Economy
Ishaku Vows to Revive Dead Industries in Taraba
By Modupe Gbadeyanka
Governor Darius Dickson Ishaku of Taraba State has promised to do all within his power to ensure dead and ailing industries in the state get back on their feet.
Mr Ishaku made this pledge on Wednesday when a Presidential Sub Committee on Economic Development of Northeast Initiative (PCEDNI) visited him at the Government House in Jalingo to intimate him on the reason of their visit to the state and to the entire Northeast region.
Governor Ishaku reiterated his determination to reactivate the broken down industries, saying that he has already started fixing some and assured that he is determined to turn around the fortunes of the State for the better.
He said he has successfully revitalised the tea company at Kakara in Sardauna Local Government Area and is working assiduously to ensure that the rice farm in Gassol, which is the largest in Northern Nigeria commences production.
He also promised to reactivate the broken-down Lau Tomatoes as well as the sugar companies, saying it will only be feasible if the existing peace could be sustained, which involves engaging the minds actively in life transforming ventures.
The Governor expressed optimism that if people of the region were engaged in meaningful activities that will keep them busy, all forms negative vices would be a thing of the past.
Mr Ishaku lamented that when he took over as the Governor, the state was enmeshed in one conflict or the other leading to huge loss of lives and property, explaining that, the first one year was spent trying to fix peace in all the crises affected areas.
He revealed that he resorted to the use of a slogan ‘give me peace and I will give you development,’ which became an anthem at every given opportunity, adding that development is only possible if there is peace and at the moment the state is relatively calm as efforts are being made to sustain the peace currently being enjoyed.
Mr Ishaku, who described the human mind as difficult and the devil’s workshop, said he was working very hard to keep all Tarabans busy with activities so that everyone would be preoccupied with things that are positive to help better the lives of the people of the state as a whole.
Speaking on health institutions in the state, the Governor said his major concern at the moment is to address the lack of viable health centres across the state, saying that at the moment; only the state Specialist Hospital was operational.
He however stressed that even at that, he had do a lot of renovation and purchase of equipment to be able to attend to health needs of the people, revealing that the hospitals in Bambur, Gembu and Wukari would soon be renovated and equipped with modern facilities.
Similarly, he informed the committee that lack of adequate manpower in the health sector is a major problem, most especially, in the areas of nurses and other health workers, adding that retired nurses were re-engaged to complement the efforts of the few ones pending when the state’s School of Nursing will start graduating fresh nurses, which is expected to take about three years.
Earlier in his speech, the Chairman of the Sub Committee on Economic Development of the Northeast, Mr Yusuf Buba Yakub said they were in the State to ascertain the level of destructions as a result of communal and religious conflicts, insurgency and clashes between farmers and grazers with a view to assisting State.
Mr Yakub said when the committee was inaugurated on October 26, 2016, by President Muhammadu Buhari, it was mandated to work on security stabilisation and peace building, urgently look into humanitarian crisis and to rehabilitate.
He also said they are to equally resettle affected communities, reorganise the educational sector which covers infrastructure and enrolment of pupils and work out modalities that will improve the economic development of the Northeast which has been backward even before the advent of insurgency.
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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