Economy
Lagos Economic Summit 2020 Set for November 10
By Adedapo Adesanya
The Lagos State Government has unveiled plans for the 2020 Lagos Economic Summit popularly known as EHINGBETI, six years after it was last held in 2014 under the Babatunde Raji Fashola administration.
The summit has been themed For Greater Lagos: Setting the Tune for the Next Decade and will run virtually from Tuesday, November 10 through Thursday, November 12 2020.
Mr Sam Egube, Lagos State Commissioner for Economic Planning and Budget, said at a media interaction on Sunday in Lagos that the summit had been resuscitated by Governor Babajide Sanwo-Olu for enhanced economic growth and development.
Mr Egube said that the summit would address pertinent issues that affect Lagos as an evolving megacity and chart a course for the actualisation of the dream of the current administration.
He said that the government had implemented 109 out 119 resolutions reached during past editions of the summit.
“The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos State.
“It is our belief that you cannot lead a place like Lagos with one mind, you have to bring together all the minds.
“So far, about 119 resolutions were taken in the history of EHINGBETI and 109 of them implemented.
“What Lagos State Government is trying to do is to stimulate contributions from the private sector, get them interested in the governance of the state, and lead the way in terms of the outcomes.
“For example, the whole idea about the blue line, the red line, the rail master plan are things that came out of EHINGBETI,” he said.
Mr Egube, who also doubles as the Chairman EHINGBETI, said that major developments in the state and key decisions were reached at the past editions of the summit.
He said that the summit was introduced to stimulate contributions from the private sector and corporates for a better Lagos.
The Summit Chairman noted that the platform was primarily driven by the private sector and backed by the government to show the vibrancy of Lagos.
“We are proud that the private sector in Lagos is active and responsible and takes positive outcomes with the government in the development of ideas,” he said.
Mr Olayemi Cardoso, Co-Chairman EHINGBETI, commended Mr Sanwo-Olu for bringing back the summit in line with his campaign agenda.
The Co-Chair said that the summit introduced in 2000 had yielded a number of positive results and should be maintained.
In his words, “It is timely that this is happening. I say that because COVD-19 and its aftermath wreaked havoc in economies around the world and we are no exception to that, and when it going to end, nobody knows.
“All we know is that countries around the world, paid dearly from being on lockdown, and for any lockdown, you have a corresponding loss in gross domestic product.
“With the challenges ahead, and Lagos being the economic nerve centre of the country, there is a large responsibility to ensure that it protects the citizens of the state, and this is something that can’t happen unless it is planned for.
“It is a great opportunity for us in the private sector to come together with the government again to show what Lagos is truly made off and show what Lagos can truly do in the most difficult and challenging circumstances which we are in,” Mr Cardoso said.
He added that the virtual summit would make it easier for enhanced participation of the private sector, local and foreign investors.
Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry, said that EHINGBETI was about inclusiveness.
He noted that investment was very important for the development and growth of any economy.
“We know that making the economy to progress is about promoting investments, and that is what makes the difference between Lagos and many other states.
“The focus on investments is very key and is the top priority for Lagos State Government and we appreciate that a great deal.
“This has been the context of the very strong public/private partnership that we have witnessed in the state.
“We are part of this and we know it is going to create a lot of value. We are committed to partnering with Lagos State Government to ensure that we continue to push this forward,” Mr Yusuf said.
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.
