Economy
ITFC to Finance SMEs in 8 West African Countries
By Dipo Olowookere
In order to bridge the substantial trade finance gap affecting owners of Small and Medium-scale Enterprises (SMEs) in West Africa, the International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has launched a new initiative called West Africa SMEs Program.
The new idea was unveiled at a special event sponsored by ITFC at the 5th edition of the Rebranding Africa Forum (RAF) held in Burkina Faso from October 5-6, 2018.
ITFC disclosed that programme will mainly provide financing lines, capacity building and advisory services to partner banks and SMEs in the West African Economic and Monetary Union (WAEMU) nations, namely Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo, with a pilot project implemented in Burkina Faso followed by Senegal.
With a vision to be the bank of reference for SMEs and SMIs in Africa, and a strong presence in presence in seven WAEMU nations, Coris Bank International (CBI SA), has been selected by ITFC as the pilot bank to implement the West Africa SME Program.
This program will consist of the deployment of assistance to CBI SA to adapt and modernize its tools and its lending processes to further increase access to credit for SMEs and will also support SMES through capacity development with the aim to increase their bankability.
“The program was designed to support the West African SME sector by creating integration between business development and trade finance.
“As the backbone of the region’s emerging economy, these SMEs require improved access to finance now more than ever, and Islamic trade finance has a significant role to play.
“We are confident that the program will help enhance the utilization of trade finance instruments placed at West African banks for SMEs,” the ITFC Chief Executive Officer, Mr Hani Salem Sonbol, said.
In addition to CBI SA, key partners in the implementation of the West Africa SMEs Program include SMEs support institutions as well as various content providers for modules and tools and implementing agencies.
Also at the high-level event attended by several African Heads of States as well as Ministers and dignitaries from the Middle East and Africa (MEA) region, the group announced a $1.5 billion Framework Agreement between the Government of Burkina Faso and ITFC.
As part of the agreement, ITFC will contribute to mobilizing financial resources to finance the export of agricultural commodities such as cotton and the import of agricultural inputs and foodstuff, as well as energy commodities such as crude oil and refined petroleum products.
It will also finance the extension of lines of financing to local banks to support local SMEs and the implementation of capacity building programs for the strategic sectors of the national economy.
“Burkina Faso is ITFC’s top beneficiary in Sub-Saharan Africa and we have since forged a solid relationship with the government to create an exemplary portfolio of operations that we can replicate in other countries.
“Our financing will no doubt go a long way in complementing the IsDB Group support for the country covering many sectors necessary for the country’s national development.
“The unique nature of our intervention remains as the integrated approach we adopt entails both trade financing and trade capacity development,” Mr Sonbol disclosed.
At the event were President of Burkina Faso, Mr Roch Marc Christian Kaboré; President of Niger, Mr Mahamadou Issoufou; President of Ghana, Mr Nana Addo Dankwa Akufo-Addo; and the Minister of Economy, Finance and Development of Burkina Faso, Ms Hadizatou Rosine Coulibaly Sori, amongst others.
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.
