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Ondo State Governor Lucky Aiyedatiwa said his administration has reduced the state’s domestic debt profile by 82.6 per cent within the first 18 months in office.

Aiyedatiwa disclosed this on Friday at the maiden edition of the quarterly media briefing of his administration held at the Nigeria Union of Journalists (NUJ) Press Centre in Akure.

He also described the reduction as the highest recorded by any state in Nigeria.

The governor, represented by his Chief Press Secretary, Ebenezer Adeniyan, also presented the administration’s scorecard since he assumed office on 24 February 2025.

According to him, the reduction in the state’s domestic debt was achieved through prudent financial management, fiscal discipline and effective debt management strategies.

He stated that the administration had also cleared outstanding salary arrears owed to workers and former political office holders, as well as gratuity arrears owed to pensioners.

‘These have been made possible with prudent financial management that has led Ondo State to recording an 82.6 per cent reduction in its domestic debt profile, the highest percentage in the country, reflecting fiscal discipline and effective debt management strategies,’ the governor said.

In December 2025, the data released by the Nigeria’s Debt Management Office (DMO) shows that Ondo has the lowest domestic debt profile, standing at approximately at 8,415,296,774.51.

Meanwhile, Aiyedatiwa noted that his administration had created more than 6,000 direct employment opportunities in less than two years, particularly in education, healthcare, security and agriculture.

‘It is on record that no governor has created more direct employment opportunities for the people of the state than Governor Aiyedatiwa.

‘In less than two years, more than 6,000 workers have been recruited into critical sectors such as education, healthcare, security and agriculture to improve service delivery and reduce unemployment,’ he said.

Affirming that healthcare had remained a major priority of his administration, the governor revealed that more than 2,000 health professionals had been recruited to strengthen the healthcare workforce of the state.

He said the state had also improved the remuneration of health workers to retain skilled personnel and expanded health insurance coverage to vulnerable groups.

‘More than 2,000 health professionals had been recruited, while Ondo State became the first state in the South-West to implement enhanced CONMESS and CONHESS allowances for health workers,’ he said.

Aiyedatiwa said the State Executive Council had approved a N1 billion Hospital Intervention Fund to expand and modernise healthcare facilities across the state.

He added that 100-bed capacity upgrades were ongoing at hospitals in Ikare-Akoko, Ore, Irele and Igbokoda, while more than 100 primary healthcare centres had been renovated within the period under review.

The governor also said the University of Medical Sciences Teaching Hospital (UNIMEDTH) had also received modern diagnostic equipment, including a 1.5 Tesla MRI machine, a 160-slice CT scanner, 3D digital mammography equipment, 4D ultrasound machines and digital X-ray machines.

According to Aiyedatiwa, a pharmaceutical-grade warehouse had been completed in Akure to ensure a steady supply of medicines across the state.

He said the Orange Health Insurance Scheme (ORANGHIS) had also been expanded to cover public servants, workers in the informal sector and, for the first time, retirees and pensioners at no cost.

Aiyedatiwa revealed that the interventions had begun to yield positive outcomes in maternal and child healthcare.

He, however, said the latest Nigeria Demographic and Health Survey ranked Ondo as having the best under-five mortality indicators and placed the state among those with the lowest maternal mortality ratios.

Senator representing Imo West (Orlu), Osita Izunaso, has warned that Nigeria’s new tax reforms may fail to achieve their objectives unless increased tax revenues are matched by improved public services, transparency and accountability.

Izunaso said Nigerians could not be expected to embrace higher tax obligations without seeing a clear connection between the taxes they pay and the roads, schools, hospitals, security and other public services provided by government.

He spoke at the ongoing Nigerian Bar Association (NBA) Annual General Conference in Port Harcourt, Rivers State, during a session themed: ‘Pay now, prosper later: Making Nigeria’s new tax reforms work in practice.’

The senator said the success of the reforms would depend less on the passage of the new laws than on how effectively and fairly they were implemented.

He said the ‘prosper later’ component of the reforms must be demonstrated through visible development and improved living conditions, rather than remain a mere political slogan.

‘Government cannot simply say to Nigerians, ‘Pay your taxes.’ Government must also demonstrate, ‘This is what we are doing with your taxes,” Izunaso said.

According to him, taxation should be viewed as a social contract between citizens and government, under which citizens contribute part of their income with the expectation that government will deploy the resources responsibly for the common good.

He said increased revenue should therefore translate into productive investment, better public services, job creation and an environment conducive to business growth.

Izunaso urged government to strengthen monitoring of public expenditure, reduce waste, improve transparency in procurement and tackle corruption to build confidence in the tax system.

He said public trust was critical to achieving voluntary compliance, warning that citizens would be reluctant to pay taxes if they believed the resources were being wasted or mismanaged.

The senator said the reforms should establish a tax system that was simpler, fairer, transparent and easier to administer, rather than merely provide government with additional revenue.

He identified harmonisation of the tax framework, reduction of multiplicity and duplication, improved compliance and modernisation of tax administration as key objectives.

Izunaso said the tax burden must also reflect taxpayers’ capacity, with low-income Nigerians and small businesses protected from excessive burdens while individuals and businesses with greater economic capacity make a fair contribution.

‘The principle should be straightforward: everybody should contribute according to the law and according to their capacity, but nobody should be subjected to an arbitrary or unnecessarily burdensome tax system,’ he said.

He identified taxpayer education and mass sensitisation as priorities, saying citizens could not be expected to comply voluntarily with laws they did not understand.

He called for a sustained national campaign explaining, in simple language, who is liable to pay tax, applicable deductions and exemptions, VAT obligations, tax identification requirements, filing deadlines and taxpayers’ rights.

Such campaigns, he said, should extend beyond Abuja and major cities to markets, artisans, farmers, small and medium-sized enterprises, professionals, employees and operators in the informal sector.

He urged the authorities to use radio, television, social media, community organisations, traditional institutions and religious bodies, including communication in major Nigerian languages.

Izunaso also called for a tax administration system in which compliance was easier than non-compliance.

He said taxpayers should not need to hire professionals simply to understand basic tax obligations, urging authorities to simplify registration, filing, payment, invoicing and record-keeping through digital platforms.

‘Technology must be used not merely to collect more data, but to reduce the cost and inconvenience of compliance,’ he said.

He called for simple digital tools, clear guidance, standard templates and accessible help desks for taxpayers.

On enforcement, the senator said tax administration must be based on certainty, consistency and fairness.

He urged revenue authorities to distinguish between genuine mistakes and deliberate tax evasion, saying honest errors should attract education and correction while fraud and intentional evasion should be punished.

He warned that arbitrary assessments, harassment and inconsistent enforcement could erode public confidence and discourage compliance.

Izunaso also advocated a stronger taxpayer-rights regime, including clear assessment procedures, timely dispute resolution and effective channels for complaints.

He described the establishment of the office of the tax ombudsman as ‘a step in the right direction’, but said government must ensure that taxpayers’ rights were protected throughout the administration and enforcement process.

On the informal sector, the senator urged government to use incentives rather than intimidation to bring businesses into the formal tax system.

He said millions of Nigerians operating small and informal businesses might be willing to contribute but were discouraged by complexity, inadequate information and multiple government levies.

He advocated simplified registration and taxation, coupled with tangible benefits for formal businesses, including access to government programmes, public procurement opportunities, finance and other services.

Izunaso also warned against imposing excessive compliance costs on small and medium-sized enterprises, saying the tax system should support rather than undermine productive enterprise and job creation.

He said provisions creating unnecessary burdens or ambiguities should be reviewed through the appropriate legislative process.

The senator further urged the NBA to play an active role in the implementation of the reforms, saying lawyers were not only advisers to taxpayers but also officers of the law and important stakeholders in public policy.

He said the NBA could support tax education and continued engagement with taxpayers as the new framework moved from legislation to implementation.

Izunaso said the credibility of the reforms would ultimately be determined by whether Nigerians could see a credible link between taxation and development.

He said: ‘The ‘prosper later’ part cannot remain a slogan. Government must demonstrate that additional revenue is being translated into productive investment, better public services, job creation and an environment conducive to business growth.’

The Federal Government has ordered the installation of closed-circuit television (CCTV) cameras on the First Niger Bridge to curb the theft and vandalism of bolts, expansion joints, iron bars and other components of the structure.

Minister of Works, Dave Umahi, gave the directive while inspecting sections of the bridge where vandals had removed critical components.

Umahi said the stolen bolts, including those holding parts of the bridge together, posed a serious safety risk to motorists.

‘We saw this vandalism on social media. We want to thank members of the public for bringing this to our attention.

‘The bolts holding this bridge have been vandalised and stolen, including the overhead steel bar, which has been disconnected, and that is even more dangerous,’ he said.

The minister noted that replacing some of the damaged components would be difficult because the bridge was under tension.

‘This will be very difficult to refix because the bridge is under tension, and as I’m dragging it, it will make the members yield,’ he said.

Umahi also inspected the Second Niger Bridge, where erosion had affected its base and created a potential danger to motorists using the bridge.

He directed the Controller of Works in Anambra State, Engr Timothy Emenike, to procure the required bolts and commence immediate repairs.

The minister said the installation of CCTV cameras would help monitor the bridge and deter further vandalism.

‘The Federal Government cannot build bridges for the people, and vandals will continue to destroy them.

‘Henceforth, the entire bridge will be fitted with cameras to ensure that these vandals are arrested,’ he said.

Speaking directly to the Controller of Works, Umahi said, ‘Buy the bolt tomorrow and fix them, and let the welding take place on Saturday. As I will go to rest after this inspection, you will not rest until you fix these problems.

‘We will fix the solar streetlights and CCTV on this bridge, and that will be transmitted to your phone and also linked to the police, so that if we see anyone who comes here to vandalise the bridge, we will pick them up.

‘I have better things to do than to keep coming here to inspect vandalisation of infrastructure built by the Federal Government for the people.’

Speaking on the shaky nature of the bridge, the Minister said: ‘People have said the bridge is shaking, but that is because of the bearing and every bridge shakes. As for this bridge, there is so much dead load on the bridge because of the asphalt.’

Umahi added that maintenance would begin on the bridge, and the bridge would be closed at night for the duration of the work.

On the erosion threatening the Second Niger Bridge, Umahi ordered the arrest of anyone found excavating sand around the bridge.

‘I don’t want to know who they are. Once you find anyone excavating sand around this area, you must arrest them before you contact us. Don’t just report to us; arrest them before you contact us,’ Umahi ordered.

The Managing Director/Chief Executive Officer, May and Baker Nigeria Plc, Patrick Ajah, has said the company’s monthly spending2 on energy to power its factory has risen from about N65 million before 2023 to between N160 million and N175 million, highlighting the rising cost of manufacturing in the country.

Ajah, a pharmacist, said the increase of between N95 million and N110 million represented a rise of 146 per cent to 169 per cent in the company’s monthly energy expenditure.

He spoke in his Lagos office during the presentation of the Excellence in Leadership Award plaque to him by the Akinjide Adeosun Foundation (AAF).

‘One example that I just mentioned is power. Before 2023, our spending on power monthly was about N65 million. Now, we are spending between N160 million and N175 million.

‘Just for the factory, we don’t use public power; we use gas, and it is denominated in dollars. So, how many companies can afford to do that?’ he asked.

He said the rising cost of energy had become one of the major threats to local pharmaceutical manufacturing, warning that companies could not continue to operate and expand if the cost of doing business remained high.

According to him, the sector is also burdened by poor infrastructure, which has forced manufacturers to provide many services and facilities that should ordinarily be provided through public infrastructure.

Ajah warned that continued factory closures would undermine Nigeria’s industrial growth and called for stronger government policies to support local manufacturers.

‘If companies keep collapsing, then we’re not going anywhere,’ he said.

He urged the government to create a more enabling business environment through improved infrastructure, stable and affordable energy, security and policies that would encourage local and foreign investment.

The May and Baker boss also said foreign exchange volatility had created significant challenges for pharmaceutical manufacturers, particularly those dependent on imported raw materials, equipment and other production inputs.

He said the situation became particularly difficult between 2023 and 2025, when the company’s management spent a substantial part of its time sourcing foreign exchange and managing exchange-rate risks.

According to him, the major challenge was not only the high cost of foreign exchange but also the frequent fluctuations, which made it difficult for manufacturers to plan production and determine the prices of medicines.

‘At some point, our job description changed. About 65 per cent of the time, we were looking for forex, trying to manage it,’ he said.

Ajah said relative stability in the foreign exchange market had made planning easier for the company, even though the exchange rate remained high.

He said the improvement had helped May and Baker avoid increasing the prices of its products so far this year, a development he said was important because frequent price increases would ultimately affect patients and other consumers.

Ajah also called for the restoration of intervention funds for pharmaceutical manufacturers, warning that companies could not sustainably borrow from commercial banks at interest rates of about 33 per cent to finance long-term investments.

He said the CBN’s COVID-19 intervention fund had been useful to pharmaceutical companies because it provided single-digit financing for expansion, machinery and other capital projects.

Ajah said May and Baker used part of the facility to establish a hub for the development and packaging of products derived from Nigerian ntural sources.

He said the investment enabled the company to commercialise a locally developed sickle cell product, with almost all its inputs sourced locally except the capsule shell.

The company also developed and introduced a bitter leaf capsule following research by a Nigerian professor, he added.

He said such investments would have been difficult to undertake with commercial loans because pharmaceutical manufacturing often requires years before a company begins to recover its investment.

‘There is no company like ours who would borrow money at 33 per cent and invest in a factory. No company would do it because it would take you at least five years before you start breaking even.

‘Our gross margin is in the range of 35 per cent to 40 per cent for most products. So, if you go and borrow money at 33 per cent, how do you survive?’ he said.

Ajah urged the CBN and the Bank of Industry to reconsider targeted funding and other incentives for the pharmaceutical sector to encourage local production.

The May and Baker chief also identified the migration of pharmacists and other skilled professionals as another growing challenge for the industry.

He said many qualified pharmacists were leaving the country, making it increasingly difficult for pharmaceutical companies to recruit and retain skilled personnel.

Ajah said May and Baker was responding by opening its facilities to pharmacy students and interns to expose them to career opportunities in the local pharmaceutical industry.

The company, he said, was also exploring better remuneration and other incentives to retain skilled professionals.

Despite the challenges, Ajah said local pharmaceutical manufacturing was making progress and helping to reduce Nigeria’s dependence on imported medicines.

He said Nigeria now had nearly 200 local pharmaceutical manufacturers and that local production had risen from about 30 per cent in previous years to more than 40 per cent.

He said government policies, including duty waivers for some locally produced pharmaceutical products, had provided some relief, although he maintained that more support was needed.

Ajah said local production would make essential medicines more affordable and accessible, particularly antibiotics, antimalarials, antidiabetics and other products used regularly by Nigerians.

He also said a stronger local manufacturing base would improve the fight against counterfeit medicines.

According to him, locally based manufacturers have sales representatives and personnel across the country who can more easily identify and report suspected fake versions of their products.

‘If somebody fakes our products, most of the pharmacies where these products are going to get into know our people. Most of the time, when there is a challenge, they are the ones who call us.

‘But if the company is outside the country and its product is faked, it is difficult for them to know, especially now that many multinationals are not in the country,’ he said.

Ajah said the efforts of the National Agency for Food and Drug Administration and Control (NAFDAC) had also helped to tackle counterfeit medicines, but added that Nigeria’s size made effective monitoring difficult.

He said increasing the number and capacity of local pharmaceutical manufacturers would make it easier to detect and respond to fake medicines across the country.

Ajah said May and Baker had performed strongly over the past year, attracting interest from foreign companies seeking investment and partnership opportunities.

He said more than 10 companies from outside Nigeria, including firms from Europe and the United States, had approached the company to explore possible partnerships.

According to him, the company had quadrupled its revenue over the past five years and was targeting another major expansion over the next three years.

However, he warned that Nigeria could lose investment opportunities if insecurity and infrastructure challenges were not addressed.

Ajah said some parts of the country had become unsafe for company representatives to visit, while investors were increasingly concerned about security, power and the cost of operating in Nigeria.

He said Nigeria remained attractive to investors because of its large market and the opportunities created by the exit of several multinational companies, but stressed that the government must create the conditions needed for businesses to thrive.

Ajah said sustained investment in infrastructure, security and affordable financing would be critical to helping local manufacturers fill the gaps left by exiting multinational companies and build a stronger pharmaceutical industry.

Content creator and streamer Carter Efe has credited Afrobeats star Davido for helping him earn the most money of his life in a single livestream.

Speaking on a recent episode of the Cocktails and Takeaways podcast, the creator discussed his streaming career, his relationship with Davido, and the progress of digital content creation in Nigeria.

Carter said Davido’s appearance on one of his livestreams drew a massive audience and significantly boosted his earnings.

According to him, the experience changed his financial status overnight.

‘Davido made me the most money of my life on a stream in one night. I became a big boy overnight,’ he said.

In December 2025, Davido joined Carter on a Twitch livestream that drew more than 80,000 concurrent viewers.

The collaboration also led to a notable rise in Carter’s followers and subscribers on the platform.

Born Oderhohwo Efe, Carter Efe first gained prominence through comedy and music before transitioning into livestreaming and online entertainment.

Vice President Kashim Shettima has charged the National Economic Council (NEC) to sustain ongoing economic reforms until improvements recorded at the macroeconomic level translate into jobs, stronger purchasing power, increased business confidence and better living conditions for Nigerians.

Shettima, who spoke at the 160th meeting of NEC at the Presidential Villa, Abuja, on Thursday, said the Federal Government and states must remain focused on implementing policies beyond their announcement, stressing that continuity and measurable outcomes were critical to earning public confidence.

The Vice President, who chairs the Council, said a government should be judged not merely by the policies it initiates, but by its determination to follow them through until they produce tangible result

‘There is no doubt that a serious government is measured by the matters it refuses to abandon. While attention may reveal a problem, continuity determines whether the problem yields to policy’, he said.

Shettima noted that improvements in revenue, debt management, production and investment would be of limited significance unless they ultimately ease the cost of living and improve conditions at the household level.

According to a statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said the gains of the administration’s reforms must increasingly become evident in the daily experiences of ordinary Nigerians.

‘Macroeconomic progress must therefore continue its passage into jobs, purchasing power, business confidence and stronger subnational economies, because numbers become politically meaningful when citizens recognise themselves in their improvement’, the Vice President said.

He urged NEC to ensure sustained follow-through on existing programmes and commitments, warning that emerging priorities must not displace unfinished responsibilities of government.

‘Continuity is a form of accountability: yesterday’s promise still deserves a place on today’s table, and no new priority absolves us of an old responsibility’, Shettima said.

He said President Bola Ahmed Tinubu had placed on NEC the responsibility of making cooperation among the different tiers of government productive and ensuring that policies were converted into outcomes Nigerians could see and feel.

‘A government that remembers earns the confidence of its people because its promises do not expire when the microphones are switched off’, the Vice President added.

Meanwhile, NEC endorsed the Revised National Social Protection Policy, NSPP 2026-2030, presented by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, as part of efforts to strengthen the country’s social protection architecture.

The Council also urged states to align their social protection policies, laws, budgets and implementation plans with the revised national framework.

The NSPP 2026-2030 provides a national policy framework for strengthening social protection coordination, financing, implementation, monitoring and accountability across the federation.

Under the revised policy, a National Social Protection Council is to be established to provide overarching oversight for the coordination and implementation of social protection interventions nationwide.

The council will be chaired by the Vice President, while the Ministers of Budget and Economic Planning, Labour and Employment, and Humanitarian Affairs and Poverty Reduction will serve as vice chairmen.

The Federal Ministry of Budget and Economic Planning will serve as the secretariat, while six governors, representing each of the country’s six geopolitical zones, will serve as members.

In another development, the Federal Government informed NEC that it had awarded contracts for the rehabilitation of 13 police training institutions across the country.

The rehabilitation exercise, expected to be completed within three weeks, is intended to prepare the institutions for the commencement of training programmes by the Nigeria Police Force.

The update on the rehabilitation programme was presented to the Council during Thursday’s meeting.

The 160th NEC meeting brought together governors, ministers and other statutory members of the Council to deliberate on economic, security and social development issues affecting the federation.

Human rights lawyer and Senior Advocate of Nigeria Femi Falana has faulted the Nigerian Bar Association (NBA) for inviting social media influencer Martins Vincent Otse, popularly known as VeryDarkMan (VDM), to speak on insecurity at its 66th Annual General Conference in Port Harcourt.

Falana, in an interview with Channels Television on Thursday, said speakers on specialised subjects such as national security should have relevant expertise, arguing that NBA conferences ought to be platforms for intellectual engagement, not entertainment. He recalled addresses by the late Dr Akinola Aguda in 1985 and the late Justice Oputa in 1987, saying such speakers generated public debate for weeks because they had ‘paid their dues’ and engaged lawyers intellectually. He said similar standards should apply to political leaders invited to speak on democracy and the rule of law, whose records in office should be open to scrutiny.

Responding to a defence of VDM’s invitation by Professor Chidi Odinkalu, who argued it gave lawyers an opportunity to hear public feedback on the justice system, Falana said the argument did not apply to a specialised discussion on national security, which required the participation of security personnel or victims of abductions.

His position aligned with the Chairman of Emohua Local Government Area of Rivers State, Dr Chidi Julius Lloyd, a former law lecturer at the University of Nigeria, Enugu campus, who described the NBA’s decision as inappropriate. In a Facebook post titled ‘Shame on the NBA,’ Lloyd said the conference was being reduced to an avenue for clout and content creation instead of featuring legal luminaries, senior advocates, judges and policy experts. He also faulted Otse’s remarks on the Armed Forces, saying personnel who risk their lives for the country’s sovereignty deserved respect, and separately criticised the conference’s choice of political speakers, including the Labour Party’s Peter Obi.

At the conference, Otse had alleged that police officers manning highway checkpoints from Lagos to Abuja relayed information on travellers to kidnappers and bandits, facilitating abductions for ransom. He also alleged that security agencies knew the identities of kidnappers and terrorists and were benefiting from their activities.

But the police rejected the allegations in a statement on Thursday signed by Force Public Relations Officer CSP Aniete Iniedu, describing them as unsubstantiated and inviting Otse to submit evidence for investigation. The Force said checkpoint officers were deployed to prevent and detect crime, not to facilitate kidnapping, and that it would be unfair to portray the entire institution as complicit on the strength of an unsupported allegation, noting that hundreds of thousands of officers reported for duty daily under difficult and dangerous conditions. It said officers found to have compromised their duty would face internal discipline and the law, and urged the public to distinguish between legitimate criticism and unsubstantiated claims capable of undermining public trust.

But Otse fired back, saying he would not present his evidence to the police. ‘I’m not going to be giving the police my evidence. Why would I do that? Charge me to court and I will provide my evidence in court,’ he said, adding that his lawyers were prepared to appear with him should he be charged. He maintained that the police, military, immigration and customs authorities were complicit in the country’s insecurity, and challenged them to prosecute him if they believed he had broken the law.

Nollywood actor Mustapha Sholagbade has taken the campaign for girl-child empowerment to the United Kingdom with the staging of ‘Abo’ (The Girl Child).

The theatre production examines the challenges and societal restrictions faced by girls, particularly within African families.

The stage play, produced by Dr Adedoyin Ashiru, was staged in Northampton, UK, with Sholagbade serving as director and also featuring as one of the lead actors.

The production explores the treatment of the girl child in African society, particularly the tendency to restrict girls and place greater value on boys within the family.

Speaking on the production, Sholagbade said the play was conceived to challenge such attitudes and remind audiences of the important role women play in society.

According to him, ‘Abo’ seeks to reinforce the message that women are capable of achieving as much as, and in some instances more than, men when given the opportunity.

The actor also used the production to highlight the importance of theatre as a means of connecting Nigerians and other Africans living in the diaspora with their culture.

Sholagbade had noted that stage productions provide an avenue for people in the diaspora, many of whom work throughout the week, to experience live entertainment and cultural storytelling.

He also described the return of stage plays to prominence as a positive development in the entertainment industry, pointing to the longstanding contributions of practitioners who continued to promote theatre even when screen productions dominated the Nigerian entertainment landscape.

For Sholagbade, ‘Abo’ represents more than an acting project, as it combines his interests in acting, directing and cultural storytelling while using theatre to draw attention to issues affecting the girl child.

The production also comes as the actor continues to balance his acting career between Nigeria and the UK, where he has been based in recent years.

Nigerian capital market was yesterday upgraded to a higher status of global prominence in a major endorsement that validated the country’s macroeconomic reforms and increasing confidence within the global investing public.

FTSE Russell, a global market assessor that serves institutional investors worldwide, yesterday confirmed Nigeria’s reclassification from ‘Unclassified’ to ‘Frontier Market Status’, effective from beginning of trading on September 21, 2026.

The Nigerian equities market responded positively to the announcement, shrugging off an 11-day consecutive losing streak with a gain of N305 billion as investors swarmed large-cap stocks that are traditionally attractive to foreign portfolio investors (FPIs).

The confirmation of the upgrade followed extensive reviews of Nigeria’s foreign exchange (forex), liquidity, capital repatriation and overall macroeconomic environment.

The confirmation of the upgrade to ‘Frontier Market Status’ by FTSE Russell Index Governance Board was sequel to favourable reports by FTSE Equity Country Classification Advisory Committee, which affirmed that there were no ‘no material settlement, operational or funding issues’ around the Nigerian market, even with the transition from a three-day, T+2 transaction cycle to a two-day, T+1 settlement cycle. Nigeria had transited from a T+2 to T+1 settlement cycle on June 1, 2026.

Nigeria had been downgraded to ‘Unclassified’ status in 2023 due to challenges around forex liquidity and capital repatriation as the country grappled with depleted forex reserves, overdue forex obligations, low national revenues, and a spiraling black market in the face of officially pegged but unavailable forex.

President Bola Ahmed Tinubu’s administration took decisive decisions to unify the forex rates under a market-determined framework, remove petrol subsidy and implement string of other reforms that redirect the country’s macroeconomic outlook.

Group Managing Director, Nigerian Exchange Group (NGX Group), Mr. Temi Popoola described the upgrade as ‘an important moment for Nigeria’s capital market’.

He said the return to Frontier Market status creates opportunity for the next phase of Nigerian capital market’s development.

Popoola said: ‘We have to turn greater international visibility into broader participation, deeper liquidity and more capital for Nigerian businesses. Our ambition is to build a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth.

‘We are encouraged by the continued support of the Federal Government and the commitment of stakeholders across the market as we work towards that ambition.’

According to him, the publication of the FTSE Frontier Index Series annual indicative review files for September 2026, which will reflect Nigeria’s reclassification is a milestone for the market.

He noted that Nigeria’s return to Frontier Market status is expected to enhance the visibility of Nigerian equities within the global investment community and create further opportunities to broaden engagement with international institutional investors and deepen participation in the Nigerian market.

The latest upgrade followed SandP Dow Jones Indices’ placement of Nigeria on its Watch List for potential reclassification to Frontier Market status as part of its 2027 Country Classification Annual Review, providing a further indication of growing international attention to improvements in Nigeria’s market accessibility.

‘NGX Group reaffirms its commitment to continued collaboration with the Federal Government, Securities and Exchange Commission (SEC), market operators, investors, global index providers and other stakeholders to strengthen Nigeria’s position within the international financial ecosystem and ensure that the capital market plays an increasingly important role in sustainable economic growth and capital formation,’ Popoola said.

President, Chartered Institute of Stockbrokers (CIS), Dr Fiona Ahimie, said the upgrade should be positive development for foreign portfolio investment, as it restores the country’s visibility and eligibility within the FTSE Russell global index framework.

She explained that the upgrade places Nigerian equities back on the radar of global frontier-market investors and gives index-tracking funds the opportunity to consider Nigerian stocks within their investment universe.

Ahimie said: ‘For the domestic market, the more meaningful benefits could emerge gradually through improved liquidity, broader investor participation and stronger valuations.

‘Increased foreign participation could boost trading activity and potentially reduce the valuation discount attached to Nigerian equities, especially large and liquid stocks that are more accessible to international investors.

‘Nevertheless, the reclassification should be regarded as a catalyst, not a cure-all. Sustained foreign inflows will ultimately depend on Nigeria’s ability to maintain adequate forex liquidity, facilitate the efficient repatriation of investment capital, ensure policy consistency, deepen the capital market and achieve greater macroeconomic stability.’

Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sehinde Adenagbe noted that the upgrade was significant because it enhances the international visibility and credibility of the Nigerian capital market.

He said: ‘It signals that some of the market-access concerns that previously limited Nigeria’s participation in global investment indices are being addressed. This could encourage international fund managers, institutional investors and research analysts to pay greater attention to Nigerian equities.

‘Over time, increased visibility can improve price discovery, deepen market participation and strengthen the ability of Nigerian companies to attract international capital through the equities market.

‘More importantly, the development could strengthen Nigeria’s position within the global capital-market ecosystem. Greater foreign participation would potentially increase market liquidity, broaden the investor base and improve the efficiency of capital allocation.

‘It could also encourage Nigerian listed companies to improve corporate governance, disclosure and investor-relations practices as they compete for international capital.’

Managing Director, GTI Capital, Mr. Kehinde Hassan, said the upgrade sends a positive signal to the global investing public on tradability of the Nigerian market.

He expressed optimism that the country would remain within positive radar of global investors, rating agencies and assessors, citing continuing improvements in the country’s forex liquidity and general macroeconomic outlook.

As he fought terminal cancer, his daughter released a viral video desperately pleading for a healer, drawing widespread public attention.

The death of veteran Yoruba Nollywood actor Taiwo Hassan, popularly known as ‘Ogogo,’ on August 23 triggered a huge wave of tributes from fans, colleagues, and cultural figures across Nigeria. He was 66.

President of the Theatre Arts and Motion Pictures Practitioners Association of Nigeria (TAMPAN) Bolaji Amusan, aka Mr Latin, said he ‘left an indelible mark on our industry and culture.’

Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa described him as ‘a custodian of our culture, a proud voice of Yoruba storytelling, and a man who dedicated his life to building the Nigerian creative industry.’

Before becoming a star, Hassan trained as an automobile mechanic. He worked for 13 years as a technician at the Lagos State Water Corporation before resigning in 1994 to chase his passion for acting.

‘I began acting even before I started working for the water corporation,’ he explained in an interview. ‘I began acting in 1981… I am sure not many people believe that I trained as a mechanic.’

Born in Ilaro, present-day Ogun State, into ‘a family that is deeply rooted in Yoruba culture and tradition,’ he said his mastery of praise chanting earned him the nickname ‘Ogogo.’ ‘When I started acting, producers loved giving me the role of a traditional chanter because they knew I could chant ‘ewi’ and ‘oriki’ very well,’ he recalled.

His acting journey began on stage. He was a co-founder of the Odunfa Caucus in Ebute-Metta, Lagos, established in the late 1980s as a traditional travelling theatre troupe and drama collective.

As the 1990s home-video boom gained momentum, the group evolved into a major film production collective and acting academy, but it remained deeply rooted in traditional Yoruba theatre practice. It wasn’t merely a production house, but an informal educational institution for Yoruba filmmaking. His mentorship produced and groomed a generation of major Nollywood powerhouses.

Over a career spanning more than four decades, Hassan became one of the most recognisable and commanding figures in Yoruba-language movies. His performance in Tade Ogidan’s classic 1996 movie ‘Owo Blow’ launched him into stardom and earned him the Best Actor award at the 1997 The Movie Award (THEMA 97).

He acted in, directed, or produced over 300 films and was honoured with a City People Movie Lifetime Achievement Award in October 2017 for contributions to Yoruba cinema and the broader Nigerian film industry. His notable film credits include ‘Agbelebu,’ ‘Dr Brown,’ ‘Ekun-Ayo,’ ‘Omo Ghetto,’ ‘Omin,’ ‘Tenant of the House,’ and ‘Bank Alert.’

He was renowned for portraying principled leaders, disciplined community elders, honourable husbands, or smooth-talking action roles, usually characterised by his distinctive calm, deep voice and striking posture.

Significantly, Hassan used his screen presence to preserve Yoruba language, proverbs, idioms, and ethical philosophy. His deliberate, rhythmic speech delivery turned movie dialogues into masterclasses in indigenous rhetoric.

He remained professionally active into the 2020s. Beyond the home-video era, he seamlessly adapted to modern Nigerian cinema. He introduced himself to a new generation of viewers through major projects, including his nominated performance as Alaafin Ademuyiwa in Kunle Afolayan’s 2022 epic ‘Aníkúlápó.’ He was nominated for Best Supporting Actor at the 2023 Africa Magic Viewers’ Choice Awards for his performance in the film. His performance introduced his artistry to a global Netflix audience, solidifying his status as a star of African storytelling.

He helped propel African narrative art across four distinct epochs: from live travelling stage theatre, to the VHS home-video explosion of the 1990s, the VCD/DVD era of the 2000s, and finally to modern global streaming platforms like Netflix.

He will be remembered as a disciplined craftsman and cultural ambassador who prioritised substance over spectacle.