Economy
Lagos Registers 400 Money Lenders, 10,000 Churches, Mosques
By Modupe Gbadeyanka
In two years about 400 money lenders were registered by the Lagos State government, the Commissioner for Home Affairs, Mr Anofiu Elegushi, has disclosed.
The Commissioner stated that this was done to coordinate activities of players in the money lending sector, saying it is also to protect residents of the metropolis.
“The ministry registers, profiles and monitors the viability of such companies in ensuring that while the money lenders are in business, the general public is also protected from scammers and people of questionable character, while also regulating activities of the companies,” he said.
He also said the collaboration with stakeholders in the sector has greatly assisted small scale business owners in Lagos to keep their petty businesses afloat without having to contend with high-interest rates of the big banks, adding that this activity has contributed to the micro-economic growth of businesses in the state.
Mr Elugushi, who was addressing newsmen at the Y2021 ministerial press briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja over the weekend, said the ministry is presently in the process of imputing data of every worship centre located in the state on a centralised database to allow the state government have reliable data of churches, mosques and their locations with a view to carrying them along in state government policies.
He expressed hopes that the policy, because of the inherent effective resource allocation and efficient management, will bring about extended benefits to many more churches and mosques in the state, saying that at present, the website designed for the enumeration has over 10,000 details of both Muslim and Christian religious organisations across the state.
The Commissioner also reported on the state of religious harmony and peaceful coexistence of people belonging to the two major religions in the state.
“We pride ourselves in saying that what divides and creates security breach in other parts of the country are what unites us in Lagos, bearing in mind that the state has become a home to people from across Nigeria and beyond.
“I am happy to report to you gentlemen of the press that in the last two years, the State has enjoyed tremendous religious harmony and peaceful co-existence, through one of the critical functions of our Ministry which is facilitating, maintaining and enhancing harmonious relations among faith-based groups and organisations in the state,” he said.
Mr Elegushi added that the feat was achieved through regular, vigorous and consistent engagements and discussions with religious leaders in the state under the umbrella of the Nigeria Inter-Religious Council (NIREC).
While giving the accounts of stewardship of both Muslim and Christian pilgrims welfare boards, the Commissioner disclosed that the ministry went the extra length to partner with the Ministry of Health in ensuring a seamless vaccination exercise for all intending pilgrims.
“As part of measures to ensure a successful pilgrimage exercise, intending pilgrims were screened both administratively and medically.
“Over 2,500 intending pilgrims were vaccinated with the Oxford AstraZeneca COVID-19 vaccine between Saturday, March 27 and Sunday, March 28, 2021, by the Christian and Muslim pilgrims welfare boards in collaboration with the state Ministry of Health. This was in fulfilment of the requirements for gaining entry into the Kingdom of Saudi Arabia for the performance hajj and Jerusalem pilgrimages,” he stated.
On the readiness for the Y2021 pilgrimage exercise by intending Christian pilgrims, Mr Elegushi informed that the permanent secretary in the Ministry led a six-man delegation to Jordan, ahead of the proposed May 2021 pilgrimage, to ascertain the preparedness of pilgrimage handlers and to also have a better and clearer view of historical sites in Jordan.
Also, the Commissioner said the ministry received 74 applications for naturalisation on behalf of the Federal Ministry of Home Affairs in two years. He said of these, 35 have been screened and recommended to the Federal Ministry of Interior for approval.
He explained that the Ministry is also in talks with foreign business owners, who intend to acquire Nigeria citizenship via naturalisation and/or special immigrant status, saying that with the ongoing engagement, Nigeria, especially Lagos State, stands to benefit foreign direct investment while the immigrant business owners also benefit by growing their businesses in one of the biggest markets in the world.
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.
