Economy
GLEIF Reaffirms CSCS as Sole Local Operating Unit for Nigeria
The Global Legal Entity Identifier Foundation (GLEIF), the independent global body responsible for coordinating the issuance and management of Legal Entity Identifier (LEI) has completed its Annual Accreditation Verification (AAV), upholding Central Securities Clearing System (CSCS) Plc as the sole Local Operating Unit (LOU) for Nigeria.
The annual certification exercise, a thorough process instituted by GLEIF, is an assessment exercise aimed at monitoring and accrediting the compliance and performance of all LOUs, globally.
In his report, the Chief Executive Officer of GLEIF, Mr Stephan Wolf, GLEIF, commended Nigeria’s capital market infrastructure for its adherence to global standards in issuance, administration and management of LEI.
“GLEIF reviewed the updated controls as documented by CSCS Nigeria and rescored the related sections. All sections passed the requirements.
“CSCS Nigeria has met the minimum requirements of the AAV process.
“GLEIF wishes to emphasize the importance of ensuring full compliance with all GLEIF requirements as a basic requirement for continued accreditation and the ability to issue LEIs,” he said.
Whilst reacting to the report, the Managing Director and Chief Executive Officer of CSCS Plc, Mr Haruna Jalo-Waziri said, “this is a testament to our continuous investments in systems and people towards ensuring global best practice in everything that we do.
“I am pleased with the impressive operational review report on our LEI services and accompanying commendation from GLEIF, particularly as it reinforces our commitment to new initiatives targeted at deepening LEI penetration in Nigeria and the broader African continent.”
Mr Jalo-Waziri used the opportunity to call on all Nigerian corporates that are yet to enrol for LEI to take advantage of the seamless process and avoid probable exclusion from the global market, as regulators across the world increasingly advocate and legislate for LEI as a mandatory KYC requirement for cross-border transactions.
“As part of our initiatives to further attract foreign investors to the country, CSCS is democratizing the issuance of International Securities Identification Number (ISIN) for all eligible securities, as this remains a notable prerequisite for most global fund managers to invest in an offshore financial asset,” Mr Jalo-Waziri noted.
Since the certification of CSCS as the LOU for Nigeria in 2013, it has successfully upheld the gold standards of GLEIF and continue to deepen awareness and market penetration of LEI within Nigeria’s capital market and the broader financial services sector.
As a critical infrastructure for the capital market, CSCS values its role in integrating Nigeria’s financial market into the global economy by supporting market participants in complying with global best practice in entity and securities identification.
In response to the vast opportunities but inherent risks presented by the integration of global financial markets, GLEIF was established with the responsibility of issuing unique identities, known as LEI, to all companies which have or may have cross-border transactions.
The LEI is an ISO 17442 standard, which consists of a 20-digit alphanumeric code, unique to each legal entity and is increasingly positioned as a key requirement for companies to participate in cross border transactions.
By Adedapo Adesanya
Nigerian businessman and chief executive of Dangote Industries Limited, Mr Aliko Dangote, has unveiled plans for a new phase of investments and acquisitions as the conglomerate pushes towards its target of generating $100 billion in annual revenue by 2030.
Mr Dangote disclosed this while receiving a delegation of senior executives from global investment banking and financial services firm Goldman Sachs, led by co-chief executive of Goldman Sachs International and Global Co-Head of Investment Banking, Mr Anthony Gutman, during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Lagos.
Speaking after the visit, Mr Dangote said the refinery and associated industrial facilities underscore the transformative impact of long-term investment in Africa, stressing that the group’s ambitions extend beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030.
“The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
He added that detailed internal modelling had reinforced management’s confidence that the Group’s target of generating $100 billion in annual revenue by 2030 was achievable.
According to him, the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
Mr Dangote also revealed that the strong participation of employees in the refinery’s recent private placement reflected growing internal confidence in the company’s long-term strategy and future prospects.
The Goldman Sachs delegation, after an extensive tour of the 700,000 barrels-per-day refinery, described the project as an extraordinary achievement.
“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the executives said.
According to a statement issued by Dangote Group on Friday, the delegation was led by Mr Anthony Gutman and included Mr Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Mr Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Mr Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa).
The visitors were received by Dangote; Group Vice President, Oil & Gas, Mr Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, Mr David Bird; Group Executive Director, Oil & Gas, Ms Fatima Aliko Dangote; Chief of Staff to the President/CEO, Ibrahim Dikko; Group Chief Branding and Communication Officer, Mr Anthony Chiejina; Group Chief Economist, Mr Hassan Mahmud; Group Chief Strategy Officer, Mr Aliyu Suleiman; and Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Mr Musa Bala, among other senior executives.
By Adedapo Adesanya
The Senate Public Accounts Committee has heard that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports on the oil and gas sector.
According to the commission, crude and petroleum product losses cost N16.2 billion, pipeline repairs accounted for N22.05 billion, while strategic stock holding attracted N6.75 billion.
The revelations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which successive governments maintained to keep the pump price of petrol artificially low despite mounting fiscal pressures.
Over the years, subsidy payments consumed trillions of Naira, significantly reducing revenues available to the three tiers of government and contributing to widening budget deficits.
The issue reached a turning point in May 2023 when President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech, declaring that “fuel subsidy is gone.” The decision followed years of concerns over the rising cost of the programme, allegations of fraud, and repeated recommendations by fiscal authorities and international financial institutions that the subsidy had become unsustainable.
The removal triggered a sharp increase in the pump price of Premium Motor Spirit (petrol), leading to higher transportation and living costs across the country. In response, the federal government introduced a series of palliative measures, including cash transfers, support for mass transit, and wage-related interventions, while arguing that savings from the subsidy would be redirected to infrastructure, education, healthcare, and other critical sectors of the economy.
The commission also argued that the current method of calculating the 13 per cent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
By Adedapo Adesanya
Businesses in the country expect the Naira to gradually appreciate against the US Dollar between now and January 2027, according to the Central Bank of Nigeria’s (CBN) July 2026 Business Expectations Survey Report released on Thursday.
The report showed that the Business Confidence Index (BCI) remained positive throughout the review period despite perceived macroeconomic challenges. It noted that all sectors expressed optimism about the economy, with the electricity, gas and water sector posting the highest Business Confidence Index of 59.4 points and the strongest expansion prospects for August 2026.
According to the report, “In July 2026, the Business Confidence Index was 5.7 points, reflecting continued optimistic sentiment among formal businesses.”
It attributed the positive sentiment mainly to increased demand (22.3 per cent), economic diversification (21.4 per cent), and improved access to finance (15.0 per cent). However, respondents identified inflation (27.7 per cent), energy-related challenges (23.4 per cent), insecurity (22.4 per cent), and heightened geopolitical uncertainties (16.5 per cent) as the major factors weighing on business confidence.
On the outlook by broad sector, the central bank said confidence remained positive across all sectors in July. The Industry sector recorded a modest improvement, with its index rising to 11.5 points from 10.5 points, while the Services sector increased to 3.6 points from 2.9 points.
By contrast, the Agriculture sector recorded a significant moderation, with its index falling to 3.4 points from 12.2 points.
Despite this, the apex bank said the six-month outlook remained upbeat, with confidence indices across all sectors indicating positive expectations over the review period.
On the macroeconomic outlook by region, the report noted a divergence in sentiment, with businesses in Northern Nigeria expressing stronger confidence than their Southern counterparts in July. Nevertheless, respondents across all regions maintained positive expectations for August.
