By Adedapo Adesanya

President Bola Tinubu says ongoing reforms by his administration have led to the stability of the country and delivered the economy from bankruptcy.

He spoke on Tuesday in Abuja while receiving the leadership of the Catholic Bishops’ Conference of Nigeria (CBCN), led by its President, Most Rev. Matthew Ndagoso, at the State House.

The president said that the government will sustain interventions that directly improve the livelihoods of families and citizens, such as the Nigerian Education Loan Fund (NELFUND).

“I have listened to you carefully, and most importantly, your key areas are security and education. I can tell you categorically with sincerity that the country has been placed on a sound footing. The economy has recovered. The alarm for bankruptcy and dark tunnel of uncertainty that we had when I came in has been changed,” he said.

“The spirit of the people is lifting, and the economic turmoil that we feared is cleared. The economy has been delivered from bankruptcy.

Mr Tinubu said restructuring of security operations and institutions will deliver victory over terrorism, banditry and kidnappings across the country.

He stated that the security challenges are being confronted through enhanced intelligence gathering, restructuring and repositioning of security institutions, improved logistical support, and prioritisation of frontline personnel welfare.

“We don’t have another country but here – this Nigeria. And I will refer to the national anthem that in our complexity and diversity, we shall thrive, live, rejoice and be good to all, and humanity,” he said, according to a statement from presidential spokesman, Mr Bayo Onanuga.

“I have just approved the expansion of the armed forces. We are getting more equipment and building new barracks. We will defeat terrorism. It should be part of your sermons. I won’t deviate from our national anthem,’’ the President added.

He urged citizens to explore available opportunities for engagement provided by the government and private institutions and embrace education, entrepreneurship and skills acquisition.

“We have no control over the population growth and trajectory. That is why you have membership in your various faiths and churches, to give hope to people and give commitment to humanity in the true sense of it. Our founding fathers did their best. They left us a nation, and we owe it to generations yet unborn to sustain it,’’ Mr Tinubu added.

The president said the unity, stability and prosperity of the country must be held sacrosanct by all stakeholders, noting that the outlook on the country must remain positive. His comment comes months before the general elections, where he is seeking a second term. Opposition parties have alleged that the government is intimidating opponents.

He told the CBCN leaders that the Independent National Electoral Commission (INEC) is neutral and that his government will give equal opportunities to every party.

President Tinubu further informed his guests that state governors, based on the constitution, have the authority to decide the return of mission schools, but affirmed that more universities had been approved to meet the growing demand for higher education, and the statistics by the NUC will help in the budgeting of NELFUND.

“I believe in what you believe; we should embrace education to get out of poverty,’’ he said.

In his remarks, the President of the CBCN appreciated the President for the warm reception extended to the Holy See’s Secretary for Relations with States and International Organisations, Archbishop Paul Gallagher, on the occasion of the 50th anniversary of relations between Nigeria and the Vatican.

The cleric outlined areas of concern in the country, which include security, quality tertiary education and limited spaces, sustaining gains of democracy, credible elections and poverty, urging his host to consider the return of mission schools and fair treatment for all worshippers, including the provision of worship places in all parts of the country, without bias.

The Archbishop of Kaduna called for free and fair elections in 2027, saying, “As a man who risked so much in the struggle for the return of democratic rule in the dark days of the military dictatorship, your greatest legacy would be the strengthening of our democratic institutions.”

By Adedapo Adesanya

Dimension Data Limited, a Nigerian technology infrastructure provider, has raised N4.05 billion in its Series 1 bond, the first tranche of a wider N20 billion bond programme aimed at expanding its fibre-optic network across Nigeria.

Pathway Advisors Limited, a returning investor, acted as lead issuing house and bookrunner on the deal. The transaction closed after clearance from the Securities and Exchange Commission (SEC).

More issuances are expected as the project continues.

The bond proceeds will fund fibre network expansion, capacity upgrades and service quality improvements, the company said.

It comes as a technology boom continues across the country, with infrastructure needs helping to drive investment and local businesses and reduce dependence on foreign firms.

Recently, the Central Bank of Nigeria (CBN) mandated financial institutions to rely more on Nigerian data centres and local fibre providers rather than offshore cloud infrastructure, adding to demand for the kind of capacity Dimension Data is building.

Incorporated in 2003, Dimension Data runs a data centre with 47-rack capacity and serves about 8,000 customers in 47 countries. Its clientele includes 70 per cent of the Fortune 100 and sports organisations like the Amaury Sport Organisation (Tour de France).

In June, the firm opened subscriptions for the Series 1 Corporate Bond issuance of up to N5 billion under a N20 billion bond programme, with proceeds earmarked for expanding Nigeria’s digital infrastructure.

The offer, led by Pathway Advisors Limited as the Lead Issuing House and Bookrunner, was executed through a book-building process and closed on June 29, 2026.

According to transaction details, the three-year bond is being offered at a book-build price range of 18.50 per cent to 20.00 per cent per annum, with coupon payments to be made semi-annually. The final coupon rate will be determined at the conclusion of the book-building exercise. The minimum subscription has been set at N10 million.

Dimension Data SPV Funding Plc said the funds raised from the issuance would be deployed towards strategic investments in fibre network expansion, capacity enhancement and service quality improvements.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell by 1.60 per cent on Tuesday, July 28, as investors booked profit from some of the best-performing stocks in the last trading sessions.

Investor sentiment was weak yesterday, after the bourse finished with three price losers and two price gainers.

FrieslandCampina Wamco Nigeria lost N14.80 during the session to sell for N135.00 per unit compared with the previous session’s N149.80 per unit, Central Securities Clearing System (CSCS) Plc slid by N3.72 to sell at N89.91 per share versus N93.63 per share, and MRS Oil Plc declined by 50 Kobo to N148.00 per unit from N148.50 per unit.

On the flip side, Okitipupa Plc appreciated by N9.57 to quote at N257.57 per share versus Monday’s price of N248.00 per share, and Afriland Properties Plc grew by 89 Kobo to N19.90 per unit from N19.01 per unit.

At the close of business, the market capitalisation of the trading platform went down by N41.69 billion to N2.564 trillion from N2.606 trillion, and the NASD Security Index (NSI) dipped by 69.45 points to 4,273.15 points from 4,342.60 points.

Yesterday, the volume of securities traded by investors surged by 1,000.7 per cent to 6.7 million units from 604,565 units, the value of securities soared by 337.3 per cent to N85.8 million from the preceding session’s N19.6 million, and the number of deals rose by 54.6 per cent to 51 deals from 33 deals.

On a year-to-date basis, Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value, with a turnover of 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 75.9 million units exchanged for N5.4 billion.

GNI Plc was also the traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.