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Liverpool manager Arne Slot has expressed confidence that Alexander Isak will soon find his best form and build a strong partnership with Mohamed Salah in the Reds’ attack.

Isak, who joined Liverpool from Newcastle United in a record British transfer during the summer, has endured a slow start to life at Anfield. The Swedish striker is yet to hit top form, and the Reds have struggled in recent weeks, losing their last three matches.

Following Liverpool’s defeat to Chelsea on Wednesday night, Slot maintained faith in his forward duo, insisting that time and consistency will help them gel.

‘The more they play together, the more they will click,’ Slot said. ‘You have to work really hard to reach a certain level, and it’s very difficult in football because you’re also playing against very good teams. Maintaining that level takes time and continuity.’ The Dutch manager highlighted the impact of Liverpool’s busy summer and limited training opportunities on team cohesion.

‘It’s clear that we had many changes during the summer, and the players arrived at different times,’ he added.

‘Last week, there was hardly any training time. Still, we have to integrate these players and help them adapt. If the result had been better today, even a draw or a win, it would’ve been seen as a good start to the season considering everything that’s happened at Liverpool.’

Despite recent setbacks, Slot remains optimistic that Isak will soon settle and deliver the goals that justified his record-breaking move.

Operatives of the National Drug Law Enforcement Agency (NDLEA), have successfully dismantled two major drug cartels behind six different consignments of cocaine concealed in walls of stainless cups, body cream and hair gel containers, after a series of intelligence led operations that lasted over three weeks across Lagos.

Femi Babafemi, the director, media and advocacy, NDLEA, said in a statement, on Sunday, that the action led to the arrest of five suspects and ultimately the arrowhead of the syndicate, Hammed Ode, who parades as a businessman and real estate developer.

According to the NDLEA, ‘The beginning of the end of the criminal syndicate’s operations began on 16th September 2025 when NDLEA operatives at the export shed of the Murtala Muhammed International Airport (MMIA) Ikeja Lagos intercepted 174 parcels of cocaine weighing 13.40 kilograms concealed in walls of cocoa butter body cream containers. ‘A cargo agent was promptly arrested and further investigations revealed Hammed Ode as the mastermind of the shipment and after weeks of intelligence.

‘It was later established that the drug baron had reported a dispute at the Zone 2 headquarters of the Police in Lagos, after which the Agency sought the cooperation of the police to get the suspect into custody.

‘During his preliminary interview, Ode admitted to the ownership of the consignment which he claimed he bought at over N150 million. ‘He claimed to be a businessman and estate developer following his return from the United Kingdom in 2024. He had lived for over 27 years in many European countries including Austria, Netherlands, France, Germany, and Saudi Arabia before settling in the UK.’, the NDLEA said.

In a related development, five other desperate attempts by another criminal syndicate to export cocaine consignments to the United Kingdom were also thwarted by operatives of the MMIA Strategic Command of NDLEA.

The unravelling of the gang started on 26th September following the seizure of 2.10kg cocaine concealed in walls of hair cream containers at the export shed of the Lagos airport.

The apprehension of a cargo agent led to the arrest of the consignor, Smith Korede, a furniture maker, on Tuesday 30th September at his 3 Arowojobe street, Mafoluku, Oshodi, Lagos base where another consignment of 1.40kg cocaine meant for export to the UK was recovered from him.

Babafemi said another consignment of 1.00kg cocaine with similar mode of concealment also going to the UK was also intercepted by operatives of the NDLEA which successfully dismantled two major drug cartels behind six different consignments of cocaine concealed in walls of stainless cups, body cream and hair gel containers.

‘ Two other cocaine laden consignments going to the UK were also intercepted by NDLEA operatives at the export shed of the MMIA on Thursday 2nd October. Two suspects: Ogunbiyi Oluseye Taiwo and Popoola Francis Olumuyiwa linked to the seizures were promptly arrested. One of the consignments contains crayfish, and 12 pieces of stainless cups used to conceal 1.00kg cocaine while the second consignment also contains crayfish, and 36 containers of hair cream used to conceal 1.60kg of cocaine. ‘ The bid by another criminal gang to smuggle into Lagos 6.3 kilograms of Loud, a strong strain of cannabis concealed in bedsheet and hibiscus flower from Thailand was equally thwarted by NDLEA operatives attached to some courier companies.

‘Similarly, a joint operation between NDLEA officers and Customs Service personnel at a check point along Danbatta-Daura road, Kano, on Thursday 2nd October led to the arrest of 38-year-old Sa’adu Ali and seizure of 290,450 pills of tramadol 250mg and pregabalin capsules.

‘In Lagos, a notorious drug dealer John Igbe, operating under the nickname: SammyBless to distribute illicit drugs in Lekki and Ajah axis, was on Tuesday 30th September arrested at Admiralty road, Lekki. At the time of his arrest, 550 grams of Colorado, a synthetic strain of cannabis, packaged in retail plastic cups, were recovered from him.

‘ Three other suspects: Idris Lukman; Fuad Abdulsalam and Mobolaji James were nabbed same day in Mushin area of the state, with 109kg skunk, 20 bottles of codeine syrup and 2kg of nitrous oxide seized from them. At the Trade Fair Complex, Alaba area of the state, 3,700 bottles of codeine syrup and 550,000 caplets of expired 225mg diclofenac were recovered.

‘ A total of 27,700 pills of tramadol 100mg/225mg were seized from a suspect Salisu Abubakar, 25, at Bode Saadu, Morro LGA, Kwara state on Monday 29th September, Blessing Ovaka, 50, was caught with 498.5kg skunk at Kudandan, Chukun LGA, Kaduna, same day, just as Dahiru Salisu, 27, was arrested in possession of 34,180 capsules of tramadol at Gwargwaje along Kaduna – Zaria road on Thursday 2nd October.

‘In Ogun state, NDLEA operatives on Monday 29th September raided Isheri, Obafemi Owode LGA, where a suspect, Abubakar Audu, was arrested with 112kg skunk and 16grams of tramadol.

‘Three suspects: Chuimieze Shedrack, 28; Sunday John, 25, and Solomon Okopko, 27, were nabbed by NDLEA officers on Thursday 2nd October at Owena/Ijesha forest reserve, Osun state where they destroyed 14,000kg skunk on 5.6 hectares of cannabis plantation and recovered 142kg of same psychoactive substance. ‘In Edo, NDLEA operatives on Wednesday 1st October intercepted a Toyota Sienna vehicle marked KUJ 47 NW loaded with 22 bags of skunk weighing 244.5kg at Igbanke, Orhionwon LGA and a suspect Ineh Obindi, 28, arrested. A total of 10,897.35kg skunk was destroyed on four farms measuring 4.358938 hectares at Ugbodo forest, Ovia North East LGA, on Friday 3rd October, with two suspects: Michael Ayang, 40, and Bernard New Year, (a.ka Don), 47, arrested. Not less than 223.5kg processed cannabis and seeds were recovered from the farms.’

The NDLEA said operatives on patrol along Okene/Lokoja highway intercepted a waybill parcel coming from Lagos to Abuja containing 3.272kg Loud and a sachet of Colorado. A follow up operation at Gwagwalada park in Abuja led to the arrest of the owner, Tobi Odubote, 34, while another suspect Ismail Abdurrahim, 32, was arrested in possession of 25.5kg skunk along Abaji- Abuja expressway on Thursday 2nd October.

The anti-narcotic agency, said its Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities to schools, worship centres, work places and communities among others in the past week. These include: WADA sensitization lectures.

The sensitisation was taken to the students and staff of Government Day Secondary School, Hammawa Toungo, Adamawa; Government Day Secondary School, Kankara, Katsina; Day Secondary School, Unguwan Nasarawa, Kontogora, Niger; and traders at Ladega market Ikorodu, Lagos, while the Imo state command of NDLEA paid a WADA advocacy visit to the State First Lady, Barr. Chioma Uzodinma at Government House, Owerri, among others.

‘We’ll continue to target and dismantle every identified drug cartel at every level of their operations; from the mules to the dealers in between and up to their leadership’ the agency said.

From October 18-19, 2025, Terra Kulture Arena in Victoria Island, Lagos, will play host to lovers of stage performance as the opera of ‘The Gods Have Spoken’ enthralls the audience for two days.

The opera, directed by Muyideen Oladapo, popularly known as Lala, and written by Taiye Adeola, a PhD holder, will feature a collection of top Nollywood actors and actresses including: Lateef Adedimeji, Femi Branch, Tunji Sotimirin, Omowunmi Dada and Lizzy Jay.

Speaking on the forthcoming opera at a media parley in Lagos recently, Oladapo, who is drawing strength from his successful directing of ‘Kurunmi’, a play by Ola Rotimi, said that the collection of stars for the opera was a deviation from the norm, as the audience would be seeing the cast members in a different element for the first time.

Describing the opera of ‘The Gods Have Spoken’ as a must-see, Oladapo noted that with a 40-page script, over 140 pages of music and over 80 actors and crew members for the performance, the opera is simple breathtaking.

‘Opera is a play in the form of music and art where the singers and instrumentalists perform in a theatrical way. Every line will be acted out in the form of a song,’ Oladapo explained. He confessed that he chose to perform ‘The Gods Have Spoken’ because the message mirrors the society, even more today. ‘It is a story that gives hope to the common man in their pursuit of destiny,’ he said.

On his part, Tunji Sotimirin, a veteran actor and academic, assured the audience of a spectacular experience at Terra Kulture come October 18th and 19th.

‘This is a tiny script with a unique, significant message and dialogue being rendered for a spectacle to behold. This is to celebrate the common man’s voice to equip themselves,’ he said.

Also speaking during the media parley, Segun Adefila, choreography director of the opera, explained that the story which is about destiny and character teaches how man can influence the voice of the gods to bring destiny to life.

Adeaga Mofopefoluwa, the music director, said that, The Gods Have Spoken is a peculiar play with a unique message for the audience.

‘We have been working on the music scoresheet written by the writer and the arranger of the play, orchestrating the performance of this play. I assure the audience of a captivating performance different from what they have experienced,’ Mofopefoluwa said at the performance rehearsal.

However, Olamide Oladapo, the producer of the opera and daughter of the director, assured that the performance will also feature something special, while urging the audience to be on the lookout.

‘This is a satire and total theatre: dancing, acting, singing, with actors saying their lines in the form of songs,’ she said.

‘This will captivate and engage the audience. And I would like to add that we have something special coming on stage. I want everyone to watch out and come and see,’ Olamide, a Theatre Arts graduate, said.

She invites all to visit Terra Kulture, Victoria Island, Lagos from October 18-19, 2025, between 3pm and 6pm to see the highly anticipated opera performance.

Ibrahim Salamat Onize, executive secretary, Kogi State Drugs and Medical Supplies Management Agency, has disclosed that the agency is engaging at least 15 pharmaceutical manufacturers to sign a Memorandum of Understanding (MoU) for pooled procurement through the Africa Research Center for Excellence in Supply Chain Management (ARC-ESM).

Speaking during the inauguration of the Drugs Sustainable Supply System Steering Committee, Onize stressed that the MoU sustainable availability of drugs and medical consumables with a 25 percent price reduction and assured quality for distribution to all state health facilities.

‘Plans are underway to register pharmaceutical distributors with the Bureau of Public Procurement (BPP) to partner with the state government. The initiative has the potential to increase local economic participation and generate revenue through pre -qualification registrations, tender payments, and BPP registration fees via KGIRS.

‘The agency also plans to equip and operationalize a functional quality control laboratory with government support. Drug testing will attract charges from manufacturers and distributors, boosting state revenue. The quality control unit will focus on ensuring the availability of high -quality drugs and consumables, thereby building trust and potentially increasing demand from government hospitals, pharmacy outlets, and private hospitals, which in turn will drive revenue generation. ‘The agency has conducted capacity assessments and sensitisation workshops with various partners, including the National Product Supply Chain Management Programme (NPSCMP), the Presidential Initiative for Unlocking Healthcare Value Chain (PVAC), Health System Chain Limited (HSCL), Engender Health, and others to address healthcare needs. The availability of logistics and inventory tools will further enhance service delivery,’ he said.

Abdulazeez Adams Adeiza, Commissioner for Health, while speaking on behalf of the governor, urged the committee members to uphold integrity and diligence in their roles, emphasising that their appointments represent a significant commitment to serving the people of Kogi State.

Adeiza noted that the formation of the Sustainable Supply System Steering Committee reflects Governor Ahmed Usman Ododo’s administration’s dedication to advancing and developing the state’s health sector. He said that the administration has made substantial investments to prioritise health in its governance agenda, adding that the Integrated Sustainable Health Supply System (ISHSS) Steering Committee is essential for strengthening the governance structure of the agency.

The commissioner will chair the committee, as director of Pharmaceutical Services from the state Ministry of Health will serve as secretary, also representatives from relevant agencies, board, ministries and stakeholders will be part of the committee.

If Fela Anikulapo was to be alive on October 1, 2025, he would have used the occasion of the celebration of Nigeria’s 65th Independence anniversary to sue for justice, fairness and also task the government on good governance and welfare of the masses.

While Fela, the late legendary Afrobeats founder, could not do that again with music from his grave, Onyema Offoedu-Okeke, an internationally acclaimed Nigerian artist, is doing just that with his art.

Instead of the usual fanfare of October 1, Offoedu-Okeke, a writer and trained architect, unveiled ‘Time of Redeemer’, his latest exhibition, which lend voice to the voiceless, while spotlighting the socio-economic and socio-political realities of the country since gaining independence in 1960.

The gifted artist speaks through each of his 27 works on display at the month-long exhibition, which opened at Truview Arts and Frames Gallery, LH Prive, Ikoyi, Lagos, on October 1, 2025.

Some of the works are: Time of Redeemer, Fire of Change, Wind of Change, Passenger of Fate, Showdowns and Stalemates, Sleepless series, Mass Agitation, Technocracy, Trial of Oligarchy, among others, which are rendered in acrylic on canvas, amid their visually striking sociopolitical commentaries.

Truly, ‘Time of Redeemer’ is a must-see exhibition as Offoedu-Okeke, takes his creative ingenuity a notch higher, while still passing salient messages and speaking for the voiceless.

Also, while at Truview Arts and Frames Gallery, the artist takes the viewers on a journey through color, history, and thought-provoking reflections.

The colourful exploration of Nigeria’s past, the not-too-good present and the very uncertain future are worth appreciating as the works speak for themselves. Meanwhile, Truview Arts and Frames Gallery, host of the independence exhibition, is excited to present the artist and his enthralling works to the public.

In the gallery statement, the gallery described Offoedu-Okeke’s works as masterful and insightful, amid exploration of the intersection of color, texture, and emotion.

‘His style-a fusion of African traditional aesthetics with modern abstract and cubist techniques-is distinguished by bold color palettes, layered in translucent patches that generate vibrancy and rhythm,’ the gallery statement read.

‘Each work demonstrates his ability to balance abstraction and representation, producing art that is both visually striking and profoundly resonant, often reflecting on cultural, political, and everyday themes.

‘We acknowledge the painstaking dedication and time invested in his creative process, evident in the uniqueness of each canvas.

‘Truview Arts and Frames Gallery warmly invites you to experience the distinctive and masterful artistry of Onyema Offoedu-Okeke’.

Reflecting on the exhibition during a media parley heralding the ‘Independence’ show, the artist insisted that with whatever expertise one has developed over time, whether in art, law, advocacy, medicine or clergy, he should be able to deploy it to speak to societal issues.

‘It is not only in newspapers we have to speak. Like the legendary Fela Kuti, who used his music to confront Nigeria’s political realities, art too must play that role,’ he noted.

Also, explaining the rationale for the theme and timing of the exhibition, the artist said that it is sad that, ‘Nigeria still awaits the arrival of anyone upon whom the attire of typical quintessential political redeemer fits well’.

For him, nothing really has changed since then as the manner of appearance alternates from the most unassuming carriage to the most sophisticated transporter.

Moreover, the mode of appearance cast in paradoxical settings captured in the works such as horse rider, Rolls Royce passenger, among others, underlines concerts of events surrounding such emergence.

Offering details of some of the works, the artist explained that the piece titled ‘Time of Redeemer’ (acrylic on canvas – 48″ X 48″ 2025), depicts a grand entrance of a man on horseback, which is a symbol of hope, power, and sadly the paradox in Nigeria’s search for a true leader.

In ‘Fire of Change’ (acrylic on canvas – 48″ X 48″ 2025), he noted that horses rip through thoroughfare like flames of revolution kindled among disgruntled or awakened masses.

In the work titled ‘Persistence of Oligarchy’ (acrylic on canvas – 48″ X 48″ 2025), the artist used Rolls Royce automobile brand figurative to convey visual power condensed from instances of social political privileges, citation of fiscal might, and the ultimate icon of class distinction.

He noted that despite revolution staged by masses, the elites and oligarchs still plow their controlling instruments through the dense heaps of political placards, rhetoric and subversive postures, even more today.

Curated by Juwon Olusanya, ‘Time of Redeemer’ is sponsored by The Romulus Group, LH Prive, and Truview Arts and Frames Gallery.

It runs for a month from October 1, 2025, at LH Prive, 39F Rumen Road, Off Bourdillon, Ikoyi, Lagos.

Onyema Offoedu-Okeke is an artist, writer, and architect, his impact on Nigeria’s art landscape was immediately palpable upon his arrival in 1994-1995.

His unique drawing and painting methods, informed by architectural logic, geometric sensibilities, and a broad range of intellectual interests, set him apart.

After contributing critical texts to exhibition catalogs and serving as an art column commentator for This Day newspaper from 2006 to 2007, Onyema published his magnum opus, ‘Artist in Nigeria,’ in 2012.

The book was funded by Dr. Adiamo Odaga of the Ford Foundation West Africa and published by 5 Continents Editions, Milan, Italy.

Since then, Onyema has continued to showcase his work, with two notable solo exhibitions: ‘Homeland Memories’ at Temple Muse VI, Lagos, in 2014, and ‘Substratum: Anatomy of Support System’ at the Sachs Art Gallery, Lekki Phase 1, Lagos, in 2024.

Charles Soludo, governor of Anambra state, has approved the 100 percent implementation of the Consolidated Health Salary Structure (CONHESS) for state health workers, with immediate effect.

In a statement titled ‘100 Percent Implementation of Consolidated Health Workers Salary Structure (CONHESS)’, issued by Theodora Igwebe, head of service, all relevant bodies were directed to commence implementation without delay.

The statement revealed that the governor has graciously approved the full implementation of CONHESS 2024 for the following categories of health professionals: nurses, nurse anesthetists, psychiatric nurses, community health workers and technicians, medical health technicians, medical laboratory scientists, radiographers, and physiotherapists. According to the statement, the approval applies to all relevant Ministries, Departments, and Agencies (MDAs), including the Local Government Service Commission.

The statement also directed the accountant general of the state and the accountant general for local government to ensure the immediate execution of the directive.

Lastly, it called on all concerned parties to disseminate the contents of the statement and ensure strict compliance.

I am a true believer that when women thrive, the rest of society benefits. If one financially empowered woman can multiply the outcomes in her community, then several financially empowered women can transform the economy. However, in Nigeria, the numbers show that women remain systematically excluded from the very levers that drive prosperity: finance, innovation, and decision-making. This is why I am convinced that Nigeria’s ambition to become a $1 trillion economy by 2030 cannot be achieved if half of its population, which happens to be women, remains locked out of opportunity.

According to the 2025 McKinsey Women in the Workplace report, women hold only one in three formal sector entry-level roles, yet they make up more than half of Nigeria’s working-age population. That imbalance at the base creates a ripple effect all the way up. In financial services, the problem is even sharper.

In Nigeria, women make up 47 percent of entry-level staff but only 28 percent of senior leadership. It means: fewer women managers, fewer women in decision-making, and ultimately, fewer women influencing the economic and financial systems that determine how resources are allocated. The pipeline narrows so quickly that the very rooms where lending rules, credit systems, and inclusion strategies are designed often exclude women’s voices. At the heart of this exclusion is a contradiction: women are disproportionately excluded from financial services, yet when they do gain access, they outperform. Our 2023 Access to Financial Services in Nigeria (A2F) survey data at EFInA (Enhancing Financial Inclusion and Advancement) shows that women’s financial inclusion lags significantly behind men’s, with 30% of Nigerian women financially excluded compared to 21% of men. This represents millions of women locked out of the financial system, unable to access the credit, savings, and capital needed to start and grow businesses.

The Gates Foundation’s What Women Want survey confirms what many of us already know: the number one systemic barrier women face in achieving economic success is lack of start-up capital. Women want to build, to innovate, to scale, but the system refuses to open the door. When women are finally given the chance, they do not just walk through; they transform the room. According to the World Bank’s Women Entrepreneurs Finance Initiative (We-Fi), women-led businesses have repayment rates exceeding 98%. That – is NOT a risk profile.

So, why does the gap persist? The answer lies not only in bank policies or regulatory frameworks but in who is at the table making decisions. Nigeria’s financial sector, like much of its private sector counterparts, remains dominated by men. This imbalance matters. Who designs products? Who sets risk thresholds? Who defines what a ‘creditworthy’ entrepreneur looks like? Without women in the room, the system continues to default to designs that exclude women.

Read also: Nigeria @65: Restructuring still the best way forward

Hiring more women into leadership is a strategy for economic growth. When women are in decision-making roles, they bring perspectives shaped by lived experiences. They recognise that women running informal trading stalls, farming cooperatives, or tech start-ups are not invisible or peripheral but central to Nigeria’s economic future. They design credit products that reflect reality rather than myth, investment strategies that see opportunity rather than risk.

A 2022 McKinsey report showed that companies with more women in leadership were 21% more likely to outperform on profitability. In financial services, this translates into smarter lending, more innovative product design, and stronger portfolio performance. This is not about quotas. It is about mandates. In 2013, Central Bank Governor Sanusi Lamido Sanusi required banks to reserve at least 30% of board seats and 40% of senior management positions for women. The policy helped the Nigerian banking sector grow, making it a leader in female representation. By 2023, women held 29.4% of board seats-up from 24.8% in 2020-though still below the global average of 38.1%. The lesson is clear: progress follows mandates, not goodwill. If banks, investors, and regulators extend this logic to leadership and product design teams, the ripple effects will be transformative.

Imagine a Nigeria where loan approval committees include women who understand the financial realities of market women, smallholder farmers, or female tech founders. Imagine product design teams led by women who know that asking a woman for her husband’s guarantor before approving her loan is not just outdated but discriminatory.

Imagine investment boards where women vote to back ideas that solve problems women actually face, from childcare financing to women-led health innovations.

We do not have to imagine for long. The evidence is already here. When women have led interventions, results have followed. The EFInA A2F data shows that women who are financially included are more likely to save, invest in their children’s education, and reinvest in their communities. The World Bank has found that closing gender gaps in access to finance could raise GDP by as much as 12% in low-and middle-income countries.

For Nigeria, the stakes are even higher. If women remain locked out, our growth projections will remain a mirage. But if we let women in, we unlock not just their potential but the nation’s.

The path forward is clear. Nigerian companies, especially in finance and investment, must adopt gender mandates that guarantee women a seat at the table where products, policies, and portfolios are designed. Regulators must enforce disclosure of gender workforce data so we can measure progress, not just intentions. And society must hold leaders accountable for outcomes.

When women lead, they do not just open doors for themselves; they redesign the entire building so that more people can walk in. If Nigeria is serious about financial inclusion, then the most important policy we can adopt is simple: Let women in.

Collins-Ogbuo is the Advocacy Lead at EFInA, where she also heads the Inclusion for All Initiative – a multifaceted pro-poor advocacy platform that seeks to remove the barriers that keep the most marginalised populations excluded.

A governance expert, Ayokunle Ayoko’s determination to strengthen the capacity of professionals and empower both big and small businesses to thrive amid prevailing global and local uncertainties has encouraged him to write six books, he referred to as ‘The Gallery of Mastery -six pathways to personal and professional greatness’.

The books which he started their works in 2019 speak about company strategy; company governance; and personal wealth management, all of which professionals in both big and small organizations struggle with.

The books titles are: The Quintessential Company Secretary; The Empathy Advantage; Small Habits, Big Wealth; The Smart Hustle; The Mark of Excellence; and Achieving Exponential Results through Strategic Precision.

The author, a lawyer and currently the Group Company Secretary, Head of Legal and Chief Compliance officer for CFAO Nigeria Group, a French multinational said the themes of the six books are not theoretical. ‘They are live experiences. They are answers to questions in corporate boardrooms and in quiet moments of reflection.

‘I document these lessons for the next generations, so that your path to greatness may be a little clearer, and your journey ,a little smoother’.

Some of the professionals and business executives at the launch in Lagos described the books as ‘handy mentor that guides the path to business success and greatness’.

The Central Bank of Nigeria (CBN) has announced a series of sweeping operational reforms aimed at enhancing transparency, efficiency, and regulatory oversight in the Nigerian Fixed Income Market.

In a letter titled ‘Operational Changes to the Nigerian Fixed Income Market’ addressed to the Financial Markets Dealers Association (FMDA), the apex bank outlined key changes designed to reposition the market as a more effective tool for monetary policy transmission and economic development.

These reforms were introduced at a time when commercial banks’ deposits with the CBN, via the Standing Deposit Facility (SDF), surged to a historic N6.08 trillion, signaling a need for improved liquidity management and market coordination.

New Oversight and Settlement Structure

Under the new framework, the CBN will assume full oversight of the fixed income market’s settlement process and trading platform. This transition marks a significant shift, placing the end-to-end management of settlements directly under the Bank’s established financial market systems.

According to the CBN, the goal is to ensure market integrity, streamline operations, and create a unified regulatory framework that offers full visibility into transactions and strengthens supervisory control. This phase is set to eliminate redundant layers in the settlement process, such as intermediaries who have historically stood between market participants like banks and pension fund administrators (PFAs).

While FMDQ, the current settlement body, will remain active, it will now focus on complementary roles. The CBN emphasised that the move is not about replacing the existing trading platform, but about taking over settlement responsibilities to enhance transparency and efficiency.

Market Experts Weigh In

Ayodele Akinwunmi, Chief Economist at United Capital Plc, described the development as a strategic effort by the CBN to build a transparent and efficient market infrastructure. He noted that access to accurate data on fixed income securities will improve monetary policy implementation, allowing the CBN to make informed decisions on liquidity management, interest rate direction, and inflation control.

According to Akinwunmi, ‘The CBN wants end-to-end settlement visibility, which enables them to know exactly where the market is heading and adjust policy tools accordingly. FMDQ has done a good job so far, but this move ensures deeper regulatory control.’ Phased Implementation for Seamless Transition

To minimise disruption, the operational changes will be rolled out in stages, in close collaboration with market stakeholders.

The first major milestone will be the User Acceptance Testing (UAT) scheduled for the second week of October 2025. This will test the full functionality of the proposed settlement process. Following a successful UAT, a pilot phase will commence, running concurrently with the existing system to ensure stability.

Go-Live Timeline

The CBN has set November 3, 2025 as the target date for full migration of all fixed income settlement activities to the new system. This will be followed by the launch of a CBN-sponsored trading engine on December 1, 2025, which will cater to Primary Dealers, Market Makers, PFAs, and other licensed participants.

A Call for Stakeholder Collaboration

The CBN acknowledged the critical role of the FMDA in the development of Nigeria’s financial markets and called for continued collaboration to ensure the success of these reforms. The Bank reaffirmed its commitment to a transparent and well-regulated fixed income market that supports economic growth while safeguarding the interests of all participants.

For additional details or clarification, stakeholders are encouraged to contact Okey Umeano, acting director, Financial Markets.

Understanding the Fixed Income Market

The fixed income market is a segment of the financial system where debt instruments, such as bonds are issued and traded. These instruments typically offer investors fixed or predictable returns over time. Issuers can be governments or corporations, and investors range from individuals to institutional players like pension funds.

Because of its predictable return profile and relatively lower risk compared to equities, fixed income plays a vital role in capital allocation, liquidity management, and macroeconomic stability. The market is supported by a network of issuers, investors, brokers, credit rating agencies, and regulators working together to ensure efficient functioning.

With these reforms, the CBN aims to create a more transparent, efficient, and resilient fixed income market that better supports Nigeria’s monetary policy objectives and economic development goals.ho

When President Bola Ahmed Tinubu speaks these days, it is obvious that his frequent travels have created a different country for him that he mistakes for Nigeria. The projects he claims to have executed could be in another country.

The country Tinubu and his top aides discuss, dismissive of its challenges, cannot be Nigeria of 2025. They talk about a country of their imagination.

Our most current challenges draw extensively from Tinubu’s compassion deficit – he does not care what happens to Nigerians.

He keeps his promises by making new ones or tabling incoherent responses. His Independence Day Anniversary speech mirrored the absence of compassion, a loss of touch with the Nigerian reality and an exaggerated importance of a presidency that dedicates its attention to serving a few Nigerians and extrapolating them to represent Nigerians.

Said Tinubu in his 1 October nationwide address, ‘We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit’. Which fruit? The fruit is reflected in statistics that have no bearing to how Nigerians are eking out survival.

Nigerians are better off today than in 1960, the Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, echoed. We should believe him. His settings have improved since his appointment. And he is a Nigerian.

Sadly, his elevated circumstances that have resulted in more Naira in his pocket, and more opportunities, make him think that Nigerians are the same as he is.

Political appointees like him argue about better infrastructure when discussing projects that are in their infancy and make them appear capable of getting Nigeria anywhere, with all the uncertainties they bear. These promoted projects are in fact major drains on the economy. Without transparency, and at humongous, inexplicable costs, the Lagos-Calabar Coastal Highway and Badagry-Sokoto Expressway are great examples of the visions of an uncaring government – a government that prioritises a supposed fantastic future over the pestilent present.

A great future? What about the immediate and short-term needs of the people? How do we survive today while Tinubu builds this future which we are often reminded is for the unborn generations?

Does this focus on the future make the present unnecessary? Do we move immediate challenges to the future, all to accommodate Tinubu’s poor purpose, and lethargic responses to promises that he keeps making to mask his lax leadership?

On Friday, on Channels Television, Fasua said, ‘For those who try to compare Nigeria to 1960, in many ways we are living a better life now. In 1960, just after independence, we had a whole lot of people, of course, living in villages and so on.

‘It was when we took over government as nationals ourselves that we started moving from villages to Lagos, to Ibadan, to Kaduna, to Enugu and all of that, and then that created a kind of urban poverty, because people found themselves in those cities and they were out of sorts as to what to do.’

Back to the present, ‘The current administration of President Bola Ahmed Tinubu is saying that, look, we are not going to really be sharing money, we want to do something that takes us on a different trajectory, that paints a new picture, that prepares even our children and unborn children for a better life than what we have had,’ Fasua said.

Here is also the present. Edo State, a proudly All Progressives Congress, APC, territory, is barely accessible. It has some of the worst federal roads in Nigeria.

Minister of Works, Dr. Dave Umahi last week visited Benin-Warri by-pass – which is slightly better than the Auchi-Benin Expressway – with Governor Monday Okpebholo, expressed shock at the state of the road, saw vehicles that were stuck or had turned over, and praised President Tinubu’s transformative infrastructure projects. A solution was on the way. He announced that Tinubu’s re-enforced concrete technology roads will have 50 to 100-year life span.

At an Independence Day Anniversary state dinner, Umahi told those who made it to the table, ‘Mr. President has directed that 100 kilometres by two lanes of the Lagos-Calabar Coastal Highway must now pass through Edo. This is a special gift to the people of Edo.’ Rounds of applause filled the room.

Umahi revealed that Tinubu was ‘impressed by Governor Okpebholo’s commitment to infrastructure,’ and that the State must benefit as a ‘reward for loyalty, leadership, and performance.’

Okpebholo gushed, ‘The President treats me like a son. Whenever we request support, he responds with express approval. This 100km coastal highway is proof of his love for our state.’

How will this ‘special gift’ get vehicles stuck in the mud on roads around Edo State to continue their journey? Or they will wait for the coastal road? Is this ‘special gift’ an example of the instant approval, according to an excited Okpebholo, that Tinubu gives to requests from Edo State?

Those who have their eyes on the cost and completion of the Lagos-Calabar Coastal Highway should note the addition of 100 kilometres to uncharted parts in Edo State. They join in wondering if the Highway would ever be built, and the final cost.

Bayo Onanuga, Tinubu’s Senior Special Assistant, Media, is among those who presently live in Tinubu’s promised future.

‘The Naira has virtually stabilised. Investor confidence in our economy has been restored, and investors are betting on Nigeria. In plain language, the nation has turned the corner. And our people have started reaping the gains of the bold reforms instituted by the Tinubu administration.

‘We can go on and on, reeling out the many macroeconomic gains of the Tinubu administration,’ he trumpeted while reacting to reports that former President Goodluck Jonathan was joining the 2027 presidential race.

Who turned the corner? Did the President and his lieutenants turn the corner without the people?

Three months to the end of the year, we are yet to start funding the 2025 capital budget. Even the 2024 capital budget has not been completed.

Does the National Hospital which Tinubu does not use speak for our healthcare? Patients seeing a doctor are required to bring their own hand gloves or cotton wool, else they would not be seen. The hospital cannot afford to provide these even after collecting consulting fee from patients.

Hospital floors are mopped with just water, no detergents or disinfectants added to it, heightening chances that patients and visitors could pick up infections.

The National Hospital, a supposed prime health facility, in Abuja, partially tells the story of the application of the funds the President claims to have saved from his deft management of the economy to a blooming doom that only those living on subsidy like him, cannot feel because their access to unimaginable resources has drained their compassion and left them incapable of making decisions that are inclusive.

Tinubu sounds more annoying daily; he also sounds like he has finished a four-year race that is just four months above the half-way mark.

He is distracted by concentric circles of conspiracies on winning a second term, a gross aversion to transparency, indifference to injustice, and selective awareness of Nigeria’s drift to uncertainties.

When you add these to his compassion deficit, you will realise, in case you have not, why he is turning the corner with statistics – not the people.