The police boss, who described Benue as once a peaceful and hospitable state, lamented that the state has presently been overtaken by crisis.

According to him, the crisis had gone beyond farmer-herder clashes, stating that criminal gangs, kidnappers and political interests had worsened the situation.

The IGP condemned in totality the cycle of attacks and reprisals in the state, appealing that such must end.

He reiterated President Bola Ahmed Tinubu’s directive that insecurity in the state would no longer be tolerated.

According to him, ‘We are tired of this issue of attack and retaliation. When you attack then you hear of retaliation.

‘We are the only ones recognised to carry arms around. No other person is entitled to do that. You cannot move around freely carrying arms and think there’s no law and order in this country. This will not be tolerated.’

The IGP said security operatives have been directed to apprehend any unauthorised persons bearing firearms, adding that police officers had been directed to act decisively under Force Order 237 when confronted by armed criminals.

While speaking, Benue State Governor, Hyacinth Alia, described the IGP’s visit as timely and a demonstration of the Nigeria Police Force’s commitment to tackling insecurity through community policing and collaboration with state governments.

Governor Alia regretted that attacks on communities in the state had resulted in the loss of many lives, disruption of farming activities and a threat to national food security.

He, however, said that his administration had strengthened inter-agency collaboration through regular Security Council meetings, intelligence sharing and coordinated operations, and would continue supporting security personnel and the families of fallen heroes.

Why women should not marry in their 20s – Toke Makinwa

Media personality and actress, Toke Makinwa has shared her views on marriage, saying she does not believe women should get married in their 20s.

Speaking in a recent episode of her podcast, Toke Moment, with reality TV star Tacha, Makinwa said many women are still discovering themselves during that stage of life and may not yet be ready to make such a lifelong decision.

According to her, many women who got married in their 20s later regret rushing into marriage, even if they remain with their partners.

‘Women have no business getting married in their 20s… You don’t even know yourself yet. Those who did are regretting it now. Even those who are still married if they are being honest, they will tell you that they shouldn’t have rushed it,’ she said.

Tacha also shared her mother’s perspective on marriage during the discussion.

‘My mum says marriage is like an institution. Those inside want to get out, those outside can’t wait to get in.’ She said.

Oseni launches AI learning hubs for students in Oyo South

The lawmaker representing Ibarapa East/Ido federal constituency, at the House of Representatives, Aderemi Oseni, on Thursday unveiled the Remi Oseni Smart Learning Intervention (ROSMA) Legacy Programme, introducing a network of Artificial Intelligence-powered learning hubs designed to prepare secondary school students for the demands of a fast-changing digital world.

ýThe initiative, is aimed at exposing students to Artificial Intelligence (AI), robotics, coding, digital literacy and mentorship, while supporting their preparation for public examinations, including WAEC, NECO and the Unified Tertiary Matriculation Examination (UTME).

Speaking in Ibadan at the commissioning of the first batch of ROSMA Smart Learning Hubs, Oseni who is the All Progressives Congress (APC) Senatorial candidate for Oyo South Senatorial District in 2027 general elections said future belong to nations that invest in knowledge and technology.

He stated that education must move beyond conventional classroom learning to innovation.

ýHe described the project as a deliberate investment in the next generation, saying every child, regardless of background, deserves the opportunity to compete with peers anywhere in the world.

‘This programme is not just about giving support; it is about opening doors. We want our students to understand Artificial Intelligence, embrace technology and develop the confidence to compete with their peers anywhere in the world. Every investment we make in a child today is an investment in a stronger society tomorrow.’

ýThe federal lawmaker recalled that his intervention in education did not begin with politics, noting that over the years he had funded scholarships, bursaries, free WAEC and JAMB registrations, digital skills training and entrepreneurship programmes for thousands of young people, many of whom are now pursuing higher education across the country.

He also announced the proposed ROCOF Royal Ambassadors Initiative, which, according to him, will recognise exceptional students, innovators, entrepreneurs and youth leaders who distinguish themselves through academic excellence, creativity and integrity. Such recognition, he said, would inspire more young people to strive for excellence.

ýThe Chairman, House Committee on Federal Roads Maintenance Agency (FERMA) added that his ambition to represent Oyo South in the Senate was driven by a desire to expand educational opportunities across the districtdistrict.

He promised that if elected in 2027, programmes such as free WAEC and NECO registrations, JAMB sponsorships, scholarships, bursaries, AI education and digital empowerment would be extended to all nine local government areas.

Oseni, however urged the students to remain disciplined, dream beyond their circumstances and embrace technology as a tool for solving real-life problems.

He said the ROSMA Legacy Programme was conceived not merely to improve academic performance but to nurture a generation of innovative, confident and globally competitive young people capable of shaping the future of Oyo South and Nigeria.

ýEarlier in his remarks, the Project Director of the ROSMA Legacy Programme, Dr. Demilade AkinAlabi, described the initiative as a bold response to the growing digital divide, saying children in Oyo South must not be left behind at a time when technology increasingly determines educational and economic success.

ýAkinAlabi disclosed that five of the proposed nine Smart Learning Hubs had been completed in Eruwa, Agbadagbudu, Ido, Oke-Ado and Oja’ba, while construction was ongoing at the remaining centres.

He explained that the hubs would go beyond providing computers and internet access by offering practical training in coding, artificial intelligence, digital marketing, data analysis and other employable skills for students, artisans, farmers and small business owners.

ý

ý’Our dream is simple. A child’s future should never be determined by where he or she was born. These hubs are more than classrooms with computers; they are places where ideas will grow, talents will be discovered and futures will be built. We want every child who walks through these doors to believe that anything is possible.’

Defence spending boom opens new chapter for Trkiye’s machinery industry

Trkiye’s machinery manufacturing industry recorded $13.8 billion in consolidated exports during the January-June 2026 period, including shipments from free zones, according to data released by the Machinery Exporters’ Association (MAIB).

During the first six months of the year, the sector also achieved a significant increase in export value, with the average export price per kilogram rising 11% to $8.70, reflecting a shift toward higher value-added production.

Germany remained the industry’s largest export destination, with shipments totaling $1.7 billion, representing an 8.7% year-on-year increase. The United States ranked second after recording the strongest growth among major markets, with exports surging 33.9% to $1.2 billion. Italy, the United Kingdom, and Spain completed the list of the five largest export markets for Turkish machinery.

Among product categories, turbines, turbojets, and hydraulic cylinders posted the strongest export performance, with overseas sales increasing 25.6% compared with the same period last year. In contrast, exports of leather processing machinery declined sharply by 35.3%, marking the weakest performance among major machinery segments.

Commenting on the latest figures, MAIB President Sevda Kayhan Yilmaz said geopolitical uncertainty has become an increasingly permanent feature of the global economy, fundamentally reshaping industrial investment decisions and international supply chain strategies.

She noted that rising geopolitical tensions-particularly the confrontation between the United States and Iran-have intensified existing structural challenges facing European industry, especially manufacturers in Germany.

Yilmaz explained that while traditional industrial sectors continue to experience contraction and employment losses, defense-related manufacturing has expanded as governments increase military spending. According to her, this trend demonstrates that both global capital flows and state investment priorities are undergoing a rapid transformation.

Referring to the NATO Summit held in Ankara, Yilmaz said the signing of multibillion-dollar multinational procurement agreements confirmed that the global economy has entered a new era characterized by what she described as “security-oriented industrial consolidation.”

She emphasized that the emerging global fiscal framework-shaped by NATO members’ objective of increasing defense and security spending to 5% of gross domestic product by 2035-could generate an unprecedented wave of industrial orders and investment opportunities for Trkiye’s manufacturing sector.

“Reconstruction budgets are channeling substantial resources into a broad range of strategic areas, from cybersecurity and digitalization to critical infrastructure investments and the expansion of defense industries,” Yilmaz said. “At the same time, these expenditures are serving as a new growth strategy for European industry, which has struggled for years with economic stagnation and deindustrialization.”

According to Yilmaz, Trkiye is well positioned to transform this evolving geopolitical environment into a strategic advantage. With its growing industrial capacity, the country has the potential to become a key manufacturing and logistics hub for a wide range of defense products, including armored vehicles, missiles, unmanned aerial systems, and conventional weapons.

She argued that current ammunition shortages and the ongoing expansion of military production capacity across allied countries present a historic window of opportunity for Trkiye’s machinery industry to move into a significantly higher position within the global military-industrial value chain by supplying advanced, high-value manufacturing technologies.

Yilmaz also stressed that participation in profitable, long-term international defense projects will depend on the industry’s ability to fully comply with the strict technological standards and regulatory requirements demanded by the defense sector.

She added that deeper integration into European defense supply chains would significantly enhance the Turkish machinery industry’s capabilities in quality assurance, product traceability, cybersecurity, and manufacturing standards.

Although certification and accreditation procedures may initially appear challenging for small and medium-sized enterprises (SMEs), Yilmaz said these processes will ultimately drive a lasting transformation that strengthens the industry’s long-term international competitiveness. She underlined that continuous government support will be essential throughout this transition.

At the same time, Yilmaz acknowledged growing concerns over the broader economic consequences of rising global defense expenditures. She emphasized that the ultimate purpose of building a strong defense industrial base is not to encourage conflict, but rather to reinforce deterrence and preserve peace and international security.

Concluding her remarks, Yilmaz expressed hope that the advanced technologies developed by Trkiye’s machinery industry would never have to be used on the battlefield. Instead, she said, these investments should be viewed as an essential safeguard for lasting peace, regional stability, and global security.

Nigeria’s digital transformation unrivalled, says Shettima

Vice President Kashim Shettima declared yesterday that Nigeria’s ongoing digital transformation under the administration of President Bola Ahmed Tinubu is unrivalled.

Shettima attributed the progress to sweeping reforms in the country’s identity management system and the enactment of the National Identity Management Commission (NIMC) Act 2026.

He made the remarks while receiving a delegation from NIMC’s management team led by the Director General, Abisoye Odusote, at the State House, Abuja.

Shettima, in a statement by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha , said the reforms by the NIMC would facilitate the establishment of a sovereign Digital Public Infrastructure (DPI) for Nigeria.

The DPI, according to him, will accelerate the country’s transition from paper-based public administration to secure digital governance.

He lauded Odusote for what he described as her leadership in repositioning the NIMC from a database custodian into a foundational digital authority within a short period.

Shettima urged the commission’s management to continue supporting the director- general’s reform agenda by embracing more technology-driven models capable of advancing key components of the Tinubu administration’s Renewed Hope Agenda. He stated that the Federal Government was implementing bold reforms across critical sectors, including education, healthcare, financial inclusion and digital governance, intending to improve service delivery and the quality of life of Nigerians.

Earlier, Odusote congratulated President Tinubu for signing the NIMC Act 2026, describing the legislation as a landmark reform that would transform Nigeria’s identity ecosystem.

She explained that the new law provides the legal framework for seamless interoperability among government databases, enabling agencies to communicate effectively while making it easier for citizens to access government services.

The NIMC boss revealed that the Nigerian Immigration Service has already adopted the National Identification Number (NIN) for the issuance and renewal of passports.

She added that the NIN has become the single source of truth for identity verification in Nigeria, with insurance companies, financial institutions and several public agencies already integrated into the emerging digital public infrastructure.

Lessons from Overland Airways: The value of matching aircraft to market

THE memory of flying into Freetown, Sierra Leone’s capital, aboard Overland Airways’ state-of-the-art Embraer 175 remains unforgettable.

It was the airline’s inaugural Lagos-Freetown service on December 19, 2024. We departed from Murtala Muhammed International Airport (MMIA), Lagos, in the afternoon, accompanied by the founder and Chief Executive Officer of Overland Airways, Captain Edward Boyo.

Every flight tells a story, but the choice of aircraft for that regional route told an even more compelling one. The Embraer 175 delivered a smooth, comfortable and efficient journey, while Captain Boyo and his crew ensured passengers enjoyed a memorable travel experience from takeoff to landing.

Beyond the comfort of that flight lay a more important lesson in airline economics. Overland Airways has, over the years, demonstrated that matching aircraft size to market demand is not only operationally sensible, but also commercially rewarding. Rather than chasing prestige with oversized aircraft, the airline has quietly built one of Nigeria’s most consistent records of stability through disciplined fleet planning.

Its fleet composition reflects this philosophy. The airline currently operates two Beechcraft 1900Ds, two ATR 42-320s, one ATR 42-300, one ATR 72-202 and two Embraer E175 regional jets. Each aircraft serves a specific market segment, allowing the airline to deploy the right capacity on the right route.

This measured approach has enabled Overland Airways to sustain operations in challenging markets, maintain respectable load factors, control operating costs and expand cautiously into regional destinations. It is a reminder that in aviation, profitability is often determined not by operating the biggest aircraft, but by operating the most appropriate one.

For instance, the Beechcraft 1900D has an 18-seat configuration, making it ideal for low-demand, short-haul. The ATR 42-320, with a 48-seat configuration, and the ATR 72, which typically accommodates 68 passengers, are well suited for short-haul operations where passenger demand is moderate. For regional services with higher traffic volumes, the Embraer E175, configured to seat about 88 passengers, offers an efficient balance of capacity, comfort, and operating economics.

With these carefully calculated aircraft model, Overland Airways has demonstrated over the years that matching aircraft size to market demand is not only operationally sound, but also commercially rewarding.

While several airlines have pursued rapid expansion with larger aircraft, Overland Airways has remained committed to operating aircraft that are appropriate for the routes it serves. That strategy has enabled the airline to sustain operations on many domestic routes that would otherwise be uneconomical.

Established in 1998 and commencing commercial operations in 2002, Overland Airways was founded with a clear objective of connecting Nigeria’s hinterland with major commercial centres. Rather than concentrating only on the busiest trunk routes, the airline deliberately opened services to destinations that were underserved, helping to stimulate economic activities in many parts of the country.

Its network today spans Abuja, Lagos, Akure, Ibadan, Ilorin, Dutse, Gombe, Jalingo, Warri and other domestic destinations, alongside regional services to Niamey, Lome and Cotonou. Many of these routes do not generate passenger volumes sufficient to justify large-capacity aircraft.

This is where Overland’s fleet strategy has become its greatest competitive advantage.

For years, the airline relied on aircraft such as the Beechcraft 1900D, ATR 42 and ATR 72. These turboprops are designed for short- to medium-haul operations and are recognised globally for their low fuel consumption, lower maintenance costs and ability to operate from airports with relatively short runways. Instead of flying hundreds of empty seats, Overland focused on achieving healthy passenger load factors with aircraft whose capacity matched market demand.

The economics are compelling. Every airline seeks to reduce its Cost per Available Seat Kilometre (CASK) while improving Revenue per Available Seat Kilometre (RASK). However, those objectives can only be achieved when aircraft capacity aligns with passenger demand. Deploying oversized aircraft on thin routes often leads to high fuel burn, excessive maintenance costs and poor yields.

Overland Airways understood this reality long before fleet optimisation became a popular discussion within Nigeria’s aviation industry.

Its choice of ATR aircraft has also delivered operational flexibility. These aircraft consume significantly less fuel than comparable regional jets on short sectors while offering reliable performance on domestic routes where flight durations are often under one hour. In an environment where fuel accounts for nearly half of an airline’s operating expenses, such efficiency translates directly into stronger financial performance.

Importantly, Overland has never allowed fleet conservatism to become technological stagnation. The recent acquisition of Embraer E175 regional jets represents a carefully calculated evolution of its business model rather than a departure from it.

The Embraer E175 occupies a unique position between turboprops and larger narrow-body aircraft. It offers higher passenger comfort, greater speed and improved operational capability while remaining economical on regional routes. By ordering additional E175s, Overland is positioning itself to grow capacity gradually without exposing itself to the financial risks associated with larger aircraft.

Equally significant is the airline’s investment in technical capability. Overland operates an NCAA-approved Maintenance Organisation from its modern hangar at Lagos’ General Aviation Terminal. This reduces dependence on external maintenance providers, improves aircraft availability and enhances cost control-an often-overlooked contributor to airline profitability.

The airline’s consistent renewal of its IATA Operational Safety Audit (IOSA) certification since 2015 further reflects an institutional commitment to global safety standards. Combined with its membership of both the International Air Transport Association (IATA) and the African Airlines Association (AFRAA), Overland has positioned itself as an airline that competes on quality as much as economics.

There are valuable lessons here for Nigeria’s aviation industry. Many airlines naturally aspire to operate larger aircraft because they project size and prestige.

However, aviation history consistently shows that profitability is determined less by aircraft size than by fleet suitability. An airline earns sustainable profits when it deploys the right aircraft on the right route at the right frequency.

Overland Airways has embraced this philosophy for more than two decades. Instead of chasing image, it has pursued efficiency. Instead of overcapacity, it has prioritised demand-driven operations. Instead of relying solely on high-density trunk routes, it has built a network that connects emerging economic centres while maintaining commercial discipline.

As Nigeria’s domestic aviation market becomes increasingly competitive, rising fuel prices and currency pressures will continue to punish inefficient fleet deployment. Airlines that match capacity to demand, optimise operating costs and invest in appropriate aircraft will be better positioned to survive and grow.

Overland Airways has shown that success in aviation is not measured by operating the biggest aircraft but by operating the smartest fleet. Its experience demonstrates that smaller, efficient aircraft deployed strategically can deliver operational resilience, sustained profitability and expanded connectivity.

For Nigeria’s aviation industry, the message is straightforward: sustainable growth begins with fleet discipline, and in that regard, Overland Airways has long been setting the pace.

’A Share for Everyone, A Unit for Everyone’ launched at Monaragala and Batticaloa Investor Forums

The Colombo Stock Exchange (CSE), together with the Securities and Exchange Commission of Sri Lanka (SEC) has launched its ‘A Share for Everyone, A Unit for Everyone’ (Samata Kotasak, Samata Ekakayak) initiative at the investor forums in Monaragala and Batticaloa last week as part of an ongoing countrywide initiative to broaden investor participation.

The forums were held in Monaragala on 16 July at the Silanrich Hotel and in Batticaloa on 18 July at the FG Golden River Hotel. The forums attracted over 500 participants across both locations.

The ‘A Share for Everyone, A Unit for Everyone’ concept, developed by the SEC Chairman Senior Prof. D.B.P.H. Dissabandara, aims to promote a shared commitment to creating wealth and value within a fair, efficient, orderly, and transparent capital market by ensuring broad and accessible participation for all.

Under this initiative, the SEC and CSE will conduct investor forums across the country to enhance investor education and awareness, while encouraging greater investor participation beyond the Western Province. Leveraging the CSE’s nationwide presence and growing interest in the equity market, the programme will provide investors with increased access to the Sri Lankan capital market through both stockbroking firms and unit trust management companies.

The initiative will also offer forum participants the opportunity to receive investment coupons sponsored by the SEC and CSE, which can be used to support their equity investments.

The Investor Forums opened with presentations by senior economists from the Central Bank of Sri Lanka, including N. B. Janagan and Kasunka Herath, who provided a high-level overview of the country’s macroeconomic landscape.

The session also featured presentations by representatives of leading stockbroking firms, including First Capital Holdings PLC Vice President – Corporate Finance and Advisory Atchuthan Srirangan and HNB Stockbrokers Director – Sales Kapila Pathirage offering participants an overview of the capital market and its investment opportunities

Representatives from the unit trust industry conducted an introductory seminar on the operation and benefits of unit trusts. Speakers included Softlogic Asset Management Ltd., Manager- Business Development Kumudu Kekirideniya and Softlogic Asset Management Business Development Officer Mohamed Ashfer who introduced participants to the fundamentals of unit trust investing.

Both forums concluded with the highlight panel discussion and Q and A segment, which brought the diverse perspectives of the speakers and members of the SEC and CSE together to explore Sri Lankan equities. Panellists included the forums speakers as well as CSE Executive – Vice President Niroshan Wijesundere, as well as SEC Senior Manager of External Relations Sheena Goonaratna and Manager of External Relations Nimal Kumarasinghe.

During the investor forums, prospective investors were able to meet representatives from stockbroker firms and unit trusts to open accounts, with the first four-hundred participants being eligible to receive investment coupons gifted by the SEC and CSE.

The forums were conducted amidst a remarkable six-year growth in the capital market which saw the All-Share Price Index (ASPI) rise from 4,846 points in May 2020 to 22,310.80 points by the end of May 2026. This represents a growth of 360% and a compound annual growth rate (CAGR) of approximately 28.98% – with capital gains remaining tax-free.

No classes in QC on Marcos’ 5th Sona on Monday, July 27

Classes in Quezon City will be suspended on Monday, July 27, in line with President Ferdinand Marcos Jr.’s fifth State of the Nation Address (Sona), the local government announced on Thursday.

Under Executive Order (EO) No. 23, Series of 2026, the suspension covers all levels in both public and private schools.

The Sona will be held at the Batasang Pambansa Complex in Quezon City. With this, the LGU advised of possible road closures that will affect motorists, riding public, and students.

‘Classes shall be suspended in all levels for both private and public schools in Quezon City in view of the State of the Nation Address of President Ferdinand Romualdez Marcos Jr. All residents are enjoined to listen to the Sona of the President of the Republic of the Philippines,’ the EO read.

Meanwhile, the LGU will also implement a liquor ban on Monday, starting from 12:01 a.m. until 6 p.m.

‘The residents and visitors of Quezon City may be affected by acts [caused] by intoxication, which could negatively impact the peace and order of the community and general public,’ a separate EO stated.

The Philippine National Police (PNP) on Thursday said that the QC LGU granted permission to multi-sectoral groups Bagong Alyansang Makabayan, Sanlakas, and Better Brighter to hold a rally along Commonwealth Avenue on Monday. Meanwhile, it noted that other groups’ applications for protest are still pending for approval.

The PNP will deploy over 20,000 personnel for security and safety measures for Marcos’ 5th Sona