Economy
Corruption: CBN Calls Nigerian Wailers Paid Agents
By Modupe Gbadeyanka
Central Bank of Nigeria (CBN) has reacted to allegations of corruption levelled against it by Nigerian Wailers, saying that the Wailers are paid agents and would fail in their bid to distract the government from its focus.
Acting Director of Corporate Communications, Mr Isaac Okorafor reacted to the allegation in a conversation with the Economic Confidential.
The Nigerian Wailers had, in a statement, alleged wide-spread corruption in the administration of foreign exchange and illegally lending money to President Buhari’s administration to support the budget.
But the CBN spokesperson said, “The allegations are totally false and fabricated. Such a thing is not possible under the new forex system. It is not enough to make wild allegations.
“Those who are paid agents of selfish interests and the enemies of the Nigerian economy will fail in their bid to distract the CBN and the Federal Government from their focus on the diversification of the Nigerian economy away from import and crude oil dependency.”
Mr Okorafor said, “No amount of blackmail will make the CBN allow a practice where by our farmers and industrialists who have invested heavily and employed our youths in the production of Nigerian made rice, fish, industrial starch, palm produce, wheat, tooth pick, wines, etc would be made to close their farms and factories again.”
“What these charlatans and hirelings want are basically twofold.
“First they want the CBN to give out the nation’s scarce foreign exchange to their sponsors to import all manner of foreign goods and dump them on our markets thereby frustrating the good work our own farmers and manufacturers.
“Secondly, they want the CBN to fold its arms and allow currency speculators to drive the naira down to a level at which it will be easy for their paymasters to buy up and take control of the Nigerian economy.
“They have even gone to the extent of making false allegations that some banks are having trouble just to trigger panic in the financial system. These will not happen. Nigerians have rejected these foreign agents.
Twenty states have adopted the CBN Anchor Borrowers Programme (ABP). Nigeria is set to be self-sufficient in rice, fish and wheat production.
“What happened during the past Christmas and new year celebrations has proved this. It will be economically suicidal for the CBN to allocate our scarce forex to those who will engage in another escapade in senseless importation which will again discourage our local producers who have borrowed money to engage in agriculture and local manufacturing.
“It will be dangerous to our poor people in the rural areas and indeed to masses of Nigerian workers who are on fixed incomes for the CBN to allow speculators to drive the value of the naira to any level just for the selfish gains of the sponsors of these arrangee protests. We will not succumb to blackmail.
“Again, the issue of the CBN funding the Federal Government budget has been long addressed with clear figures which have been widely publicized.
“Let me once again state that the role of the CBN as banker to the Federal Government is to do exactly what we have done and within the limits specified by law.
“Or would the so called group want the CBN to withhold advances so that the government will collapse?” he concluded.
But in a statement from the Nigerian Wailers signed by its Deputy National Publicity Secretary, Mr Fasipe Oluyemi, the group called on Nigerians to come out en mass for a protest (#OccupyCBN) to stop this impunity of the Fraudulent Forex Trading, Round Tripping and racketeering going on in the CBN allegedly aided by its Governor, Mr Godwin Emefiele and bring to an end the Manipulation of Forex, illegally funding Federal Government budget, short-changing the Money Deposit Bank’s reserve ratio at the expense of the masses as the abuse of internal process.
The group recalls that the apex bank’s top management carried out a backdoor recruitment exercise for the children of high profile Nigerian politicians, business men, in which the door was shut against the children of average Nigerian who may have been qualified to work in the bank on merit basis and were not allowed, but, the employment was freely handed to the children of friends and families of those in Government.
“Since the emergence of the administration of President Buhari, Forex Trading has been illegally turned to an exclusive business of the friends and family of those in power as against the principle of banking which allows for professionalism in trading and ensuring circulation to the business community for import and export of goods and services that will have direct positive impact on the economy and the people,” the statement said.
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.
