Economy
Fiscal Indiscipline Behind Africa’s Economic Woes—Sanusi
By Modupe Gbadeyanka
Former Governor of the Central Bank of Nigeria (CBN), Mr Muhammadu Sanusi II, has called on African governments to eradicate constitutional provisions and structures that increase the cost of governance at national and sub-national levels.
In his address at the 2018 Annual Meetings of the African Development Bank (AfDB) Group in Busan, South Korea, the economist, who is also the Emir of Kano, further urged African leaders to manage demographic growth, and revamp and harmonize moribund and ineffective customs and excise duties that promote cross-border smuggling and revenue losses to governments.
According to him, Africa’s development agenda must focus on the socio-cultural and commercial interests of Africans and the upliftment of the continent’s trade and economic ecosystem.
“Africa’s economic transformation will be best achieved through fast-tracking regional cooperation and the execution of hard-nosed structural reforms that focus on the development of the continent’s human capital and material resources,” said Emir Sanusi II.
The Emir shared insight about revamping African regional integration, trade and economic relations with Executive Directors and Governors of the Bank, comprising Finance, Budget and Economic Planning Ministers from member nations.
The financial risk expert traced Africa’s post-colonial economic woes to the continent’s fiscal indiscipline and endemic disregard for its competitive advantages.
For these reasons, he asserted, Africa’s development was stunted and its global trade ties lopsided in favour of offshore trading partners.
“Nine out of every 10 countries in Africa have huge trade deficits with China, but Asia developed mostly on domestic investments and resources,” he noted, underscoring the need for African Governments to invest in and promote creativity and indigenous enterprise.
The Emir advocated a series of structural reforms, including strategic investments in key sectors including agriculture, infrastructure, education, and small and medium enterprises.
He called for deliberate industrial diversification noting that China has begun to move its mega-sized manufacturing capabilities out of low-cost industries.
Africa’s debt burden continues to inhibit capital investment in industrialization, he observed, lamenting the misallocation of resources: “We need to begin to ask ourselves, ‘what do we do with the available funds in our coffers?’”
“Perceptions matter. So there is an urgent need for improved transparency, as this is clearly linked to good governance,” he said. “We need to accept that we have a perception problem that we must address. We need to tackle corruption, block leakages and create opportunities for new jobs.”
“Private sector capital is crucial for sustained economic growth but so is government’s intervention in guaranteeing business externalities like power, water and waste management, roads, housing and the legal and regulatory environment for innovation, commerce and industry.”
On trade, the Emir called for a regional and pan-African approach to trade negotiations, a tactical model which should be led by the Bank.
“The African Development Bank has the intellectual resources and clearly is better positioned to negotiate with China on behalf of Africa as a bloc of nations,” he said. “Europe approached global trade as a bloc so why can’t African nations do the same? This is clearly another area in urgent need of the Bank’s intervention.”
President of AfDB, Mr Akinwumi Adesina, recalled the Emir’s progressive posture during his time in public service.
“As Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi was pro-development. He channelled significant investments into agriculture, infrastructure and SMEs,” Mr Adesina said.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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