Economy
Tinubu Seeks Investors’ Support on Third Sovereign Green Bond Issuance
By Aduragbemi Omiyale
President Bola Tinubu has called on investors to collaborate with his administration on the issuance of the third Sovereign Green Bond later this year.
Speaking on Wednesday in the United Arab Emirates (UAE), Mr Tinubu said his government was ready to work with other nations to build a resilient, equitable, and sustainable world for all.
“Our energy transition plans, like many nations, are aimed at diversifying energy sources and reducing dependency on fossil fuels, prioritising the transition to cleaner energy sources as a cornerstone of our national development strategy,” the President said on the second day of the 2025 Abu Dhabi Sustainability Week themed From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future.
He called on partner countries to collaborate in mobilising resources to tackle these challenges and embrace innovation and technology.
“To promote a Green Economy in Africa, we must focus on integrating sustainable practices in all sectors of our economy.
“These investments are capital intensive and require international support from partner countries, including multinational organisations, development partners and individuals who share our vision of a sustainable, prosperous and equitable future,” he stated.
President Tinubu said, “Nigeria became the first country in Africa to initiate funding of green projects through Sovereign Green Bond proceeds, the third issuance of which is in progress.
“We urge investors to partner with us in this regard. Our administration remains committed to providing an enabling environment for businesses to thrive in Nigeria.
“By partnering with global leaders and harnessing the power of technology, we are finding new and innovative ways to address our environmental challenges. We have arable agricultural lands for advanced technological farming, including a bright future for Artificial Intelligence.”
He declared that no single nation can walk the road to sustainability alone, stressing that global interconnectedness demands collective action, knowledge sharing, and mutual support.
“The fight against climate change is not merely an environmental necessity but a global economic opportunity to reshape the trajectory of our continent and the global energy landscape.
“As leaders, stakeholders and citizens of our planet, we stand at a critical juncture in human history. To succeed, we must innovate, collaborate and act decisively as one global community,” the Nigerian leader disclosed.
Reiterating his administration’s commitment to reducing carbon emissions, President Tinubu assured the audience that the Nigerian government had developed actionable programmes in line with global expectations, bearing in mind Nigeria’s economic and political expectations.
“We have embraced a vision of sustainability that aligns with global aspirations while addressing local realities. Our efforts are anchored on three pillars: Energy Transition, Climate Resilience, and Sustainable Development.
“My administration recognises the importance of reducing carbon emissions and a just transition to clean and renewable energy, promoting environmental sustainability and economic growth,” he noted.
Mr Tinubu added that Nigeria is developing infrastructure for the widespread use of Compressed Natural Gas and electric vehicles and harnessing the potential in solid minerals to support the green energy transition.
He stressed that his country is also implementing climate-smart agricultural practices to enhance food security and lessen its destructive environmental impact.
These include the introduction of the National Clean Cooking Policy, which aims to promote clean energy, environmental and health benefits, and socio-economic development in the African region.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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