Economy
Russia, Canada to Supply Nigeria 105,000 Tonnes of Fertilizer
By Adedapo Adesanya
Nigeria is set to receive a supply of 105,000 tonnes of fertilizer (raw material) from Russia and Canada on June 3 and June 6 respectively.
This is according to the Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, at the ministerial press briefing at the State House on Thursday.
He stated that the Russia-Nigeria potassium link has been re-established in spite of the ongoing Russia-Ukraine war.
The expected Russian and Canadian potassium used for blending fertiliser is also part of efforts to ramp up production of the commodity in time for use by farmers in the current farming season.
Mr Orji had said recently that as countries continue to face the supply constraints from the ongoing Russian aggression on Ukraine, Nigeria found relief in Canada in the supply of potash, a key ingredient in fertilizers.
NSIA negotiates imports of raw fertilizer materials like potash as part of the Nigerian government’s programme to develop its capacity to produce blended fertilizer and reduce dependency on imports.
Russia’s Uralkali, a major global supplier of the crop nutrient to Nigeria had stalled shipments since the war began but this new development shows discussions had borne fruits, meaning Nigeria could get part of the five shipments that it gets yearly.
He further affirmed that the current administration has so far committed over N100 billion to the implementation of the ongoing Second Niger Bridge project under the Presidential Infrastructure Development Fund (PIDF).
According to him, only N19 billion had been expended on the project before the coming of the current administration.
He added that the money committed to the project and others including the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Kano Highway was part of the $300 million recovered from the Abacha loot.
By Aduragbemi Omiyale
The N230 billion 10-year bond issued to investors by the Lagos State government has been listed on the Nigerian Exchange (NGX) Limited.
It was the Series 4 of the state government’s N1 trillion Debt and Hybrid Instruments Issuance Programme, which was sold at a coupon rate of 16.25 per cent.
It was offered for sale to bondholders in November 2025, with Chapel Hill Denham Advisory Limited as the leading issuing house and bookrunner.
The joint issuing houses and bookrunners were Asset & Resources Management Limited, Capital Bancorp Plc, Cardinal Stone Partners Limited, Cedrus Capital Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FCMB Capital Markets Limited, FCSL Asset Management Company Limited, FirstCap Limited, G.A. Capital Limited, LeadCapital Plc, Light House Capital Limited, Phoenix Global Capital Markets Limited, Quantum Zenith Capital and Investments Limited, Radix Capital Partners Limited, SFS Financial Services Limited, Stanbic IBTC Capital Limited, United Capital Plc, and, Vetiva Advisory Services Limited.
The debt instruments are callable at par after 60 months, on any coupon payment date, subject to the issuer having obtained prior regulatory approvals and upon issuance of the requisite notice to bondholders.
Business Post reports that the bond was sold at a unit price of N1,000, with the interest to be paid to investors on every May 20 and November 20 until maturity.
According to the Governor of Lagos State, Mr Babajide Sanwo-Olu, proceeds from the exercise would be used for critical infrastructure in transportation, housing, the environment, healthcare, education, urban renewal, and the provision of other sustainable infrastructure that would serve the future needs of the state.
The listing of the debt instrument on the stock exchange today, Monday, February 9, 2026, allows investors to trade the bond at the secondary market.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday, February 23 and Tuesday, February 24, 2026.
This information was disclosed in a circular published on the apex bank’s official website on Monday. This will be the first meeting of 2026.
The gathering comes amid sustained efforts by the CBN to rein in inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
At its last MPC meeting in November 2025, the central bank retained the Monetary Policy Rate (MPR) at 27 per cent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange (FX) market.
The MPC is one of the bank’s highest policy-making bodies, responsible for formulating monetary and credit policies aimed at ensuring price stability.
Through key instruments such as the MPR, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR), the committee guides interest rate conditions and overall monetary direction in the economy.
Comprising the CBN Governor, Deputy Governors, Board members, and appointed external members, the committee meets periodically to review critical economic indicators, including inflation, gross domestic product, and exchange rate developments, before taking policy decisions.
The apex bank outlined the timetable and venue in its official notice.
“The 304th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows,” the CBN said.
“Day 1: Monday, February 23, 2026 – Time: 10.00 a.m.”
“Day 2: Tuesday, February 24, 2026 – Time: 8.00 a.m.”
According to the circular, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Head Office in Abuja.
By Aduragbemi Omiyale
The suspension placed on trading in the shares of Fortis Global Insurance Plc has been lifted by the Nigerian Exchange (NGX) Limited after six years.
The embargo arose from the company’s violation of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The underwriting firm, formerly known as Standard Alliance Insurance Plc, was suspended by the exchange on July 2, 2019, after the board failed to file the necessary financial statements.
Rule 3.1 provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
A notice from the bourse last week disclosed that the company has now filed all outstanding financial statements due to the NGX, and in view of this, the embargo has been lifted pursuant to Rule 3.3 of the Default Filing Rules.
This section states that, “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts, provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
“The exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted.”
The bourse informed trading license holders and the investing public “that the suspension placed on trading on the shares of Fortis Global Insurance was lifted on Wednesday, February 4, 2026.”
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