Economy
CSCS CEO Haruna Jalo-Waziri’s New Year Message
Esteemed Stakeholders,
What a year! A year like no other – 2020 was definitively historic and unprecedented. It defied science, challenged rationality, and confronted social norms. COVID-19 shook the world powers, tipped many economies – including our dear Nigeria – into the worst recession in decades, shattered social engagements and affected every facet of life as we knew it.
Like a mystery, only to be told in a fiction, oil traded at negative prices, factories shut globally for weeks, and airlines grounded for months.
Excitingly, the Nigerian capital market, like a few global peers, remained active through the crisis; many thanks to the concerted efforts and resilience of critical stakeholders, whose swift ingenuity and collaboration kept the market afloat, sailing through the tide with incredible captains – like you.
For us at CSCS, just as I believe with many peers, we cannot afford the lessons of this crisis to go to waste. If none other, one pertinent lesson COVID-19 has taught us is the significance of our togetherness – the unimaginable strength of our collective resources and sincere collaboration for the stability and growth of the Nigerian capital market.
If COVID-19 is a living enemy, I am sure it has suffered defeat in the most shameful battle with Nigerian capital market, as the seamless operation of the market amidst the odds of the pandemic won great admiration, even from critics.
As your market infrastructure, we are proud to be a part of this success and we do not take it for granted. In fact, we owe and dedicate it to you.
Dear esteemed participants, I would like to thank you immensely for your continued patronage of CSCS’ services through the challenging year that past – 2020. Together, we have done what would have seemed impossible.
Beyond sustaining (and indeed increasing) market activity, we executed the regulatory directive on investor account update, partly integrated our technologies with the account opening portal, leveraged RegConnect for enhanced data exchange for registrars’ services, and a host of other initiatives we jointly executed for the ultimate goal of developing and deepening the market.
As we have pooled resources to effectively navigate the odds of one of the most challenging times in history, I would like to seek your continued collaboration in consolidating on our gains and advancing our mutual course of deepening the Nigerian capital market, through innovation, and more importantly, togetherness.
We are super-excited at the prospect of this New Year, banking on your continued patronage, and a renewed commitment to the collaboration that has brought us this far – a partnership of over two decades that has birthed mutual greatness and respect for our market and respective businesses; a life partnership that is so dear to our existence and which we will continue to jealously nurture and invest in. Together, we can do more… and together, we must achieve greater greatness.
In closing, I would like to inform you that my colleagues and I are dedicating our renewed strategic focus to you – listening and executing diligently and exigently on your needs.
In this New Year and beyond, our pledge is to meet your anticipated needs exceed your expectations. Our dedication is a reinforcement of the value we place on you, as your infrastructure for the Nigerian capital market. You are at the core of our essence, and more than ever, I am confident in the insuperable prowess of our collective resources and capabilities in surmounting any impediments to achieving our respective and mutual goals.
Notwithstanding concerns of the second wave of the COVID-19 infection, I remain optimistic that this pandemic shall pass in no distant time, and we will once again reopen our physical operations and hobnob with you, in expectation of sharing great memories.
As we wind down the celebration of the festive season and kick-off business with renewed optimism, I implore us to take utmost care and responsibility in protecting ourselves and our communities. Happy New Year and cheers to a great beginning of an exciting decade!
Please stay safe and keep well.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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