Economy
Landslide Threatens $6b Mambilla Hydro-Power Project
By Modupe Gbadeyanka
There are strong indications that the over $3.2billion Mambilla Hydro-power project may be stalled by a landslide.
Apart from the landslide, another key factor that may frustrate the project initiated in Taraba State in 1982 is bad roads.
The hydro-power project has the capacity to generate about 3050 megawatts of electricity, which is far more than what the present six biggest thermal stations in the country have in total, 3030 megawatts.
The Mambilla Hydro-power was conceptualised to serve as the largest single hydro-power station in Nigeria.
Unfortunately, previous governments suspended the project due to different factors.
But President Muhammadu Buhari has revived the project and is determined to complete it.
The contract to construct the project was awarded on May 28, 2007 at the sum of $3.2 billion to China Gezhouba Group Company Limited (CGGC) and another Chinese consortium named Sinohydro.
But the amount was increased to about $6 billion due to inflationary trends. The Chinese firms are expected to provide 70 per cent of the sum while 30 per cent would be provided by the Federal Government of Nigeria.
The President was in China this year to seek the assistance of Chinese government, the major financier for the power-station, in an effort to ensure the speedy completion of the project.
Recently some foreign engineers in company of government officials on an inspection visit to Taraba State refused to proceed further to Barup, the project site due to bad roads damaged by massive landslide.
Other access roads are bushy that only bikes could ply while the rivers have no functional bridges.
All entreaties by officials and members of the local community were not heeded by the foreigners who insisted that they would not continue the journey on dangerous paths.
A source at the Federal Ministry of Work Power and Housing told the Economic Confidential that the Minister, Mr Raji Fashola has shown keen interest in ensuring the completion of the project because of its potential to add 3000MW to the grid through Hydro-Electric project rather than expensive gas plants.
The officer added that “the Ministry is working towards assessing the condition of the roads for immediate solutions. We are all aware that the project would provide employment opportunities and is expected to boost national economic growth.”
Also concerned about the development, former President Olusegun Obasanjo urged President Buhari to immediately complete the Hydro Power Project to increase the energy potentials of Nigeria and pave way for more development.
Obasanjo who was speaking with news men in Jalingo, Taraba State said that the project would be of great benefit to the region and to Nigeria and as such must be quickly completed. He added that the cost of completing the project was rising by the day stressing that it would be better to complete it now than wait for when it would be more expensive.
A community leader and Chairman of Mambilla Plateau Legacies Forum (MPLF), Mallam Ibrahim Ismail Sadiq appealed to the Federal and state governments to take urgent measures at addressing the problems of the roads and open up the potentials of the plateau. He said that the surrounding communities that are borders to Cameroon Republic are on the verge of being cut off from Nigeria as a result of the landslide that occurred on the only road linking Mambilla Plateau with Taraba state and Nigeria as a nation.
He said that: “Many foreign investors are reluctant to ply the dangerous roads that are dilapidated by landslides while the rivers could not be accessed by vehicle due to lack of functional bridges.
“Apart from the potential to generate power-supply, Mambilla Plateau offers attractive settings worth of massive investments than anywhere in Nigeria because of its unique physical and conducive climatic conditions for human settlement and cattle breeding.”
The Mambilla Plateau is a high grassland with an average elevation of 2419m (5249ft) above sea level, making it the highest Plateau in Nigeria which occupies an area 9389km§. It has cattle ranches, tea plantation and rolling glassy hills. It is a home to some rare species of birds and animals. The highland is also home to Nigeria and west Africa’s only highland tea plantation and production.
Mambilla landslide
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.
