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APC National Chairman, Nentawe Yilwatda: Plateau State Must Never Bleed Again

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Professor Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC), has commended the visit of President Bola Ahmed Tinubu, GCFR, to Plateau State to commiserate with the government and people of the state over the recent horrific and senseless killings of innocent residents of Angwan Rukuba in Jos North Local Government Area.

The President’s visit is a profound demonstration of responsive leadership, empathy, and national solidarity at a time when the people of Plateau are grieving the painful and unjust loss of their loved ones to yet another round of barbaric violence.

President Tinubu was received in Plateau State by the National Chairman, the Executive Governor of Plateau State, Barrister Caleb Mutfwang, former governors, political leaders, traditional rulers, religious leaders, elders, women and youth representatives, as well as stakeholders from across all segments of society in the state.

Speaking during the visit, the APC National Chairman, Professor Nentawe Yilwatda, condemned the killings in the strongest and most unequivocal terms, describing the attack as inhuman, cowardly, reprehensible, and a direct assault on the peace, unity, and soul of Plateau State.

According to Professor Yilwatda, the continued shedding of innocent blood in Plateau is not only unacceptable but a national tragedy that must no longer be treated with routine outrage and temporary responses.

In a Statement signed by Abimbola Tooki, Special Adviser to the National Chairman on Media and Communications Strategy, Yilwatda stressed that the time has come for deliberate, coordinated, and result-oriented efforts by all relevant authorities and stakeholders to ensure that such dastardly and unconscionable acts never happen again in Plateau State or anywhere else in the country.

Professor Yilwatda called on leaders of communities across Plateau State to become more vigilant, responsive, and proactive in identifying and reporting suspicious movements and security threats within their domains.

He noted that the recurring pattern of killings strongly suggests that many of those behind these heinous acts are not ghosts or invisible invaders, but criminal elements and miscreants living within or around the communities, exploiting local vulnerabilities to unleash mayhem on innocent citizens.

In his words, these evil perpetrators must no longer be shielded by silence, fear, complicity, or communal indifference. He insisted that they must be identified, exposed, apprehended, and made to face the full wrath of the law.

The APC National Chairman further charged security agencies to urgently rethink and upgrade their security architecture and operational methods in tackling the persistent violence in Plateau State.

He emphasised that the security agencies cannot continue to deploy outdated tactics against increasingly adaptive and ruthless criminal networks and expect a different outcome.

Professor Yilwatda therefore advocated the deployment of modern surveillance and intelligence-driven technology, including Artificial Intelligence-powered cameras, drones, advanced tracking systems, and real-time intelligence gathering mechanisms, to detect, monitor, and neutralise criminal elements before they strike.

He said the era demands smarter, faster, and more sophisticated security responses, adding that the protection of lives and property must now be driven not only by manpower, but also by technology, intelligence, precision, and accountability.

He stated clearly that Plateau cannot continue to mourn in cycles, while the enemies of peace roam freely and repeatedly unleash terror on innocent citizens.

Professor Yilwatda also drew attention to the grave economic implications of insecurity in Plateau State, lamenting that the state, which is richly blessed with breathtaking natural landscapes, vibrant tourism assets, and enormous economic potential, has continued to suffer avoidable setbacks due to persistent violence.

He noted that Plateau has long been celebrated as a peaceful and attractive destination with some of Nigeria’s most vibrant tourism centres, cultural attractions, and agricultural potential, but all of these opportunities remain vulnerable and stunted in the face of recurring attacks.

According to him, no economy can thrive where fear reigns, no investment can flourish where blood is spilled, and no society can truly prosper where innocent citizens live under the shadow of insecurity.

He warned that without adequate protection of lives and communities, the social and economic future of the state could be severely paralysed, thereby depriving the people, especially young people, of prosperity, stability, and hope.

Professor Yilwatda therefore called for a whole-of-society approach to ending the violence in Plateau, urging traditional institutions, religious leaders, political actors, youth groups, women’s groups, security operatives, and community stakeholders to work together in honesty and patriotism to restore peace and stability.

During the visit, other leaders from across Plateau State also spoke passionately on the disturbing security situation in the state and the urgent need for decisive and sustained intervention to halt the bloodshed and restore confidence among the people.

As part of the visit, President Bola Ahmed Tinubu, accompanied by Professor Nentawe Yilwatda, Governor Caleb Mutfwang, former leaders, and other key stakeholders, also paid a solemn and deeply emotional visit to the families of the affected victims of the Angwan Rukuba attack.

The visit to the bereaved families was a moving moment of compassion and national mourning, as the President shared in their pain and offered words of comfort, reassurance, and solidarity in the face of unimaginable loss.

The APC notes that this visit by President Tinubu is not merely symbolic; it is a powerful signal that the Federal Government stands firmly with the people of Plateau State and remains committed to confronting the menace of violent attacks with renewed urgency and seriousness.

It is expected that the President will, in the days ahead, continue broader engagements with leaders of Plateau communities and critical stakeholders toward evolving practical, inclusive, and lasting solutions that will guarantee sustainable peace, justice, reconciliation, and security for the people of the state.

The APC reiterates that the lives of Plateau citizens are sacred and non-negotiable, and that those who delight in sowing death, fear, and division among peaceful communities must be hunted down and brought to justice without delay.

“The blood of innocent men, women, and children cries out for justice, and the nation must answer with resolve.

Plateau deserves peace.

Plateau deserves healing.

Plateau deserves protection.

And above all, Plateau must never be allowed to bleed like this again.”

NGX Group Chair: Dangote Refinery Remains a Key Economic Gain for Nigeria, Africa

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 On behalf of the African Capital Market community, which today includes representatives from the Johannesburg Stock Exchange, the Nairobi Stock Exchange, the Ghana Stock Exchange, the BVRM – Cote D’Ivoire; Mali; Senegal; the Ethiopian Stock Exchange and the Rwanda Stock Exchange as well as management and trading licence holders of the Nigerian Exchange Group NGX, I wish to express our joy to be given this opportunity to see what a great titan of entrepreneurship and industry, Alhaji Aliko Dangote and his team in Dangote Industries Limited, have planted here for the betterment of our great continent.

I would like to make some comments about the driving force behind Dangote Industries, my Mentor and Big Life Brother, Alhaji Aliko Dangote.

Alhaji Dangote is a true visionary with a mission to move the African continent from consumption to production, especially through industrialisation. He has the rare ability to conceive grand designs and bring those designs to reality through meticulous planning and exceptional execution.

In doing that, he has transformed lives, businesses and nations. He and his team at Dangote Group have applied their deft touch in food, cement, fertiliser and petroleum products.

Dangote Refinery and Petrochemical Complex is a prime example of the Dangote vision, mission and impact. Determined to put an end to Nigeria and indeed Africa’s reliance on imported petroleum products, the group embarked on the construction of the largest single train refinery in the world.

The impact on the daily lives of Nigerians, and on Nigeria’s balance of payment and external reserves has been massive and positive.

Alhaji Dangote has decided to share the fruits of his labour with willing investors across the continent through a public listing of the shares but those investors need to know more about what they are buying through their professional advisers such as you.

Let me therefore say that we are not only here to see and marvel, but to also evaluate and offer our services as capital market operators and financial advisers for the success of the initial public offer of the shares and their listing on Africa’s foremost exchange, the Nigerian Exchange NGX.

I thank you all for making this trip and also appreciate Dangote Industries Limited once again for granting us an inside and closer look at this magnificent edifice.

 

Alhaji (Dr) Umaru Kwairanga

Chairman NGX Group

NAICOM, Stakeholders Applaud Daily Economy, Author at Insurance Book Launch

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L-R: General Manager, Production, Punch Nigeria Limited, Mr Olayinka Popoola, President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori; Publisher, Daily Economy, Nike Popoola; Chairman of Prestige Insurance Brokers Limited, Prince (Dr.) Feyisayo Soyewo, MFR; Director, Human Resources & Administration, National Insurance Commission, Mr. Rasaaq Salami; President and Chairman of the Governing Board of the Nigerian Council of Registered Insurance Brokers, Mrs. Ekeoma Ezeibe, FCIB, during Daily Economy’s second anniversary and launch of an insurance book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons, ” in Lagos.

The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, has reaffirmed the Federal Government’s commitment to strengthening Nigeria’s insurance sector through robust reforms and enhanced regulation.

Speaking at the second anniversary of Daily Economy and launch of the book titled “Trends in Nigeria’s Insurance Industry (2005–2025) & Selected Insurance Icons” in Lagos, Omosehin described the past two decades as a transformative period for the industry.

Represented by the Director of Human Resources and Administration at NAICOM, Rasaaq Salami, he said sustained reforms, innovation, and regulatory interventions have driven growth, financial inclusion, and industry relevance.

He commended Daily Economy and the author, Nike Popoola, noting that her dedication, consistency, and depth of coverage have culminated in an exceptional body of work. He described the book as a strategic documentation of transformation, leadership, resilience, and institutional evolution.

Chairman of the occasion, the Chairman of Prestige Insurance Brokers Limited, Prince (Dr.) Feyisayo Soyewo, applauded Popoola for her relentless efforts in documenting industry activities, particularly her contribution to insurance education and knowledge development.

The Group Managing Director/CEO of African Reinsurance Corporation, Dr. Corneille Karekezi, who was the Special Guest of Honour, also praised the publisher, noting that her stories are being consistently read.

Similarly, President of the Chartered Insurance Institute of Nigeria, Mrs. Yetunde Ilori, described Popoola as a hardworking journalist committed to the growth and development of the industry, adding that her versatility has driven Daily Economy’s progress over the past two years.

Chairman of the Nigerian Insurers Association, Mr. Kunle Ahmed, represented by the Director-General, NIA, Mrs. Bola Odukale, said Popoola is a valuable asset to the insurance industry, noting that her new book has become a lasting documentary that will outlive its author.

President of the Nigerian Council of Registered Insurance Brokers, Ekeoma Ezeibe, also applauded the publisher’s exemplary character, noting that it is positively impacting her platform, which continues to grow rapidly.

Popoola previously worked at Punch Nigeria Limited, where she rose to the position of assistant editor before becoming the publisher of Daily Economy.

Representing the Managing Director/Editor-in-Chief of PUNCH, Joseph Adeyeye, the General Manager, Production, Olayinka Popoola, paid tribute to her transition from a distinguished journalist to an industry authority.

“Nike was an outstanding reporter, hardworking, disciplined, and deeply committed to excellence. It is no surprise that the same depth she brought to journalism at PUNCH has produced this important book. She has risen to become one of the few authorities who have codified their experience for the advancement of the sector,” Adeyeye said.

The book reviewer and CEO of NCRIB, Tope Adaramola, also commended the publication, noting that it reflects key industry milestones in the period under review.

Popoola said the publication embodies Daily Economy’s commitment to deepening financial literacy, preserving institutional memory, and contributing to knowledge within the insurance ecosystem.

NCDMB Lauds ESSO on $23m New Logistics Base at LADOL

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The Nigerian Content Development and Monitoring Board (NCDMB) has applauded ESSO Nigeria on the groundbreaking of its permanent shore-base facility at the LADOL Deep Offshore Logistics Base, describing the project as a major demonstration that Nigeria has become a prime hub for global oil and gas logistics.

ESSO Nigeria is an affiliate ExxonMobil, an international operating company and the shorebase facility is valued at $23 million and will include an administrative building, warehouses, and other storage areas.

Speaking at the event held at LADOL base, Lagos, the Executive Secretary of NCDMB, Engr Felix Omashola Ogbe congratulated ESSO and LADOL on the project, and reaffirmed the Board’s commitment to working with industry players to deepen capacity development in the country’s upstream supply chain.

He praised LADOL’s track record of consistency, tenacity and forward-looking momentum, and noted that the qualities had been evident over many years of close engagement with the facility.

He situated the groundbreaking within the broader context of the ongoing global logistics crisis triggered by instability in the Middle East, noting that supply chain disruptions had driven up costs from Singapore to Eko Hotel and across markets in the United States, sparing no economy.

The Executive Secretary who was represented by his Senior Technical Adviser, Engr. Austin Uzoka noted that LADOL’s emergence as a credible deep offshore base represented a direct and tangible response to vulnerability in the logistics sphere of the Nigerian oil and gas industry.

“Today, we’re pleased that Nigeria has an alternative” he stated, drawing a parallel between the completion of the Dangote Refinery and the expansion of LADOL, and harping that Nigeria’s supply chain was measurably stronger than it was 10 years ago.

The NCDMB chief urged ESSO’s leadership to adopt a front-end-loaded payment structure in its contractual arrangements with LADOL, arguing that timely and adequate funding from the client side would enable the facility to complete the project without recourse to bank loans at cut-throat interest rates.

He noted that cash flow constraints had become a recurring challenge for Nigerian suppliers across the industry, with many approaching the Board for funding support precisely because payment timelines from operators were not aligned with project delivery demands.

“I would like to encourage you to pay LADOL more. Make sure that it is front-end-loaded, so they can have money to finish this on time without having to go to the banks and pay high interest rates to get the job done.”

He emphasised that supply chains are at the bedrock of national development and that the NCDMB, as the agency mandated to grow capacity in Nigeria’s oil and gas industry, will continue to deepen its partnership with both the LADOL and ESSO to build more capacity within the country.

He described ESSO as a measured and deliberate operator that moved decisively once committed, expressing confidence that the groundbreaking signalled the commencement of a project that will be delivered on schedule.

He further charged that ESSO Nigeria to remain committed to the utilizing the Nigerian capacities and capabilities on delivering the project.

The Chairman and Managing Director ExxonMobil affiliates in Nigeria, Mr. Jagir Baxi had earlier indicated that the project reflects an important milestone investment by ESSO Nigeria in its 70-year long partnership with the country. The project also underscores the company’s steadfast commitment to enhance Nigeria’s deepwater offshore operational capabilities.

The structures will be constructed predominantly by Nigerian companies, thereby supporting local job and development of expertise in engineering, construction and commissioning, the company’s chief executive added.

The ceremony was attended by representatives of the Bank of Industry, leadership of ESSO Nigeria, the LADOL management led by Dr. Amy Jadesimi, as well as officials from the Nigeria Customs Service, the Nigeria Immigration Service, and other relevant government agencies.

NCDMB Leads NCCF Overhaul, Sets Path for High-impact Delivery

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The Nigerian Content Development and Monitoring Board (NCDMB) has commenced a strategic reset of the Nigerian Content Consultative Forum (NCCF), a key platform for facilitating information sharing and collaboration among key industry stakeholders and proposing interventions and policy changes. The goal of the reset is to deliver high-impact Nigerian content outcomes.

At a two-day retreat and first half of the 2026 Steering Committee Meeting of the NCCF, the Board underscored the need for a clear, actionable roadmap to reposition the forum as a more effective driver of in-country capacity development in the oil and gas sector.

Declaring the retreat open, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe described the session as a “defining moment” in the evolution of the NCCF, noting that while the forum had recorded steady growth since its inception, a more deliberate and strategic direction had become imperative.

“The NCCF began as a vision, modest in structure but bold in intent. Today, we can confidently say that this baby has grown, nurtured by your dedication, strengthened by collaboration and sustained by our shared commitment to advancing Nigerian content,” he said.

Represented by the Acting Director, Planning, Research and Statistics at NCDMB, the NCDMB boss stressed that progress must now be matched with intentional planning, urging stakeholders to focus on long-term impact.

“This retreat is not just another meeting; it is a defining moment. We are here to reflect, interrogate our current realities and chart a clearer, more strategic path forward for the NCCF,” he added.

He highlighted the baseline study conducted by Ernst & Young as a critical tool for benchmarking the forum against global best practices, identifying gaps and repositioning it for greater relevance. He noted, however, that transformation would depend on people, not just frameworks.

“The success of the framework, policy guidelines and roadmap we seek to develop will depend on the quality of our engagement, the sincerity of our contributions and our willingness to think beyond silos,” Ogbe stated, urging participants to be deliberate, constructive and bold in their deliberations.

Providing context for the retreat, Partner at EY and session facilitator, Mr. Damilola Aloba, outlined three core objectives driving the engagement—strengthening aligned leadership on NCCF’s long-term direction; improving co-ordination between the Forum, its Sectoral Working Groups (SWGs) and NCDMB; and fostering shared ownership of its mission.

“We want to strengthen aligned leadership on NCCF’s long-term direction and ensure clear expectations across NCDMB, the NCCF Secretariat and SWGs,” Aloba said.

He added that the retreat would also enhance co-ordination frameworks to enable smoother implementation and more consistent stakeholder engagement, while ensuring a common understanding of execution responsibilities across the ecosystem.

Aloba disclosed that stakeholder consultations and benchmarking analysis revealed key structural and operational gaps, including unclear strategic direction, delays in project approvals and limited clarity around post-idea decision-making.

“The forum lacks clear strategic direction from NCDMB, creating uncertainty among SWGs regarding expectations and deliverables,” he noted, adding that “unrefined expectations and the absence of a supportive framework” further constrained performance.

Other findings included budget limitations due to reliance on NCDMB as the sole funding source; weak project evaluation and tracking capacity; and the absence of defined criteria for assessing project viability and impact.

Despite these challenges, he acknowledged strong commitment from SWG members, particularly in deploying time and financial resources towards capacity development initiatives across the oil and gas value chain.

Earlier, the Acting Deputy Manager of NCCF, Engr Bright Amatoru, provided an overview of the forum’s activities, describing NCCF as a statutory collaborative platform established under Sections 57 and 58 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

He explained that since its establishment in 2014, the NCCF had been engaging stakeholders across 12 SWGs to identify industry gaps, develop solutions and implement targeted interventions.

“Our function is to identify issues in the priority mapping and, beyond that, provide solutions through extensive stakeholder engagement,” Amatoru said.

Highlighting key achievements, Amatoru pointed to the development of National Operational Standards to harmonise capacity development initiatives across SWGs, as well as the Marine Assets Listing System, designed to build a comprehensive database of marine assets in the oil and gas industry.

He also referenced benchmarking studies in fabrication aimed at addressing scale gaps, alongside initiatives such as the Women in Oil and Gas Conference and mentorship workshop held earlier in the year in collaboration with the Diversity SWG.

However, he acknowledged that the absence of a clearly defined strategic framework limited the forum’s ability to prioritise interventions effectively.

“As of today, we have not had a very clear direction on how to select interventions. That clarity is critical as we align industry expectations with global best practices,” he said.

The retreat forms part of efforts by NCDMB to develop a comprehensive NCCF strategic roadmap aligned with the Board’s 10-year strategic plan and broader industry expectations.

Participants are expected to generate actionable ideas, refine governance structures and define a clear execution pathway that will enhance NCCF’s ability to deliver on its mandate within Nigeria’s oil and gas sector.

Renaissance MD, Tony Attah, to Speak at Nigerian Content Lecture Series April 9

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The Nigerian Content Development and Monitoring Board (NCDMB) has announced that Engr. Tony Attah, Managing Director of Renaissance Africa Energy Company Limited will speak at the next edition of the Nigerian Content Academy Lecture Series.

The lecture will hold virtually on Thursday, April 9, 2026, by 10am, and the renowned industry expert will speak on “Finding Funds for Effective & Efficient Local Content Initiatives – IPPG Perspective.”

Engr. Attah, who served previously as the Managing Director of Nigeria LNG Limited and Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) will bring his wealth of experience to bear on the lecture.

This highly anticipated lecture is part of the Academy’s ongoing commitment to advancing discourse, capacity building, and innovation within Nigeria’s local content ecosystem, particularly in the oil and gas and related sectors.

The lecture is designed to engage a broad spectrum of stakeholders, including industry professionals in oil and gas, energy, and manufacturing sectors, policy makers and government officials, finance professionals, local content practitioners and project managers.

Likewise, entrepreneurs and investors, academics, researchers, and students interested in local content development, financial institutions and development partners are encouraged to listen to the lecture via the zoom link: https://ncdmb-gov.ng.zoom.

The guest lecturer, a fellow of Nigerian Society of Engineers, is a distinguished industry leader with extensive experience in Nigeria’s oil and gas sector. Known for his strategic insights and leadership in driving indigenous participation. He brings a wealth of knowledge on sustainable funding models and effective execution of local content initiatives.

He has received several prestigious awards, including the Local Content Icon of the year in the 2025 Champions of Nigerian Content Awards, for leading major milestones including the final investment decision for NLNG Train 7 project.

The lecture will be held virtually, allowing participants from across Nigeria and beyond to attend seamlessly. The format of the lecture will include a keynote presentation by Engr. Tony Attah, interactive question and answer session, open engagement to foster knowledge sharing and collaboration.

The upcoming edition of the Nigerian Content Lecture is designed to provide practical insights into sourcing and managing funding for local content initiatives, highlight challenges and opportunities within the Nigerian content landscape, promote strategic thinking and innovation among stakeholders, and encourage collaboration between industry players, financiers, and policymakers.

Through this lecture series, the Local Content Academy seeks to strengthen local capacity and deepen indigenous participation in key sectors, bridge knowledge gaps in funding and project execution, build a community of informed and empowered local content practitioners, and support sustainable economic growth through effective local content implementation.

The Academy remains committed to creating platforms that drive meaningful conversations and actionable outcomes for Nigeria’s development.

Notable industry leaders who have spoken at the Nigerian Content Academy Lecture Series include the pioneer Executive Secretary of NCDMB, Engr. Ernest Nwapa, former Managing Director Seplat Energy and Chairman of AA Holdings and Board Member of Nigerian National Petroleum Company Limited, Engr. Austin Avuru, Executive Director at SLB, Mr. Nosa Omorodion, among several leaders.

 

 

 

CBN: Recapitalisation Process Rakes in N4.65tn to Strengthen Financial System Resilience as 33 Banks Scale Hurdle

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The Central Bank of Nigeria (CBN) announces the successful conclusion of the banking sector recapitalisation programme initiated in March 2024.

Over the 24-month period, Nigerian banks raised a total of ₦4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.

The programme recorded strong participation from both domestic and international investors, with 72.55% of capital sourced locally and 27.45% from international markets, reflecting sustained confidence in the Nigerian banking sector.

Governor Olayemi Cardoso commented: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”

Capital Strengthening and Financial System Resilience

The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.

A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks. All banks remain fully operational, ensuring continued access to banking services for customers.

The programme has strengthened capital adequacy ratios (CAR), with the sector maintaining levels above international Basel benchmarks. Minimum CAR thresholds remain at 10% for regional and national banks and 15% for banks with international authorisation.

The recapitalisation, implemented alongside an orderly exit from regulatory forbearance, has improved asset quality, reinforcing balance sheet transparency and overall financial system stability.

Enhanced Prudential Oversight and Risk-Based Supervision

To safeguard these gains, the CBN has strengthened its risk-based capital adequacy framework, requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers.

Key regulatory measures, including prudential guidelines and the supervisory framework, are subject to periodic review to support ongoing strengthening of governance, risk management, and sector resilience.

Continuity of Operations and System Stability

The recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process.

The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.

The Central Bank of Nigeria remains committed to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, and to advancing the sustainability of the nation’s financial architecture.

 

Middle-East Crisis: How Tinubu’s Policy of Naira-for-Crude Guarantees Supply Security in Nigeria

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By Temitope Ajayi

President Bola Tinubu demonstrated foresight in July 2024, when he approved the use of the naira as the payment currency for crude oil supplied by the NNPC to the Dangote Refinery.

Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has experienced a strategic breakthrough amid the ongoing economic turmoil resulting from the Iran-Israel-US conflict in the Middle East.

Since its inception, the technical committee on naira-for-crude, which has the Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun and Executive Chairman of the Nigerian Revenue Service, Zacch Adedeji and others as members, the Federal government has developed a robust framework that has ensured the Presidential initiative continues to deliver on its core objectives by maintaining supply security, stabilising the economy, and safeguarding Nigeria’s energy future.

The US/Israel-Iran war has now entered its 6th week, triggering global economic chaos. With no immediate end in sight, the conflict has been exacerbated by Iran’s closure of the Strait of Hormuz, an important maritime corridor between the Persian Gulf and the Gulf of Oman, that accounts for over 20% of global oil and gas flows. The disruption of this vital waterway has sent shockwaves through energy markets worldwide.

Across Europe, the United States, Asia, Africa, and the Middle East, prices for LPG, LNG, PMS, and diesel have skyrocketed, placing enormous pressure on households and governments alike.

The rising costs of energy have intensified economic strain on many nations, especially those with limited resources, where transportation and basic goods are becoming increasingly unaffordable.

While the cost of PMS and other petroleum products has also gone up in Nigeria, as in other countries, the global energy crisis has not led to a domestic scarcity of petroleum products, unlike in major countries where people are standing in long queues for days at gas stations. Many countries in Europe, Asia, and major African countries, such as South Africa and Kenya, now rely on supplies from Nigeria through the Dangote Refinery.

The Dangote Refinery, located in Lekki, Lagos, has validated the strategic importance of local production and refining capacity for a country as critical as Nigeria, a regional economic powerhouse. There is no doubt that the ongoing conflict in the Middle East has exposed critical vulnerabilities in the global energy supply architecture.

The conflict has constrained crude oil and refined product availability, triggering acute shortages and sharply rising energy costs across many markets. Countries that historically depended on the import of refined products are currently experiencing disruptions to their supply chains, with immediate and visible consequences.

A few examples: Vietnam is encouraging people to work from home to reduce transportation costs. The Thai government has ordered civil servants to conserve energy in public buildings and is considering whether to compel private businesses to do the same.

Bangladesh told universities to close early for a holiday and imposed daily limits on fuel sales. Pakistan has implemented emergency measures, including a four-day government work week and temporary school closures, to conserve energy. Indian restaurants are closing their doors due to LPG scarcity. In Egypt, shops and restaurants are mandated to close by 9 pm every day as part of the government’s exceptional measures to combat soaring energy prices.

In the Philippines,  the government has declared a national energy emergency. In parts of the United States, Americans join long queues to buy fuel.

Fortunately, the Dangote Refinery has largely shielded Nigeria from the worst effects of the global supply crisis. By scaling up production at a critical time before the escalation of the conflict, the refinery has met Nigeria’s refined products requirements.

Even in the face of more attractive export options, the Dangote Refinery committed to prioritising Nigeria’s energy security. This commitment has ensured full availability of petroleum products with zero queues, while other countries grapple with scarcity.

While the price of petroleum products has had to go up, this is being managed to reduce the impact on Nigerians. For example, despite a 10% increase in crude oil prices over the last couple of days, the Refinery has cut petrol prices by 75 Naira per litre.

This was done, even though the refinery is paying an additional premium of up to $18 per barrel for Nigerian crude oil cargoes. This is the benefit of local refining.

The Dangote Refinery is transforming Nigeria into a more resilient and energy‑independent nation, providing all‑year‑round availability of petroleum products and enabling the country to withstand external shocks better.

Petrol queues, even during festive seasons, have disappeared since the Refinery commenced PMS production in Oct 2024. What is perhaps not visible to many Nigerians is how this was achieved while simultaneously eliminating the huge demurrage bill that NNPC used to incur in maintaining safety stock on several floating vessels.

Furthermore, the ongoing crisis has positioned Nigeria as a strategic and credible exporter to Africa – a role with long-term commercial and diplomatic significance as African governments seek more resilient and integrated energy supply arrangements.

Since the conflict began, the Dangote Refinery has ramped up exports to Africa in a bid to help shore up supply across the continent. In March, the refinery exported close to 500,000 tons of refined products to various African countries, generating export earnings for Nigeria.

This underlines the importance of local production and the need for Africa’s industrialisation as championed by the Dangote Group.

Not only does local production create and sustain jobs for thousands of people, preserve foreign exchange, and stimulate other sectors of the economy, but more importantly, as we have seen, it insulates the country from global volatility, supply disruptions, and geopolitical risks that continue to batter import-dependent economies in times of stress.

The Dangote Refinery is more than an industrial asset; it is the foundation of Nigeria’s energy sovereignty and a catalyst for sustainable economic growth.

 

-Ajayi is the Senior Special Assistant, Media and Publicity to President Tinubu.

Truecaller Crosses 500m Users: Sets a New Global Standard for Trusted Communication

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Truecaller, the leading global platform for safe and trusted communication, today announced that it has surpassed 500 million users worldwide, marking a significant milestone in the company’s mission to build trust in communication.

The platform continues to see significant user growth, adding over 50 million users in 2025, and has surpassed 150 million users outside of India as demand for protection against spam, scam and unwanted communication continues to grow globally.

Truecaller also crossed 4 million paying subscribers globally earlier in the year, further strengthening one of its key revenue streams.

Crossing the 500 million mark underscores how trust has become one of the most essential layers in digital communication today.
“This is an important milestone for us, but it also says something bigger about the world we live in,” said Rishit Jhunjhunwala, CEO of Truecaller.

“More and more people need help navigating spam, scams, and unwanted communication every day. Reaching 500 million users shows the scale of that need, and the trust people place in Truecaller to help make communication safer. Our commitment remains focused on continuously strengthening Truecaller with smarter technology and new capabilities that protect users before, during, and after every call or message. Ultimately, our aim is to build a safer, more trusted communication ecosystem for everyone. We now have our sights set on the next milestone: 1 billion users.”

With half a billion people using the platform every month, Truecaller has evolved beyond just Caller ID. It has become an essential part of how communication works safely in the digital age; a daily-use trust layer that helps people verify identities, avoid fraud, and make informed decisions about who they interact with.

Today, Truecaller operates as a global digital utility platform, embedded into everyday communication habits for hundreds of millions of people. From identifying unknown callers to preventing fraud and enabling safer messaging, the platform has become a habitual, daily-use service that supports safer interactions across the phone ecosystem.

Despite serving more than half a billion users globally, the company remains relatively lean, with a team of approximately 470 employees building and operating the platform for users around the world.

The company will continue to report the average number of monthly and daily active users on a quarterly basis in connection with its interim financial reports.

 

About Truecaller:
Truecaller is an essential part of everyday communication for over 500 million active users worldwide, with more than one billion downloads since launch and 68 billion spam and fraud calls identified in 2025 alone.

The company is headquartered in Stockholm and has been publicly listed on Nasdaq Stockholm since October 2021.

Leadway Assurance to Champion Climate Risk Solutions at Africa Climate Insurance Symposium in Germany

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Leadway Assurance, Nigeria’s leading insurance services provider, will participate in the Africa Climate Insurance Symposium 2026, scheduled for March 31 to April 1, 2026, in Frankfurt, Germany, to advance climate risk solutions for Africa.

The symposium aims to kick off an annual cycle of such events bringing together a unique community operating in the area of Agricultural Index Insurance and therefore creating a highly specialized community of practice.

Beyond the annual event the country level experts will form clusters and with support and mobilisation of external solicitors will connect on an interim half year basis virtually to monitor and report on progress made.

During the symposium, Leadway will contribute to the panel discussion on ‘Scaling Agricultural Index Insurance for Resilient Food Systems’ – The private sector perspective and present a case study on innovative insurance models tailored for smallholder farmers.

The Group will also participate in the Solution Showcase segment, where it will highlight the Leadway WeatherGuard product and share insights on collaborative initiatives that foster public-private partnerships for climate adaptation.

Themed “How Africa’s Insurers are Reshaping Climate Resilience from the Ground Up,” the symposium brings together insurance experts, development partners, and Agricultural stakeholders to explore practical, scalable responses to climate risks.

Leadway’s participation in the symposium aims to demonstrate how locally tailored made Agricultural Index insurance products have provided climate resilience for over three million Nigerian farmers, providing timely payouts in excess of N15 Billion in payouts over a five-year period. This approach supports have farmer livelihoods, enables reinvestment, and underlines insurance’s role in strengthening food security and economic stability for African communities.

Speaking ahead of the event, Mr. Fatona Ayoola Paul, Leadway’s Global Head of Agricultural Risk Solutions, emphasised the urgency of strengthening Africa’s resilient frameworks through innovation, partnerships and collaboration. He explained that Leadway’s agricultural index insurance model stands out for using weather data and satellite technology to trigger automatic payouts when adverse conditions, such as drought or excessive rainfall, are recorded.

Unlike traditional indemnity insurance, this approach eliminates the need for costly, time-consuming farm assessments, enabling faster support to farmers. The insurance also offers bundled services, such as agronomic advisory services and digital enrollment, ensuring practical accessibility and greater impact for smallholder farmers.

“The demand for scaling Africa’s agricultural production is happening at interesting times when climate uncertainties and vulnerability are providing opportunities for innovation. This is where the Agricultural index insurance becomes an innovative concept that is now a practical tool transforming livelihoods across the continent. Platforms like this symposium allow us to deepen collaboration, share proven models, and accelerate impact to broaden such ingenious interventions across the continent,” he said.

The Africa Climate Insurance Symposium unites agricultural index insurance experts to build a dedicated community of practice. It drives cross-country collaboration among insurers, regulators, governments, and development partners, while encouraging international knowledge exchange. Through formal discussions and informal networking, participants will quickly share and replicate successful models to enhance regional co-operation.

The event brings together leaders and partners active in the insurance value chains such as Insuresilience Investment Funds (managed by Blue Orchard), Africa Reinsurance Corporation, Swiss Reinsurance, Continental Reinsurance, Pula Advisors, the Global Secretariat (BMZ/KFW), World Bank Global Shield Financing Facility, the Gates and Bayer Foundation among others to advance climate risk finance in Africa and continue laying the groundwork for regional replication.

With collaboration from key organisations and public-private partnerships, the symposium advances accessible, innovative insurance that bolsters African climate resilience and supports vulnerable communities. Leadway exemplifies African leadership through its actionable solutions and insights.

 

About Leadway Group

Leadway is a trusted Nigerian financial services group specializing in insurance, pensions, and wealth solutions. Known for innovation and strong governance since 1970, Leadway helps clients safeguard and grow their assets, reinforcing its leadership in the sector.

BUA Foods Posts ₦1.77tn Revenue, Signals Confidence with ₦28 Dividend as Payout Jumps 115%

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Nigeria’s leading food manufacturing company, BUA Foods Plc has announced its audited financial results for the year ended December 31, 2025, delivering strong revenue growth and reinforcing its commitment to creating value for shareholders.

The Company recorded revenue of ₦1.77 trillion, representing a 16% increase from ₦1.53 trillion in 2024. This performance reflects sustained demand across its product portfolio including sugar, flour, pasta and rice, as well as continued execution of its scale and market expansion strategy.

In line with its commitment to rewarding shareholders, the Board has proposed a dividend of ₦28 per share, representing a 115% increase compared to the ₦13 per share paid in 2024, and amounting to a total proposed payout of ₦504 billion subject to shareholders approval at the 2026 Annual General Meeting slated later this year. This significant increase highlights the Company’s strong value creation and consistent focus on delivering superior shareholder returns.

Commenting on the results, the Chairman, Abdul Samad Rabiu, said: “Our 2025 performance reflects the strength of our growth strategy and our ability to consistently scale revenue in a dynamic operating environment. The significant increase in our proposed dividend to 28 per share underscores our commitment to delivering enhanced value to our shareholders while continuing to invest in the future of the business.

The Managing Director, Engr. Ayodele Musibau Abioye, added: “Our focus remains on driving sustainable revenue growth through capacity expansion, market penetration, and improved end-to-end supply chain. The strong demand across our product categories reinforces our strategic direction, and we are well-positioned to build on this momentum.”

The Company also maintained a solid financial position, with total assets increasing by 27% to ₦1.39 trillion, reflecting continued investment across its operations and value chain to support long-term growth.

While profitability remained strong during the period, the Company’s performance was primarily driven by revenue expansion, supported by improved operational efficiencies, optimized cost structures, and effective supply chain management.

With strong fundamentals, improved profitability, and continued investment across its value chain, BUA Foods Plc remains well-positioned to sustain its growth trajectory while contributing to food security and economic development in Nigeria and other West African countries.

FG – Nigeria Will Not Bow to Criminal Elements, Moves to Restore Peace in Plateau

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The Federal Government has reiterated its resolve to protect lives and property across the country, declaring that Nigeria will not bow to criminal elements or acts of violence as it moves to restore lasting peace in the Plateau.

The Hon. Minister of Information and National Orientation, Mohammed Idris, made this known on Tuesday, during a press briefing in Abuja, while addressing the security situation in Plateau State following the recent attack in Angwan Rukuba, Jos North. “Nigeria will not yield to criminal elements. We will protect our people, and we will prevail,” the Minister stated.

“Nigerians must not allow criminal elements to divide communities. Nigeria’s unity remains strong, and we must all work together to sustain peace and stability across the country,” he added.

The Minister expressed deep concern over the incident and extended condolences to the families of the victims, as well as to the government and people of Plateau State. He assured Nigerians that security agencies responded swiftly to the attack. According to him, troops under Operation Enduring Peace were immediately deployed, while the military and other security agencies secured the area and launched operations to track down those responsible.

“These swift actions ensured that the situation was quickly contained and prevented further escalation,” said Idris, noting that the response forms part of ongoing efforts to strengthen security across Plateau state and the wider North-Central region.

Idris explained that the Federal Government has sustained military and intelligence-led operations in vulnerable communities, supported by increased surveillance, troop deployments, and joint patrols involving the military and the police. He added that these measures are aimed at preventing further attacks and maintaining stability.

Idris also assured that the administration of President Bola Ahmed Tinubu remains fully committed to addressing security challenges through targeted operations and strategic coordination among security agencies. He disclosed that the President has already met with top security and intelligence chiefs to review the situation and take further decisive steps.

He also noted that the Governor of Plateau State, His Excellency, Caleb Manasseh Mutfwang, has been invited for further consultations to strengthen collaboration and ensure a coordinated response towards lasting peace.

The Minister acknowledged steps taken by the Plateau State Government, including the imposition of a 48-hour curfew in Jos North to stabilise the situation and support ongoing operations. He stressed that federal and state authorities are working closely to prevent reprisals, restore calm, and facilitate investigations.

While describing the attack as deeply regrettable, Idris stated that it does not represent a breakdown of national security, but a criminal act in a conflict-prone area that is being actively addressed. He assured Nigerians that those responsible will be brought to justice. “There will be no safe haven for criminal elements anywhere in Nigeria,” he said.

The Minister reassured Nigerians that the situation in Plateau State is under control and urged Nigerians to remain calm and law-abiding. He also cautioned against the spread of unverified information, noting that such actions could worsen tensions and undermine security efforts.

The Federal Government, he said, will continue to strengthen intelligence gathering, operational readiness, and inter-agency coordination to stay ahead of emerging threats and ensure lasting peace nationwide.

NLNG: Adeleye Falade Assumes Office as New MD/CEO

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Adeleye Falade has officially assumed office as the Managing Director and Chief Executive Officer of NLNG.

He took up the role on Wednesday at the company’s Corporate Head Office in Port Harcourt, succeeding Philip Mshelbila, who was recently appointed Secretary-General of the Gas Exporting Countries Forum (GECF).

Falade brings nearly three decades of experience in the global oil and gas industry, with extensive leadership exposure across the LNG and petroleum value chain. Over the course of his career within the Shell Group, he has built a distinguished record across upstream and midstream operations in Europe, Asia, the Middle East, Russia, and Africa.

His professional expertise spans gas and petroleum operations, production optimisation, engineering, operational excellence, business improvement, and change management. He has also held several senior technical and leadership roles within Shell and its affiliated companies, gaining broad exposure to complex operational environments, multinational joint ventures, and the management of diverse, multicultural teams.

Prior to his appointment as Managing Director and Chief Executive Officer of NLNG, Falade served as Managing Director of Brunei LNG Sendirian Berhad, a position he assumed in April 2024. In that role, he led one of the world’s established LNG producers and oversaw strategic operational delivery within Brunei’s LNG sector.

Earlier in 2023, he was appointed Country Chair for Shell Namibia, where he provided strategic leadership for Shell’s operations and stakeholder engagement in the country.

Before taking on these international leadership assignments, Falade held key senior roles at NLNG. Between May 2019 and September 2023, he served as General Manager, Production, where he was responsible for ensuring production reliability, plant performance, and operational safety across NLNG’s world-class LNG facilities on Bonny Island.

Earlier in his career, he served as Operations Manager at NLNG from July 2015 to May 2018, overseeing plant operations and operational performance. He later moved to the Netherlands as Regional Asset Management System (AMS) Implementation Manager at Shell in The Hague between May 2018 and April 2019. In that role, he led the deployment of asset management systems aimed at improving operational efficiency and reliability across Shell’s global assets.

Falade has a Bachelor’s degree in Electrical/Electronics Engineering at the University of Ibadan. He also obtained a Master of Business Administration (MBA) from Henley Business School, University of Reading, United Kingdom, further strengthening his strategic and leadership capabilities in the global energy sector.

Falade is a Fellow of the Nigerian Society of Engineers (FNSE) and a registered member of the Council for the Regulation of Engineering in Nigeria (COREN). He is also a member of the Society of Petroleum Engineers (SPE).

Falade assumes leadership of NLNG at a pivotal time for the company and the global LNG industry. The company recently secured long-term Gas Supply Agreements (GSAs) with six third-party suppliers to strengthen feedgas supply to its Bonny Island trains. This comes as the Train 7 expansion project nears completion, a development expected to significantly boost NLNG’s production capacity and reinforce Nigeria’s position in the global LNG market.

Fadale joins a fully Nigerian management team at NLNG, demonstrating the company’s sustained commitment to developing indigenous leadership and strengthening local capacity within the organisation.

 

Stanbic IBTC Bank Nigeria PMI: New Order Growth Sustained in March, but Higher Fuel Costs Lead to Surge in Prices

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Growth slowed in the Nigerian private sector at the end of the first quarter of the year as higher fuel costs led to a steep intensification of inflationary pressures.

Output growth was only modest, but underlying demand reportedly remained resilient, leading to a further sharp rise in new orders. In turn, firms continued to expand their employment and purchasing activity.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI posted 51.9 in March, down from 53.2 in February but still above the 50.0 no-change mark and therefore signalling an improvement in the health of the private sector during the month. Business conditions have strengthened in 15 of the past 16 months.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “While higher fuel costs and power supply issues contributed to a slowdown in the growth of Nigeria’s private sector activity, underlying demand remains strong. This is reflected in an increase in customer demand and the associated impact of new product launches, both of which supported an improvement in new orders. Businesses also remained optimistic about increases in future output amid their plans to invest in business expansions and boost promotional efforts. Nonetheless, input prices rose markedly at the sharpest pace since January 2025, with all four monitored sectors seeing sharper rates of inflation. The PMI numbers in Q1:26 are consistent with an estimated 3.99% y/y GDP growth for the quarter after also accounting for crude oil sector’s performance. We now see the Nigerian economy growing by 4.22% y/y in 2026, from 3.87% y/y in 2025, with the oil sector growth slowing to 3.01% y/y (vs 2025: 8.50% y/y), as we now expect crude oil production (including condensates) to We estimate the non-oil sector’s growth at 4.24% y/y in 2026, from 3.71% y/y in 2025, likely driven primarily by services, which we see growing by 5.64% y/y in 2026 (vs 2025: 4.14% y/y). The government’s continuous investment attraction across oil & gas, solid minerals, electricity, agriculture and general manufacturing should continue to support sentiment on production activity.

The government’s infrastructure drive should keep supporting the attractiveness of the construction, real estate and cement sectors. In addition, we expect electioneering activity to support improvement in media & advertising, logistics, transportation, hospitality, security services, and communications activities — as these are the direct beneficiaries of election-related spending. Nonetheless, the ongoing tensions in the Middle East pose a downside risk to the growth outlook as higher inflation emanating from sustained increase in fuel prices may lead to higher-for-longer interest rates. This may influence a slowdown in demand conditions should the tensions continue to escalate.”

Reports of greater customer requests amid improving underlying demand, as well as the impact of new product launches, led to a further marked increase in new orders, the second in as many months. The rate of growth was only slightly softer than that seen in February. The rate of expansion in business activity slowed more markedly, however, and was only modest overall.

A number of firms continued to raise output in response to higher new orders, but others suggested that rising fuel costs had limited growth. Activity increased in agriculture and wholesale & retail, but decreased in manufacturing and services.

The aforementioned rise in fuel costs had a stark impact on rates of inflation in the Nigerian private sector during March. Purchase costs increased at the fastest pace in 15 months, while selling prices were also raised to the largest extent since December 2024 in response.

Selling price inflation accelerated sharply across all four monitored sectors. Employment increased for the tenth month running, albeit slightly and at a slower pace than in February. Meanwhile, the rate of staff cost inflation also eased and was at a four-month low.

The need to respond to rising new orders and expected increases in workloads in the coming months encouraged companies to expand their purchasing activity and stocks of inputs in March. The rise in input buying was marked, but inventory accumulation was only modest.

Prompt payments for purchased items meant that suppliers’ lead times continued to shorten, but some firms reported that higher fuel costs had impacted delivery schedules.

Meanwhile, shortages of staff and materials, price increases and power supply issues contributed to a further accumulation of outstanding business, albeit one that was only marginal.

Companies remained optimistic that output will increase over the coming year, with confidence reflecting plans to invest in business expansions and boost promotional efforts. That said, sentiment eased to a four-month low.

 

NGX Group Chair: CloD Remains the Benchmark for Corporate Governance in Nigeria

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I am delighted to be part of the launch of the CIoD 2026 Corporate Governance Outlook.

The Chartered Institute of Directors has a well-deserved leadership position in corporate governance in Nigeria.

As the country’s premier Institute for Directors, it has a membership of experienced and dedicated corporate governance practitioners spanning all sectors and industries. Its training, research and advocacy initiatives are cutting edge and designed to maintain excellence in corporate governance in the private and the public sector.

Business environments are fluid and never static but directors should always hold firm to ethical principles and practices. In fast evolving business and work scenarios, good ethical values should be the compass to guide directors’ decisions.

The CIoD Corporate Governance Outlook provides practitioners an opportunity to remind ourselves of best ethical practices, review current insights and guidance for directors and be aware of current developments in good corporate governance.

The Nigerian Exchange NGX is the premier exchange and the listing platform of choice for companies that desire a public quotation. Our duty of care to investors requires that we ensure that our listed companies maintain the highest standards of corporate governance at all times. We do this by embedding good corporate governance as a requirement to qualify for listing. We monitor corporate governance practices of listed entities actively and sanction those which fail to uphold best practices and reward those which excel. In this way, the Chartered Institute of Directors and the Nigerian Exchange Group are aligned in the drive to ensure sound corporate governance and ethical leadership in our institutions and our public companies. 

I wish to, on behalf of the Nigerian Exchange Group, thank the Institute for making our job easier through initiatives such as this and pledge the Group’s commitment to collaboration with the CIoD in ensuring excellent corporate governance practices in Nigeria.

I thank the Institute for this forum and wish all participants focused and rewarding deliberations.

Thank you.

Alhaji (Dr) Umaru Kwairanga

Chairman NGX Group