Economy
Experts Seek Urgent Action on Food Security Threat in West Africa
By Modupe Gbadeyanka
Governments of the West African nations have been urged to quickly take actions that would address food security threat in the region.
According to a report titled ‘The Cost of Ocean Destruction,’ which was released to celebrate the World Fisheries Day, vessels arrested for illegally fishing in West African waters are still carrying on with business as usual.
The report, released by Greenpeace Africa, detailed how West African fishermen and communities continue to suffer from the consequences of overfishing and illegal fishing in this region and it provides specific recommendations for governments on how to solve the crisis.
Greenpeace appealed to West African governments as well as nations fishing in, or importing seafood from the region, to stand together to protect millions of Africans against the unceasing onslaught of industrial fishing fleets.
Greenpeace is also demanding that authorities provide follow-up information on fishing vessels and crews that were arrested during a joint patrol by Greenpeace and African fisheries inspectors last spring.
According to the project leader in Greenpeace Netherlands, Pavel Klinckhamers, “The current situation in West Africa is a result of decades of overfishing and inaction, but it is also a result of commitments from West African governments and foreign fishing nations, like China, South Korea and the EU, that were simply never translated into reality.
“Coastal communities are the ones paying the price and they cannot wait any longer. African states and foreign fishing nations in the region have to change course and put in place the policies that these communities need in order to survive.”
In only 20 days, Greenpeace and fisheries inspectors from Guinea, Guinea Bissau, Sierra Leone and Senegal came across 17 vessels contravening applicable rules, while 11 of these vessels were arrested for infractions which included involvement in illegal transshipment, fishing in breach of their license conditions, using illegal nets and shark finning.
However, only six months later, all 17 vessels are still licensed to fish in West African waters, and in most cases, local authorities are not responding to requests from Greenpeace to clarify what legal steps were taken after the arrests.
Chinese authorities have ordered provincial authorities to punish the captains of some of the Chinese vessels involved in infringements, while specific subsidies to their operations have also been cancelled.
The general lack of information on each case is symptomatic of the lack of transparency and accountability of governments when it comes to fisheries policies.
“West African countries keep signing new and opaque fishing agreements with foreign countries without putting in place the means to monitor their activities and sufficiently take the interests of local small-scale fishermen into account.
“This kind of practice has disastrous consequences for the marine environment, for local fishermen and hence for African communities as well,” Pavel Klinckhamers said.
One of the main fishing players in the region, China, is currently conducting a revision of its Provisions for the Administration of Distant Water Fishery.
The review will include new sanctions for IUU fishing, however It is still crucial to ensure transparency, effective implementation, and the strengthening and effective enforcement of punishment measures by coastal West African countries, when vessels break the law.
Also, a number of new fisheries agreements are currently in the making. Last month China signed long term fisheries agreements with Sierra Leone and Mauritania and the EU is working on a fisheries agreement with Guinea Bissau, since the current protocol will expire later this month.
According to unconfirmed information, Senegal and Russia are also holding conversations around reintroducing Russia’s industrial fishing fleet, that was kicked out of Senegal back in 2012.
“This is not a quick fix, and we need everyone involved in West African fisheries to cooperate. For African states in particular, they need to manage shared resources jointly and ensure priority is given to the labor intensive, small-scale sector. This sector which directly employs one million people and generates €3 billion annually. At the same time, we need foreign fishing nations to ensure their fleets do not undermine the sustainability of fisheries in the countries they operate in,“ Ibrahima Cisse, senior oceans campaign manager in Greenpeace Africa, said.
For more than 15 years, Greenpeace and other NGOs have warned against overexploitation of fish stocks in West African waters and its serious impacts on livelihoods, food security and employment for millions of people in this region. Also, we have outlined how substantial progress can be made through strong cooperation and harmonization of West African fisheries policies and legislation.
In fact, regional cooperation has been at the core of an already established mandate for West African countries of the Sub regional Fisheries Commission, SRFC, since 1985.
Still, very little has been done in reality to turn the tides for West African waters, and the situation out at sea in West Africa and the consequences on land, are alarming.
By Aduragbemi Omiyale
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has expressed worry over plans by the administration of President Bola Tinubu to spend about $11.6 billion on debt servicing.
In a post on his social media platform on Monday, the opposition politician criticised this move, saying it is not good for the country.
He also said this action “should concern anyone interested in the country’s economic future and long-term development.”
The former Governor of Anambra State kicked against the penchant of the government to borrow from various sources without anything to show for it.
“There is nothing inherently wrong with borrowing when it is guided by prudence and directed toward productive investment, he noted, stressing that countries such as Japan, the United Kingdom, the United States, the United Arab Emirates, Singapore, and Indonesia are all heavily indebted, yet their borrowings are largely channelled into education, healthcare, infrastructure, and innovation – sectors that generate long-term economic returns and sustain repayment capacity.”
According to him, “despite high debt levels, their obligations remain more manageable because they are tied to measurable productivity.”
He said, “Nigeria’s situation, however, is markedly different. A huge proportion of past borrowing has been directed toward consumption, with limited visible or sustainable developmental outcomes to justify the scale of indebtedness.”
“It is also important to note that a huge portion of the debt currently being serviced was accumulated under the Tinubu administration itself, while borrowing has continued at a significant pace. The administration’s recent external borrowing alone includes about $6 billion (from First Abu Dhabi Bank in the UAE—$5 billion, and UK Export Finance via Citibank London—$1 billion), a further $1.25 billion under consideration from the World Bank, and an additional $516 million arranged through Deutsche Bank, bringing the latest known external loan commitments to roughly $7.8 billion. In addition, domestic borrowing through monthly bond issuances continues to add to the overall debt stock,” the businessman also stated.
“Against this backdrop, Nigeria’s 2026 budget shows that health is N2.46 trillion, education is N2.56 trillion, and poverty alleviation is N865 billion, giving a combined total of about N5.885 trillion for these three critical sectors.
“By comparison, debt servicing at about $11.6 billion (approximately N17–N18 trillion, depending on exchange rate assumptions) is almost three times higher than the total allocation to health, education, and social protection combined. This imbalance highlights a troubling fiscal reality in which debt obligations increasingly crowd out investment in human capital and poverty reduction.
“Moreover, even within the limited allocations to these sectors, funds may not be fully released, and a significant portion of what is eventually released could be misappropriated,” he further stated.
Mr Obi said, “The central issue is not borrowing itself, but whether borrowed funds are being converted into measurable productivity, inclusive growth, and improved living standards. Without this, debt servicing shifts from being a temporary fiscal obligation to a long-term structural burden that constrains development and deepens economic vulnerability.”
By Adedapo Adesanya
Pathway Advisors Limited, an issuing house and financial advisory firm, has announced the successful completion of the Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc.
The Series 2 offer, issued under Veritasi Homes’ newly registered N20.00 billion Commercial Paper Programme, raised N16.76 billion, significantly above its initial N12.00 billion target on the back of strong institutional demand.
This issuance builds on the company’s track record in the Nigerian debt capital market and follows the recently concluded N10 billion 3-year 20 per cent Series 1 Fixed Rate Bond Issuance, further reinforcing investor confidence in Veritasi Homes’ strong credit profile.
The 364-day tenor instrument attracted robust participation from a diverse pool of institutional investors, underscoring sustained confidence in the Company’s financial strength, operating model, and governance standards.
Commenting on the deal, the Founder/CEO of Pathway Advisors Limited, Mr Adekunle Alade (MBA, FCA, M.CIod), noted that the outcome further validates investor appetite for well-structured transactions in the Nigerian capital market.
“The strong oversubscription speaks to the market’s confidence in Veritasi Homes’ performance, governance, and repayment track record. We are pleased to continue supporting issuers with strong fundamentals in accessing efficient funding.’’
He further highlighted that Veritasi Homes’ consistent market activities since 2022, including successful issuances and full redemption of matured obligations, continue to strengthen its reputation among institutional investors.
“Pathway Advisors Limited remains committed to maintaining its leadership position within Nigeria’s capital markets through the origination and execution of transformative, value-driven, and commercially viable transactions by deploying innovative financial solutions and facilitating strategic capital formation across critical sectors.
“We are committed to supporting credible corporates in accessing efficient short-term and long-term financing solutions within the Nigerian capital market,” he said in a statement on Monday.
Speaking on the transaction, the Managing Director/CEO of Veritasi Homes & Properties Plc, Mr Nola Adetola, described the outcome as a strong endorsement of the company’s fundamentals.
“This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community. We are grateful to all institutional investors for their confidence in Veritasi Homes.”
He added that the proceeds from the issuance will be deployed to support the company’s working capital requirements, enhance liquidity, and complete the ongoing development activities across its real estate portfolio.
Mr Adetola also commended Pathway Advisors Limited for its advisory and arranging role in the successful execution of the transaction.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has approved the transition to the T+1 settlement cycle for capital market transactions from June 1, 2026.
This is coming some months after Nigeria moved from the T+3 settlement cycle to the T+2 settlement cycle.
The T+ settlement cycle is the number of working days required to complete a capital market transaction, such as the trading of securities, shares, and others, from the first day the trade was executed by an investor.
In a notice on Monday, the SEC, which is the apex capital market regulator in Nigeria, said it was authorising the new system to “promote an efficient, fair, and transparent capital market.”
Under the new arrangement, equities and commodities traded by investors at the market would be cleared and settled by the Central Securities Clearing System (CSCS) within one day.
The agency noted that the migration to a T+1 settlement cycle forms part of its ongoing market modernisation initiatives aimed at enhancing market efficiency and strengthening risk management. reducing counterparty exposure, improving liquidity, and aligning the Nigerian capital market with international standards and global best practices.
“Accordingly, all eligible trades executed in the Nigerian capital market shall settle one business day after the trade date (T+1),” a part of the statement noted.
It was stressed that “Friday, May 29, 2026, shall be the final trading day under the existing T+2 settlement cycle. Trades executed on Friday, May 29, 2026, and Monday, June 1, 2026, shall both settle on Tuesday, June 2, 2026. All trades executed from Monday, June 1, 2026, onward shall be subject to the T+1 settlement cycle.”
SEC tasked all capital market operators, securities exchanges, clearing and settlement infrastructure providers, custodians, registrars, issuers, and other relevant stakeholders to take all necessary measures to ensure full operational readiness and compliance with the new settlement framework.
“Market participants are expected to review and align their systems, processes, controls, and operational workflows ahead of the implementation date,” it further stated, promising to continue to engage stakeholders and monitor the implementation process to ensure an orderly and seamless transition.
The regulator said it remains committed to strengthening market integrity, enhancing investor confidence, and fostering the development of a modern. resilient and globally competitive Nigerian capital market.
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