By Aduragbemi Omiyale

Bonds worth about N900 billion is to be offered to investors in January 2026 by the Debt Management Office (DMO).

The debt instrument would be sold by the agency on behalf of the Federal Government of Nigeria (FGN) as part of its borrowing plans.

The paper would be issued in three tenors, according to the debt office of the Nigerian government, and would be sold at N1,000 per unit.

Business Post reports that the minimum subscription for the bond is N50 million and in multiples of N1,000 thereafter, with the interest to be paid semi-annually, and the bullet repayment on the maturity date.

For re-openings of previously issued bonds, (where the coupon is already set), successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument, a circular from the DMO disclosed.

The auction date, the agency revealed, is Monday, January 26, 2026, with N300 billion of a 7-year reopening note offered at 18.50 per cent. The organisation will also auction N400 billion of 10-year re-opening 19.00% FGN FEB 2034, and another 10-year re-opening 22.60% FGN JAN 2035 note worth N200 billion.

The FGN bonds are backed by the full faith and credit of the Federal Government and are charged upon the general assets of Nigeria. They qualify as securities in which trustees can invest under the Trustees Investment Act and can be used as government securities within the meaning of Company Income Tax Act and Personal income Tax Act for tax exemption for pension funds amongst other investors.

After issuance, the debt instruments would be listed on the Nigerian Exchange (NGX) Limited and the FMDQ Securities Exchange.

By Adedapo Adesanya

Nigeria has emerged as Sub-Saharan Africa’s leading upstream oil and gas investment destination in 2025, attracting $5.3 billion in capital, according to a report by industry intelligence firm, Wood Mackenzie.

The investment into the country happened despite an 18 per cent decline in upstream spending across the region, underscoring the impact of recent fiscal and regulatory reforms.

Wood Mackenzie disclosed that Nigeria retained the top spot for upstream capital inflows, even as investment activity slowed sharply across Africa.

Notably, only two Final Investment Decisions (FIDs) were recorded across Sub-Saharan Africa in 2025, with Nigeria securing one of them.

The FID was reached on the Shell–Sunlink HI Field (OML 144), a shallow-water non-associated gas project, following the introduction of Nigeria’s Non-Associated Gas (NAG) incentives in 2024.

The incentives restored the project’s commercial viability and unlocked critical gas feedstock for Nigeria LNG Limited (NLNG) which according to Wood Mackenzie signals a clear shift in investor confidence.

“Nigeria’s NAG incentives have materially improved gas economics, enabling projects that were previously marginal to reach FID,” the firm noted.

The latest investment milestone marks a sharp turnaround from previous years.

Between 2015 and 2023, Nigeria captured just 4 per cent of Africa’s sanctioned FIDs, securing $5 billion across six of 44 projects.
However, over the last two years, Nigeria has attracted 38 per cent of Africa’s sanctioned FIDs, accounting for $8 billion across five of eight projects continent-wide.

“This reversal highlights the impact of decisive reforms implemented over the past 24 months,” Wood Mackenzie said, adding that Nigeria now offers “among the most competitive deep-water fiscal terms globally and the most attractive gas terms in Africa,” it said.

Looking ahead, the firm expressed optimism that Nigeria will sustain the momentum into 2026. “With targeted incentives and a stable, investor-focused policy framework, we expect additional FIDs to be sanctioned,” it stated.

The resurgence positions Nigeria as a standout destination for upstream oil and gas investment at a time when capital discipline and policy uncertainty continue to weigh on much of Sub-Saharan Africa.

The Bola Tinubu administration has reiterated its commitment to boosting investment in the country’s energy sector, particularly in oil and gas. In May 2025, President Tinubu issued a new executive order (EO) to lower project costs, attract investment, and enhance revenues from oil and gas operations.

The new order builds on the administration’s 2024 presidential reform directives, which introduced enhanced fiscal terms, streamlined project timelines, and aligned local content policies with global best practices.

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has welcomed a new member and its Zichis Agro-Allied Industries Plc.

The company listed its shares on the local stock exchange on Tuesday, January 20, 2026, and was assigned the trading symbol, Zichis.

Business Post reports that Zichis boosted the market capitalisation of Customs Street by N1.086 billion with the listing of 600 million ordinary shares of 50 Kobo each at N1.81 per unit.

The stock exchange put Zichis under its growth board standard segment.

The new member of the Nigerian bourse was welcomed with open arms by investors yesterday as it was among the most traded stocks for the session.

Yesterday, traders bought and sold 69.6 million shares of Zichis Agro Allied Industries worth N138.5 million at the close of transactions.

The Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, disclosed in a circular that Zichis listed its stocks on the platform by introduction.

“Trading license holders are hereby notified that the entire issued and fully paid 600,000,000 ordinary shares of Zichis Agro-Allied Industries Plc were listed by Introduction at N1.81 per share on the standard segment of the growth board of Nigerian Exchange Limited on Tuesday, January 20, 2026.

“The trading symbol of Zichis Agro-Allied Industries is ZICHIS,” the notice disclosed.

This is the first major listing on the NGX in 2026.

After the listing yesterday, executives of the organisation met with stakeholders to explain what they do and more insights into the company’s numbers.