CBK differs with Mbadi on Sh10bn banks’ capital rule

The Central Bank of Kenya (CBK) has differed with the Treasury over the extension of the Sh10 billion capital requirement for commercial banks, ordering lenders to ignore pronouncements by the Cabinet Secretary that eliminated the staggering of the capital over five years.

The CBK has directed banks to stick to the initial plan of raising minimum core capital to at least Sh5 billion by the end of next month, Sh6 billion next year, Sh8 billion in 2028 and Sh10 billion in 2029.

This contradicts the Treasury’s position that set a one-off hard deadline of December 2032 and eliminated the staggered build-up, which spared 14 banks from the burden of raising at least Sh33 billion by the end of December.

The regulator has ordered banks with core capital of less than Sh5 billion to offer written explanations on how they plan to meet the requirement before year-end.

‘There are a few banks where we want them to come and tell us how they are going to meet the target for 2026, which is Sh5 billion.

There are one or two that might struggle, but we want to hear from them how they are going to meet that target,’ CBK Governor Dr Kamau Thugge told the National Assembly Finance and Planning Committee.

‘That is our position and have communicated to the National Treasury expressing that position,’ he added.

Dr Thugge disclosed that the banks whose capital was below the set target were yet to respond to the regulator amid confusion in the sector over the higher core capital.

As at the end of June, 14 banks including Middle East Bank, M-Oriental Bank, Bank of Africa, Premier Bank, Guardian Bank, DIB Bank and Habib Bank AG Zurich, had core capital less than Sh5 billion.

Seven banks, including Credit Bank, UBA Bank, Development Bank of Kenya, African Banking Corporation, Access Bank and Consolidated Bank of Kenya, had not met the Sh3 billion target set for the end of 2025 by June this year.

The CBK had warned it could downgrade banks that fail to meet the capital requirements to microfinance banks, but no action has been taken against those lagging.

Sources within the sector indicated the Treasury did not consult the CBK when it decided to extend the deadline following lobbying by small banks, which were under pressure to meet the requirements.

Treasury Cabinet Secretary John Mbadi tabled the proposal to extend the deadline a day after the regulator told the market that the deadline would not be extended and banks should work towards meeting the Sh5 billion target for this year.

The regulator has now stamped its authority in the industry and is asking banks to stick to the capital-raising schedule in the law.

‘The National Treasury has no regulatory mandate. Anybody rational will choose to go with what the Banking Act says and not some statement made on the floor of Parliament without legal backing,’ said a CEO in a top bank, who spoke on condition of anonymity.

Mr Mbadi did not make amendments to the Banking Act to remove the scheduled capital-raising plan despite proposing legal changes to back the extension and removal of the staggered fundraising.

‘I will be proposing amendments to the timelines specified in the Business Laws (Amendment) Act 2024 to allow commercial banks to raise the minimum core capital to Sh10 billion by December 31, 2032 without the annual milestones,’ said Mr Mbadi during the budget statement on Thursday.

Mr Mbadi had argued the amendments would ensure flexibility for the banks to pursue capital raising while preserving shareholder value and sustaining investor confidence.

Divided we fall

A couple of years ago, I started hearing the unthinkable. Expats, I was told, who’d long loved living in the Philippines, no longer viewed Metro Manila as a plum post. From traffic to climate, red tape, and services, the country was increasingly considered hopelessly inefficient, backward, and downright unpleasant compared to neighbors, Filipinos and expats alike had long considered hopelessly provincial and boring. To me, it marked the end of an era stretching back to the 1980s when the Asian Development Bank built a new headquarters and surrounding enclaves were favored as expat residences.

A similar stretch of time, 33 years, separates two speeches by two Zobels. The first, titled ‘Democracy is development,’ was delivered by Jaime Zobel de Ayala on Oct. 23, 1993. The second was the keynote address at the Makati Business Club’s 45th anniversary by Jaime Augusto Zobel de Ayala.

Zobel Senior reflected on the role of government in economic development when memories-and wounds-of the dictatorship were still fresh, but the newly restored democracy had already committed its share of mistakes.

‘Conventional wisdom favors maximum free enterprise and minimum government. The historical truth is that effective government is indispensable to economic progress. When government works, the economy succeeds,’ he said.

He listed what government does and what happens when it’s remiss in its duties:

‘Without law courts, there is no sanctity of contracts, therefore, no security of trade.

‘Without police, there is no security of property, therefore, no reason to invest in industry.

‘Without publicly built and maintained roads, rails, ports, bridges and telecommunications, commerce can only crawl.’

But then as now, there was the preoccupation with success and failure: our neighbors versus ourselves, and beyond, marked, he said, by ‘government, not just as catalyst, but as leader and main actor in rapid economic development.’

His prescription? ‘What is needed is not more imperious orders, but the same laws, rules, and regulations evenly applied.’ As for the rest, ‘The last thing we need is a change of form of government … What is needed is to stay the course …. Let us shun quick fixes and slick slogans. There is no easy way out.’ He added, ‘Let us pay our taxes, but let us make our officials pay if they misuse our taxes. Only in a democracy can we do that.’

By and large, he articulated what public opinion has been saying in the generation since; his son did something similar: ‘Business cannot thrive over the long term in a society that is not itself thriving,’ he said. ‘As global companies diversify their supply chains, we should think beyond which company, industrial park, or sector secures the next investment,’ because in a dog-eat-dog world, ‘a more important question to ask is whether the Philippines itself is winning.’ But to do so, he suggested, requires ‘an honest conversation.’

The ongoing disruption of institutions and systems globally means that global multinationals are actively diversifying their supply chains from the hubs that traditionally dominated, just as shipping is finding new pathways beyond the choke points that the Suez and Panama Canals have become. Seeking new paths for supply chains is an opportunity the Philippines is increasingly missing: Zobel Junior cited a steep decline in foreign direct investment as proof of this and anecdotal evidence of fewer international investors coming to Manila to look at prospects. The demographic ‘sweet spot’ enjoyed by the country is thus relatively underutilized, while the digital economy, which is already at 10 percent of gross domestic product, is in danger of not meeting its potential because of domestic handicaps.

He enumerated five fundamentals required if we are to attract long-term investments:

Talent: Do we have the required workforce and high-level productivity?

Infrastructure: Is the country’s infrastructure modern enough to handle the influx?

Energy: Is there sufficient, reliable, and transition-ready energy?

Regulatory environment: Is the local regulatory landscape friendly to foreign capital?

Institutional stability: Is the environment predictable and secure for multibillion investments?

Zobel Junior proposed that ‘we can remain fierce competitors in the marketplace, while recognizing that there are areas where collaboration creates greater value for everyone,’ identifying what he calls the three pillars of national advancement: education, citizen health, and reliable livelihood generation where the private sector can help scale up ‘social infrastructure.’ The Ayala Corp.’s own efforts include investing in its Healthway Medical Network (filling the need for affordable health care), partnering its own drugstore networks with local government units to support PhilHealth needs, and its own social outreach efforts to bring medicines and health care to remote barangays. In education, it is working to provide workforce-ready curricula to schools and to support greater capacity and quality in education for 3- to 5-year-olds. For sustainability and mobility, it is supporting the transition to electric fleets for private companies and LGUs, and renewable energy for municipalities.

The now-retired generation might remember former President Fidel V. Ramos’ ‘Team Philippines’ approach, which he lacked the charisma to sell.

CJ Gesmundo: Humility in greatness

I may have intuitively, though fearlessly, foretold the ascent of Alexander G. Gesmundo to the highest post in our judiciary. On Jan. 6, 2006, in my cluttered chamber as the two-week-old chief justice (CJ), I inducted him as a new Sandiganbayan magistrate. After formally administering his oath of office with both of us in our official robes, I matter-of-factly offered him my seat so he could sign his appointment papers. Spontaneously, I told the inductee whom I had never met before, ‘Please, sit down on my chair. One day, you will occupy it.’

AS FATE WOULD HAVE IT, 15 YEARS LATER, on Apr. 5, 2021, he was appointed the 27th chief justice of the Philippines. Remarkably, CJ Gesmundo neither sought his nomination to the post nor coveted the appointment. Though not the most senior or second most senior justice at the time, his ascension was nonetheless accepted by all the justices-a tribute to his modesty, intellectuality, collegiality, and integrity. They knew his ascent did not involve political bargaining or calculated ambition; it was the natural culmination of a life devoted to humility in greatness.

Without fanfare or publicity, he took his oath as the primus inter pares of the Supreme Court before Senior Associate Justice Estela M. Perlas-Bernabe (who normally should have been a shoo-in for the top post), with the Court en banc as witnesses. Unlike prior chiefs who were sworn in by the President at Malacañang, this act of independence from the appointing authority endeared him to his colleagues.

Over the years, CJ Alex and I have grown quite fond of each other. At my request, he has faithfully chaired the board of judges of the legal scholarship program of the Foundation for Liberty and Prosperity (FLP) for five years since his appointment. Graciously, he welcomed the finalists into the inner sanctum of the Supreme Court-a privilege reserved for a select few-where he and the board conducted their interviews. Even beyond that, he inspired the interviewees to champion liberty and prosperity under the rule of law, a legal philosophy he shares with FLP.

HE INHERITED A JUDICIARY BESET BY THE RAVAGES of the pandemic and a huge backlog of cases. Undaunted, he spearheaded a reform agenda called the ‘Strategic Plan for Judicial Innovations 2022-2027,’ a five-year blueprint to guide the judiciary toward case decongestion, enhanced legal education, technology-driven court processes, coupled with a steadfast protection of constitutional rights.

Though passionate in forging digital transformation, he nonetheless always stressed that technology is merely a means; justice for our people remains the ultimate end. Thus, he pioneered the Court’s framework on ‘human-centered augmented intelligence’ to ensure that innovation supports, rather than supplants, human judgment.

Anchored on this vision, he ensured the accessibility and responsiveness of the courts to ordinary citizens. As he so simply but eloquently summarized, ‘[t]he majesty of the [Supreme] Court shines clearest and brightest in our devotion to rendering justice swiftly, without fear or favor.’

A brief survey of his key decisions reveals a passion for substantive justice over technicality. He consistently interpreted the law to humanize it. In People v. Pagal (Sept. 29, 2020, en banc)-in which he acquitted the accused of murder despite his guilty plea-CJ Gesmundo opened his ponencia with a quote from Cicero, asserting that essential justice for the poor transcends the immense power of the state to prosecute.

Truly, the words of justices carry a god-like finality, immortalized in jurisprudence, read, debated, and admired (or despised) long after they pass from this Earth. Despite this rather intoxicating power, CJ Alex kept to his characteristic humility and relied on his conscience and private prayers to guide his every decision.

NOTABLY, HE FOSTERED COLLEGIALITY IN THE COURT. He listened intently to his peers, welcomed divergent views, and did not impose his will. When tempers flared during difficult debates, he would quietly arbitrate to preserve institutional unity.

His modest, selfless approach to leadership stems from his reverence for the office. Indeed, he views his headship more as a divine calling and less as a worldly achievement. True, he did not seek the top office in the judiciary, but our country is infinitely better because he accepted the call to it. Surrendering to a duty larger than himself, he personified the constitutional duty of ‘proven competence, integrity, probity, and independence.’

On Nov. 5, CJ Alex will reach the compulsory retirement age of 70 and regain his freedom after his long exile on the quiet, secluded peaks of Mount Olympus. I am personally delighted that he has accepted his election as an FLP trustee, effective Nov. 6.

As president of the association of retired justices, I will gladly welcome him as the most junior member of our group. Our retired (but not retarded) colleagues will join him in pursuing personal passions or hearing his quiet reflections about the high office he once held-remembering the humility with which he served it, and the greatness with which he left it.

Court fixes date for judgment in Tukur Mamu’s terrorism case

The Federal High Court in Abuja on Monday, slated for January 27, 2027, for judgment in a charge filed by the Federal Government against alleged terrorists’ negotiator, Tukur Mamu, during the Abuja-Kaduna train attack in 2022.

The trial judge, Justice Mohammed Umar, fixed the date after the counsel to the Federal Government, David Kaswe, and Mamu’s counsel, Johnson Usman, SAN, adopted their final written addresses and presented their arguments for and against the case.

Mamu, who was arrested on September 7, 2022, by the Egyptian security officials at the Cairo International Airport, was earlier arraigned on a 10-count charge bordering on terrorism financing.

However, the prosecution amended the counts by bringing in more offences, including unlawful possession of firearms without a valid licence and money laundering charges.

When the case was called on Monday, Usman informed the court that the case was scheduled for adoption of parties’ final written addresses, adding that the defendant’s final written address was filed on July 23.

‘Our reply on points of law is dated October 30 and filed same day. We adopt these two addrseses and we humbly urge this honourable court to graciously acquit and discharge the defendant on all the counts preferred against him by Federal Government as same, having not been proven in any manner,’ he prayed.

Usman argued that though the defence team had consistently demanded the licence of the rifle allegedly recovered from Mamu’s residence, the lawyer said the prosecution had failed to produce the licence in court.

He said even though the prosecution took custody of the arms and the licence, their failure to produce the licence in court had raised serious issues of doubt and therefore urged the court to resolve the issue in favour of his client.

But Kaswe, as assistant director, who appeared for the Attorney-General of the Federation (AGF) on behalf of the Federal Government, disagreed with Usman’s submission.

The prosecution lawyer recalled that the licence and the rifle had already been tendered before the court, saying, ‘My Lord, the record of this court will show that we have tendered the licence together with the arms on the day the PW-5, an exhibit keeper, was led on evidence’.

Kaswe reminded that after the prosecution applied for a safe-keep of the rifle and other exhibits, the court granted their request.

‘We respectfully adopt our written address as our oral submission and argument in prove of the case against the defendant and we urge my lord to agree with us that we have discharged the burden of proof placed before us and to convict the defendant as charged,’ he prayed the court.

After listening to the submissions of the lawyers, Justice Umar fixed January 27, 2027 for judgment.

PNP probes link between Pangasinan, Cebu ‘child abuse’ cases

The Philippine National Police has intensified intelligence operations nationwide to determine whether separate child exploitation cases in Pangasinan and Cebu involve a common network of perpetrators.

Authorities in Pangasinan are investigating alleged exploitation activities in Urdaneta City, while a French national was arrested in Cebu over alleged sexual offenses against minors.

Intelligence

‘Criminal networks must not be allowed to exploit provincial boundaries to evade justice,’ said PNP chief Gen. Jose Melencio Nartatez Jr. in a statement on Sunday.

‘By linking our regional intelligence, we are dismantling these syndicates from the roots up and ensuring that no corner of this country serves as a safe haven for those who prey on our children,’ Nartatez added.

Police units have been instructed to establish whether the cases in Pangasinan and Cebu involve the same individuals or organized groups operating across provincial boundaries.

The issue in Pangasinan drew public attention after vlogger Christian Albert Gaza shared a video on Facebook featuring a house in Urdaneta City, where several alleged unlawful activities, such as child exploitation, child molestation, maltreatment, physical assault, torture, and illegal drug-related activities, were reportedly taking place.

Last Friday, the Pangasinan provincial government said it was coordinating with the Department of the Interior and Local Government and the National Bureau of Investigation regarding the issue.

United response

Meanwhile, a French national was arrested in Catmon, Cebu, on Oct. 29, on the strength of a warrant issued by the Tribunal Judiciaire de Montauban, France, on March 28, 2024, for alleged rape, corruption, and sexual assault of minors under 15.

The foreign national was turned over to the Bureau of Immigration’s Fugitive Search Unit for appropriate legal and immigration proceedings.

Nartatez said the PNP would pursue both local and foreign suspects involved in the exploitation of Filipino children, adding that police would continue coordinating with international law enforcement agencies to track down perpetrators.

‘Child exploitation is a transnational crime that demands an unyielding, united response,’ he said.

Nartatez added: ‘Whether these perpetrators operate within our provinces or cross international borders, our reach is long, our partnerships are firm, and we will hunt down every single individual who attempts to violate the dignity of our youth.’

This year, the Philippines ranks 15th out of 60 countries in the Out of the Shadows Index, developed by Economist Impact with advocacy led by Together for Girls, in efforts to prevent and respond to sexual violence against children.

The index assesses 60 countries, which cover 83 percent of the world’s children, across four pillars: governance and accountability, prevention, healing, and justice.

Mfantsipim Celebrates Alex Dadey, Others At 150thAnniversary Dinner

Mfantsipim School has marked a major milestone in its 150-year history with an Awards and Fundraising Dinner held on Saturday, October 31, 2026.

The event brought together distinguished alumni, invited guests, institutional partners, corporate leaders and members of the Mfantsipim community to honour excellence and mobilise support for the school’s future.

The evening celebrated the school’s rich heritage and enduring contributions to Ghana’s educational and national development, as well as the achievements of generations of distinguished men reflecting the Mfantsipim spirit.

A major highlight was the recognition of outstanding individuals whose achievements embody the values and traditions of the school.

Executive Chairman of KGL Group, Alex Apau Dadey, was honoured with two prestigious awards – the Partner of Impact Award and a special category award recognising his immense contributions to Mfantsipim.

Other award recipients included Mr. Solomon Kweku Afful for Outstanding Teaching Staff, Mrs. Constance Odur for Outstanding Non-Teaching Staff, Kwame Dapaah-Afriyie MD for Education Impact Award, Prof. Albert Kwadwo Adu Boahen for Distinguished Alumnus – Academia and Research, George Quaye for Arts and Cultural Excellence, Rt Hon Prof. Kofi Abrefa Busia for Distinguished Alumnus – Public Service and Governance, and Mr. Frank Ivan Adama Tackie for Distinguished Alumnus – Business and Entrepreneurship.

Beyond celebration, the dinner served as a fundraising drive to support the school’s 150th anniversary ambitions and long-term development priorities.

The live auction featured artworks, an exclusive release of 10 custom anniversary Caveman Watches and a Collector’s Edition 150th Anniversary Anthology, aimed at raising funds for legacy and infrastructure projects.

The evening featured performances from Ghanaian artistes Sefa and Efya.

Special recognition was given to KGL Group and Margins Group as main sponsors, with prominent guests including Deputy Attorney-General and Minister for Justice Dr. Justice Srem-Sai and Okuapemhene Oseadeeyo Kwasi Akuffo III in attendance.

Organisers said as Mfantsipim marks 150 years of educational excellence, the dinner serves not only as a tribute to the past but a renewed commitment to building a stronger future.

Keeping sustainability implementation simple for benefit of the organisation

Simplifying sustainability implementation benefits organisations of all sizes. Large organisations need straightforward approaches that save time and reduce complexity, while small and medium-sized enterprises want solutions tailored to their circumstances without unnecessary requirements.

Although implementation will vary in scope and sophistication, simplicity remains essential. Fail-ure to simplify can increase costs and lead to scope creep. A streamlined approach aligns all levels of an organisation around sustainability ambitions, actions and accountability while clarifying stakeholders’ roles and responsibilities.

This improves focus and decision-making, reduces errors and costs, and increases the likelihood of completing sustainability projects on time and within budget.

One critical step is ensuring a free flow of information across the organisation and among stake-holders regarding sustainability plans, implementation and progress. Establishing a governance structure that delivers the right information to the right people at the right time is essential.

Capacity building should also be tailored to relevant stakeholders to promote alignment and ownership throughout the implementation process.

When information is restricted to a few individuals or fails to reach key stakeholders, implementation can become disorganised, complicated and costly.

This explains why some organisations dedicate specific teams and resources to coordinating sustainability initiatives.

Another important step is prioritising actions. Although seemingly straightforward, this can be challenging. Rather than overwhelming organisations with lengthy and complex plans, it is more effective to identify priority actions for each period and focus resources on delivering them be-fore addressing less urgent tasks.

Sustainability is a journey, and organisations are not expected to achieve everything at once.

Ranking actions according to their importance and potential impact should therefore be an ongoing exercise. This helps prevent decision paralysis, maintain focus and build momentum.

Ultimately, organisations that embrace simplicity gain clarity, use resources more effectively and deliver better sustainability outcomes.

Nigeria, China sign $30m agreement on grassroots devt projects

Nigeria and China have signed a grant agreement worth RMB 200 million (approximately $30 million) to support community-focused development projects under the Nigeria-China Development Cooperation, reinforcing the longstanding strategic partnership between the two countries.

Speaking at the signing ceremony in Abuja, the Federal Ministry of Budget and Economic Planning said the agreement marks another milestone in bilateral cooperation aimed at advancing Nigeria’s development priorities and delivering tangible benefits to citizens through targeted, locally driven initiatives.

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, welcomed the Chinese Government’s continued support, describing the partnership as an important platform for strengthening development cooperation, knowledge exchange and mutual understanding.

According to a statement by the ministry, Bagudu thanked the Chinese Ambassador to Nigeria, Yu Dunhai, and his delegation for their commitment to deepening bilateral relations. He noted that the progress recorded over the years reflected both countries’ shared determination to advance their common development objectives.

He said the grant would support mutually agreed projects under China’s ‘small but beautiful’ initiative, which focuses on investments that deliver practical results, improve livelihoods and create direct impacts at the community level.

The minister noted that the grant builds on previous Chinese assistance, including a $1 million contribution earlier in 2026 to strengthen Nigeria’s capacity for technological and knowledge development.

He also highlighted opportunities to expand trade and economic cooperation, particularly through China’s zero-tariff policy on Nigerian exports.

The statement added that Bagudu stressed the need to ensure that bilateral commitments translate into measurable development outcomes for Nigerians.

‘To this end, the ministry, in collaboration with the Nigeria-China Strategic Partnership Office, has been developing projects proposed by states to address specific grassroots development needs,’ he said.

He expressed interest in sharing the initiative with China and drawing on its development experience, particularly in poverty reduction, to strengthen Nigeria’s efforts to expand economic opportunities, tackle poverty and improve livelihoods.

The minister also emphasised the importance of capacity-building initiatives, including the training of Nigerian officials in China, noting that knowledge exchange and institutional development were essential to strengthening the country’s capacity to implement its development priorities.

Also speaking at the event, the Chinese Ambassador to Nigeria, Yu Dunhai, described the grant as a concrete demonstration of China’s commitment to Nigeria’s development priorities and the enduring strategic partnership between the two countries, founded on mutual trust, solidarity and a shared commitment to economic and social development.

The ambassador explained that the agreement builds on the consensus reached by Presidents Bola Ahmed Tinubu and Xi Jinping during their meeting in China, as well as the outcomes of the Fourth China-Nigeria Cooperation Forum in Beijing.

He noted that 2026 marks the 55th anniversary of diplomatic relations between Nigeria and China, describing the relationship as one that has continued to evolve through cooperation across various sectors and mutual support for more than five decades.

Dunhai also highlighted the economic opportunities arising from China’s zero-tariff policy on Nigerian exports, which took effect on May 1, 2026.

According to him, bilateral trade reportedly reached $18 billion in the first half of the year, while Nigeria’s exports to China increased by 80 per cent.

The statement noted that the policy could expand market access for Nigerian businesses, attract investment, support industrial development and encourage Nigerian products to move up the value chain.

INEC moves to end barriers preventing PWDs’ participation in elections

The Independent National Electoral Commission (INEC) in Adamawa State has reaffirmed the fundamental right of Persons with Disabilities (PWDs) to participate in the 2027 general elections like other eligible Nigerian citizens.

The electoral umpire also reiterated its deliberate measures to eliminate barriers hindering the participation of persons with disabilities in the country’s electoral process.

The Head of Voter Education and Publicity Department of the Commission in the state Aliyu Hassan Sha’aba disclosed this on Monday during a one-day engagement with the PWDs Electoral Officers (EOs) and Disability Desk Officers at Rockview Hotel Yola.

He explained that every eligible citizen regardless of physical visual hearing intellectual or psychosocial disability has the right to vote and participate in the electoral process without discrimination.

He said ‘Persons with disabilities have the same fundamental right to participate in elections as other eligible citizens. They (PWDs) have the right to participate in the electoral process without discrimination and to receive accurate information about electoral procedures.

‘Persons with disabilities have the right to exercise their franchise freely and without intimidation and be treated with dignity and respect by election officials. They have the right to also report barriers misconduct or other electoral concerns through the appropriate channels.’

He therefore called on the electoral officers to identify and document barriers preventing PWDs from accessing polling units and electoral information while strengthening collaboration with disability organisations and other stakeholders to address the challenges.

On voting arrangements he urged electoral officers to ensure that polling units are accessible to persons with mobility challenges including those using wheelchairs crutches and other assistive devices.

Sha’aba noted that INEC provides ramps to facilitate access to polling units and stressed that election officials should offer necessary assistance without compromising the dignity privacy and independence of voters with disabilities.

For persons with visual impairments he said officials must provide information on approved voting assistance and assistive procedures ensuring that such support complies with electoral guidelines and protects ballot secrecy.

He also called for appropriate communication support for voters who are deaf or hard of hearing including written instructions visual information and sign-language interpretation where available.

He cautioned that assistance provided to voters with disabilities must not be used to influence their choices disclose their voting preferences or undermine the integrity of the electoral process.

Earlier the state’s Resident Electoral Commissioner (REC) Nura Mohammed called for stronger partnerships among INEC disability organisations and civil society groups to improve electoral inclusion.

He said the commission’s interventions include Braille Ballot Guides for visually impaired voters EC30 PWD Written Instruction Posters for deaf voters magnifying glasses for persons with visual impairments and albinism and voter education materials in Braille jingles flyers and posters.

He stressed the need to train stakeholders on the proper deployment of these interventions and take voter education closer to PWDs through schools camps and settlements.

The REC said electoral inclusion must extend beyond election day to cover voter registration education sensitisation and participation as candidates.

He urged stakeholders to work collectively to implement INEC’s inclusive electoral guidelines adding that assistance to voters with disabilities must never be used to influence their choices or compromise ballot secrecy.

NGX listing alone insufficient to assess corporate risks – DataPro

Companies seeking to raise funds from Nigeria’s capital market may need to look beyond stock exchange listing to strengthen investor confidence, as credit ratings provide an independent assessment of their ability to meet financial obligations, particularly when accessing debt financing.

DataPro, a Nigerian credit rating agency, said although companies can list their shares on the Nigerian Exchange Limited (NGX) without obtaining a credit rating, the two serve complementary purposes in helping investors understand businesses, their financial strength and associated risks.

According to DataPro in its Monthly Rating Brief for November, while equity investors acquire ownership interests and typically focus on earnings growth, valuation and potential returns, credit ratings provide an independent assessment of an issuer’s creditworthiness, including its capacity and willingness to meet financial commitments.

The agency said the distinction becomes increasingly important as listed companies diversify their funding sources and seek to raise capital through instruments such as corporate bonds and commercial paper.

A credit rating provides an additional layer of information beyond financial statements, corporate disclosures and historical performance, helping investors assess the financial risks associated with an issuer.

DataPro explained that credit ratings examine factors relevant to a company’s ability to service its obligations, offering a perspective that complements existing information about its business model, competitive position, strategy, governance and cash flows.

However, the agency stressed that a credit rating does not constitute an investment recommendation or replace investors’ assessment of a company’s valuation, growth prospects and overall investment suitability.

Rather, it provides an independent view of an issuer’s financial strength and credit risk, which can help investors make more informed decisions.

The importance of credit ratings becomes more pronounced when companies approach the debt market to raise funds.

In Nigeria, corporate bonds are required to be rated by a rating agency registered with the Securities and Exchange Commission (SEC), making credit ratings an important component of the information available to investors participating in the bond market.

For debt investors, the central consideration is whether an issuer can meet its financial obligations as they fall due, including interest payments and principal repayment.

This differs from the priorities of equity investors, who are generally more concerned with a company’s growth trajectory, profitability and potential shareholder returns.

Despite these differences, DataPro noted that both groups are assessing the same underlying business, making reliable and independent information about its financial position and risks valuable to the broader capital market.

For listed companies, credit ratings can therefore complement existing disclosures and financial statements, particularly as they engage with different categories of investors and explore alternative financing options.

The agency said the broader significance lies in the role credit ratings play in improving market information and supporting investors’ understanding of corporate risk.

As companies increasingly seek to diversify funding beyond equity capital, the distinction between listing and credit rating is expected to remain important in shaping how businesses access Nigeria’s capital market.

Ultimately, stock exchange listing provides companies with access to equity investors, while credit ratings offer an independent assessment of their ability to meet financial commitments.

Both mechanisms serve different purposes but contribute to a more comprehensive understanding of companies, their financial risks, and their participation in the capital market.