Category: Business Day

In this conversation, Taye Emmanuel, a finance professional at the Office of the Accountant General of the Federation with years of experience navigating Nigeria’s evolving economic landscape, discusses the current shifts, challenges, and opportunities shaping the future of finance and fintech across the country. BusinessDay’s Chinwe Michael brings excerpts.

How would you characterise the major shifts happening in Nigeria’s finance sector today?

The sector is in the middle of a digital revolution. What we’ve seen in the last five years is a complete change in how financial services are delivered and consumed. Traditional banking has given way to mobile-first and data-driven models. The rise of fintech firms has expanded access to credit, savings, and investment products that were once out of reach for millions. In the first quarter of 2025, Nigerian fintechs processed transactions worth N20.7 trillion in mobile transfers, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).

That’s a level of scale that even established banking systems in some developed economies haven’t achieved. This shift is not just about convenience; it’s about inclusion, transparency, and efficiency.

What would you say are the main drivers behind this fintech boom?

Nigeria’s demographic and digital profile make it a perfect breeding ground for financial innovation. We have one of the youngest populations in the world, most of whom are comfortable with smartphones and digital platforms. Mobile penetration is above 90 percent, and internet connectivity, although uneven, is improving. This creates the demand side. On the supply side, we’ve seen regulatory frameworks evolve, open banking guidelines, digital identity systems, and the licensing of payment service providers have all encouraged competition and creativity. Foreign and domestic investors are also seeing long-term potential here. Even amid global venture funding slowdowns,

How much influence are technologies like artificial intelligence and blockchain having on the sector?

Their impact is already significant and growing. Artificial intelligence is now central to how banks and fintechs assess risk, detect fraud, and personalise financial products. A few years ago, credit scoring in Nigeria relied mostly on historical banking records, which excluded millions without a formal banking history. Today, AI models analyse behavioural data, mobile usage, and transaction patterns to determine creditworthiness. That’s a huge step for financial inclusion. Blockchain, meanwhile, is redefining transparency and transaction speed. Cross-border payments that once took days now happen almost instantly through decentralised systems. It also ensures tamper-proof record-keeping, which is vital for trust in digital finance. Together, AI and blockchain are making the financial system more predictive, transparent, and accessible.

Despite these advances, what challenges remain?

The biggest one is cybersecurity. As more money moves digitally, the incentive for fraudsters grows. Financial institutions are racing to strengthen their defences, but they also need customers to be more aware and cautious. Infrastructure gaps are another issue. Power supply and internet connectivity are still inconsistent in many parts of Nigeria, and that limits the reach of digital services. There’s also a regulatory challenge: innovation often outpaces oversight. Regulators are doing their best to keep up, but they must balance flexibility with consumer protection. Finally, profitability remains a concern for many fintechs. It’s one thing to scale; it’s another to sustain. Many companies are learning to focus not just on rapid expansion but on operational discipline and long-term value creation.

From a policy standpoint, what reforms could help the sector reach its full potential?

Government policy plays a crucial role. The first thing is to keep supporting digital inclusion, which means investing in infrastructure, education, and financial literacy, especially in rural areas. The second is to deepen collaboration between regulators and innovators. Sandbox environments, like those the Central Bank has launched, are excellent because they allow startups to test products without putting the system at risk. Stronger consumer protection laws are also essential. Many Nigerians are still sceptical of digital finance because of fraud and a lack of clarity around fees. Transparency builds trust, and trust sustains growth. Lastly, we should start integrating environmental and social sustainability into finance. Fintechs can play a big role in financing renewable energy, supporting smallholder farmers, and driving green innovation.

For young professionals who want to join this new wave, how should they prepare?

Young professionals embarking on a career in finance have the potential to shape their futures significantly and contribute to the industry. To help them navigate this journey, here are several pieces of advice: Keep learning, seek mentors, gain practical experience, understand regulations, and uphold integrity. Ethics and adaptability are your strongest assets.

How do you personally stay relevant in such a fast-changing landscape?

Through lifelong learning, networking, and adherence to ethical standards. I continuously engage with new technologies and feedback to grow professionally.

Looking ahead, what’s your outlook for Nigeria’s finance and fintech ecosystem?

I aim to promote financial literacy, drive innovation, and mentor young professionals. In the next decade, finance will be shaped by AI, sustainability, and digital inclusion.

Pioneer Education Centre, Edo State State has emerged the first place winners of the 2025 edition of the SEPLAT Energy PLC JV PEARLs Quiz Competition for secondary schools across Edo and Delta States, smiling home with prize money of N10 million to equip the school’s ICT Centre.

At the successful event which was concluded in Asaba, at the weekend, Notre Dame College, Ozoro, Delta State and Eucharistic Heart of Jesus Model College, Benin, Edo State, which were the second placed schools received N5 million and N3 million respectfully as their winning prizes.

Ogini Model College, Ogharefe-Oghara, Delta State, the fourth placed school went home with a consolation prize for participation.

The massively attended knowledge-based competition was organized by SEPLAT Energy PLC, a leading Nigerian independent energy company, in partnership with the NNPC Exploration and Production Limited (NEPL).

The PEARLs Quiz which stands for Promoting Exceptional and Respectable Leaders, is one of Seplat Energy JV’s flagship Corporate Social Investment (CSI) initiatives geared towards the promotion of academic excellence, nurturing critical thinking, and inspiring the next generation of leaders.

In addition to the quiz competition, the grand finale also featured the STEAM Innovation Challenge, where students showcased inventive projects in the areas of science, technology, engineering, arts and mathematics. Under the STEAM challenge, the top three projects were awarded cash prizes and commendations for creativity, functionality, and real-world problem-solving potential.

The first prize of N1 million went to Hollywood International School, Asaba, Delta State who presented a multi-functional academic laboratory. In second place was the Pioneer Education Centre, Benin, Edo State, which got N500,000 prize money, while Women Affairs Secondary School, Asaba, Delta State. took the third position and N250,000

Chioma Afe, the Director, External Affairs and Social Performance, SEPLAT Energy, represented by Hadiza Garbati, General Manager, Government Relations, Seplat, welcomed the Governments of Delta and Edo States and congratulated all the participants, particularly those who made it to the grand finale.

She said that the initiative was conceived for promoting exceptional and respectable leaders, dating back to 2012, which has seen Sepalt remain active in host communities and helping to foster students in the right direction.

On his part, Nicolas Foucart, Managing Director of NNPC Exploration and Production Limited (NEPL), represented by the Corporate Communication Department’s Godwin Ijiga commended the students for participating and making it to this stage even as he expressed gratitude to the Edo and Delta State governments for the conducive atmosphere for business to thrive and be in position to give back to the society.

Sheriff Oborevwori, Delta State Governor, represented by Orode Udughan, Delta State Commissioner for Humanitarian Affairs, Community Support Services and Girl Child Development, commended the Seplat JV for the PEARLs Quiz initiative, which he noted has greatly impacted students in Edo and Delta states for many years.

Rice prices have dropped drastically in several Lagos markets due to a surge in imports through the borders easing the burden on consumers.

The development, however, has raised concern among traders over reduced profits and business sustainability.

The News Agency of Nigeria (NAN) reports that a 50kg of rice in Lagos currently sells for between N55,000 and N70,000 depending on the brands.

The traders and consumers who spoke with NAN in separate interviews in Lagos disclosed that the stable food has witnessed a sudden crash in the price.

They noted that both local and foreign rice brands have witnessed a steep drop in price reversing the surge seen earlier in the year.

In popular markets such as Oyingbo, Arena (Oshodi), Festac Town and Mile 12, a 50kg bag of local rice that sold for around ?85,000 in January now goes for between ?60,000 and ?70,000.

Similarly, foreign rice, which was ?95,000 at the beginning of the year, currently sells for between ?65,000 and ?75,000, depending on the brands and market location.

At the Arena Market, Mrs Precious Okoro, a rice dealer, lamented that the recent crash had left many traders struggling to recover their investments.

‘We are selling at a loss. I bought several bags at ?80,000 and ?85,000 early this year, and now I have to sell them for as low as ?65,000. The fall came suddenly, and it’s been tough for us,’ Okoro said.

She added that while customers are excited about the new prices, traders are counting heavy losses.

‘Rice doesn’t spoil easily like other food items, but when prices crash this way, our capital just ties down. Some of us can’t even restock,’ she said.

Okoro said that the government needed to be intentional in stabilising the price of rice in the country through regular support to local farmers to boost the supply chain.

‘The government needs to provide incentives for local farmers to increase production and improve the infrastructure for storage and distribution.

‘This will help to reduce the cost of production and make rice more affordable for consumers,’ Okoro said.

At the FESTAC Town Market, a retailer, Mrs Edith Nwaruh, said a 50kg rice Pretty Lady sold for ?57,000, Mama Africa, ?62,000, Mama Gold, ?67,000 and Big Bull Premium ?73,000. Nwaruh said the decline began around August, following reports of improved local harvests and increased rice supply from northern states.

‘We have more rice in the market now. Local production improved, and imports also increased. When there’s too much supply, prices must drop,’ she said.

Another trader at the Mile 12 Market, Odion Michael, described the situation as a ‘double-edged sword.’

‘Consumers are happy, but traders are weeping. We want prices to be stable, not jumping or falling suddenly. Price stability helps us to plan our business,’ he said.

However, a rice farmer and stakeholder who pleaded anonymity, attributed the price drop to the reopening of land borders, which has allowed an increased inflow of rice from neighbouring rice-producing countries.

He disclosed that the development had caused a flooding of the market with both imported and locally produced rice, leading to a temporary fall in prices.

He, however, cautioned that the decline might not be sustainable, warning that prices could surge again before December due to market instability and fluctuating supply levels.

A trader at the Oyingbo Market, Mr Ben Chidi, attributed the development to improved supply and reduced market stockpiles.

He said that the government’s renewed support for local farmers and improved distribution channels contributed to the glut.

This, he said, ensured that consumers, however, are relieved.

Andriana Okoromaro, a consumer, said the drop was timely given the high cost of other food items.

‘At least, rice is affordable again. I used to buy a half bag because it was too expensive. Now, I can buy a full bag for the family. It’s a big relief,’ she said.

Another consumer, Oluwaseun Alade, said she hoped prices would remain low during the festive season.

‘Rice is essential during Christmas and New Year. This drop if sustained means more families can celebrate without worry,’ she said.

Ngozi Okolie, a consumer, said the fall is not only linked to increased supply but also to reduced purchasing power among Nigerians, which has lowered demand.

‘People don’t have much money, even with lower prices. The economy is slow, so even when goods are cheap, sales are not what they used to be,’ she added.

George Elombi, the new president and chairman of the African Export-Import Bank (Afreximbank), has revealed that Aliko Dangote is seeking an additional $5 billion to expand his refinery in Lagos.

During his inaugural address at Afreximbank’s investiture ceremony in Cairo, Elombi stated that Dangote had personally disclosed the plan earlier and assured the bank would explore all possible financing options.

‘Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, including in Afreximbank and your individual accounts. We believe it has to be done.

‘If it is done, it will double his production and cut prices by 50 per cent, maybe for Nigeria and for all the countries along this West African coast. This will be a significant change,’ he told the gathering.

The $20 billion Dangote Refinery, largely financed by Afreximbank, has been described as a transformative project for Nigeria’s energy landscape. Elombi said the planned expansion could reshape fuel supply across West Africa, easing costs and boosting regional trade.

He also paid tribute to his predecessor, Benedict Oramah, whose tenure saw the bank’s assets grow eightfold to $43.5 billion and revenues climb to $3.24 billion.

Elombi pledged to build on these achievements, focusing on value addition in minerals, implementation of the African Continental Free Trade Area, infrastructure investment, and digital integration.

Warning against external interference in Africa’s financial sovereignty, Elombi reaffirmed Afreximbank’s mandate to finance production and industrial transformation.

‘How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade? This structural transformation is not mission drift; it is mission delivery,’ he said.

He added that shareholders had tasked him with growing the bank’s balance sheet to $250 billion within a decade, with some African leaders urging a $350 billion target, all while ensuring every dollar translates into tangible impact.

In his goodwill message, Dangote congratulated Elombi on his appointment, praising his leadership during Afreximbank’s COVID-19 response and his role in expanding the bank’s assets from $6 billion to $44 billion.

Dangote highlighted the importance of protecting African trade and production for the continent’s economic security, noting, ‘At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100bn organisation in the next five years. However, having you now at the leadership of this great institution, I am sure our targets will be met much sooner based on our existing great partnership.’

He pledged the Dangote Group’s continued support for Afreximbank, saying, ‘You have my personal support and assurances that, as Dangote Group, we shall be by your side as you lead this new success of our future plan.’

In August 2025, Afreximbank announced a $1.35 billion facility for Dangote Industries Limited as part of a $4 billion syndicated financing deal to refinance the construction of the 650,000-barrel-per-day refinery and petrochemical complex, the largest single-train refinery in the world.

The bank contributed the largest share, underscoring its commitment to Africa’s industrialisation, energy security, and trade growth.

Olayinka Gabriel, a chartered accountant and financial analyst in Taraba state, has faulted the recent claim by Hon. Danjuma Shidi, former member House of Representatives from Taraba state, that the state’s debt has risen to N1.2 trillion, stating that the figure presented by Shidi is misleading.

Hon. Shidi who represents Wukàri/Ibi federal constituency at 8th national assembly in his open letter to the state’s house of assembly, youth leaders, senior citizens, political parties and general public last week accused Agbu Kefas, the Taraba state governor of obtaining debt to the tune of over N350 billion and also receiving over N437 billion from federal allocation in 2 years with no project to show in the state.

Gabriel, who spoke to a journalist in Jalingo, Taraba state capital, on Monday in his office, said the allegations by Shiddi, claiming that Taraba State’s debt has risen to ?1.2 trillion, are misleading, inaccurate, and should be disregarded in their entirety. Revealing that the claims contained in the open letter to the Taraba State House of Assembly lack a factual basis and appear politically motivated.

‘According to the Debt Management Office (DMO), Taraba State’s verified debt profile currently stands at ?84 billion, significantly lower than those of Adamawa, Gombe, and Bauchi States within the Northeast region. ?350 billion bond not yet accessed

‘Contrary to Shidi’s assertion, Taraba State has not accessed the proposed ?350 billion bond from the capital market. The process remains at the advisory and regulatory stages.

Gabriel, in his analysis, said that, unlike commercial loans, bond issuance undergoes rigorous approvals, market consultations, and mandatory public disclosure, including six-week national newspaper adverts, making secrecy impossible.

‘It is incorrect to add the bond amount to the debt profile of the state since it is yet to be assessed; its effect would be to reduce, not increase, the state’s debt burden.

‘The ex-lawmaker falsely referenced ?206.78 billion in loans approved in 2023. Approval does not equal disbursement. The approved funds had clear allocations, its indicates that Education has ?50bn, Agriculture has ?30bn Health has ?30bn Security has ?30bn Infrastructure has ?40bn, Judiciary, House of Assembly, Microfinance has ?5bn each, Women Affairs, Digital Economy, Waste Management has ?2bn each, Gratuities and Pension Enrolment and ?5bn while other sectors has ?5.476bn.

Gabriel therefore emphasises that each facility has a specific repayment source which is Zenith Bank: FAAC deductions, UBA: JAAC deductions, Fidelity Bank: VAT deductions and Keystone Bank: IGR deductions. Many of these loans have already been fully repaid or will end by December 2025. Gabriel stated. He revealed.

The Fashion Law Institute Africa (FLIA) is celebrating its fourth anniversary – marking four years of shaping the legal, policy, and educational infrastructure that underpins Africa’s fast-evolving creative and fashion industries.

Founded in 2021 under the name The Nigerian Fashion Law Institute, the organisation evolved into Fashion Law Institute Africa – the first of its kind on the continent – as its vision expanded beyond national borders to create a Pan-African platform for legal innovation, policy advocacy, and capacity building.

From inception, its guiding philosophy, Africa First, has reflected a simple but radical premise: that Africa’s creativity, commerce, and cultural capital deserve robust legal protection and global influence.

Legal Infrastructure for a Creative Revolution

Africa’s fashion and creative industries are projected to exceed $15 billion in value by 2030, driven by a growing youth population, digital retail adoption, and rising global demand for African aesthetics (UNCTAD, Afreximbank). Yet, the sector’s growth continues to outpace its legal and institutional frameworks – leaving gaps in intellectual property protection, cross-border trade, and sustainability regulation.

FLIA is closing this gap

After years of regulatory engagement, the Institute in 2023 received a Letter of No Objection from the Council of Legal Education and final approval from the Office of the Attorney-General of the Federation, officially becoming the first fashion law institute in Africa. This milestone established a continental precedent – integrating law, creativity, and sustainability into a unified framework for growth.

Building Systems for Creative Confidence

Through its Fashion Legal Clinic and Fashion Law and Business Conference, FLIA has advanced accountability, inclusion, and innovation in Africa’s creative industries.

Over the past four years, it has:

Engaged 5,000+ stakeholders through conferences, workshops, and training sessions.

Delivered 60+ Fashion Legal Clinics (10 physical, 50+ virtual), providing free legal support to over 120 emerging brands.

Hosted four editions of the Fashion Law and Business Conference – now Africa’s premier dialogue platform on fashion, law, and sustainability, with support from the British Council under the Creative Economy Support Programme.

Published Africa’s first comprehensive text on Fashion Law and over 200 thought pieces.

Established the African Fashion Legal Network, linking 20+ volunteer lawyers across four regions.

Partnered with Cardinal Counsel, Creative Innovation Practice (EyeCity Africa), inStruton Academy, Obsidian Advisory Africa, The Bridge Institute, the Nigerian Fashion Council, Ethnocentrique Ltd., and the Mastercard Foundation.

Collaborated with The Assembly and Wema Bank (2023) to enhance emerging designers’ legal literacy.

Worked with 10 + faculties of law across African universities to create awareness on fashion law.

Joined the UN Fashion and Lifestyle Network, aligning Africa’s fashion industry with SDG-aligned sustainability goals.

Hosted four Masterclasses on IP, contracts, and business law for creatives and lawyers.

Launched ADR and Ombuds Centres for the creative industries to promote non-adversarial dispute resolution.

Why It Matters for Africa’s Future

The Institute’s work is a reminder that creative power without legal protection limits both profit and progress. According to UNESCO, Africa loses up to $4 billion annually to unprotected creative exports and IP theft. In the absence of harmonised trade and IP standards, African designers often lack leverage in global value chains – from royalty negotiations to sustainability compliance.

FLIA’s intervention builds the foundations for a rules-based, innovation-driven creative economy, essential for industrial diversification and job creation. It also positions Africa’s fashion ecosystem within global sustainability frameworks – an imperative as climate, ethics, and digital commerce reshape value creation.

‘Fashion in Africa is more than aesthetics – it’s an intersection of culture, identity, and commerce,’ said Bernice Asein, founder and lead counsel of the Institute. ‘Our mission is to ensure that law becomes a catalyst for protection, growth, and sustainability across this ecosystem.’

The Road Ahead

In its next phase, FLIA aims to:

Expand its partnerships to 50 organisations across Africa.

Raise funds for legal education, creative rights, and women-led enterprises.

Deepen research and policy reforms that promote ethical, inclusive, and sustainable fashion value chains.

As Africa’s creative economy matures, its competitive edge will depend not only on design or culture, but on the strength of its legal architecture. The Fashion Law Institute Africa’s work signals an inflexion point: from informality to institution, from inspiration to infrastructure.

Nigeria is rapidly transforming into one of Africa’s most dynamic hubs for artificial intelligence (AI) as the country is now shifting from experimentation to execution with major implications for business, government, and society, according to the Artificial Intelligence Landscape Report 2025 released by AI in Nigeria.

The report presented a comprehensive overview of Nigeria’s AI ecosystem, examining sector-readiness, regulatory activity, startup growth, and partnerships across fields such as healthcare, agriculture, education, manufacturing, and finance.

Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), said Artificial Intelligence (AI) is one of the most transformative technologies of our time, redefining how societies function, how economies grow, and how governments serve their people.

‘For a country like Nigeria, AI presents an unprecedented opportunity to address development constraints and accelerate progress in critical sectors such as healthcare, education, agriculture, finance, and public service delivery,’ he said.

‘Innovation in this space is not just desirable, it is essential to our national competitiveness, digital sovereignty, and inclusive growth,’ Abdullahi added.

Wole Adeniyi, chairman, Board of Trustees, AI in Nigeria Foundation, said, ‘Nigeria is in a strong position to lead. Not only in adopting AI, but in shaping a story that reflects our context, our values, and our aspirations. A story that speaks to the rest of Africa and to the world.’

Ehia Erhaboh, co-founder, AI-in-Nigeria, noted that the AI landscape in Nigeria has experienced significant shifts in the last two years, creating excitement as to what lies ahead.

‘There’s been increased policy engagement in ecosystem growth and wider sectoral interest, use cases, and applications. The momentum is growing and positioning Nigeria as a key player in Africa’s emerging AI transformation,’ he stated.

Overall, Nigeria is progressing from keen interest to strategic implementation. The launch of the draft Nigeria National AI Strategy (NAIS) in August 2024 marked the initiation of Nigeria’s formal AI strategy, according to him.

In February 2025, Nigeria established the Nigeria National AI Trust to oversee the implementation of the NAIS and AI investment across critical sectors. These steps highlight Nigeria on a trajectory to progress if execution is sustained.

The inclusion of Private sector leadership in the Trust and early investments by the Gates Foundation are early wins, which are signs of exciting things to come, he said.

The report argues that if Nigeria can scale its AI ecosystem effectively, it may not only improve productivity and service delivery but also develop exportable AI solutions for the continent and beyond.

‘As builders, investors and policymakers navigate a fast-changing AI landscape, this report is a clear guide to what is real and what is next,’ it stated.

The report identified over 120 startups across Nigeria leveraging AI to tackle local and global challenges. It noted that government strategy, industry partnerships, and regulatory frameworks are increasingly aligned to create an enabling environment.

Sector-by-sector analysis reveals that industries such as financial services, telecommunications, and education are further ahead, while agriculture and manufacturing still have significant room for AI-driven uplift.

The report underscores that Nigeria is not simply importing AI solutions but is actively developing solutions tailored to local realities. It, however, cautions that significant structural and systemic challenges remain, which include gaps in infrastructure (power supply, connectivity) and data readiness.

Sam Amadi, a former Chairman of the Nigerian Electricity Regulatory Commission (NERC), has decried the ongoing moves to amend the Electricity Act, cautioning that such quick fixes threaten the fragile progress and stability of the nation’s power sector.

Amadi stated this while speaking at the 10th anniversary of the Association of Power Generation Companies of Nigeria in Abuja on Monday.

He emphasised the need for patience, resilience, and a commitment to refining the existing model rather than resorting to a disruptive, ‘destroy and reconstruct’ model. He warned that hastily amending the Act would ultimately fail to solve the fundamental problems plaguing the sector, particularly liquidity and the lack of investment in the network.

‘I want to make a point around the tendency for us to want to solve problems quickly. We have started the creation of states electricity markets, the subnational market. In my view, it was rushed; in my view, there are many dimensions we did not factor. But since we are on this trajectory, we should not abort it by trying to claw back.

‘What am I trying to say specifically? I understand there are those who are pushing for some amendment to the Electricity Act. I think that we should accept that there will be failure and success.

‘We should accept that building this electricity market will be a trial and error. We should not be too inoculated around failure that once we start an experiment, we try to go back again, back and forth. If there’s trouble, we should think about revision at the margin, not destruction and reconstruction,’ he said.

Amadi decried that the Nigerian electricity sector is tied to politics that allow policymakers to hurriedly look for solutions in the face of problems. ‘They start looking for solutions, and the solution becomes worse than the problem.

‘I think we should have some stability to allow things to work and learn from the errors, and then build revisions, keep tweaking the model until we get the solution,’ he added.

Acknowledging the persistent frustration over unreliable and inadequate electricity supply, Amadi argued that dismissing the progress made since privatisation is inaccurate.

However, he said that it is difficult to talk about the success of the power sector because people don’t feel it easily. ‘But those successes are real, but they are not, perhaps, adequate. And that’s the difficulty we have.’

Amadi stressed that while the distribution and transmission segments are rightly receiving attention, the generation side also needs urgent focus. He cautioned against a narrow approach, noting that even if the market crisis were solved today, more time would be needed to ramp up generation capacity.

Noting improvements on the GENCO side of the electricity market, Amadi said the sector has the capacity to improve more, adding that the sector requires stability.

Speaking further, the former NERC Chairman stressed that state regulatory authorities must focus on creating, expanding, and improving capacity. He stressed that they must ‘make haste slowly’ and focus on the market.

‘Focus on capacity; gradually, you will improve on regulation. So my advice would be that because we’re a third-world country, there’s too much outsourcing of models to us, you know-transplantation, different rules, different processes-and nobody is sitting back to say, really, how can this be adapted? Do we need this level of improvement, this level of sophistication, for what we are running? Now, this is the problem: we could have up to 20 subnational electricity markets carved out in the next two years, but none of them have their own generating plants serving them.’

Amadi feared that when states begin to back the grid with different laws that are not synchronised, it may create a process whereby GENCOs are stuck with power that cannot be sold at a cost-efficient price, as it will involve transactions and contracts with different sub-national electricity markets.

He stressed the need for a framework that allows incumbent GENCOs to expand and deal with states without regulatory encumbrances and additional cost.

‘And nobody is thinking about this: whether their rules are convergent, whether their rules are the same. And so we could run into a problem where we have 20 electricity markets, and then the loads can no longer be sold to those markets because some of them are going off-grid, some of them are running on renewable, and some of them have their own generators and embedded generation. So it seems to me that this is something that we need to look at,’ he said.

Stating that Nigeria currently does not have enough administrative rules and resources to manage its federal structure, Amadi questioned if there were plans to build a knowledge base for a federal-state cooperation that will allow Nigeria to have one sustainable national grid even to serve 36 electricity markets.

‘My fear is that we’re going to go back after 10 years to discover that many states in the electricity market have failed woefully. The Nigerian factor will work to find a way to re-create a national grid and shared power.

‘Right now, nobody’s thinking about how the states are ensuring energy sustainability. Don’t forget that the grid is built around equity and equal access. We share load, which means the national interest is that there’s no part of Nigeria without access to electricity. That’s why all the power could actually go to Lagos, but we share it.

‘But where we’re going to now, there’s no guarantee that anybody will have any mandated supply of electricity. It means that each state electricity market will fend for itself. The question then is, how will that map to our constitutional framework where government feels that even if it’s poverty, we should share it equitably?

‘What’s the legal framework to ensure that tomorrow, 10 years after, we don’t come back in this room and dismantle the state electricity markets and say we cannot have an electricity market where some parts have power and some parts don’t have power,’ he added.

Governor Umar Namadi of Jigawa State has approved the construction of three major roads in Miga Local Government Area valued at over N30 billion, as part of efforts to enhance infrastructure and support agricultural productivity in the state.

Speaking on Sunday at the flag-off of the 30-kilometre Tsakuwa-Koya-Kafin Hausa road, Namadi said the project underscores his administration’s commitment to improving rural connectivity and delivering on campaign promises.

He noted that Miga is one of the state’s key agricultural zones, renowned for its Fadama and irrigation facilities that enable year-round farming. The governor stressed that improved road networks are essential for transporting farm produce and goods, which will in turn drive economic growth and development across Jigawa.

According to him, the Tsakuwa-Koya-Kafin Hausa road, awarded at a cost of N7 billion, is expected to be completed within 12 months.

‘This project is one of three road projects our administration is executing in Miga Local Government. It reflects our resolve to deliver tangible development to our people,’ Namadi said.

As part of his ‘Government-Citizens Engagement’ initiative, also known as Gwamnatin Da Jama’a, the governor commissioned a rural electrification project in Koya Village.

Earlier, Abdullahi Kainuwa, the State Commissioner for Health, highlighted key projects executed in Miga in the past two years, including the renovation of the Miga General Hospital, recruitment of new health workers, and the enrolment of over 7,000 vulnerable residents into the State Social Health Insurance Scheme.

Similarly, the government disclosed that more than N5 billion has been expended on renovating and constructing classrooms, providing furniture, and supplying learning materials for schools across the local government.

Central Securities Clearing System (CSCS) Plc is set to transition to a T+2 settlement cycle on November 28, 2025, joining global financial giants. What does this milestone mean for Nigeria’s capital market, and why is it so significant at this time?

The transition to a T+2 settlement cycle marks a defining milestone in the evolution of Nigeria’s capital market. It’s a clear signal that our market is advancing – becoming faster, more efficient, and globally competitive. For us at CSCS, leading this change is about more than just shortening settlement time; it’s about improving liquidity, managing more effectively, and deepening investor confidence. The timing couldn’t be more important – as technology advances and more investors increasingly look toward emerging markets, Nigeria must continue to demonstrate that we’re ready to play on the global stage.

Pan-African Leadership with Zimbabwe’s Victoria Falls Stock Exchange (VFEX) and Zimbabwe Stock Exchange (ZSE) have commenced T+2 ahead of Nigeria. How do you view Nigeria’s role among those leading the settlement reform agenda across Africa?

I think it’s fantastic to see other African markets leading the charge. We commend our peers at the Victoria Falls Stock Exchange (VFEX) and Zimbabwe Stock Exchange (ZSE) for pioneering the T+2 model in Africa. That said, Nigeria’s transition carries broader implications because of the size, depth, and diversity of our market. CSCS has always been at the forefront of post-trade innovation, and this move reinforces Nigeria’s leadership in driving harmonization and integration across African markets. Ultimately, our vision extends beyond Nigeria – we aim to foster cross-border connectivity that positions Africa as a more unified and investable ecosystem.

The move from T+3 to T+2 requires coordinated efforts across the ecosystem. What steps has CSCS taken to ensure that market participants, including brokers, custodians, and fund managers, are fully prepared for this transition?

It absolutely does. This kind of reform can’t happen in isolation. Over the past year, we’ve worked hand-in-hand with brokers, custodians, fund managers, registrars, and settlement banks. We’ve conducted several readiness assessments, held simulation exercises, and issued detailed checklists to guide participants. We’ve also focused on training and change management, helping market operators reimagine their operational workflows and adopt more automated, real-time processes. It’s truly been a collective effort across the ecosystem.

CSCS has made major investments in technology in recent years. Can you walk us through some of the critical systems or platforms that are enabling this shift, particularly in terms of risk reduction and operational speed?

That’s right. We’ve been very intentional with our technology investments. We upgraded our core application to handle high-speed, low-latency transactions with advanced risk management features. We have also rolled out self-service portals for some of our market participants – RegConnect 2.0, Custodian Portal, Brokers Portals, and we’re concluding work on others to facilitate seamless information exchange with Exchanges and Regulators. In addition, our upgraded Market Infrastructure Network ensures data integrity, interoperability, and resilience. These platforms together enable us to process trades more efficiently, reduce settlement risk, and strengthen market stability – all essential to enabling T+2 and, eventually, T+1 settlement.

Your automation capabilities now support high-volume processing with minimal human intervention. How has this transformation impacted market efficiency, and what are the measurable outcomes so far?

It’s been transformational. Today, about 95 percent of our post-trade processes run automatically with minimal manual input. That means faster settlements, fewer exceptions, and greater accuracy across multiple asset classes. We’ve seen efficiency improve by over 30 percent, and error rates have dropped significantly. But beyond the numbers, what matters most is the confidence and transparency this brings to the market. Investors can now rely on a smoother, more predictable settlement experience.

You recently launched a new Custodian Portal and RegConnect Version 2 earlier this year. What feedback have you received from users, and how are these tools improving the post-trade experience in real-time?

The feedback has been very encouraging. Both tools were designed to simplify how custodians, brokers, and regulators interact in real time. Participants tell us that reconciliation is faster, compliance is easier, and transparency has improved significantly. We’re continuously refining these platforms based on user feedback because our goal is to make post-trade interactions as seamless and intuitive as possible.

The introduction of the 7270# USSD code is a big step for retail investors, especially those without internet access. What has been the uptake so far, and how does CSCS plan to build on this for broader financial inclusion?

We’re really proud of that initiative. The 7270# code was developed to give every investor, even those without smartphones or internet access, a simple way to verify their holdings and access market information. Uptake has been strong, especially among retail investors outside major cities. It’s part of our broader commitment to financial inclusion. We’re now exploring additional features such as corporate action alerts and portfolio updates to deepen engagement through this channel.

Some global markets are already moving to T+1 and even exploring T+0. Is CSCS actively working toward these faster settlement cycles? What would it take for Nigeria to make that leap?

Absolutely, that’s where the global trend is heading. While T+2 is our immediate milestone, we’re already working towards T+1 next year and studying what it would take to achieve near-instantaneous settlement in the future. It’s not just a technology question – it involves liquidity, regulation, and overall ecosystem readiness. With the Central Bank’s progress on real-time payment systems and our ongoing infrastructure upgrades, I’m confident Nigeria will be well-positioned to move in that direction sooner rather than later.

What are the biggest challenges CSCS anticipates with the T+2 rollout, particularly around counterparty and liquidity risks, and how is the organisation working to mitigate them?

Every major reform comes with challenges, and the key ones here are counterparty and liquidity risks. To mitigate these, we’ve strengthened our risk framework: reviewing our participant onboarding process, deploying real-time monitoring tools, and enhancing our risk models. We’re also working with settlement banks on fail-safe liquidity arrangements to ensure adequate funding at every stage of the settlement process. The focus is on maintaining market integrity while minimising disruption.

Infrastructure upgrades can be expensive, especially for smaller players.

What kind of support, guidance, or partnerships is CSCS offering to help the broader market comply with the upcoming changes?

That’s a very valid concern. We recognise that technology and process upgrades can be challenging for smaller intermediaries. That’s why we’ve extended the use of our Security Operations Centre (SOC) to some market participants, giving them access to shared infrastructure and cybersecurity support. We’re also exploring a Market Readiness Support Desk, as part of our onboarding process, to help participants test their systems and integrate seamlessly with ours. The idea is to make sure everyone, large or small, can participate effectively in the new settlement environment.

How crucial has the collaboration with the Securities and Exchange Commission (SEC) and other regulatory bodies been in advancing this settlement reform?

The SEC has been a strategic partner from day one, providing strong leadership and coordination. Their guidance ensures that all stakeholders are aligned and that the transition happens in a transparent, orderly manner. We’ve also had excellent collaboration with the Exchanges, the Central Bank, and other market institutions. Settlement reform is an ecosystem-wide initiative, and this kind of collaboration has been key to our progress so far.

Looking ahead to 2026 and beyond, what’s your vision for CSCS and its role in deepening capital market innovation, not just in Nigeria, but across Africa?

Our vision is to make CSCS the most trusted and innovative post-trade institution in Africa. Beyond settlement efficiency, we’re expanding into data services, digital asset infrastructure, and regional market linkages.

By 2026 and beyond, we see CSCS as a true platform, connecting Nigeria’s capital market to global investors and enabling cross-border capital flows. Ultimately, our mission is not just to clear trades but to clear the path for growth, for our market, our economy, and our continent.