Economy
N-Power: Beneficiaries To Undergo Physical Verification
By Modupe Gbadeyanka
Federal Government has disclosed that the 200,000 unemployed Nigerian graduates selected in the first batch of the N-Power Volunteer Corps (NPVC) would undergo a physical verification before being deployed to their places of assignment.
The beneficiaries, according to the government, are expected to start work on Thursday, December 1, 2016 and would be paid N30,000 as salary for the next two years.
A statement issued by the Senior Special Assistant on Media & Publicity to the Vice President, Mr Laolu Akande, it was revealed that over 90% of the beneficiaries were first verified using the Bank Verification Number (BVN).
Mr Akande, who referred to a BBC report last week regarding the testimonials of some of the selected Nigerian graduates, noted that “it is most gladdening that those who were selected are now telling the stories of how they have not been employed for years, but now grateful to the President for this initiative.”
Some of them, he added, expressed satisfaction, according to the BBC report now online, that even though they knew no one in government, they were selected for the paid volunteer job program, attesting to the transparency of the selection process.
He said all the states and the FCT through the focal persons they appointed have since received the list of the 200,000, and now working on deploying the beneficiaries to their places of assignment.
He also explained that by using the BVN which is one of the most viable means of identification in the country today, there is hardly any way anything fraudulent can sail through in the process.
“We are confident that the selection process, all the way through with BVN, and physical verification at the points of deployment in the states and the local government areas, are both transparent and impossible to abhor ghost beneficiaries, or any kind of fraud,” he asserted.
Already, Mr Akande disclosed that 93% of those selected have been screened through the BVN, with the commendable assistance of the Nigerian Inter-Bank Settlement System Plc (NIBSS) and only authentic and verifiable beneficiaries will be paid the N30,000 monthly stipends starting December.
Responding to some allusions made in sections of the media about random searches conducted on social media platforms, the SSA dismissed them stating that such cannot be better than “biometric identification we have secured through the BVN.”
In any case, he continued, “besides the BVN, there is going to be physical verification, through an in-built component in our selection system that requires that information submitted online during the application would have to be authenticated at the point of deployment across the country, including verification of academic credentials and residence status.”
According to him, just as is normal when someone gets a job or even admission to school, he or she would proceed to present papers that have been submitted during application for verification.
“This is also going to be like that, so claims about some applicants claiming to be residents of states would be dealt with if it turns out such claims are false. If an applicant cannot supply proof of residence, the selection is terminated,” he remarked.
Besides, he explained that in a local government such as Abadam in Borno State, where there have been claims that non-residents applied and were selected, Mr Akande assured that there is no cause for alarm because such people would have to show up for verification on the spot.
He added that there was also a likelihood that a number of applicants may have inputted Abadam inadvertently considering that Abadam LGA is number one on the list of LGAs under the list as posted on the N-Power portal.
“There is a good chance,” he continued, “that some applicants may have failed to complete the forms online accurately.”
Such errors are being reviewed and anyone found not to be resident in the LGA would be removed and replaced using the waiting list of applicants, he assured.
Said he, “An important aspect of the application was that applicants were told in clear terms that any false information would be grounds for disqualification.”
On how the 200,000 first batch of the N-Power was selected, the SSA Media explained that the selection was not only fair and done transparently, but also with adequate care.
Firstly, 40% of those who applied for the N-Power Teach and Agric were selected, and 50% of those who applied for the Health category, all based on an assessment test.
Then to mitigate the adverse socio-economic circumstances in the North- East an additional 4800 applicants from the region were selected with Borno State getting 1200 and Adamawa, Yobe, Taraba 800 each and Bauchi and Gombe 600 each.
Also to bolster states with low application numbers, an additional 4208 was selected and shared between Bayelsa, Jigawa, Kebbi, Sokoto and Zamfara States.
The Federal Ministry of Agric also additionally allocated 6799 applicants in the Agric category to all states across specific crop, fish and livestock targets in order to support government’s self-sufficiency target in Agric produce, he explained.
Gender and disability factor were also key in the selection. 46% of those selected, Mr Akande disclosed, are females, while a total of 1126 were successful applicants with disabilities.
Mr Akande then assured that those not selected in the first batch are now in the waiting list until the subsequent batches when they would be considered again, since there are still 300,000 to be selected under this budget cycle.
On why the selection process was based on states of residence rather than states of origin, Akande simply noted that for example, over 42,000 Nigerians applied for the N-Power from Lagos but only 3568 of them originate from Lagos. “Would it then be tenable to say almost 40,000 Bona fide Nigerians who are applicants resident in Lagos should just forget it since they are resident but not origins of the Lagos State?
By Adedapo Adesanya
The federal government spent N3.14 trillion on servicing its domestic debt in the first quarter (Q1) of 2026, according to the Debt Management Office (DMO).
The figure, contained in the DMO’s latest domestic debt service report for Q1 2026, comprised N2.97 trillion in interest payments and N169.68 billion in principal repayments.
According to the report, the government spent N741.82 billion on domestic debt service in January before the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing total spending for the quarter to N3.14 trillion.
The March figure represented a 47.7 per cent increase from the N967.67 billion recorded in February and was 92.7 per cent higher than the N741.82 billion spent in January.
The debt office said interest payments accounted for approximately 94.6 per cent of the total domestic debt service during the quarter.
Treasury bills accounted for the largest share of interest payments at N1 trillion, while interest payments on Federal Government bonds stood at N1.96 trillion.
The government also paid N4.24 billion in interest on FGN savings bonds during the period.
The debt management body said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, domestic debt service rose significantly throughout the quarter, with March alone accounting for nearly half of the N3.14 trillion spent between January and March.
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, has outlined how the Federal Capital Territory Administration (FCTA) can leverage Nigeria’s capital market to raise long-term funds for critical infrastructure projects instead of relying solely on annual budgetary allocations.
According to Mr Agama, the capital market offers the FCT a sustainable financing model for roads, rail, housing, water, transport and other infrastructure through instruments such as infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities.
Speaking at the Abuja Business and Investment Summit and Expo (ABIE 2026) in Abuja, the SEC chief noted that Abuja’s development demonstrates that economic growth is driven by investment, stressing that “cities are not built by budgets alone. Cities are built by capital markets.”
He advised the FCT to establish a long-term infrastructure bond programme backed by dedicated revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges, noting that this would enable the territory to finance major projects without overburdening annual budgets.
“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Mr Agama said, explaining that infrastructure projects generate long-term economic value that can be used to service debt over time.
The SEC boss said the territory could also access cheaper financing through green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.
He further proposed the creation of an FCT Real Estate Investment Trust to unlock value from Abuja’s extensive property portfolio while giving ordinary Nigerians an opportunity to invest in the city’s real estate market.
Mr Agama also urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund, saying this would raise capital without increasing government debt while improving corporate governance and transparency.
On the long-abandoned Millennium Tower project, he said the estimated over N400 billion completion cost should not be viewed as a budgetary burden but as an investment opportunity that could be financed through a special purpose vehicle and offered to investors via the capital market.
“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.
Mr Agama further proposed an asset recycling programme under which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors, with proceeds reinvested in new infrastructure.
He also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest as little as N10,000 through mobile phones in specific infrastructure projects.
According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market while providing enhanced investor protection and clearer regulation of digital assets.
Mr Agama disclosed that Nigeria’s capital market has grown significantly, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.
He said recent reforms, including the migration to a T+1 settlement cycle and regulatory measures to deepen market participation, have improved market efficiency and strengthened investor confidence.
The SEC DG assured the FCTA of the commission’s readiness to provide technical support for structuring and registering capital market instruments, saying the agency would work closely with the territory to unlock financing for infrastructure projects.
He added that Nigeria’s capital market remains critical to mobilising domestic savings for national development, insisting that “money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”
By Adedapo Adesanya
MTN Nigeria Communications Plc is awaiting regulatory approval from the Central Bank of Nigeria (CBN) to complete the planned transfer of a 60 per cent stake in its fintech businesses to its parent company, MTN Group, before the end of 2026.
The transaction involves MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services Limited (YDFS), two businesses within MTN Nigeria’s financial technology portfolio.
The development follows the company’s earlier announcement in April that MTN Group, through its fintech subsidiary, would acquire a 60 per cent stake in both companies for N95.5 billion, as part of a restructuring aimed at reducing MTN Nigeria’s exposure to the loss-making fintech operations.
Under the proposed structure, MTN Nigeria would retain a 40 per cent interest, while MTN Group Fintech would hold 60 per cent.
The company had said the transaction would be implemented in two phases, with the second phase involving the creation of a financial holding company, Fintech HoldCo, which would ultimately own 100 per cent of MoMo PSB and YDFS.
However, the completion of the restructuring is subject to CBN approval, which Business Post gathered is expected to be concluded in the second half of 2026.
The proposed transaction is designed to redistribute the financial and operational risks associated with the fintech businesses between MTN Nigeria and its parent company.
MTN Nigeria had explained that the restructuring would allow MTN Group Fintech to share future capital requirements, losses, regulatory obligations and execution risks associated with the businesses, while MTN Nigeria would maintain a significant minority stake.
The planned investment has an implied value of N152.06 billion in capital injection into the fintech companies, with the N95.5 billion transaction value based on an intra-group debt-free and cash-free valuation.
MoMo PSB operates as a payment service bank, providing services including deposits, payments, transfers and digital wallets to individuals and small businesses through digital and mobile platforms.
YDFS, meanwhile, operates as a licensed super-agent, providing agency banking services such as cash deposits, withdrawals and bill payments through the MoMo network.
MTN’s decision to restructure the businesses comes as the telecommunications company continues to invest heavily in its core connectivity operations amid growing demand for data and digital services.
MTN Nigeria also said it had invested more than N1.6 trillion in network infrastructure since the beginning of 2025, including N620.5 billion in the first half of 2026 alone.
The company’s data business has also expanded significantly, with data revenue rising by 38.4 per cent to N1.70 trillion in the first half of 2026, overtaking voice revenue of N993 billion.
The growth in data services has been supported by a 9.3 per cent increase in active data subscribers to 55.7 million, while smartphone penetration rose to 66.4 per cent.
MTN’s Chief Financial Officer, Mr Modupe Kadri, said the company remained focused on maintaining investment in its core operations while managing cost pressures and strengthening its balance sheet.
The company’s fintech restructuring therefore comes against the backdrop of a broader strategy to optimise its businesses, allocate capital more efficiently and ensure that investments are aligned with areas offering stronger growth prospects.
Once approved by the CBN, the transaction will allow MTN Nigeria to reduce its direct financial exposure to the fintech businesses while retaining a 40 per cent stake and continuing to participate in their future growth.
The company is expected to provide further updates on the transaction as the regulatory approval process progresses, with completion targeted before the end of 2026.
