Energy Minister to attend EU Ministerial Council, energy security and network charges on the agenda

The EU’s energy security ahead of the winter and the European Commission’s proposal regarding network charges will be among the issues that EU Ministers of Transport, Telecommunications and Energy will discuss in Luxembourg on Thursday. Cyprus will be represented by Minister of Energy, Commerce and Industry Michalis Damianos.

According to a press release by the Ministry of Energy, the Council’s agenda includes a discussion on the European Commission’s proposal for a Regulation regarding network charges, which aims to reduce electricity prices. The proposal focuses on digitalization through the deployment of smart grids and smart meters and on improving network tariff structures, with the goal of making network usage more transparent and cost-effective.

Moreover, Energy Ministers will examine the EU’s energy security, both in preparation for the 2026-2027 winter and from a longer-term perspective, taking into account pressures on energy supply and prices linked to Russia’s war against Ukraine and the conflict in the Middle East, as well as long-term challenges, particularly those related to climate change and the resilience of the energy system.

Regarding the energy framework beyond 2030, the Ministers will exchange views on the EU’s future energy architecture and potential targets for energy efficiency, renewable energy sources, interconnections, and electrification, in the context of the EU’s 2040 climate target, the press release concludes.

CCT Chairman Proposes Transformation Into National Anti-Corruption Court

The Chairman of the Code of Conduct Tribunal (CCT), Dr Mainasara Umar Kogo, has expressed concern that many Nigerians occupying positions of authority appear unaware of their constitutional responsibilities, warning that the pursuit of personal interests continues to undermine national development.

Kogo made the remarks while discussing corruption, leadership and the challenges facing Nigeria’s public institutions.

He called for stronger institutional mechanisms, improved legal frameworks and a renewed commitment to patriotism, discipline and responsible public service.

According to him, public office should be regarded as a responsibility to serve citizens rather than an opportunity for personal enrichment.

He maintained that no public official was inherently more important than an ordinary Nigerian and stressed that public resources belonged to the people.

Kogo said that diverting even a single naira from public funds constituted a serious moral offence, emphasising the need for integrity among individuals entrusted with public responsibilities.

The CCT chairman expressed optimism that corruption could be addressed in Nigeria but argued that existing institutional structures and legal frameworks needed to be strengthened.

He also stressed the importance of ensuring that those responsible for adjudication and public administration demonstrated patriotism and discipline.

On the tribunal’s ability to prosecute politically exposed persons, Kogo explained that its current powers were limited by the existing legal framework.

He said the Code of Conduct Bureau (CCB) was responsible for investigating and prosecuting cases brought before the tribunal, while the Attorney-General also possessed constitutional prosecutorial powers.

He noted that the tribunal could not independently determine who should be prosecuted, as it was restricted to handling cases presented through established legal procedures.

Kogo disclosed that a proposed legislative reform was intended to address these limitations by allowing anti-corruption agencies to bring relevant cases before the tribunal, regardless of the status of the individuals involved.

He also proposed transforming the Code of Conduct Tribunal into a National Anti-Corruption Court with a broader mandate to handle corruption-related cases. Under the proposal, anti-graft agencies and civil society organisations would be able to prosecute relevant cases before the proposed court.

The proposal also includes establishing about seven judicial divisions and recruiting 37 additional judges to expedite the handling of corruption cases. Kogo said he had appealed to the Attorney-General of the Federation and the President to consider adopting the bill as an executive bill to facilitate its passage by the National Assembly.

He further identified issues such as certificate forgery, falsification of records, academic plagiarism, dual citizenship and foreign bank accounts as matters that could require legal scrutiny beyond asset declaration, subject to the applicable legal framework.

Reflecting on Nigeria’s governance challenges, Kogo expressed concern about the declining purchasing power of citizens and the difficulties many households face in meeting their basic needs. He said the country’s economic circumstances had weakened the ability of many Nigerians to afford essential goods and services.

He also lamented what he described as an erosion of nationalism, national cohesion and patriotism, arguing that individual interests were increasingly taking precedence over the collective welfare of the country.

According to him, Nigeria needs more statesmen who prioritise national development and the welfare of future generations rather than focusing primarily on acquiring political power and wealth.

Kogo called on the National Orientation Agency (NOA) to strengthen its role in promoting national unity, patriotism, responsible citizenship and public service.

He also discussed the challenges he encountered upon returning to the tribunal as chairman, describing an institution that had deteriorated considerably. He said the building lacked reliable electricity and water supplies, its lifts were not functioning, security was inadequate, and essential working materials were unavailable.

Kogo said he had taken steps to restore electricity, provide water through boreholes, improve security and commence renovations. He also highlighted staff development initiatives, the resolution of outstanding promotions and efforts to pay retirement entitlements to former employees.

According to him, approximately 70 to 80 per cent of affected retirees had received their entitlements, with some having waited as long as two decades for payment.

He added that new allowances and welfare measures had been introduced for staff, alongside a 13th-month salary bonus intended to boost morale and improve productivity.

However, Kogo said inadequate funding continued to constrain the tribunal’s operations. He disclosed that the institution received an average of between ?26 million and ?28 million in overhead funding, with releases sometimes delayed by two or three months. He also said he had not received any capital allocation since assuming office.

To address some of the resource challenges, he said he had approached international donor agencies and other institutions, which provided computers, laptops, printers, photocopiers and other equipment.

Kogo also disclosed efforts to recover properties allegedly disposed of by previous tribunal leaderships. He said a property in Wuse II, Abuja, had been recovered following the intervention of the FCT Minister, Nyesom Wike, while another property in Bauchi, which had allegedly been converted into a commercial plaza, had also been recovered.

He said the tribunal was seeking funds to renovate the properties and restore them to official use.

Kogo maintained that his priority was to establish a functional institution capable of operating effectively beyond his tenure, adding that public officials should focus on fulfilling their responsibilities rather than pursuing personal recognition.

Seinye Lulu-Briggs Bags Best Of Africa Lifetime Achievement Award

Nigerian industrialist and philanthropist, Dr Seinye O. B. Lulu-Briggs, has received the Lifetime Achievement Award at the 2026 Best of Africa Awards in London in recognition of her contributions to business, philanthropy and humanitarian development spanning more than four decades.

The award was presented at the Best of Africa Awards Dinner held at The Peninsula Hotel, London, where personalities from across Africa and the diaspora gathered to celebrate leadership, enterprise and philanthropy under the theme, Unity.

Dr Lulu-Briggs, Executive Chairman of Moni Pulo Limited and Chairman and Founder of the O. B. Lulu-Briggs Foundation, has combined business leadership with sustained efforts to improve the lives of underserved and vulnerable communities.

Established in 2011, the Best of Africa Awards celebrates Africans whose professional achievements have translated into contributions to society. Previous honourees include Mohamed Salah, Yaya Touré, Sir Mo Farah, Angélique Kidjo, Ozwald Boateng, Eniola Aluko and Luol Deng.

The 2026 edition brought together leaders from business, entertainment, sports and philanthropy, recognising Africans whose influence extends beyond personal success to community development.

Dr Lulu-Briggs’ selection for the Lifetime Achievement Award reflects her leadership across several sectors of the Nigerian economy and her philanthropic work across generations.

Her professional career began in 1981 at the Central Bank of Nigeria, where she was among the pioneer staff of its Computer Services Department. She later became Head of Computer Operations, at a time when relatively few Nigerian women held senior technical and management positions in the field.

She subsequently worked in commercial banking, technology, land and marine leasing, haulage, hospitality, manufacturing and energy, building a career spanning business development, institutional leadership and enterprise creation.

In the energy industry, Dr Lulu-Briggs has played a leadership role at Moni Pulo Limited, one of Nigeria’s pioneering indigenous oil and gas exploration and production companies.

Having served as Executive Vice Chairman from 2005, with responsibilities covering government relations, regulatory compliance and sustainability, she now serves as Executive Chairman, providing strategic direction for the company’s operations and long-term development.

Among her current priorities is an initiative to commercialise approximately one trillion cubic feet of natural gas reserves, with potential implications for domestic energy supply, industrial development and Nigeria’s wider energy sector.

Her career has demonstrated the role of indigenous enterprise in economic development and the capacity of African women to lead complex organisations and build businesses.

Beyond business, Dr Lulu-Briggs’ humanitarian work through the O. B. Lulu-Briggs Foundation has remained central to her public service.

Established in September 2001 in honour of her late husband, High Chief Dr O. B. Lulu-Briggs, the Foundation initially focused on the welfare of neglected older persons. It has since expanded into healthcare, elder care, education, social welfare and community development.

In September 2026, the Foundation marked its 25th anniversary, celebrating interventions across Nigeria’s Niger Delta and other communities.

According to its anniversary records, the Foundation’s humanitarian programmes have reached an estimated 2.12 million people, with cumulative expenditure exceeding ?3.52 billion.

Healthcare remains one of its major areas of intervention. Through its Free Medical Mission programme, the organisation has provided medical services to more than 178,000 beneficiaries, including consultations, surgical procedures, dental treatment, eye care and other essential services.

The Foundation has also distributed more than 34,000 corrective eyeglasses to improve access to vision care.

Its 50th Free Medical Mission, held in September 2026 at Rivers State University, Port Harcourt, formed part of its silver jubilee celebrations, bringing medical professionals and volunteers together to provide free healthcare to underserved populations.

The Foundation’s Care for Life programme, established in 2001 to support older persons, has enrolled 781 elderly beneficiaries, providing food, healthcare assistance, companionship and other essential services.

The programme has also provided more than 191,000 weekday meals to address the nutritional and welfare needs of older people who may lack adequate support.

Dr Lulu-Briggs’ commitment to the dignity of older persons was further demonstrated in September 2026 when the Foundation, in collaboration with Peace Haven Foundation, convened the Dignity of Ageing Conference in Port Harcourt.

The conference brought together experts and stakeholders to discuss brain health, dementia, caregiving and the challenges associated with ageing in contemporary African societies. It also extended the Foundation’s work into public education, advocacy and efforts to improve elder care.

Under Dr Lulu-Briggs’ leadership, the Foundation has expanded its interventions into social justice, mediation and the protection of vulnerable women.

Its initiatives include a dedicated mediation facility and legal assistance for women facing abuse, dispossession and other forms of injustice.

The programmes reflect an approach to humanitarian service that addresses not only immediate needs but also poverty, exclusion and unequal access to justice.

Following the death of her husband, Dr Lulu-Briggs assumed greater responsibility for preserving and expanding the charitable legacy associated with his name.

Over the years, she has strengthened the Foundation’s institutional structure, broadened its programmes and sustained its humanitarian activities amid economic and social changes.

The organisation’s work has evolved from occasional charitable interventions into sustained programmes with measurable outcomes.

The 2026 Best of Africa Awards also recognised other Africans and people of African heritage for contributions spanning public service, business, sports, entertainment, philanthropy and social advocacy.

Among the recipients was Baroness June Sarpong, who received the Unity Award in recognition of her legacy of excellence and contributions. The award was presented by Kingsley Pungong.

CSR Reporters Unveils Impact Ranking Framework

CSR REPORTERS has unveiled the methodology for its Nigeria CSR Impact Ranking 2026, introducing an evidence-based framework to assess corporate social responsibility and sustainability performance across the country.

The platform said the framework would shift attention from publicity, spending and self-reported claims to measurable outcomes, verifiable evidence and accountability.

Founder and Chief Executive Officer of CSR REPORTERS, Eche Munonye, said the methodology was designed to answer a fundamental question: what can companies demonstrate about their social impact and sustainability performance?

He said the framework would help distinguish between activities organisations announce and the lasting changes they achieve.

The methodology establishes five assessment dimensions, with impact carrying the highest weighting at 30 per cent. Strategic Alignment and Measurement and Evaluation each account for 20 per cent, while Sustainability and Scale, and Transparency and Accountability, carry 15 per cent each.

The criteria assess the relevance of corporate initiatives, their measurable outcomes, alignment with organisational priorities, potential for long-term sustainability and the transparency of reported achievements.

The framework also introduces structured scoring, evidence classification, stakeholder validation and field verification where necessary. It provides quality assurance measures and safeguards against conflicts of interest.

A key feature is the Evidence Confidence Indicator, which assesses the strength of supporting evidence separately from an organisation’s numerical score.

According to CSR REPORTERS, this distinction recognises that completing a project does not automatically establish its lasting impact. For instance, building a school is a measurable output, but determining whether it remains functional and delivers sustained benefits requires additional evidence.

Munonye said the ranking’s credibility depended on making its assessment process transparent and independent.

‘If a ranking is going to influence how companies are perceived and discussed, people should be able to understand how it was produced,’ he said.

The organisation also stated that advertising, sponsorships, partnerships, consultancy engagements and participation in its events would neither guarantee inclusion nor influence ranking outcomes.

Designated Methodology Version 1.0, the framework draws on international assessment principles while reflecting Nigeria’s operating environment. It also outlines evidence requirements, limitations and procedures for corrections and future revisions.

CSR REPORTERS said the ranking would not constitute a comprehensive audit or imply that every reported outcome had been independently verified.

The inaugural edition will assess organisations within a defined 2026 assessment universe and publish the Top 50 sustainability and social impact performers.

The ranking is scheduled for unveiling in Lagos in November 2026 as part of the platform’s sustainability programme.

CSR REPORTERS said the initiative aims to support journalism, research, policy discussions and stakeholder engagement by encouraging companies to demonstrate their social impact through credible evidence rather than claims alone.

Unity Schools Can Help Nigeria Overcome Ethnic, Religious Divisions – President-Elect

The President-elect of the Unity Schools Old Students Association (USOSA), Seyi Gambo, has said unity schools remain vital to Nigeria’s efforts to overcome ethnic and religious divisions.

He urged the country to harness its diversity for national development.

Gambo said the founding philosophy of the schools demonstrated how people from different backgrounds could coexist and contribute to national development.

He said Nigeria would achieve greater national cohesion if opportunities were determined by merit rather than ethnicity, religion or gender.

He spoke in a telephone interview with Daily Trust against the backdrop of ethnic and religious divisions in the country.

He argued that Nigeria could become a leading force in the international community if its citizens focused on their shared interests and strengths.

‘The philosophy behind the unity school is a testament to the fact that God loves Nigeria and Nigerians love Nigeria. Our diversity is an uncommon and strategic advantage in the community of nations,’ he said.

‘If we concentrate on or leverage our positive energy, we will be pivotal to a better world where comparative advantage, not ethnicity, religious affiliation or gender, will determine who gets what or the positions we attain. We will therefore set the agenda for the whole world. We have what it takes’, he added.

The USOSA president-elect maintained that unity schools had not abandoned their core mission of fostering national integration.

He described them as important centres for nurturing tolerance and accommodating differences.

He said former students of the institutions had continued to promote peaceful coexistence and acceptance of diverse views in different sectors of the country.

‘Yes, unity schools have not diverted from these ideals. We are still the incubators and melting pot for these critical national elements of socioeconomic development,’ he said.

Gambo, however, called for stronger collaboration among government, alumni associations, the private sector and other stakeholders to improve the quality and management of federal unity colleges.

He identified the School-Based Management Committees (SBMCs), established to bring different stakeholders into school administration, as an important mechanism that should be made more effective.

The committees comprise representatives of the education ministry, host communities, Parent-Teacher Associations, security agencies and alumni associations.

‘However, we have noticed that most of these SBMCs have not been alive to their responsibilities. We will ensure the SBMC delivers on its mandate,’ he said.

Gambo further urged governments to make education central to their policies and called on corporate organisations to increase investment in the sector.

‘There are a lot of things that will be pivotal to the development we desire for the education ecosystem. Education must be central to every government policy; the corporate sector must invest in it. It must be accessible to all Nigerians,’ he said.

On disparities in access to digital learning facilities, he said USOSA would sustain advocacy and engage relevant stakeholders to mobilise support for schools lacking adequate equipment.

He added that Nigerians in the diaspora would also be encouraged to contribute to efforts to narrow the gap between well-equipped schools and those with limited facilities.

‘It will be a concerted effort by all stakeholders. The advanced nations also have their challenges. We will continue in our advocacy on the same. We will engage critical stakeholders to achieve these. Nigerians at home and in the diaspora will all be mobilised to ensure this,’ he said.

Gambo emerged president-elect at USOSA’s 50th Plenary and elective Annual General Meeting held at the National Universities Commission in Abuja on October 24.

He defeated the incumbent Vice President-General, Chinedu Amure, by 93 votes.

He polled 305 votes against Amure’s 212, while six ballots were declared invalid in the presidential contest.

In the race for Vice President-General, Jayeola Adebola defeated Rufun Ibrahim Jauro with 287 votes to 233. Six ballots were invalid.

Favour Sabo Michael emerged Financial Secretary after polling 345 votes to defeat Semirat Ajide, who secured 173 votes.

Hamman Adil Adamu was elected Treasurer unopposed, while Idoreyen A. Ebong also emerged Secretary-General without opposition.

Kester Idogho won the Assistant Secretary-General position with 354 votes, defeating Hauwa Idi Jimeta, who polled 170. Two ballots were declared invalid in the contest.

The results were signed by the chairman and secretary of the Electoral Committee, Ahmed Tijjani Lawal and Tayelolu Ojo, respectively

Beyond defending the shilling: Building Uganda’s foreign-exchange resilience is key

Uganda’s recent shilling depreciation is a pressing concern for economists, policymakers and other stakeholders.

The Bank of Uganda’s October 2026 Monetary Policy Statement confirms the severity of the situation, as it notes that the global environment has ‘changed significantly’ owing to the escalating conflict in the Middle East, leading to ‘intensified depreciation pressures’.

This has been compounded by a deterioration in the current account deficit, which widened by $1.4 billion to $ 4.6 billion, driven by lower agricultural commodity prices, reduced tourism receipts, and soaring oil prices. While some pressures originate abroad, Uganda’s vulnerability reflects deeper structural weaknesses that demand our attention.

Our immediate priority must not only be to prevent further weakening of the shilling, but also to protect the economy from excessive volatility, imported inflation, and foreign exchange shortages. The Bank of Uganda’s decisive action of raising the Central Bank Rate (CBR) by 225 basis points to 12.0 percent and the Cash Reserve Requirement (CRR) to 13.5 percent is a necessary measure to contain inflationary pressures and anchor expectations.

However, monetary policy alone cannot resolve the structural foreign exchange imbalances, which are largely supply side in nature. Exchange rates reflect the interaction of foreign-currency supply and demand, expectations, capital flows, and underlying economic conditions. The Bank of Uganda’s assessment highlights that the goods deficit worsened to $ 2.8 billion in the 12 months to August 2026, while the services deficit deteriorated to $ 3.3 billion largely owing to freight charges.

Higher oil prices, seasonal import requirements, and dividend payments abroad further widen the imbalance. Expectations can intensify these pressures; when businesses and households anticipate further depreciation, they may bring forward dollar purchases, reinforcing demand and adding to downward pressure on the shilling.

Depreciation itself is not necessarily a sign of policy failure. Under a flexible exchange-rate regime, the currency can adjust to changes in global prices and domestic conditions. The danger arises when adjustment becomes disorderly, feeds inflationary expectations, or exposes businesses and financial institutions to unsustainable foreign-currency liabilities.

The international experience from Mexico in 1994 to Thailand in 1997 shows that interventions are only effective when consistent with credible monetary and fiscal policies. Selling dollars may restore liquidity during disorderly trading, but it cannot permanently offset sustained import demand or insufficient foreign exchange earnings.

Intervene selectively, not defensively. Foreign exchange sales should be used to address exceptional volatility or impaired market liquidity, not simply because the shilling crosses a certain level. Crucial indicators to warrant action should include unusually rapid price movements, widening bid-offer spreads, and abnormal changes in market turnover, with an assessment of economic fundamentals.

There is a need to manage derivatives prudently. Swaps and other instruments can support liquidity, but may create hidden exposures. Regular stress testing and transparency are essential.

It is also crucial to maintain monetary-policy credibility. Raising the CBR helps contain inflation, but tightening policy solely to attract short term foreign capital could raise borrowing costs and weaken private investment. Clear communication is vital to balance inflation control with growth because foregone GDP growth also implies foregone revenues.

Above all, the Ministry of Finance needs to complement monetary policy with credible fiscal management. Persistent fiscal pressures and poorly prioritised expenditure can weaken confidence and increase external financing needs. Fiscal discipline should go hand in hand with protecting productive investments in infrastructure, agriculture, energy, and export-oriented industries.

Uganda must also expand and diversify foreign exchange earnings. Improving agricultural productivity, adding value to coffee and other exports, strengthening tourism, and supporting export-oriented manufacturing will reduce vulnerability to external shocks.

While oil revenues are expected in the future, current efforts should focus on preserving reserves, sustaining monetary policy credibility, and building resilience through diversification.

The objective should not entirely be to defeat the dollar but, rather, to build an economy that earns more foreign exchange, uses it productively, and can withstand external shocks without sacrificing price stability, investment, and economic growth.

Microsoft targets 60,000 employees with voluntary buyout offer

Microsoft has launched a voluntary separation program for employees in the United States, Canada, India and the United Kingdom whose experience level is 70 or below under the company’s internal classification system.

Around 60,000 employees are eligible to participate, representing approximately 27% of Microsoft’s global workforce of 223,000, CNBC reported, citing a source familiar with the matter.

The program offers financial support and career-planning assistance. Eligible employees must decide whether to participate by early December, with departures scheduled for December 31.

According to Microsoft’s latest annual report, the company employed approximately 223,000 people worldwide as of June 30, 2026, including 121,000 in the United States and 102,000 in other countries.

In April, Microsoft also offered voluntary buyouts to more than 8,000 U.S. employees, equivalent to around 7% of its American workforce. That program covered employees whose combined age and years of service totaled at least 70.

The Financial Times reported that Microsoft was seeking to reduce personnel costs amid large-scale investments in artificial intelligence. At the time, the company planned to spend $140 billion on capital expenditures in the fiscal year ending in June.

T-bill yields peaked after aggressive rate hike

YIELDS on Treasury bills (T-bills) climbed to their highest levels in nearly three years last Monday after an underestimated Bangko Sentral ng Pilipinas (BSP) delivered its most aggressive rate hike to date and further showed an unrelenting stance against peaking prices.

The central bank has raised its key policy rate by 50 basis points at its rate-setting meeting last Thursday, with BSP Governor Eli M. Remolona Jr. saying monetary authorities are ‘open to further interest rate hikes.’

Local and foreign analysts expect headline inflation as global oil prices continue to scale higher.

In a Goldman Sachs Exchanges podcast on October 23, Daan Struyven, co-head of Global Commodities Research and head of Oil Research, said that Brent crude oil prices have risen sharply ‘because growing tensions in the Middle East and growing downside risks to supply are leading buyers to bid up barrels, both in the physical market and also on the financial side.’

‘Physical buyers such as refiners are seeing growing downside risks to supply because of an intensification of shipping attacks in the Middle East and because of some strikes on infrastructure by the Houthis,’ Struyven. (See: https://www.goldmansachs.com/insights/goldman-sachs-exchanges/why-oil-prices-are-surging-despite-recovering-supply).

Revised forecast

MEANWHILE, at the Monetary Board’s meeting last week, the BSP revised its 2027 inflation forecast upward from 5.4 percent to 6 percent. (Read more: https://businessmirror.com.ph/2026/10/24/weather-woes-may-extend-bsp-tightening-into-h1-27/)

The BSP’s tightening cycle will likely extend into early 2027, as some have penciled in additional rate hikes at the central bank’s upcoming December and February meetings.

Fanning the flames of an impending rate hike is the weakening peso, which dropped to a new record low of P63.95 on Monday, which could lead to higher importation costs and overall inflation, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp.

However, raising the key policy rate further would ‘lead to higher financing costs/borrowing costs and could slow down economic/GDP growth,’ Ricafort noted.

Jumps, rise

THE 91-day average yield jumped by 27.2 basis points to 6.264 percent from 5.992 percent in the previous auction last week. The Bureau of the Treasury accepted yields from a low of 6 percent to a high of 6.6 percent.

The 182-day securities fetched an average yield of 6.430 percent, up by 20.1 basis points from 6.229 percent a week ago. Awarded rates ranged from 6.270 percent to a high of 6.550 percent.

Average yield on the 364-day debt papers rose by 13.9 basis points to 6.583 percent from 6.444 percent previously. Yields ranged from 6.480 percent to 6.6 percent.

T-bill yields increased for the 10th straight week, reaching their highest levels in nearly three years. The 91-day T-bill yield was at its highest since November 6, 2023, when it reached 6.352 percent.

The 182-day tenor likewise posted its highest yield since November 13, 2023, when it stood at 6.513 percent, while the 364-day note was at its highest since November 6, 2023, when it hit 6.591 percent. Total tenders across the three tenors reached P70.679 billion, or 1.5 times the P45-billion offering.

Auction results

RESULTS were mixed after the Treasury fully awarded the 91-day tenor at P20 billion, while it partially awarded the 182-day T-bills at P11.880 billion and the 364-day debt papers at P5.8 billion.

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The Treasury also offered 35-day cash management bills (CMBs), which was fully awarded at P10 billion. The securities fetched an average yield of 5.589 percent, as the Treasury accepted 5.4 percent to 5.7 percent.

On Tuesday, the Treasury will auction 3-year and 10-year Treasury bonds to raise P25 billion and P10 billion, respectively.

The government has already borrowed 87.55 percent, or P2.393 trillion, of its P2.733-trillion financing program for this year.

Next year, the government aims to borrow P3.304 trillion, of which 72 percent will come from domestic sources, while the remaining 28 percent will be borrowed externally.

South Africa’s FirstRand eyes Kenya bank buyout

South Africa’s FirstRand Bank is to acquire a mid-sized Kenyan bank, joining a rush among South African lenders to get a piece of East Africa’s most profitable financial services market.

FirstRand said it has stepped up its pursuit of a Kenyan lender after previously failing to close a deal at the right price.

Foreign banks have been looking to set up operations in Kenya, driven by a desire for a piece of the action in a market where collective industry profits jumped 16.3 percent last year to Sh241.65 billion.

FirstRand opened a Kenya representative office in 2012 and uses the office to hunt for infrastructure deals and project financing.

Now, it is seeking a bank to roll out its full spectrum of services, including retail banking, as it widens the acquisition hunt to include non-banking entities like an insurance firm and an investment bank.

Mary Vilakazi, the chief executive at FirstRand, said the bank was seeking growth through the buyout of a small lender and backed by organic growth instead of buying a top player.

It joins a growing list of South African lenders, including Nedbank and Standard Bank, trying to find new avenues to grow and diversify their regional footprint via buyouts

If First Rand closes a transaction, it will be the latest in Kenya’s banking sector, where a tenfold increase in the minimum core capital requirements for commercial banks to Sh10 billion is expected to trigger deals and tie-ups.

‘The group has consistently commented (on) the record over the past few years that it is interested in establishing a larger presence in Kenya. I can’t comment on specific questions,’ FirstRand said yesterday in a response to the Business Daily.

‘All I can say is that we have indicated we are not only considering acquiring banks,’ added the bank, a pointer it is seeking a larger piece of East Africa’s financial services market.

FirstRand operates Rand Merchant Bank, an investment and corporate banking subsidiary in Nigeria.

FirstRand, which is the second-largest bank in South Africa by market value, sold its Tanzania business in 2022 to Exim Bank of Tanzania after starting operations from scratch in 2011.

It plans to reinvest funds raised from the sale of its UK business, MotoNovo, in strengthening its presence in Africa.

The group decided to sell the business after it was charged heavily with failure to make full commission disclosure to borrowers.

FirstRand earnings contracted five percent to R39.7 billion (Sh309.4 billion) in the year to June.

‘I believe they are keener on an acquisition now due to the smaller banks facing stricter CBK capital rules which may provide FirstRand negotiating power as the smaller banks seek to beef up their capital numbers,’ said Melodie Ndanu, a research analyst with Standard Investment Bank.

‘There is also a slowing South African market to consider and the need to deploy its diversified platform proposition in East Africa as it diversifies its revenue streams and makes a play for cross-border opportunities,’ she added.

South Africa’s slow growth and mature sector are pushing its biggest banks to expand elsewhere.

Kenya’s appeal lies in its gateway role to the East African Community, a fast growing bloc expanding by at least five percent a year.

Nedbank is in the process of completing a 66 percent acquisition of regional listed lender NCBA Bank in a Sh110 billion deal.

It beat South African rival Standard Bank, which operates in Kenya as Stanbic, to the prize.

Absa Group had declared intent to increase its stake in the Kenyan operation to 85 percent from 68.5 percent.

The group’s offer to buy the bank’s shares from other existing shareholders at the Nairobi Securities Exchange (NSE) flopped, with investors offering it an additional 3.5 percent stake, against a target of 16.5 percent, despite its having sweetened the deal with a premium on the share price.

The group has maintained the intention to grow its stake from the new 72 percent to the desired 85 percent.

Standard Group has indicated it’s still in the market to deepen its presence.

Nigeria’s Access bought National Bank of Kenya from KCB Group in a deal that was completed halfway through last year.

Kenya’s move to raise banks’ minimum capital from Sh1 billion in 2024 to Sh10 billion by 2032 is expected to spur further consolidation in the industry.

Relatively solid financial regulation, easy repatriation of dividends and the freely traded shilling add to the attraction.

Nigeria’s second-largest bank by asset base and market capitalisation, Zenith Bank, has also inked an agreement to acquire Kenya’s Paramount Bank.

Entry into Kenya serves as a launchpad for the South and West African banks to the wider East African market, which has higher growth opportunities.

The resource-rich Democratic Republic of Congo has been a good hunting ground for Kenyan banks that have expanded into the country.

‘There must be a willing seller at the right price for us to do any deal. What we will not do is overpay for any asset,’ Ms Vilakazi was quoted in South Africa’s media

‘We have always said we are looking in East Africa. We are looking at other opportunities where we enter new markets, and they might not always be a bank.’

SEC: Reforms to prepare Philippines for Asean market integration

The Securities and Exchange Commission (SEC) said the reforms it is undertaking on corporate governance would make the country ready for market integration in the Southeast Asian region.

SEC chairman Francis Lim told reporters that corporate regulators in the region are working to connect their capital markets deeper in line with an action plan until 2030.

Lim said this is part of the reason the SEC is rolling out a series of governance reforms, some of which were brought to court by oppositors.

The reforms, Lim said, prepare local firms for eventual integration, raising them up to standard with regional peers. He added that the Philippines, as a member of the Association of Southeast Asian Nations (ASEAN), should adjust to the group, not the other way around.

Lim said an integration of capital markets would require each party to agree to a single standard on corporate governance and fair play. He added that the last thing the country wants is to be left out on the initiative.

In January, the SEC issued a memorandum circular capping the term of independent directors to nine years as a way to shore up business confidence by rejecting boardroom dominance by a few names.

Broadcasting giant GMA Network Inc., challenged it before a court, but later backed out and complied with the directive.

The SEC is raising eyebrows again in its proposal to hike minimum capital requirements for brokers to P120 million, from P100 million, to account for inflation.

Lim said governance reforms have to be applied for local firms to access opportunities overseas. He cited the case of Filipino fast food king Jollibee Foods Corp., which is eyeing to cross list in Hong Kong through its international unit.

‘It is a work in progress. Cross listing whether we like it or now will happen, and therefore, what we have to do is to prepare our companies,’ Lim said.

Recently, the Philippine Stock Exchange (PSE) signed a memorandum of collaboration with Singapore Exchange Ltd. (SGX Group) to build up cross-border opportunities.

Both PSE and SGX Group will work on raising intra-region trading by developing new products that suit the demands of their respective investors.