LCFE gets NMDPRA licence to trade, clear petroleum liquid

The Lagos Commodities and Futures Exchange (LCFE) has secured a licence from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to facilitate the trading and clearing of petroleum liquids, a development expected to deepen price discovery, transparency and investment in Nigeria’s energy market.

The approval provides the LCFE with the regulatory foundation to establish a structured marketplace for petroleum liquids, linking the physical petroleum market with Nigeria’s capital market through regulated trading, clearing and settlement infrastructure.

The licence was unveiled in Abuja on Tuesday at a stakeholder event attended by senior representatives of the NMDPRA, Securities and Exchange Commission (SEC), SandP Global Ratings, Central Securities Clearing System (CSCS), Alliance Law Firm and other participants in the capital and petroleum markets.

Already, no fewer than 10 petroleum liquid traders have committed to participating on the Exchange, providing an initial pool of market participants for the development of the new trading ecosystem.

LCFE Managing Director/Chief Executive Officer, Akin-Akeredolu-Ale, said the approval marked a defining moment for Nigeria’s commodities market, noting that the infrastructure required to support petroleum liquids trading was increasingly coming together.

‘The issuance of this licence marks a defining moment for Nigeria’s commodities market. It gives us the regulatory foundation to bring petroleum liquids into a transparent, structured and technology-enabled marketplace, connecting the physical energy market with Nigeria’s capital market,’ he said.

Akeredolu-Ale said the emerging market architecture would incorporate technology-enabled trading, two-way quotations, contract trading and settlement, as well as licensed collateral managers to strengthen oversight and risk management.

The development comes as Nigeria’s petroleum industry undergoes significant structural changes following the implementation of the Petroleum Industry Act (PIA), deregulation of the downstream market and the commencement of operations by the Dangote Refinery.

NMDPRA Chief Executive, Mallam Rabiu Abdullahi Umar, said the Authority’s priority was to create a predictable, equitable and transparent regulatory environment capable of attracting investment and supporting the sustainable growth of the energy market.

According to him, the PIA, market deregulation and the emergence of large-scale domestic refining capacity have fundamentally altered Nigeria’s position in the global energy market.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, commended the LCFE for pursuing the initiative, describing it as an opportunity capable of transforming Nigeria’s commodities and capital markets.

SandP Global Ratings’ Managing Director, Africa Research and Analytics and Country Head, South Africa, Samera Mensah, stressed the importance of credible market infrastructure, transparent pricing, benchmarks and credit ratings in building investor confidence.

According to Mensah, SandP has reclassified Nigeria from a frontier market to an emerging market, a development that aligns with President Bola Ahmed Tinubu’s ambition to grow the Nigerian economy to $1 trillion.

Onome Komolafe, Division Head, Business Services and Client Experience at CSCS, said the financial market infrastructure provider would support the new market through its depository, clearing and settlement capabilities, including digital asset recording and depository services.

Founder and Managing Partner of Alliance Law Firm, Uche Obi, described the licence as a major legal and regulatory milestone for Nigeria’s commodities market, noting that it provides the LCFE with the authority to facilitate the approved trading and clearing activities and underscores the regulatory and institutional capacity supporting the new market.

Market watchers described the receipt of the NMDPRA approval as a significant milestone in the LCFE’s broader ambition to transform Nigeria’s commodities market and position the Exchange as a leading commodities trading platform in Africa.

Osun workers, pensioners celebrate Adeleke’s victory

Workers and pensioners in Osun State on Monday took their celebration of Governor Ademola Adeleke’s re-election to the state secretariat in Osogbo, where they described his victory as a reward for what they called his administration’s favourable disposition towards the workforce and pensioners.

The jubilant workers, who gathered in large numbers, turned the secretariat premises into a carnival of sorts, singing solidarity songs, dancing and chanting victory slogans in celebration of Adeleke’s return for a second term in office.

The celebration also provided an opportunity for organised labour to set out its expectations for the governor’s second term, even as the leadership of the Nigeria Labour Congress (NLC) declared support for President Bola Ahmed Tinubu’s bid for a second term in 2027.

Speaking at the event, NLC Chairman in Osun, Comrade Christopher Arapasopo, said Adeleke’s victory was largely a reflection of the goodwill he had built among workers, pensioners and other residents through his administration’s welfare-oriented policies.

Arapasopo said the gathering was not only to celebrate the electoral victory but also to appreciate God and congratulate the people of the state for what he described as a successful exercise of their civic responsibility.

‘Whatever Mr Governor is seeing today is just a result of his good deeds towards workers and pensioners. Welfarism is always a force as far as government is concerned,’ he said.

The NLC chairman described the governor’s re-election as a victory for workers and pensioners, while urging Adeleke to remain committed to the promises he made during the election campaign.

He said the continued support of the workforce was based on the belief that the administration had given greater attention to workers’ welfare and the concerns of pensioners.

Arapasopo, however, used the occasion to make a political declaration, announcing that workers and pensioners in Osun would support President Tinubu’s second-term ambition in 2027.

He recalled that he had earlier appealed to the President to ensure that the Osun governorship election was free and fair, expressing satisfaction that the people were allowed to exercise their franchise.

‘Asiwaju Bola Ahmed Tinubu, the entire labour in Osun State, workers and pensioners, we are supporting you for your second term because you have made us proud. We are with you, Asiwaju,’ Arapasopo said.

Also speaking, the state Chairman of the Trade Union Congress (TUC), Comrade Abimbola Fasasi, attributed Adeleke’s victory to what he described as divine favour and the goodwill the governor had accumulated during his first term.

Fasasi urged workers to reciprocate the administration’s support by improving their commitment and productivity, while calling on the governor to pay greater attention to the welfare of the workforce in his second term.

He specifically appealed for attention to workers’ housing, the settlement of outstanding obligations relating to the minimum wage for pensioners, timely promotion of workers and prompt implementation of any new minimum wage approved by the government.

The TUC chairman also expressed concern over the impact of inflation on workers, noting that the rising cost of living had significantly reduced their purchasing power and made sustained welfare interventions necessary.

Similarly, the Chairman of the Joint Negotiating Council (JNC), Comrade Olamilekan Adediran, said Adeleke’s re-election reflected the satisfaction of workers and residents with his administration.

Adediran said the workforce had enjoyed what he described as an unusually favourable relationship with the government, particularly in the areas of workers’ welfare and attention to pensioners.

He urged the governor to consolidate on the achievements of his first term and introduce further measures capable of improving the living and working conditions of civil servants and pensioners.

The celebration later continued with singing, dancing and chants of solidarity, as the workers hailed Adeleke’s re-election and called for the sustenance of policies they believed had improved the relationship between the state government and the workforce.

SEC admits three more crypto firms as ARIP participants rise to 14

The Securities and Exchange Commission (SEC) has admitted three additional virtual asset service providers into its Accelerated Regulatory Incubation Programme (ARIP), bringing the number of digital asset firms under the regulator’s structured oversight to 14.

The latest entrants are Pisi Payments Solution Limited, BC Access Nigeria Limited, which operates as Blockchain.com, and Yellow Card Financial Limited.

The SEC said the three firms had been granted Approval-in-Principle (AIP), allowing them to operate within the defined scope of the ARIP, subject to conditions stipulated by the Commission.

The development underscores the regulator’s growing efforts to establish a formal framework for Nigeria’s rapidly expanding digital asset market while balancing innovation with investor protection and market integrity.

According to the SEC, the Approval-in-Principle granted to the firms should not be interpreted as a final operating licence.

The Commission explained that AIP confirms that an entity has satisfied the requirements for admission into the regulatory incubation programme but remains conditional on its continued compliance with applicable regulatory, operational and supervisory obligations.

The SEC said the latest approvals reaffirm its commitment to fostering responsible innovation within the Nigerian capital market while ensuring that emerging digital asset businesses operate within an appropriate regulatory framework.

Reacting to its admission, Blockchain.com said participation in the ARIP would enable it to work directly with the SEC as the regulator evaluates digital asset business models, tests safeguards and develops a long-term regulatory framework for the sector.

Owen Odia, General Manager for Africa at Blockchain.com, said Nigeria remained one of Africa’s most important digital asset markets, adding that the programme would enable the company to bring its global experience to the Nigerian market while supporting the development of a framework that protects consumers and promotes responsible innovation.

The latest admission comes after the SEC significantly expanded the ARIP in July with the admission of seven companies, taking the number of participants to nine at the time.

Those admitted were Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.

The Commission subsequently admitted GIGX Technologies and KuCoin Nigeria Limited.

Prior to the latest expansion, the SEC had, in 2024, granted Approval-in-Principle to Quidax and Busha, making them the first officially recognised crypto firms under the Commission’s regulatory framework.

The ARIP is designed to accelerate the onboarding of digital asset and investment service providers through a controlled regulatory environment. It enables the SEC to assess emerging business models and technologies, monitor safeguards and determine their suitability before products and services are offered more broadly to investors.

The increasing number of firms admitted into the programme signals a shift from Nigeria’s earlier largely unstructured crypto market towards a more formalised regulatory environment.

The development also comes amid broader efforts to tighten oversight of virtual assets, including the recent release of Guidelines on the Taxation of Virtual Assets.

The guidelines apply to companies, individual taxpayers, virtual asset service providers, peer-to-peer marketplace operators and other participants in Nigeria’s digital asset ecosystem.

Under the tax framework, medium and large companies earning profits from cryptocurrency and other virtual asset transactions are subject to a 30 per cent income tax on taxable crypto gains.

For investors and consumers, the SEC’s expanding regulatory framework is expected to provide greater transparency and oversight as digital asset participation grows.

For crypto businesses, the ARIP provides a structured route into Nigeria’s regulated financial market, although admission into the programme does not amount to unrestricted or permanent licensing.

The latest approvals therefore point to a regulatory strategy that seeks to accommodate technological innovation while strengthening safeguards against risks associated with the fast-growing virtual asset market.

One-time HIV treatment clears virus in newborn primates – Researchers

A one-time combination of three HIV therapies completely eliminated the virus in newborn primates treated within days of infection, raising hopes for a future strategy that could prevent lifelong treatment.

Researchers at Oregon Health and Science University found that a regimen combining antiretroviral drugs, broadly neutralising antibodies, and the experimental antibody leronlimab cleared HIV in newborn nonhuman primates when administered within the first 72 hours after exposure.

The findings, published in Nature Microbiology, surprised even the scientists involved because none of the three treatments had previously been able to permanently eliminate the virus when used alone.

More than 120,000 babies acquire HIV worldwide each year, and most people living with the virus require lifelong medication to keep it under control. The new study suggests there may be a brief window early in infection when HIV is particularly vulnerable to a coordinated therapeutic attack.

Researchers believe each treatment targets the virus differently. Antiretroviral drugs suppress viral replication; broadly neutralising antibodies help clear circulating virus, and leronlimab blocks CCR5, a receptor that HIV commonly uses to enter immune cells.

Together, the therapies appeared to prevent the virus from spreading, infecting new cells, and establishing a lasting reservoir in the body.

The treatment was tested only in newborn nonhuman primates and only within three days of infection, so it is far too early to know whether the approach could cure HIV in humans.

However, researchers say the findings are encouraging because all three components are already available or are being evaluated in human clinical trials.

The next step will be to determine whether the strategy can work in recently infected adults and how long after exposure the treatment remains effective.

Adeleke and his Saturday bulldozer

APC leaders are falling over one another to own Ademola Adeleke’s victory – the same people who, barely 24 hours earlier, fired missiles to bring down his plane. They now say he had all along been their preferred candidate. Since when did the hawk and the chicken become playmates? ?y? n bá ?y? ?eré, ?y? n tu ìy?´ ?y?. One bird claims to be playing with another while quietly plucking its feathers. How warmly should the saved, fresh from the gallows, embrace the executioner whose rope just failed?

Tuesday last week, at the Arise News TV/Nigerian Tribune Town Hall meeting for candidates in the Osun State governorship election, I asked Governor Ademola Adeleke if he was not scared of contesting against the APC – a party with more than 30 governors, the presidency and virtually everything that comes with federal power. His response was vintage political boast: ‘You don’t know me o. I am a bulldozer. They are not calling me Action Jackson for nothing.’ He promised to level the APC and its awesome structures.

On Saturday, the people of Osun State climbed onto Action Jackson’s bulldozer. Together, they levelled the field and much of what the APC had erected on it. The bull was dazed.

Adeleke and his people made it against all odds because they understood the practical instruction in the Yoruba saying: ?`pá kan ò p’ejò (one stick does not kill a snake). With more than one club, they killed the snakes of invasive power. They borrowed pages from the classic underdog playbook: shifted the battlefield, endured the blows, disrupted the enemy’s calculations, and like Scipio before Hannibal’s elephants, they learnt that terrifying weapons lose their terror once you discover how to unsettle them.

Sir Rex Niven, in ‘The War of Nigerian Unity’, described what he called the Abagana miracle: a formidable Nigerian military convoy of men, machines and munitions suddenly brought to ruin by an underdog on March 31, 1968. In Osun, what ordinarily should happen when enormous political and military machinery confronts a smaller force did not happen. Ancient Chinese military strategists had expressions for such improbable victories of the weak: yi lie sheng you (using the inferior to defeat the superior); and yi ruo sheng qiang (using the weak to defeat the strong).

Machiavelli has two political animals in his zoo: the lion and the fox. One is blessed with the strength for decisive action; the other with the guile for shrewd manoeuvring. Battles may be won by the lion’s strength; the long game of politics requires the fox’s cunning. In the Osun election, the victorious knew the referee belonged to their opponent, they flooded the field with lights of every colour until even a biased referee could no longer see well enough to help his side.

The victor particularly benefitted from Field Marshall Idi Amin’s advice to boxers: ‘the only chance to defeat the referee who is against you is to win by knockout. Don’t try to win on points-you will be cheated. Knock out your opponent, so the referee has no choice.’ Saturday was a knockout; the umpire dithered, then surrendered. Would INEC have given victory to Accord at the weekend if Adeleke had relied on winning on points? The lesson there for anyone planning to contest against the APC next year is: since you suspect the referee, do not leave your victory to the referee’s arithmetic, start training with Iron Mike Tyson; only a knockout will defeat your opponent.

Saturday’s election in Osun State, and the way it went, demonstrated in clear terms the limit of federal power. The whole of the Nigerian security agencies emptied themselves into Osun State. The whole of over thirty state governments and their governors and their money poured into the state. The awesomeness of the presidency hid behind its index finger and feigned sleep while the Osun operation was underway. Yet, at the end of the day, nothing happened that gave the invading forces cause to clink glasses. They came with power, numbers and money. They left with defeat.

‘They cannot win who start with threats’ (Avianus). Indeed, pressure has a way of empowering the very resistance it is deployed to overcome. Read Aesop’s ‘The North Wind and the Sun’ and how spectacularly the howling wind lost to the blazing sun. Nigeria’s politics and politicians invested so much dread in the power called federal. Osun has taught some hard lessons. Even Adeleke learnt his own: you do not have to pawn yourself to the king before you can survive.

What we saw in Osun State was a practical definition of people power. Democracy, to the ancient Greeks, meant political power ‘wielded actively and collectively by the demos’ – the people. Political scientist and classicist, Josiah Ober of Stanford University, writing on public speech and the power of the people, argues that democratic Athens demonstrated how the collective power of the people could check elite political domination. The ‘power of the people’, he says, was not a disguise for government by an elite. On Saturday, Osun supplied its own footnote to ancient Athens. Other states should learn from Osun.

The contest was a real rumble in the jungle. The APC fought really hard with everything and reluctantly lost. The Accord won because it had a determined people backing it with grit, resolve and audacity. When a dog has people behind it, it will kill monkey for supper.

In 2009, Chinese political scientist, Yang Shaohua, wrote ‘How Can Weak Powers Win?’ He asked an enduring question in the study of conflict: how does the weak sometimes defeat the strong, and why does superior power sometimes fail against an inferior adversary? ‘The history of war can be characterized as the strong defeating the weak, and the many defeating the few,’ Shaohua wrote. Yet the history of war is also repeatedly interrupted by reversals of that supposedly natural order. Its records are regularly updated with new Davids bringing down new Goliaths. We witnessed one on Saturday in Osun State.

Every politician knows that politics sometimes behaves like war. Democracy exists to ensure that it does not become one. The election may have come and gone but the wounds it inflicted will not go in a term.

People died; limbs got lost. Democracy as we knew it got wounded. A few days ago, we were horrified at iron scavengers hacking at pillars of bridges in Lagos. I watched Osun from a close distance and saw democracy at the mercy of merchants of power eating into the values that make democracy democracy. And like the bridge destroyers, the political invaders were not bothered that the structure from which they were extracting goods is needed to carry everybody across the rivers of tomorrow.

That is the frightening thing about the kill-or-lose politics that has consumed our democracy. An election is supposed to renew democracy. The murderous campaigns that dovetailed into Saturday in Osun State cannibalised it.

Now, going forward, ignorant us may imagine that the only issue for determination is who won that election. But it is not the only issue. There is a larger question: what is now left of the bridge after the war?

‘Everybody who created democracies understood that they were fragile systems, which is why they put checks and balances in place.’ Journalist and Pulitzer Prize-winning historian, Anne Applebaum, unconsciously had our broken system in mind when she uttered those words last month. The ‘checks and balances’ are the pillars that hold the structure. They were assaulted and assailed by scavengers incrementally in the just concluded election.

Democracy was invented and repeatedly strengthened because humanity needed a way of crossing the gulf between competing interests without settling the argument by violence. The tragedy now is that scavengers are hacking at its pillars and stealing the steel that keeps the bridge standing.

What are those pillars? My teacher said the rule of law is one. The neutrality of state institutions is another. The freedom of citizens to choose without fear is another. Peaceful competition, tolerance of opposition and acceptance that today’s loser may become tomorrow’s winner are reinforcing rods buried deep inside those pillars. Remove enough of them and the bridge may continue standing only for a while. That apparent solidity is deceptive. I know you would call me a scare monger, that this Nigerian bridge is solid and sound, no matter what we may have done to it, ‘nothing do am.’ That is how the Romans felt with their democracy until they lost it to the Caesars; the Athenians held same belief to the sorrow of their democratic freedom. They lost it. This democracy is close to midnight. A bridge does not have to collapse immediately after its steel is stolen for the vandalism to be fatal.

And this is where Osun should worry us. Politicians of all sides did not mind vandalising the institutions that give democracy meaning. All they wanted was victory.

Saturday taught Adeleke how to survive the fist of power. Defying all odds, he won with 511,067 votes against the 444,815 polled by APC’s Bola Oyebamiji. The winner has pledged allegiance to the godfather of the loser. Adeleke said on Sunday in his victory speech: ‘President Bola Tinubu is a son of Osun State and I hereby reaffirm my earlier endorsement of him for a second term in the 2027 presidential election.’ The days ahead may teach Adeleke that the handshake of power sometimes requires even greater vigilance than the war he just fought and won.

We may have more surprises ahead. How will it feel if victorious David is asked to enlist in Goliath’s army? APC lost to Accord on Saturday. I will not be shocked if APC now pointedly demands an alliance with Accord and Adeleke for the 2027 contest for all posts. Indeed, President Bola Tinubu, whose forces were defeated on Saturday, reportedly called Adeleke when his victory was certain, before he was officially named winner. Was that call just a congratulatory call or was it strategic reconnaissance? The president certainly has his eyes on harvesting his conqueror as a useful vassal.

There is an old political lesson underneath this: when the stronger man cannot defeat the weaker man, wile may suggest that he makes the weaker man’s victory useful to him.

It will happen, and when it does, how will the relationship end? Adeleke and his people have an old story of Nabis of Sparta versus Rome to learn from. History says Nabis had been aligned with Philip V of Macedonia, but during the Second Macedonian War, the Romans, under Titus Quinctius Flamininus, made an alliance with Nabis because they needed his assistance against Philip. Nabis agreed and shifted sides; they had a nice time. The Yoruba say all adulterous relationships end in a fight. When Rome needed Nabis, Rome called him a king, and accepted him as an ally; when the need had passed, Rome called him a tyrant and turned against him. The Roman historian, Livy (59 BC to AD 17), preserves the substance of Nabis’s taunt: ‘I am the same man with whom you entered into alliance; then you called me king, now you call me tyrant.’ Rome demonstrated here, as it did repeatedly, that it did not have to destroy every opponent. Sometimes the more profitable conquest came after the fighting stopped. The message for last Saturday’s victor is that yesterday’s enemy will treat him as today’s indispensable ally; that does not protect you from being treated tomorrow as an enemy once your usefulness expires.

They should also read the history of Pyrrhus and the Romans. Pyrrhus defeated Rome at Heraclea. After that victory, he sent his extraordinarily persuasive envoy, Cineas, to negotiate peace with Rome. History says Rome refused. Pyrrhus would later defeat the Romans again at Asculum, although at such enormous cost that his name gave history (and English) the expression ‘Pyrrhic victory.’ This should serve those in Osun who may intend to dash their victory to the party that slammed the door on their hand of friendship before the war.

However, while we celebrate this victory, we need some silent moments of reflection. With every election come winners and losers. Losing an election can feel like losing a war. In that moment of defeat, you lose more than the trophy. In his ‘After Defeat’, S. Clinton Hinote writes that in defeat, we lose ‘the confidence of our friends and the respect of our foes.’ Those who lost in Osun on Saturday will tell you that this theory and the theorist are right.

Political scientists will tell you that losers in politics are of two types. Kenneth A. Shepsle lists them as ‘out-of-power politicians and in-power politicians with distinctly out-of-favour ideas.’ Saturday’s election had them; tomorrow’s will have them too. Democracy would be dead if politics were all about winning. Fortunately, neither victory nor defeat is final. Human experience teaches us that much. For those who lost, there is always a tomorrow if they are prepared to change, rethink and rebuild. The winner, too, must manage victory in such a way that today’s gain does not become tomorrow’s loss.

There are lessons from economics here. E. C. Capen and his colleagues gave us the ‘winner’s curse’; Charles A. Holt and Roger Sherman wrote about the ‘loser’s curse.’ Both insights from the marketplace are useful in understanding politics and its swings of fortune. There can be a curse in winning badly and another in losing without learning. Looking back at the Osun battle, I would tell the winner that the machine required to win a political war is not necessarily the instrument with which one should govern after victory. Action Jackson drove his bulldozer through Saturday with remarkable success. His harder assignment is to know where to park it and what to do with the cleared field. May God help him.

High interest rates fuel strong demand for Nigerian Treasury, OMO Bills

Fixed-income conditions in Nigeria remain supportive of institutional demand as elevated yields continue to attract strong investor interest.

The August 12 Nigerian Treasury Bills (NTB) auction drew total subscriptions of N4.41 trillion against the N700 billion offered by the Debt Management Office, underscoring robust appetite for short-term government securities. The 364-day instrument was particularly sought after, recording 8.38 times coverage.

Average Treasury bill yields rose by 50 basis points to 18.73 percent following the auction. FGN bond yields were broadly stable over the period, though with a mild upward bias as market participants positioned ahead of further supply.

The Central Bank of Nigeria’s revised Discount Window framework and the restoration of Tenored Repo Operations are expected to enhance banks’ liquidity-management flexibility. Analysts note, however, that money-market rates are likely to remain elevated in the near term, given the apex bank’s ongoing tight policy stance.

The Treasury Bills market closed the trading week on a calm note. Activity was limited to pockets of demand on the long end of the NTB curve, where the 12 August bill traded around 17.30 per cent. On the Open Market Operations (OMO) curve, selective interest emerged in the December maturities, with the 22 December and 29 December bills changing hands at 19.65 percent and 19.75 percent respectively.

The FGN bond market was quieter still. Participants largely stayed on the sidelines ahead of Monday’s bond auction, at which the DMO plans to offer a total of N1.10 trillion. The offer comprises N250 billion of the January 2035 bonds, N100 billion of the April 2037 bonds and N750 billion of the June 2038 bonds.

High interest rates have simultaneously lifted demand for OMO bills as the CBN intensifies its liquidity-management efforts. Nigerian investors, including banks and other eligible institutions, have increasingly turned to these instruments as an attractive short-term fixed-income option. The sustained appetite reflects a broader search for relatively high-yielding, government-backed securities with defined investment horizons amid elevated money-market rates.

Repeated oversubscription at OMO auctions and the substantial amounts allotted by the CBN highlight the depth of demand. For investors, the appeal lies in the ability to lock in competitive returns while managing short-term liquidity. For the central bank, the same instruments provide an effective channel to absorb surplus funds from the financial system, thereby supporting monetary-policy transmission and helping to contain inflationary pressures.

The dual function of OMO operations has become especially relevant under the CBN’s tight monetary-policy regime, which has kept interest rates high in a bid to rein in inflation and stabilise the foreign-exchange market. Strong participation in the auctions also underscores the continued importance of system liquidity conditions in shaping money-market pricing and portfolio decisions.

Market observers expect demand for OMO bills to remain firm for as long as yields stay elevated relative to alternative short-term options. Persistent liquidity absorption by the CBN could keep short-term rates elevated, while any adjustments in the size or frequency of OMO operations will continue to influence banks’ funding positions and their appetite for other fixed-income assets.

Overall, the combination of robust NTB coverage, selective secondary-market activity and strong OMO demand points to a fixed-income environment still dominated by institutional preference for high-yielding government paper. With the upcoming bond auction set to test longer-dated demand, attention will focus on whether the mild upward bias in yields persists or whether the supportive conditions for institutional buying continue to absorb new supply without significant price pressure.

Four dead, eight injured as two buildings collapse in Kano

Four people have died and eight others sustained injuries after two separate buildings collapsed in Kano on Saturday, August 15, 2026.

The incidents, which occurred at Gaida in Kumbotso Local Government Area and Kurna in Fagge Local Government Area, were confirmed by the Kano State Fire Service in a statement by its Public Relations Officer, ACFO Saminu Yusif Abdullahi.

According to the statement, the Fire Service received distress calls at about 2:34 pm and 2:40 pm concerning the two incidents.

At Gaida, near Salbas Filling Station in Kumbotso LGA, an incomplete building under construction, measuring about 50 by 50 feet, collapsed while six workers were at the site.

Two of the workers, identified as 17-year-old Muhammad Hassan and 19-year-old Khalid Abubakar, were rescued alive.

However, four others were rescued unconscious and later confirmed dead. They were identified as Sunusi Surajo, 18; Bashir Ibrahim, 20; Ibrahim Ibrahim, 25; and Abubakar, about 30 years old.

The Fire Service said all six victims were evacuated to Murtala Muhammad Specialist Hospital for medical attention and subsequently handed over to Inspector Adamu Garba of the Kofar Wanbai Police Division.

In a separate incident at Kurna, behind the Primary School in Fagge LGA, an Islamiyya school building known as Khadija Idris Bala collapsed, affecting nine students.

Eight students were rescued alive, including Hassana Isah, Usaina Isah, Zulaihat M. Gambo, Nawara Yahaya, Nusaiba Isah, Hasiya Munir, Khadija Isah and Hadiza Haruna, whose ages ranged from 12 to 15 years.

The ninth victim, identified as 14-year-old Khadija Muhammad, was rescued unconscious but later confirmed dead.

The Fire Service said the victims were subsequently handed over to the headmaster of the school, Muhammad Gambo Usman.

It stated that the causes of the two building collapses were currently under investigation.

The Fire Service urged building owners, contractors and construction workers to observe necessary safety precautions and comply with approved building standards, particularly during the rainy season.

It warned that adherence to safety regulations was essential to reducing the risk of building collapses and protecting lives and property across the state.

BREAKING: Yekini Idiaye emerges new Edo Assembly Speaker

Yekini Idiaye, the lawmaker representing Akoko-Edo Constituency I, has been elected as the new Speaker of the Edo State House of Assembly following the resignation of Blessing Agbebaku.

Idiaye, who is serving his third term in the Assembly, assumed the position on Monday after Agbebaku stepped down from office amid reports of an impending impeachment move by lawmakers.

His emergence followed an existing zoning understanding within the Assembly, which stipulates that the Speaker should come from Edo North Senatorial District whenever the governor is from Edo Central Senatorial District.

As the most senior lawmaker from Edo North, Idiaye was subsequently chosen to lead the legislative arm of government in the state.

Speaking after his emergence, the new Speaker explained that in the absence of the zoning arrangement, the Deputy Speaker would ordinarily have succeeded Agbebaku.

Earlier on Monday, Blessing Agbebaku resigned as Speaker of the Edo State House of Assembly, bringing an end to his tenure as head of the legislature amid growing political developments within the chamber.

His resignation came as reports indicated that some members of the Assembly were mobilising support to remove him through impeachment proceedings.

Confirming the development, his media aide, Ivy Adodo-Ebojele, disclosed the resignation in a Facebook post and noted that further details surrounding the decision would be made public later.

2027: Accord, AAC, SDP presidential candidates join forces against Tinubu

Seek international sanctions against anti-democratic actors as movement for democratic renewal launches in Port Harcourt

THE presidential candidates of the Accord Party, African Action Congress (AAC) and Social Democratic Party (SDP) have resolved to work together towards a common democratic force ahead of the 2027 presidential election, in what could become a significant realignment of Nigeria’s opposition politics.

The three candidates, Dr Gbenga Olawepo-Hashim of Accord, Mr Omoyele Sowore of AAC and Prince Adewole Adebayo of SDP, reached the resolution after a meeting in Port Harcourt, Rivers State capital, where they deliberated on Nigeria’s democracy, economy and security during the weekend.

They expressed concern over the concentration of political power, weakening of democratic institutions and shrinking space for genuine political competition, warning that Nigeria risks moving from competitive multi-party democracy towards what they described as ‘a coronation disguised as an election.’

The leaders consequently resolved to align their political forces towards presenting Nigerians with a joint democratic alternative in 2027.

The proposed alliance will seek to mobilise workers, youths, women, professionals, entrepreneurs, civil society organisations and Nigerians across ethnic, religious, regional and political divides.

Further consultations, they said, would determine the structure, modalities and presidential candidate of the proposed alliance.

‘The larger national interest must take precedence over individual political ambitions,’ they declared.

They demanded an immediate review of cases involving Nigerians detained or imprisoned over political expression, self-determination advocacy or the peaceful exercise of constitutionally protected rights.

They specifically called for the immediate release of Mazi Nnamdi Kanu, whose agitation has centred on the political rights and aspirations of the Igbo people, and Bichia Maisango, whom they identified as an advocate of Hausa Zallah cultural rights.

They also called for an end to what they described as the legal and political persecution of Omoyele Sowore over his political activities.

The leaders stressed that their position did not necessarily amount to an endorsement of the views or methods of the individuals concerned.

‘Democratic societies must accommodate dissent and peaceful disagreement,’ they said.

The three candidates called on the international community, democratic governments, regional institutions and international democracy and human-rights organisations to closely monitor Nigeria’s democratic trajectory.

They expressed concern over alleged attempts by individuals within the security architecture, electoral institutions, judiciary, legislature and executive to weaken opposition parties, manipulate public institutions and frustrate genuine political competition.

While rejecting foreign interference in Nigeria’s sovereign affairs, they called for accountability where individuals abuse public office or institutional authority to undermine constitutional democracy.

They urged international partners to document credible evidence of democratic reversals and consider targeted sanctions, including visa restrictions and other lawful measures, against individuals credibly established to have participated in such activities.

Meanwhile, the Movement for Democratic Renewal (MDR) for the South-South and South-East zones was launched on Saturday in Port Harcourt, Rivers State, with speakers calling for unity of purpose to rescue the country.

The MDR is Co-Chaired by Dr Gbenga Hashim and the NLC President Comrade Joe Ajaero.

Hashim, said Nigeria had always been a great country but that recent leaders had conspired to make it small.

According to him, ‘the prosperity in Nigeria continued until 1976 and Nigeria was a lender, not a borrowing nation.’

‘Today, industrialisation has gone out of Nigeria. But we must rescue our democracy. Any democracy that abandons the welfare of the workers is a mirage.

Also speaking, Prince Adebayo Adewole, presidential candidate of the SDP urged Nigerians to reject intimidation and political pressure.

‘All workers must vote, because our problem is that our leaders today see themselves as colonial masters in black skin.’

The rules of networking

Networking is often misunderstood. Many people think it is simply about meeting people, exchanging contacts, attending events or knowing influential people. But networking is much more than that.

For me, networking is about seeing possibilities, connecting resources, building relationships and taking responsibility for creating value.

The idea became clearer to me recently when a young man approached me at ThinkUP Innovation Services.

He had recently moved and had secured a remote job. He needed a good workspace, but he was not yet in a position to pay for access. Rather than simply asking for free access, he approached me with a proposition.

He explained that he had skills in marketing, branding, content, design and strategy. He had also noticed that there was room to improve the hub’s visibility and promotion. His proposal was simple: give him access to the workspace for one month, and in exchange, he would use his skills to contribute to the marketing and growth of the hub.

What struck me was not just the proposal itself. It was the mindset behind it.

He did not only see what he needed.

He also saw what he could offer.

That, to me, is where real networking begins.

1. Responsibilities – possibilities are responsibilities

The first rule of networking is responsibility. When most people see an opportunity, their first question is: ‘What can I get from this?’

A better question is: ‘What can I contribute to this?’

The young man could have simply said, ‘Sir, I need a place to work, but I cannot afford it right now.’

Instead, he looked at the situation differently. He saw that he needed a workspace. He also saw that ThinkUP was a growing business that could benefit from stronger marketing, branding, content and visibility.

He connected the two.

That is what I mean by ‘Possibilities are responsibilities.’

When you see a possibility, you also have to ask yourself what responsibility you are prepared to take to make that possibility real.

It is easy to have ideas. It is harder to take ownership. A person who says, ‘I can help,’ is making a statement. A person who says, ‘Give me this responsibility and I will deliver this result,’ is making a commitment.

That distinction matters in business. Opportunities do not become valuable simply because we identify them. Someone has to take responsibility for turning them into results.

2. Resources – know what you have

The second rule is resources. Everyone has something that can create value. It may be money, knowledge, skills, experience, technology, time, relationships or information. The mistake many people make is thinking that because they do not have money, they have nothing to offer.

That is not true.

The young man did not have the money to pay for the workspace immediately, but he had skills. He could contribute to marketing. He could create content. He could support branding. He could think strategically. He could help with customer acquisition and partnerships. Those were his resources.

ThinkUP had other resources: the workspace, infrastructure, internet, power, an emerging brand and a platform from which businesses and professionals could operate. When resources are brought together properly, possibilities emerge. This is value engineering.

Value engineering is the ability to look at what people have, what people need and how those things can be connected to create something more valuable. A graphic designer may need clients. A business may need a designer. A software developer may have the technical skill but lack a business idea. An entrepreneur may have the business idea but need technical expertise. A workspace may need content. A content creator may need a place to work. Networking brings these things together.

So, don’t only ask: ‘Who do I know?’

Ask: ‘What resources exist within my network, and how can they create value together?’

3. Relationships- people are more than contacts

The third rule is relationships.

Networking is not about collecting phone numbers or adding hundreds of people on social media. People are not transactions. A good relationship is built through trust, respect, consistency and value. The young man’s approach was important because he was not simply looking for a temporary benefit. He was communicating his willingness to contribute to the business.

He essentially said: ‘If you give me the opportunity, I am willing to take this seriously and treat the business with an ownership mentality.’ That is the kind of attitude that creates relationships. You may meet someone today because you need something from them. But if the relationship is genuine, it can grow into something much bigger. A customer can become a collaborator. A collaborator can become a partner. A partner can become a friend. A simple introduction can become a business opportunity. But none of this happens when people only call each other when they need something.

Strong relationships require continuous value. Sometimes you help someone without expecting anything in return. Sometimes you introduce two people who can benefit from knowing each other. Sometimes you share information. Sometimes you simply check in. Over time, these small actions build trust. And trust is one of the most valuable currencies in business.

The net and the work

This brings me back to the ThinkUP statement:

‘You can’t network effectively without a net or work.’

The net represents possibilities. The work represents responsibilities. The net is about value engineering. The work is about value delivery. A net allows you to see and catch possibilities that may otherwise pass you by. But catching the possibility is not the end. You have to do the work. You have to take responsibility. You have to deliver. That is where many people fail. They are excellent at identifying opportunities but poor at executing them. They attend meetings. They make connections. They exchange contacts. They have ideas. They make promises. But when it is time to deliver, nothing happens. That is not effective networking. Networking becomes powerful when possibility meets responsibility.

From working to value creation

The young man’s approach gave me something to think about. He was looking for a workspace, but he did not approach the situation as though his need was the only thing that mattered. He looked at the business. He identified an area where he could contribute. He connected his skills to that need. Then he proposed an exchange.

Whether such an arrangement eventually becomes a long-term collaboration is a different matter. The important thing is the mindset. He demonstrated something every young professional and entrepreneur should learn: ‘Do not always approach people with what you need. Approach them with what you can create.’

You may not have money. But you may have skills. You may not have influence. But you may have ideas. You may not have experience. But you may have energy and the willingness to learn. You may not have the position. But you may have the ability to solve a problem. Your responsibility is to recognise what you have and learn how to turn it into value.

The practical rule

The next time you meet someone, don’t immediately ask: ‘What can this person do for me?’ Ask: What possibility do I see? What resources do we have? What value can we create? What responsibility can I take? What can I actually deliver? That is how networking moves from conversation to collaboration. It moves from contact to connection. From connection to opportunity. From opportunity to responsibility. And from responsibility to value. Ultimately, your network should not simply be a collection of people you know. It should be a network of people with whom value can be created, exchanged and multiplied. The net gives you the possibility. The work gives you the responsibility. And the value you deliver gives the relationship a reason to continue.

‘The NET represents possibilities – Value Engineering.’

‘The WORK represents responsibilities – Value Delivery.’

So, if you want to network effectively, don’t just build a net.

Do the work.

Because:

‘You can’t network effectively without a net or work.’