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Tunji Alausa, minister of education, has directed heads of federal tertiary institutions to reconcile and submit detailed reports on all unutilised Tertiary Education Trust Fund (TETFund) allocations within 30 days, warning that idle funds will no longer be tolerated.

Alausa issued the directive on Thursday, while addressing a meeting with the management of TETFund, heads of federal tertiary institutions, bursars, and procurement directors at the TETFund office in Abuja. The meeting was convened to tackle the persistent issue of unutilised balances in TETFund allocations.

He noted that the problem of unspent TETFund allocations has undermined the government’s investments in the education sector, with many institutions failing to fully deploy funds earmarked for critical infrastructure, research, and capacity development.

‘one recurring challenge that has continued to undermine this investment is the existence of unutilised balances – funds released for specific projects or interventions that are either not deployed on time or not fully expended before new allocations are made.

‘Over time, these idle funds represent lost opportunities, resources that could have improved laboratories, classrooms, ICT facilities, research centres, faculty development, and more, but did not, due to process delays, weak absorptive capacity, or compliance and accountability gaps.

‘At the end of this meeting, the Ministry will issue directives to ensure effective use of TETFund resources. Institutions must submit reconciled reports of all unutilised funds within 30 days, which will be jointly verified,’ the Minister stated.

Alausa identified key causes of unutilised balances, including poor planning and project design, procurement bottlenecks, weak institutional capacity, reporting delays, coordination lapses, and regulatory constraints.

He warned that such inefficiencies not only waste public resources but also erode stakeholder confidence and slow educational advancement.

‘The risks associated with these challenges are significant: Wastage of appropriated funds;

Erosion of stakeholder confidence in governance;

Loss of opportunities for institutional advancement;

Accelerated infrastructure decay while funds remain idle;

Disparities in project outcomes across institutions.

‘It is not enough to lament this situation. As the Federal Ministry of Education, we have a binding obligation to ensure that every naira allocated to education is used productively, transparently, and in a timely manner.’

To address the challenge, the Minister announced a series of measures, including stricter oversight, enhanced monitoring, and quarterly reviews of ongoing projects. He said that heads of institutions, bursars, and procurement directors would be held directly accountable for project delays and lapses in fund utilisation. ‘We expect zero tolerance for avoidable delays and lapses. Every naira allocated to education must be used productively, transparently, and in a timely manner,’ he said

Alausa disclosed that unutilised funds would henceforth be redirected to priority projects, warning that institutions would no longer be allowed to carry over funds without strong justification.

‘Unused funds may be redirected to priority projects, and carrying them over without strong justification will no longer be allowed. Procurement plans must align with approved interventions, and approvals should be fast-tracked to prevent delays,’

He also announced plans for capacity-building programmes in project management, procurement, and compliance, as well as the introduction of mentorship initiatives to strengthen institutional performance.

In a move to promote transparency, the Minister said the Ministry would launch a public dashboard to display disbursement and utilisation data, while institutions would be required to publish periodic progress reports on TETFund projects.

He called on TETFund to lead with professionalism and ensure compliance, while urging heads of institutions and their management teams to treat fund utilisation with the urgency and accountability it deserves.

‘Let unutilised balances no longer be a recurring embarrassment, but rather the catalyst for improved governance, greater productivity, and transformative impact in our tertiary education system.

‘No fund idle; every project delivered; every institution elevated,’ Alausa said.

The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), in partnership with the Federal Ministry of Solid Minerals Development, has unveiled a new solid minerals data rendition template designed to improve revenue tracking, transparency, and accountability in Nigeria’s mining sector.

The initiative was formally launched on Tuesday during a one-day sensitisation exercise held in Abuja.

The event brought together government officials, industry regulators, and key stakeholders to discuss how the new system would help plug revenue leakages and strengthen oversight in the solid minerals value chain.

Muhammed Shehu, Chairman of RMAFC, who was represented by the Chairman of the Solid Minerals Monitoring Committee, said the new template aligns with President Bola Tinubu’s Renewed Hope Agenda to diversify Nigeria’s revenue base beyond crude oil.

‘The implementation of the new data rendition template could not have come at a better time, given the current economic realities the country is facing.

‘The need to diversify our national revenue sources cannot be overemphasised, especially considering the nation’s over-dependence on hydrocarbon revenues, which are often affected by fluctuations in the international oil market, as well as challenges such as crude oil theft and vandalism’, Shehu said.

According to him, the new template is expected to capture key operational and financial details from mining companies, including the quantity of minerals produced, company profiles and locations, licenses, fees, and permits paid.

This, he said, would enable the Commission to effectively monitor, evaluate, and ensure that all revenues due to the Federation Account are promptly remitted.

Shehu recalled that the Commission had previously conducted two nationwide monitoring exercises in 2016 and 2022, which led to a significant improvement in revenue generation from the mining sector. However, he expressed concern that despite the increasing level of mining activities in the country, remittances to the Federation Account remain low due to weak oversight mechanisms.

‘The Commission under my leadership will work assiduously to ensure that all revenues due to the Federation Account from the mining sector are fully and promptly remitted,’ he assured.

In his remarks, Ibrahim Shettima, Chairman of the Solid Minerals Monitoring Committee and Federal Commissioner representing Niger State, said the sensitisation exercise was aimed at closing gaps in data collection and strengthening coordination among relevant agencies and operators.

He noted that the new template would help build a reliable, independent database for the Commission, serving as a credible reference for policy formulation and performance comparison across states.

‘Accurate and timely rendition of revenue data is crucial for planning, policy decision-making, and ensuring transparency in the sector,’ Shettima added.

Other speakers, including Imam Ganiu, Director of Mining Inspectorate at the Ministry of Solid Minerals Development; Obadiah Nkom, Director-General of the Mining Cadastre Office; and Segun Ayanleke, President of the Miners Association of Nigeria, all acknowledged Nigeria’s vast potential in the global mining industry.

They emphasised the need for consistent policy implementation and stronger collaboration between government and private stakeholders to unlock the sector’s full potential.

According to a statement by Maryam Umar Yusuf, Head, Information and Public Relations, RMAFC, the event featured paper presentations on topics such as ‘Overview of the Global and Nigerian Mining Sectors,’ ‘Revenue Assessment through Data Rendition,’ and ‘Functions and Activities of the Mining Cadastre Office (MCO)’.

The Ebonyi State Health Insurance Agency (EBSHIA) has launched a landmark initiative to enroll 29,000 persons living with HIV (PLHIV) into the State’s health insurance programme at no cost.

The official flag-off took place on Monday during the Network of People Living with HIV/AIDS in Nigeria (NEPWAN) Conference, marking a major stride in the state’s pursuit of inclusive healthcare for all citizens.

Speaking at the event, Divine Okemefuna Igwe, Executive Secretary of EBSHIA, described the gesture as ‘a bold expression of compassion and inclusion’ and a clear demonstration of the State Government’s resolve to remove financial barriers to healthcare access.

According to him, ‘This intervention reaffirms our belief that no Ebonyian should be denied healthcare because of lack of money. We are deeply grateful to the Governor of Ebonyi State, Rt. Hon. Francis Ogbonna Nwifuru, whose magnanimity and visionary leadership made this possible.’

Igwe explained that the enrolment is supported by the Global Fund through the National Health Insurance Authority (NHIA) and the National Tuberculosis, Leprosy and Buruli Ulcer Control Programme (NTBLCP), saying the process has been structured for maximum ease and confidentiality. He noted that the National Identity Management Commission (NIMC) is collaborating with EBSHIA to ensure that beneficiaries without National Identification Numbers (NIN) can obtain them immediately during registration.

‘Once registered, beneficiaries will receive health insurance ID cards granting access to services in all accredited facilities,’ he said. ‘To protect the privacy and dignity of our clients, the ID cards are identical to those of other enrollees there’s no mark or symbol that singles anyone out.’

He further assured that all personal data and medical records are securely encrypted to prevent unauthorised access. ‘Nobody should fear stigmatisation or breach of privacy. Your data is safe, and your dignity is preserved,’ he emphasised.

Igwe reaffirmed his personal commitment to ensuring that ‘no Ebonyian will die because they cannot afford hospital care,’ calling on all partners and stakeholders to help ensure that every person living with HIV in the state is enrolled and empowered to access quality medical services.

Ellah Lakes has been on a bullish run days after it announced plans to raise N200 billion for the 100 percent acquisition of Agro-Allied Resources and Processing Nigeria Limited (ARPN) from ARPN PTE Ltd, a Singapore-based entity jointly owned by Tolaram Africa and Valuestar Holdings.

Shares of Ellah Lakes rose 10 percent on Monday with a volume of 80 million, one of its best in recent weeks after it achieved a record high of 145 million on July 11. The stock that began the year at N3.16 has gained 369 percent on that price valuation to close trading at N14.81 per share.

Investors are betting on the expansion push to power bountiful returns as the agro-industrial company moves to position itself as one of the indigenous oil palm firms in Africa’s most populous nation in terms of scaling.

The company has been actively pursuing growth opportunities this year. In July, its shareholders voted in favour of a planned N250 billion capital raise that sent its stocks soaring. According to the management, the raise is needed to strengthen Ellah Lakes’ balance sheet and provide the funding capacity needed to execute its expansion strategy.

Chuka Mordi, chief executive officer of Ellah Lakes, described the ARPN deal as ‘a defining step’ in the company’s transformation journey.

‘This acquisition will more than double our production footprint, accelerate earnings growth, and position us as a national champion in agro-industrial production,’ Mordi said. ‘We are excited about the immediate and long-term value this transaction will deliver to our shareholders and to Nigeria’s broader food security objectives.’ Ellah Lakes leads agric listed firms in YtD returns

The agricultural sector, specifically the oil palm industry, is reaping the benefits of a renewed appetite for palm produce in what has sent crude palm oil prices up the roof and boosted the profitability of bigwigs such as Presco and Okomu Oil.

But in terms of year-to-date performance, investors are rewarding Ellah Lakes more as its shares have surged 369 percent over the last nine months, with analysts seeing the rally continue over the medium term.

A N1 million investment in Ellah Lakes in January would be worth N4.69 million today, as the stock has been one of the best top performers in terms of year-to-date returns. That same N1 million will accrue to N3.12 million if an investor had bought Presco, currently priced at N1479.90. The stock has risen 212 percent year-to-date.

Okomu Oil has gained 130 percent so far this year, with its current market price at N1,020. That means a N1 million in January would give returns of N2.3 million.

While these returns are impressive, such steep gains also suggest valuations may be stretched. Investors may need to watch for possible profit-taking or corrections, especially if earnings don’t keep pace with the stock price surge.

However, the rally indicates that investors are rotating into real-sector and commodity-backed equities, reflecting optimism about domestic production and non-oil growth in Nigeria’s economy.

Greenwich Merchant Bank has successfully met the N50billion capital requirement as mandated by the Central Bank of Nigeria (CBN).

By virtue of a letter dated September 22, 2025, CBN confirmed its approval of Greenwich’s N22.6billion fresh capital raised via Rights Issue and Private Placement.

With this, the bank’s approved capital now exceeds the N50billion regulatory requirement thus cementing its position as one of Nigeria’s most forward-looking banks.

This milestone significantly enhances Greenwich’s financial strength, enabling the Bank to underwrite larger transactions, offer more competitive financing terms, and improve overall service delivery.

In the years ahead, customers will benefit from increased access to bespoke banking and financing solutions, while investors can expect improved returns driven by expanded deal flow, enhanced market positioning, and long-term value creation.

Greenwich said it will deploy the enhanced capital strategically to drive technological innovation, broaden product offerings, and enhance its brand positioning. Speaking on the achievement, Kayode Falowo, Chairman of Greenwich Group, said: ‘This is a significant milestone in our growth journey and a strong testament to the resilience and commitment of everyone across the organization. It positions us strategically for the next phase of our expansion and service delivery’.

He said ‘We would like to thank our shareholders for their trust in us and applaud the outstanding contributions of our Board and Management in attaining this milestone. We are committed to driving even greater achievements in the future.’

Also commenting on the development, Benson Ogundeji, Managing Director/CEO of Greenwich Merchant Bank, noted: ‘Our successful capital raise is not just a regulatory compliance milestone; it is a proof of the confidence our shareholders place in our vision and the trust our clients and partners have built with us over the years. At Greenwich, we see this achievement as a springboard for strengthening our capacity to deliver innovative financial solutions while contributing meaningfully to Nigeria’s economic growth and stability.’

This milestone comes at a critical time for the Nigerian financial system as banks across the country step up capitalisation efforts to enhance stability, protect stakeholders, and deepen the resilience of the sector. Greenwich’s achievement reinforces its position as a trusted financial partner capable of supporting clients through evolving market dynamics and creating long-term value for stakeholders.

Plans are underway to launch a suite of innovative financial products tailored to evolving client needs, including digital investment platforms, SME-focused lending solutions, sustainable finance instruments, enhanced wealth management services, and strategic partnerships that would unlock new growth frontiers.

Cocoa prices have tumbled to a 20-month low, bringing to an end a dramatic two-year rally that had driven the market to record highs and squeezed chocolate manufacturers worldwide.

According to the International Cocoa Organisation, prices are currently about $6,035 (N8.88 million) per ton- down from a December peak of above $12,000. This reflects a 50 percent fall.

Meanwhile, London prices, which had almost tripled in the earlier months of last year, are now down about 58 percent from their April 2024 peak at $4,262.

Analysts say the retreat reflects a drop-off in consumer demand as a result of the higher prices, as well as expectations of a better crop given improved weather and higher state-guaranteed prices in West Africa. In addition, speculators who had previously been riding the rally have more recently dumped their positions, with many now betting on falling prices.

The fall in price marks a sharp reversal after a supply shock in 2022 in Ivory Coast and Ghana, which together produce about 60 percent of the world’s cocoa. Dry weather, disease and years of under-investment by farmers who were unable to afford fertiliser or replace ageing trees sent futures prices soaring. Those supply fears have now started to ease. Rains have returned after last year’s unusually early dry season, reducing the risk of another failed crop. Forecasters expect the 2025-26 harvest, which began on October 1, to produce a surplus of supply over global demand.

Governments in West Africa have sharply raised the prices they pay farmers, a move expected to boost supply. Ahead of an election, Ivory Coast lifted its guaranteed rate by more than 25 percent to about $5,000 per ton in dollar terms, prompting Ghana to raise its own to 58,000 cedis (about $4,600).

Better guaranteed incomes are seen as likely to encourage growers to sell through official channels rather than to smugglers, to prune trees, buy fertiliser and plant new cocoa – moves likely to increase production over time.

Despite the sharp fall, few in the market expect a return to the pre-2023 era, when cocoa traded between $2,000 and $3,000 in the international market. But supply remains constrained by ageing trees, crop disease and climate risk.

Last year, unfavourable weather conditions in Côte d’Ivoire led to a demand boom that spurred global cocoa prices to rise to an all-time high of N12 million per ton in Nigeria.

Mololuwa Rachael is the founder of Mo Nexus, the umbrella brand for four sub-brands: Dushers Events, Events by Mo, Mo Farms and Mo-Ments.

For Mololuwa, business was never about having huge capital or chasing investors. Her story has always been about survival and finding solutions where others only saw problems.

‘My entrepreneurial journey has always been about survival, problem-solving, and a refusal to be broke. At the same time, it has been about seeing gaps and filling them with solutions people did not even know they needed until I showed up,’ she says.

Her first brand, Dushers Events, began in 2018, during her third year at the University of Ibadan. ‘I was the student lecturers trusted, the one they called when they needed ushers for academic events such as conferences and symposiums.

My friends and I did it for fun, never realising it was a business. I still remember guests walking up to me after events asking for my business card, and me not having one,’ Mololuwa says.

‘By 2019, the picture became clearer. Referrals started coming in for bigger, national gigs, some I lost because I didn’t have a registered business and a business account. That was the year I came up with the name D Ushers’ Events (that clients soon started calling Dushers Events) just to meet the requirement for government contracts.’

What started as a fun side gig had, within five years, grown into a full events production and management brand that curates both luxury social and corporate experiences. ‘This year, I started a sister brand- Events by Mo to cater to clients who prefer luxury intimate events,’ the young entrepreneur says. In 2023, when food prices skyrocketed in Abuja, Mololuwa started Mo Farms. ‘Everyone around me was complaining, week after week, about how expensive basic things had become. I realised I could source food and livestock directly from farmers, cut out the middlemen, and give people bulk value at cheaper rates.

‘Then came Mo-Ments, the newest of my ventures in 2024. For years, I had given free brand strategy and communications advice to friends, family, and colleagues. I had even organised free seminars and workshops.

‘The feedback and confirmation from God made me realise it was time to build a consultancy around it. So, what motivates me? The fear of lack, but beyond that, the conviction that there is always a gap to fill, and that I am equipped to bridge it.’ On how she got funds to kick start her business, Mololuwa says, ‘If there’s one thing unique about my story, it is that I did not need money to start. What I had was God’s favour, relationships and people skills.

‘When Mo Farms started, my colleagues at my 9-5 trusted me enough to pay upfront. Their trust was my seed capital. I simply went to the farmers with their money, bought in bulk, and delivered. With Mo-Ments, my years of giving free value laid the foundation.

The first client I signed wasn’t from advertising but from years of seeing my impact and trusting my skill. So my ‘funds’ came in a currency called trust.’

On challenges, Mololuwa says entrepreneurship has a way of testing every fibre of your being. ‘For Dushers Events, my deepest wound came in 2019, when I lost a dear team member during a three-day medical conference.

She had been perfectly fine the first two days. On the last day, I was told she was writhing in pain. Shocked, I rushed her to UCH. I stayed with her all night- helping her, praying, doing everything possible,’ the young entrepreneur says.

‘By the next morning, she was improving. We joked. I even felt relieved enough to tell my parents. Then, on Sunday morning, before church, we called to check in and the unimaginable happened.

She had died. That was my first experience in an emergency ward, seeing a lifeless body, entering a mortuary. It broke me. I cried endlessly and almost gave up on the business. It took my mother’s constant support to get me back on my feet after 4 – 5 months.’

For Mo Farms, Mololuwa says the road has not been smoother. But the hardest blow came in 2024.

‘A trusted client in the UK bought farm products worth millions. I used a new delivery company recommended by a colleague. What was supposed to take two weeks stretched into six. By the time the products arrived, most were spoiled,’ she says.

‘My client, though kind enough not to sue, was left with almost nothing. I was devastated. To worsen it, when I threatened to report the delivery company, they retaliated by getting my Instagram business page taken down. My page was my office. My storefront. My identity. Losing it felt like my whole business had collapsed.’

Mololuwa says, ‘I took a long break after that, especially since I was preparing for my master’s programme in September 2024. I was broke, discouraged, and exhausted. Even Mo-Ments, though still young, comes with its challenges. Starting out means battling self-doubt: ‘Will people pay for what I once gave away for free?’

According to Mololuwa, joining professional communities gives her a network of mentors and colleagues who understand the struggles of entrepreneurship, especially when she started out.

Besides, she learned to communicate openly with clients, improve systems, and treat every setback as a lesson. Relating with them has proven that integrity truly builds loyalty.

On her short-term goals, Mololuwa says, ‘In the short term, I’m focused on rebuilding Mo Farms with better structure, scaling Mo-Ments as a communications consultancy, and expanding both Dushers Events and Events by Mo’s reach.

‘Long-term, I see Mo Nexus becoming a household name across industries. For agriculture, I want to grow into large-scale food processing and export. For events, I see a luxury brand trusted globally for unforgettable experiences. For communications, I envision a hub where African brands come for clarity, strategy, and visibility.’

Olam Agri, a foremost player in Nigeria’s agribusiness sector, has concluded the second edition of its Back-to-School Scholarship Programme, a significant initiative that has provided financial aid to a total of 65 students from staff families and host communities in Ilorin and Kaduna.

This initiative is part of Olam Agri’s Seeds for the Future (SFTF) initiative, which is committed to ensuring a secure and sustainable future for local populations. The programme reflects Olam Agri’s deep commitment to education, employee welfare, and community development, easing the financial burden of schooling while investing in Nigeria’s next generation of leaders.

Amit Agarwal, Business Head for Olam Agri’s Integrated Feed and Protein, in a statement, emphasised the company’s dedication to education, ‘At Olam Agri, we see education as the cornerstone of national progress. This initiative is a tangible way of empowering young people to achieve their full potential while supporting families in our workforce and communities. We are delighted to see this initiative grow and have a positive impact on so many lives.’

Monica Bissala, a high school student from Kaduna and one of the scholarship recipients, shared her heartfelt gratitude. ‘I am so happy and thankful to Olam Agri for this scholarship. It will help my parents buy new books and school supplies. This support motivates me to study even harder and achieve my dreams.’ She said in the statement. Her story is just one of the many lives positively impacted by this initiative. The programme also received heartfelt appreciation from beneficiaries within the Olam Agri staff. Alamezie Chimankpa, a staff member and a parent of a scholar in Ilorin, remarked, ‘Olam Agri has always been a family, and this scholarship proves their commitment to our well-being. This gesture has brought immense relief to my family, and I am deeply grateful for their support.’

Community leaders also praised the company’s efforts. Joseph Sauri Garba, the Kogunan Gbagyi of Chikun Local Government Area, a community leader from Kaduna, noted, ‘This programme shows that Olam Agri is not just a company in our community, but a true partner. By helping our children get a good education, they are building a stronger and more prosperous future for all of us. We are thankful for their continued partnership.’ His words reflect the widespread community support for this initiative.

The Back-to-Scholarship Programme reflects Olam Agri’s vision that true business success is inseparable from social impact. By investing in the education of young people, the company not only supports families today but also helps build a skilled, resilient generation that will shape a brighter and more prosperous future for Nigeria.

Sam Onukwue, chairman of the Association of Securities Dealing Houses of Nigeria (ASHON) is also a Fellow of Chartered Institute of Stockbrokers (CIS). He discusses the current state of Nigerian capital market, critical role of licensed stockbrokers, and what must be done to deepen investor participation in a challenging economic environment, writes Iheanyi Nwachukwu. Excerpts

How would you describe the current state of Nigeria’s capital market?

The Nigerian capital market is gradually recovering from past shocks and is showing signs of greater resilience. We’ve seen improvements in investor confidence, stronger regulatory oversight, and the adoption of advanced technologies. The ongoing effort by the Central Securities Clearing System (CSCS) to reduce the settlement cycle to T+2 settlement and subsequently to T+1 will further impact positively on the market. These are positive indicators. However, challenges remain. Inflation continues to erode returns, foreign exchange volatility affects investor sentiment, and retail participation is still relatively low. While the market is more stable than in previous years, there is still significant room for deeper market penetration, improved investor education, and stronger protection mechanisms.

What recent developments have been most encouraging?

Several developments are worth highlighting. First, the transition to a T+2 settlement cycle aligns Nigeria with global best practices, boosting our credibility among international investors. The adoption of digital onboarding and fintech integration has also made the market more accessible, especially for younger and tech-savvy Nigerians. Moreover, we’re seeing a rise in tech-driven brokerage platforms that provide real-time trading and investment tracking. Importantly, the Securities and Exchange Commission (SEC) has improved regulatory transparency, which is critical for building long-term investor trust.

Why do you think retail investor participation remains low despite these improvements?

The main issue is the persistent trust gap. Many Nigerians are still skeptical of the market, partly due to past experiences during market downturns and the prevalence of fraudulent schemes at that time. The market has since moved from that era though. There’s also a general lack of financial education. A large segment of the population don’t understand how the capital market works, or how to invest safely and sustainably. We believe this can be changed through increased awareness, better investor education, and by promoting the value of working with licensed stockbrokers.

What role do stockbrokers play in protecting investors from risk?

Stockbrokers are the first line of defense for investors. As licensed professionals regulated by the SEC, we help clients make informed decisions. Our responsibility is not just to execute trades but to provide advisory services, perform due diligence, assess risk, and ensure regulatory compliance. We guide investors away from speculative ventures, Ponzi schemes, and misleading financial advice. In essence, a stockbroker’s role is both protective and educational. We act in the best interest of our clients.

In the digital age, many investors use apps directly. Do traditional stockbrokers still matter?

Absolutely. Technology enhances access, but it cannot replace expertise. Investment apps may allow users to buy and sell, but they rarely provide personalized advice tailored to the investor’s financial goals, risk appetite, or long-term strategy. Licensed stockbrokers are trained to offer sound financial advice, interpret market trends, and recommend diversified portfolios. Given the increasing number of online scams and misinformation, the role of regulated, professional intermediaries is more crucial than ever.

How would you advise a first time investor?

Start with a licensed stockbroker who is regulated by the SEC and licensed by the Nigerian Exchange (NGX). Learn the fundamentals of investing, understand the risks and the potential returns. Focus on diversification, avoid emotional trading, and stay away from get-rich-quick schemes. Think long-term. The capital market rewards patience and consistency. And always verify investment opportunities through official channels. A credible stockbroker will guide you through this process. What government policies would help deepen investor participation in the capital market?

We recommend several interventions. First, tax incentives for listed companies that pay consistent dividends could attract more retail and institutional investors. We strongly recommend that Government should reconsider its stance on Capital Gains Tax on as it affects capital market transactions. Government should also promote financial literacy at all levels, starting from schools and include capital market education in national curricula. Equally important is macroeconomic stability. A stable foreign exchange regime, lower inflation, and consistent policy implementation will significantly enhance investor confidence, both local and foreign.

How can the government make investing more appealing to the average Nigerian?

Government can issue more retail-targeted savings bonds or tax-free instruments tied to the capital market. Additionally, digitizing privatization programs through the NGX will allow ordinary Nigerians to own shares in government enterprises. This will drive inclusion and increase the sense of ownership in national assets. When people see tangible value in equity participation, especially if simplified and digitised, they are more likely to invest.

Is ASHON working with regulators to implement these reforms?

Yes, ASHON maintains a collaborative relationship with key regulators such as the SEC, the Nigerian Exchange (NGX), and the CSCS. We have regular engagements and consultations aimed at improving investor protection, boosting investor confidence and encouraging innovation. We also advocate for the introduction of user-friendly investment platforms and support policy shifts that promote a transparent, inclusive, and growth-oriented market.

How is ASHON as a Trade Group helping its members remain competitive in a rapidly evolving market?

We provide regular training, workshops, and digital literacy sessions to ensure our members are up to date with the latest trends and compliance requirements. Many of our member firms are embracing fintech innovations like robo-advisory tools, AI-powered analytics, and mobile trading apps. Our goal is to transform stockbrokers from traditional intermediaries into technology-driven financial advisors who can serve both retail and institutional clients effectively.

What needs to be done to regain the confidence of foreign investors?

Foreign investors prioritise stability, liquidity, policy consistency and sanctity of contract. Government must ensure a more predictable foreign exchange regime and address concerns around capital repatriation. A transparent market driven approach to privatisation will enthrone sound corporate governance in privatised entities and make our market more attractive to foreign investors.

What is your message to Nigerian investors-especially in this period of economic uncertainty?

Now more than ever, Nigerians need to take control of their financial future. The capital market offers an avenue for wealth creation, passive income, and financial independence. But success comes from informed and patient investing. My message is simple: work with licensed stockbrokers, avoid shortcuts, diversify your investments, and stay informed. The Nigerian capital market is growing, and you deserve to grow with it. By promoting professionalism, transparency, and innovation, ASHON and its members will continue to play a central role in building a more inclusive and investor-friendly capital market.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured the conviction of Garuba Mohammed Duku, a retired Director of Finance and Administration with the Abuja Metropolitan Management Council (AMMC), for corruption and money laundering involving ?318 million.

Delivering judgment on Wednesday, the Federal High Court in Abuja, presided over by James Omotosho (Justice), found Duku guilty on a six-count charge brought against him by the ICPC in suit number FHC/ABJ/CR/608/2022.

The court consequently sentenced him to a total of 24 years imprisonment, four years on each of the six counts, to run concurrently.

A statement by Demola Bakare, director of public enlightenment and education, said that he was also given an option of fine equivalent to five times the amount stated in each count, amounting to about ?1.6 billion. According to the ICPC, investigations revealed that between 2012 and 2013, while serving as Director of Finance and Administration, Duku fraudulently diverted ?318,250,000 belonging to the AMMC into his personal account domiciled at Fidelity Bank Plc.

The Commission’s findings showed that the convict received multiple payments totaling the said amount, including ?56.25 million, ?71 million, ?53 million, ?54 million, ?46 million, and ?36.3 million. ‘These funds were later transferred to Bureau de Change operators and spent for purposes not approved by the government’, it added.

During the trial, the ICPC noted that Duku, employed fraudulent methods of fund release and withdrawal in clear violation of extant government financial regulations.

‘The convict had claimed that the funds were disbursed to his superiors, but the court dismissed this defence after he failed to produce any evidence to support his claim’, ICPC said.

In his ruling, Omotosho held that the evidence and witness testimonies presented by the prosecution established Duku’s guilt beyond reasonable doubt. He described the actions of the former director as a gross abuse of public trust.

Reacting to the judgment, the ICPC described the conviction as another significant step in its efforts to promote accountability and integrity in the public service.

The Commission reaffirmed its resolve to ensure that public officials who engage in corruption or betray the public trust are brought to justice.