Economy
Akwa Ibom Assembly Holds Public Hearing on 2017 Budget
By Modupe Gbadeyanka
Speaker of the Akwa Ibom State House of Assembly, Mr Onofiok Luke, has disclosed that the House would be guided by current economic realities in its consideration of the 2017 budget sent to the assembly by the executive.
Declaring open a one day public hearing on the 2017 Appropriation Bill titled: A bill for a law to Appropriate monies out of the Consolidated Revenue Fund and Capital Development fund to the service of Akwa Ibom State Government, the Speaker who was represented by the Deputy Speaker, Mrs Felicia Bassey, said the 6th assembly which is christened the people’s assembly, will always involve the citizenry in all its legislative engagements.
“As you may already know, the 6th assembly has over the last 19 months established and sustained the culture of putting in place public hearings like this for the bills that we pass.
“I wish to emphasize that nothing passes through this house that we don’t get public input. We will look at the economic situation in the country and allow these realities guide our decisions on the components of the budget,” the Speaker said.
While commending members of the public for honouring the invitation of the House, Mr Luke explained that the essence of the public hearing was to give Akwa Ibom people an opportunity to contribute their inputs to the budget, saying the aim was to ensure that the people of the state were carried along in the budgeting process.
Addressing the gathering, Chairman, House Committee on Appropriation and Finance, Mr Usoro Akpanusoh, stated that the public hearing exercise has become a normal parliamentary practice introduced by the House in order to bring together members of the public for the purpose of collating inputs that would guide the lawmakers in the consideration of the budget.
“It has become a norm in Akwa Ibom State House of Assembly that budget hearing is held whenever we receive the state budget from the executive.”
He said the House is committed to ensuring accelerated passage of the budget to enable the state government implement its lofty programmes and projects as encapsulated in appropriation bill, 2017.
Commissioner for Finance, Mr Linus Nkan, and his counterpart in the ministry of Economic Development were on hand to brief the gathering on underlining assumptions of the 2017 budget proposal of the state government, as well as the development objectives of the Mr Udom Emmanuel led administration.
In their separate presentations, the Commissioners explained that the policy thrust of the 2017 appropriation bill is intended to improve the living standard of the people of the state.
In a good will message, State Chairman of the PDP, Mr Obong Paul Ekpo who scored the budget a hundred percent, said “PDP government means well for Akwa Ibom people”.
“I listened carefully to the details of the budget the details of the budget and I discovered that the budget encapsulates every facet of our lives”.
Memoranda were submitted by various stakeholders including the Chairman, Akwa Ibom State Council of Chiefs, Mr Owong Achianga, State NLC Chairman, Comrade Etim Ukpong, Chairman, Nigeria Union of Journalists (NUJ), Akwa Ibom State Council, Elder Patrick Albert, among other members of the society.
A representative of the civil society, Mr Tijah Bolton Akpan of ‘Policy Alert’ organisation, canvassed for a stronger oversight on TSA implementation in the state, and close supervision and monitoring of the implementation of the budget by MDA’s.
He stressed the need for the state to speed up the process of enacting and domesticating the fiscal responsibility and public procurement law.
Mr Joshua Eyo Asuquo of the Chartered Institute of Taxation in Nigeria (CITN), who also represented Association of Professional Bodies of Nigeria, advocated for an increase in monthly revenue projection from N2.3 billion as captured in the budget to N3 billion.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
