Category: Business Day

Tatum Bank Limited is strengthening its talent pipeline as it expands its digital-first banking strategy, graduating the second cohort of its graduate trainee programme barely over a year after commencing operations.

The latest cohort comprises trainees across two specialised tracks, Sales and Technology, reflecting the bank’s focus on developing professionals who can support both its digital banking capabilities and customer-facing operations.

Niyi Adeseun, managing director/chief executive officer, Tatum Bank, said the programme represents a deliberate investment in people and the bank’s long-term contribution to workforce development.

‘At Tatum Bank, we are not just building a bank; we are building the people who will help shape the future of banking. Our Graduate Trainee Programme gives young talents the opportunity to learn, contribute and grow while gaining the practical experience needed to thrive in a rapidly changing financial services industry. For us, investing in young people is an investment in the future of our industry and our economy.’

The Technology cohort supports Tatum Bank’s ambition as a digital-first bank, with technology serving as a key enabler of seamless, convenient and accessible banking solutions.

The Sales cohort, meanwhile, is focused on developing professionals capable of building customer relationships, understanding changing customer needs and contributing to sustainable business growth.

Adeseun said the bank’s approach recognises that technological advancement must be matched by investment in people and customer experience.

‘Technology may change how we bank, but people remain at the heart of why we bank. That is why we are developing talents who can combine digital thinking with empathy, commercial understanding and a strong commitment to customer experience. Ultimately, when our people grow, our customers benefit and that is another way we deliver on our promise to keep you smiling.’

The bank said the programme goes beyond recruitment, forming part of its broader approach to creating opportunities for young professionals to develop relevant skills, gain industry exposure and build careers that can contribute to Nigeria’s workforce.

As Tatum Bank continues to grow, it said it remains focused on creating an environment where young talents can learn, lead and make an impact while contributing to a more future-ready financial services industry.

Nigeria has backed the Global Partnership for Education (GPE)’s campaign to mobilise $5 billion for education in more than 100 low-income and lower-middle-income countries, reaffirming its commitment to strengthening education systems and expanding access to quality learning.

Maruf Tunji Alausa, Minister of Education, said Nigeria’s decision to co-host the GPE 2026-2030 replenishment campaign with Italy demonstrates the country’s renewed role in advancing global education priorities.

Alausa spoke in New York after the ‘Multiply Possibility: A New Era for Education Financing’ high-level event held on the margins of the 81st Session of the United Nations General Assembly.

This was contained In a statement signed by Ikharo Attah, Special Adviser to the minister on Media and Communications.

According to the minister, the campaign is not only about securing funding for Nigeria but also about supporting countries where education needs remain most acute.

‘This is a great day for education, and also a great day for our country, Nigeria.

‘Teachers are the ones that matter most as we build our education agenda in Nigeria,’ he said.

He stressed that the country’s co-hosting role reflected its willingness to support education beyond its borders.

The GPE replenishment campaign seeks to raise $5 billion for the 2026-2030 period to support access to quality education, stronger education systems, foundational learning and improved educational outcomes.

Alausa said teachers would remain central to Nigeria’s education reform agenda, noting that sustainable improvements in learning outcomes would depend on the capacity and effectiveness of educators.

The minister noted that Nigeria has received approximately $800 million in GPE grant support since joining the partnership, but said the decision to co-host the current replenishment campaign was driven by a broader commitment to global education financing.

He said the previous GPE replenishment cycle reached almost 750 million children globally, underscoring the importance of sustained international support for education.

Alausa recalled that GPE Board Chair and former Tanzanian President, Jakaya Kikwete, approached President Bola Tinubu in January 2025 to seek Nigeria’s support to co-host the replenishment campaign with Italian Prime Minister Giorgia Meloni.

He said President Tinubu accepted the invitation and committed his time and political support to the initiative.

‘Nigeria is back on the centre stage,’ Alausa said, adding that the country’s engagement with GPE was aimed at contributing to education efforts across more than 100 countries.

In a video message, President Tinubu commended GPE and its partners for advancing the global education financing agenda, while stressing the need to expand access to quality education and strengthen teacher capacity.

Representing the President at the event, Kashim Shettima, Vice President described education as an investment in Nigeria’s economic future, productivity, prosperity and stability.

Shettima highlighted Federal Government reforms aimed at strengthening education financing, expanding foundational learning and improving access to tertiary and technical education.

He also emphasised the importance of domestic resources in complementing international financing for sustainable education development.

Giorgia Meloni, Italian Prime Minister commended Nigeria’s commitment to improving educational outcomes and called for stronger international support for education in developing countries.

Amina Mohammed, UN Deputy Secretary-General stressed the importance of national commitment to education financing, while calling for greater support from international financial institutions to help countries create fiscal space for investment in education, teacher training and capacity building.

Jakaya Kikwete, GPE Board Chair said declining development assistance and a widening financing gap made it urgent to accelerate efforts to mobilize sustainable resources for education.

He called for financing systems capable of delivering measurable education outcomes.

Malala Yousafzai, Education activist also called for stronger collaboration and increased investment in education, particularly to advance gender equality and address the educational needs of girls in developing countries.

Alausa said Nigeria would continue to prioritise teachers, learners, access to quality education and improved learning outcomes under the Renewed Hope Agenda, while deepening partnerships aimed at strengthening education systems in Nigeria and other developing countries.

GMind Academy has proposed training 774 artificial intelligence (AI) Adoption Specialists, one for each local government area in Nigeria, as part of efforts to accelerate the practical adoption of AI in the country’s education sector.

The proposal is part of discussions between GMind Academy and the Teachers Registration Council of Nigeria (TRCN) on a potential partnership to equip teachers, schools and education stakeholders with the skills required to use AI effectively and responsibly.

Success Ojo, co-founder and chief executive of GMind AI and founder of GMind Academy, presented the proposal during a meeting with Ronke Soyombo,

TRCN Registrar, in Abuja on Monday.

Under the proposed initiative, each of the 774 specialists would serve as an AI adoption champion within a local government, helping teachers and schools understand, deploy and integrate AI tools into teaching, learning and administrative processes.

The specialists would also receive two months of free access to the GMind AI platform, enabling them to develop practical skills, test AI applications and demonstrate their potential uses within education.

‘Our vision is simple. Every local government area should have someone equipped to help schools navigate AI,’ Ojo said.

The proposed programme builds on GMind Academy’s existing AI training efforts, which Ojo said have so far produced 684 AI specialists.

According to him, the planned nationwide network would extend AI expertise beyond major urban centres, potentially giving schools and teachers at the local-government level access to individuals capable of providing practical guidance on emerging AI technologies.

The proposal comes at a time when Nigeria’s education sector is facing increasing pressure to adapt teacher training and professional standards to rapid technological changes, including the growing use of generative AI.

Soyombo said TRCN was reviewing its professional standards and regulatory framework to accommodate emerging developments in education, including the increasing role of AI.

She, however, stressed that technology should complement teachers rather than replace them.

‘AI is here to support teaching, not replace teachers,’ Soyombo said.

According to her, AI can assist teachers with lesson preparation, differentiated instruction and other classroom tasks, while teachers would continue to provide the human interaction, emotional support and guidance required by learners.

She said TRCN was also developing standardised lesson plans through a collaboration involving leading teachers from public and private schools across Nigeria’s six geopolitical zones.

The standardised lesson plans, she explained, would provide additional support to teachers while also serving as a foundation for developing an AI-powered system capable of generating classroom resources.

For GMind, the proposed partnership would take AI training beyond technology professionals and embed practical AI knowledge within Nigeria’s education communities.

Through its Certified AI-Ready Teacher (CART) programme, GMind Academy is training educators on the use of AI for teaching, learning, assessment and productivity, while promoting responsible technology adoption.

Ojo proposed that teachers who complete the CART programme could earn recognised professional-development credits towards their continuing professional development requirements, subject to TRCN approval and applicable regulations.

If adopted, such an arrangement could integrate AI competency into teachers’ continuing professional development rather than treating AI training as a one-off intervention.

The proposed collaboration also aligns with TRCN’s broader efforts to strengthen professional standards, teacher licensing and safeguards for children in schools.

Soyombo said the Council had introduced child-protection and safeguarding certification into its Professional Qualifying Examination, making safeguarding training compulsory for prospective teachers seeking registration.

She said TRCN was also working with the Nigeria Police Force and other relevant agencies on a criminal-records framework intended to strengthen child protection and safety in schools.

The Council has further introduced a toll-free reporting line to improve public access and provide a channel for complaints relating to teachers and school safety.

Beyond professional standards, Soyombo said TRCN was implementing reforms to expand its digital examination infrastructure.

According to her, some examination centres can now accommodate as many as 5,000 candidates simultaneously, compared with capacities of about 120 candidates per session previously.

The digital testing platform also incorporates remote-proctoring technology, she said.

The Council is simultaneously implementing its Accelerated Teacher Professionalisation Pathway, designed to help more teachers meet licensing requirements as enforcement of professional registration rules is strengthened.

Ojo commended TRCN’s work in teacher registration, licensing, accreditation and continuous professional development, as well as the Federal Government’s broader efforts to reform the education sector.

She argued that AI readiness should constitute the next layer of Nigeria’s education transformation, particularly as schools and teachers increasingly encounter AI-powered tools.

‘The proposed GMind-TRCN collaboration, if concluded, would establish a network of AI practitioners operating at the local-government level, with the objective of helping teachers and schools navigate both the opportunities and risks associated with artificial intelligence.

‘The initiative could also provide a mechanism for taking AI capacity-building to schools outside Nigeria’s major urban centres, where access to specialised technology expertise may be limited’ , she said.

The federal government has called on the international community to establish sustained support systems for victims and survivors of terrorism.

Christopher Musa, minister of defence, made the call at the Ministerial Meeting of the Group of Friends of Victims of Terrorism held at the United Nations Headquarters in New York.

The meeting was co-convened by Spain and Iraq to strengthen international responses to the needs of victims and survivors of terrorism, according to a statement issued on Wednesday by Leah Latung-Babatunde, Minister’s Special Adviser on Media.

Musa said the global community must move beyond short-term humanitarian assistance and establish sustained measures to address the long-term needs of people affected by terrorism.

He said the impact of terrorism extended beyond the immediate loss of lives, affecting families, livelihoods and entire communities.

‘Behind these figures are families displaced, livelihoods destroyed, communities fractured, and lives permanently changed,’ he said.

The minister said Sub-Saharan Africa accounted for about 60 per cent of global terrorism deaths in 2025, highlighting what he described as the disproportionate burden borne by the continent.

Musa also said Nigeria had secured 865 terrorism-related convictions in 2026, demonstrating the country’s commitment to accountability in its fight against terrorism.

He said Nigeria remained committed to rescuing captives and providing comprehensive support to survivors after their rescue.

According to him, such support includes medical care, psychosocial rehabilitation, economic assistance and community reintegration.

Musa proposed a three-point framework for strengthening international cooperation.

The framework comprises enhanced peer learning, inclusive partnerships and targeted support from the United Nations.

He advocated the establishment of institutional mechanisms that would enable member states to share operational models, referral systems and lessons learned from their experiences, including approaches that failed to achieve their intended outcomes.

Musa also called for direct feedback channels and stronger partnerships among national authorities, civil society organisations and victims’ associations.

He said such partnerships would strengthen the participation of survivors in justice and rehabilitation efforts.

The minister further called for expanded UN technical assistance, capacity building and resource mobilisation tailored to countries bearing the heaviest burden of terrorism.

He commended existing UN initiatives aimed at supporting victims of terrorism, including the UNOCT Global Victims of Terrorism Support Programme and the Victims of Terrorism Associations Network.

Musa also acknowledged Germany’s support for the development of the Toolkit for Technology-Enabled Support to Victims of Terrorism.

He reaffirmed Nigeria’s readiness to share its experiences and collaborate with international partners to strengthen support systems for victims and survivors of terrorism.

The minister also expressed optimism about the International Conference on Victims of Terrorism scheduled to hold in Baghdad, Iraq, in the fourth quarter of 2026.

Zambia’s annual inflation rate fell to 6.1 percent in September, extending its decline for a ninth consecutive month and strengthening expectations that the central bank could cut interest rates for a fourth time.

The latest figure, released by Zambia’s Central Statistical Office, was down from 6.2 percent in August and marked the lowest inflation rate since February 2018. The decline was supported by slower food price growth, while non food inflation remained unchanged.

Food inflation eased to 5.8 percent in September from 6 percent a month earlier, while non food inflation held at 6.6 percent. A relatively resilient currency and temporary tax measures have also helped contain price pressures.

The easing inflation gives the Bank of Zambia more room to continue reducing borrowing costs as it seeks to support economic activity without reigniting price pressures. The central bank has already cut its policy rate three times this year as inflation has moderated.

However, the inflation outlook could face some pressure as temporary tax measures expire. The suspension of fuel taxes and zero rating of value added tax are due to end on September 30, potentially increasing costs in some parts of the economy.

On a monthly basis, consumer prices rose 0.4 percent in September, the fastest increase in five months, compared with 0.2 percent in August.

Food and non alcoholic beverages, which account for 54 percent of Zambia’s consumer price index, remain the largest component of household spending. Housing and utilities account for 11 percent, while furnishings, household equipment and routine maintenance account for 8 percent.

Transport makes up 6 percent of the index, while miscellaneous goods and services account for 5 percent and education 3 percent. Alcoholic beverages and tobacco, recreation and culture, communications, health, and restaurants and hotels make up the remaining 5 percent.

The continued moderation in annual inflation provides further scope for monetary easing, although policymakers will have to weigh the impact of the expiring tax measures and the recent pickup in monthly price growth before deciding on the pace of further rate cuts.

After years of failed negotiations, false starts, and anticipation, Anthony Joshua and Tyson Fury will finally meet in the ring on December 11 at Cardiff’s Principality Stadium, with the heavyweight blockbuster carrying an estimated combined purse of $200 million.

The all-British showdown, confirmed on Thursday by Saudi Arabian boxing promoter Turki Alalshikh, will be staged at the 80,000-capacity stadium and streamed globally on Netflix.

The fight is expected to rank among the biggest commercial events in British boxing, bringing together two former heavyweight world champions whose proposed clash has remained one of the sport’s most anticipated matchups for more than a decade.

‘For 15 years no one has been able to make this fight,’ Alalshikh said on X. ‘I can now confirm that Fury vs. Joshua will be coming to the UK, as I promised British boxing fans. The time for talking is over.’

$200m purse highlights commercial value

Joshua and Fury are expected to share a total purse of roughly $200 million (£150 million), underlining the financial scale of a contest that has survived years of negotiations and competing venue proposals.

Wembley Stadium in London and Madison Square Garden in New York had previously emerged as leading options before Cardiff was selected.

Anthony Joshua’s promoter, Eddie Hearn, credited British fans for their support in bringing the fight to the UK.

‘Forever indebted to the UK public for their support of Anthony Joshua. We couldn’t have got this over the line without you,’ Hearn said.

The fighters will begin the promotional build-up with a press conference in London on September 30. The fight could be staged in the early hours of December 12 UK time to accommodate television audiences in the United States.

Cardiff hosts heavyweight blockbuster

The Principality Stadium has hosted major international sporting events, including Champions League and FA Cup finals, as well as Wales national football and rugby matches.

Its selection allows Cardiff to host one of the biggest heavyweight boxing events in recent British sporting history.

Fury, 38, has won 36 of his 39 professional fights and previously held the WBC, WBO and IBF heavyweight titles. He returned from retirement this year and defeated Arslanbek Makhmudov and Mariusz Wach.

Joshua, 36, has 30 wins from 34 fights and has previously held the WBO and IBF titles. He most recently defeated Kristian Prenga after losing his IBF title to Daniel Dubois in 2024.

Both fighters have suffered defeats to Oleksandr Usyk, with Fury losing twice to the Ukrainian in 2024 and Joshua suffering back-to-back losses in 2021 and 2022.

Despite both fighters being beyond their respective peaks, the bout is expected to attract global attention given their profiles and the decade-long anticipation surrounding the matchup.

‘Two of the best heavyweights of this generation, finally in the ring together,’ Alalshikh said.

‘This will be one of the biggest fights in boxing history. I am very happy to make this fight happen for the fans.’

Joshua posted on Instagram following the announcement: ‘I am inspiring a generation.’

Matchroom, Joshua’s promoter, added, ‘THE WAIT IS OVER. Tyson Fury and Anthony Joshua finally collide.’

The Nigeria Association of Women Journalists (NAWOJ) has reaffirmed its commitment to strengthening the professional capacity, welfare and institutional development of women journalists across the country, as its National Executive Council (NEC) meeting opened in Birnin Kebbi, Kebbi State.

The meeting, which brought together the national leadership, state chairpersons and secretaries and NEC members from across Nigeria, is expected to deliberate on issues affecting the association and chart a fresh course for its development.

Speaking at the opening of the meeting on Thursday, the National Chairperson of NAWOJ, Aishatu Ibrahim, said the gathering was more than a routine meeting, describing it as an opportunity for members to reflect, deliberate and make decisions capable of strengthening the association.

According to her, ‘This gathering is therefore not just another meeting. It is an opportunity to reflect, to deliberate, to take decisions and, ultimately, to strengthen the institution we all call NAWOJ’.

Ibrahim commended the Kebbi State Government and people for hosting the NEC meeting, saying the gesture demonstrated recognition of the role women journalists play in promoting development, peace, accountability and good governance.

She also commended Zone A, the North-Western Zone of NAWOJ, for what she described as its exceptional commitment to the association, noting that the zone had hosted two NEC meetings.

The national chairperson said one of the administration’s priorities had been the promotion of peace, stability and harmony within NAWOJ chapters and among its members.

She noted that the leadership has deliberately adopted dialogue, consultation and an open-door approach to address differences and ensure that members are carried along.

‘We may not have solved every problem, but we have continued to demonstrate that dialogue is stronger than division and that unity remains our greatest asset,’ she said.

NAWOJ seeks support for permanent secretariat

A major issue highlighted at the meeting was the association’s plan to establish a permanent National Secretariat.

Ibrahim disclosed that NAWOJ had acquired land for the proposed secretariat and had commenced an appeal for financial support towards its construction.

She described the project as a legacy investment that would provide a permanent centre for training, professional development, advocacy, research, welfare and other programmes designed to strengthen women journalists.

‘This is more than a building,’ Ibrahim said.

‘It is an investment in the future of NAWOJ, a permanent centre that will support training, professional development, advocacy, research, welfare and other activities that will strengthen women journalists across Nigeria.’

She appealed to the Kebbi State Government, other governments, corporate organisations, development partners, members of NAWOJ and well-meaning Nigerians to support the project.

‘The Secretariat will not belong to one administration. It will not belong to one person. It will belong to NAWOJ. It will belong to generations of women journalists who will come after us,’ she stressed.

The NAWOJ national leadership also used the occasion to encourage stronger collaboration between the National Secretariat, zones and state chapters.

Ibrahim said the association’s leadership would recognise chapters and zones that demonstrated commitment to its programmes.

As part of the initiative, the national leadership presented HP laptops to the Kebbi State Chapter and Zone A in recognition of their contributions to the association.

She said the gesture was intended to establish a culture in which commitment, sacrifice and service were recognised. ‘We want our members to know that commitment is seen, sacrifice is appreciated and good work should be recognised’.

WINSEC 2026 described as milestone

The NAWOJ chairperson also highlighted the successful hosting of the Women in Security, Peacebuilding and Conflict Resolution Summit and Awards, WINSEC 2026, held in Abuja as one of the major milestones recorded by the current administration.

She said the summit brought together women from the media, security, governance and other critical sectors to examine the role of women in peacebuilding, security and national development.

‘For NAWOJ, WINSEC was more than an event. It was a statement of capacity,’ Ibrahim said.

According to her, the initiative demonstrated the ability of women journalists to build strategic partnerships and create platforms capable of contributing to national conversations.

She, however, said the association should not merely celebrate the success of WINSEC but should build on it to establish more initiatives in the future.

‘The challenge before us is to ensure that the success of WINSEC becomes a foundation for even greater initiatives in the years ahead,’ she said.

Kebbi Government pledges support to hosting

In his remarks, the Deputy Governor of Kebbi State, Senator Umar Abubakar Tafida, who represented Governor Nasir Idris at the meeting, welcomed the NAWOJ leadership and delegates to the state.

He said the gathering provided an important platform for women journalists to deliberate on issues affecting their profession and society.

The deputy governor commended NAWOJ for bringing together women from different professional backgrounds and encouraged them to continue advocating issues affecting women and children.

He said women in education, healthcare, business, civil society, law, agriculture and other sectors had important roles to play in societal development.

Tafida also urged women to remain engaged in professional and political spaces, while presenting their needs and proposing initiatives capable of improving the lives of women, families and communities.

He further encouraged NAWOJ to continue using its platform to promote issues including education, healthcare, economic empowerment and protection from violence.

He assured the association of the state’s commitment to supporting initiatives that would strengthen women and enhance their contribution to society.

Kebbi NAWOJ welcomes delegates

Earlier, the Chairperson of NAWOJ Kebbi State Chapter, Hassana Abubakar Koko, welcomed delegates to Birnin Kebbi and described the meeting as historic for the state.

Koko said it was the first time the NAWOJ National Executive Council meeting was being held in Kebbi State.

‘This is a particularly significant occasion for us in Kebbi State, as this is the first time the NAWOJ National Executive Council Meeting is being held in the state,’ she said.

She expressed appreciation to Governor Nasir Idris for approving funds to facilitate the hosting of the meeting and commended the First Lady of the state and Patron of NAWOJ, Hajiya Zainab Nasir Idris, for her support and commitment to issues affecting women and the girl child.

Koko also thanked the national leadership for entrusting the Kebbi chapter with the responsibility of hosting the NEC meeting.

She said the meeting provided an opportunity for delegates to examine the progress of NAWOJ, address challenges confronting women journalists and develop practical resolutions aimed at strengthening the association.

‘As women journalists, we also have a responsibility to give voice to issues affecting women and children, promote responsible journalism, and contribute meaningfully to the development of our communities and our nation,’ she said.

She expressed optimism that the deliberations would produce outcomes capable of advancing the interests, welfare and professional development of NAWOJ members.

The NEC meeting is expected to focus on institutional development, professional advancement, welfare, stronger collaboration among chapters and zones, and initiatives aimed at increasing the contribution of women journalists to national development.

The gathering also provided an opportunity for NAWOJ members from across the country to strengthen professional relationships and collectively examine the future direction of the association.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has re-appointed Ngozi Omambala, as vice chairman of the NACCIMA Creative Economy Trade Group for the 2026/2027 tenure.

The re-appointment followed a decision of the NACCIMA Council at its 2nd quarter meeting held in Port Harcourt on June this year, subsequently approved by the National President, NACCIMA, Jani Ibrahim.

According to a release made available to the media by NACCIMA, the Creative Economy Trade Group’s mandate encompasses promoting investment opportunities across the creative economy, travel, tourism, hospitality and entertainment sectors; contributing to policy development; addressing challenges affecting sector growth; developing roadmaps for sector opportunities; and collaborating with stakeholders including Nollywood, NANTAP and creative entrepreneurs.

The renewed appointment, the release explained comes as NACCIMA’s Creative Economy Trade Group continues to expand its international institutional engagement.

The release therefore reads in parts: ‘On 7 September 2026, NACCIMA formally communicated its readiness to proceed with the implementation of its collaboration with the Migration Observatory Lab, Center of African Studies, University of Porto, Portugal, following the successful signing of a Letter of Intent.

‘There is also plans for the development of a joint 12-month work plan, pilot design, resource mobilisation and coordinated stakeholder engagement, with a kick-off meeting to commence the implementation process.

‘Ngozi Omambala is representing the NACCIMA Creative Economy Trade Group in the engagement with the University of Porto.’

Commenting on the development, Omambala said: ‘The creative economy is increasingly becoming an important driver of enterprise, trade, investment, innovation, employment and international engagement.

‘My renewed mandate within NACCIMA provides an opportunity to deepen the connection between Nigeria’s creative businesses and wider domestic and international markets, institutions and investment opportunities.

‘The Nigeria-Portugal engagement demonstrates the importance of moving beyond conversations to practical programmes, knowledge exchange, institutional partnerships and resource mobilisation that can deliver measurable value to creative entrepreneurs and the wider Nigerian economy.’

Omambala is also the founder and Festival Director of Artistic Pulse Festival and Trade Fair (APF) 2026, and Group Managing CEO of NMO Management Ltd.

Her work spans the creative economy, enterprise development, trade, cultural diplomacy and international stakeholder engagement.

The NACCIMA re-appointment and the University of Porto implementation process are expected to further support efforts to position Nigeria’s creative economy as a platform for enterprise growth, trade, investment, knowledge exchange and sustainable economic development.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has fixed a September 2028 deadline to move the country’s domestic gas market to a fully commercial, negotiated-pricing system.

According to Rabiu Umar, chief executive of NMDPRA, the downstream agency will require the sector to meet a series of measurable benchmarks before lifting price controls.

‘Gas must be affordable for Nigerians while supporting President Ahmed Tinubu’s investment reforms,’ Umar said, adding that the timeline aligns with Nigeria’s broader goal of becoming a gas-powered economy by 2030.

The move marks the first time the regulator has set a firm date for the transition mandated under Section 167 of the 2021 Petroleum Industry Act, which envisions the domestic market gradually shifting from regulated pricing to one governed by commercial contracts between buyers and sellers.

‘Invariably, this is the first time that we have been bold enough to set a clear target for our gas market transition,’ Umar said Thursday at a Gas Market Maturity Workshop in the capital, organised under the government’s Decade of Gas program.

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Two-year runway

Umar said the regulator wants a roughly 24-month window in which to certify that the market has matured enough to be declared a genuine willing-buyer, willing-seller system.

‘The journey we are starting should lead us to a place where we should target 24 months at best within which we will be able to declare the market to be truly a willing buyer, willing seller market,’ he said.

The authority has identified eight criteria to judge readiness: supply availability and diversity, the number and quality of buyers and sellers, access to transport infrastructure, contract strength, payment reliability, delivery obligations, market transparency and credible price signals.

Umar acknowledged that gas supply remains constrained despite Nigeria’s large reserves, a gap he said threatens the commercial viability of pipeline projects including the Ajaokuta-Kaduna-Kano line.

‘If you look at supply, for example, on the domestic side, it is still tight, no matter how you look at it. We have a lot of work to do in our infrastructure space,’ he said. ‘The focus right now is not just delivering the infrastructure, but ensuring that we have enough molecules to fill the pipeline.’

Licensing and competition rules

The regulator has begun consultations on draft anti-competitive-practices regulations meant to give teeth to the PIA’s competition provisions, Umar said.

Separately, he said NMDPRA is close to finishing its review of applications for gas distribution licenses, with approvals for qualified companies expected in the fourth quarter of 2026.

He said the agency also plans to expand domestic use of liquefied petroleum gas, liquefied natural gas and compressed natural gas, arguing that higher local consumption would cut reliance on imports and reduce losses tied to long-distance power transmission.

Investment in gas projects hinges on regulatory predictability, he added, since financiers typically require long-term offtake agreements before committing capital.

‘For you to take an FID in a gas investment, you need to have a long-term contract,’ Umar said.

Industry Reaction

Ed Ubong, coordinating director of the Decade of Gas Secretariat, said the 2028 target is achievable and pointed to a goal of lifting gas supply to 12.6 billion cubic feet a day by 2030, backed by 16 infrastructure projects and more than 60 demand-side projects that could add roughly 15 billion cubic feet a day in consumption.

Yetunde Taiwo, president of the Nigerian Gas Association, welcomed the timeline but urged the regulator to sequence the transition carefully.

‘As NGA, what we would like to see really is to see those goalposts, those milestones that have been set, that make it a realistic journey for us to say we have achieved a willing buyer, willing seller status,’ she said.

Taiwo said Nigeria has made progress over the past decade but that the shift will require closer coordination among government, regulators and industry, with government setting policy direction, regulators enforcing predictable rules, and companies continuing to invest and deliver projects.

Oficea, a Mauritius-based real estate company, has raised MUR3.4 billion through a sustainable bond issuance, in a transaction that marks one of the largest sustainable finance deals in Mauritius and underscores growing investor appetite for environmentally focused projects across African capital markets.

MCB Capital Markets (MCBCM), which advised Oficea on the transaction, said the bond was 1.5 times oversubscribed, attracting institutional investors including banks, insurance companies, and pension funds.

The issuance was completed under ER Group’s Sustainable Finance Framework and received an A rating from CARE Ratings.

The proceeds will be used to refinance existing debt and finance The Grid, Oficea’s new office development in Telfair, Moka, which is targeting LEED Building Design and Construction certification.

The transaction forms part of Oficea’s strategy to increase the proportion of green-certified buildings in its portfolio to more than 70 percent by 2030.

Johan Pilot, CEO of ER Property, said the issuance reflects the group’s broader strategy of integrating sustainability into the development and management of its real estate assets.

‘Our goal is to make environmental performance an integral part of our real estate decisions, while continuing to provide high-quality workplaces for the businesses we serve,’ Pilot said.

Oficea plans to progressively pursue LEED Operations and Maintenance certification for existing buildings, while new developments will be designed in line with LEED BD+C standards.

The strategy covers energy efficiency, water management, renewable energy deployment, carbon emissions reduction and indoor environmental quality.

Oficea has already installed photovoltaic systems across several properties, with solar generation currently meeting about 30 percent of electricity requirements in some buildings.

MCBCM also advised ER Group in developing its Sustainable Finance Framework in line with International Capital Market Association principles.

Rony Lam, CEO of MCB Capital Markets, said the transaction demonstrated the ability of sustainable finance to support the transformation of property businesses while highlighting the growing maturity of Mauritius’ capital markets.

The transaction received support from FSD Africa, which funded a Second Party Opinion by Moody’s on the sustainability framework.

Evans Osano, chief financial markets officer at FSD Africa, said the deal demonstrated that Africa’s real estate sector can access sustainable finance at scale and could provide a precedent for other issuers seeking capital linked to measurable sustainability outcomes.