Economy
Ngige Tasks NDE, NSITF to Tackle Recession
By Modupe Gbadeyanka
Minister of Labour and Employment Mr Chris Ngige, has warned that Federal Government would not tolerate incompetence from the parastatals and agencies of government, cautioning that the changing times demand dynamic leadership to meet up with the extant challenges.
Mr Ngige said that all hands must be on deck to push the nation out of recession by 2017.
The Minister stated this during his working visit to headquarters of three parastatals under the Ministry of Labour and Employment recently in Abuja.
Addressing the management and staff of the National Directorate of Employment (NDE), Mr Ngige insisted that at a time Nigeria has slid into recession, the NDE which has a special mandate for job creation ought to distinguish itself in the joint effort to move the country out of recession through massive job creation in the area of agriculture and mining which were hitherto neglected.
“We must battle recession from all fronts. We must take Nigeria out of recession in 2017 and the National Directorate of Employment shall lead the way. This agency must lead domestic production in agriculture and mining.
“Nigeria must stop the importation of rice and other items we can produce here. Therefore, the NDE must redesign its programmes for the 2017 to align with massive job creation in agriculture, to sufficiently feed the nation and create jobs en mass,” the Minister said.
At the headquarter of the Nigeria Social Industrial Trust Fund (NSITF), the Minister tasked the management of NSITF, to expand the scope of the operation of the funds to capture Nigerians working in the private sector to enable them benefit from the scheme as it is a noble scheme that is aimed at providing insurance cover and compensation for injuries and accident suffered at work places.
He regretted that certain challenges have made it impossible for NSITF to meet up with his mandate. “The bitter truth is that NSITF has not lived up to expectations. It is high time we changed our old ways so that the fund can fulfilled its mandate. We must show more seriousness and face the work more squarely. He said.
During the visit to the National Productivity Centre (NPC), Mr Ngige observed that; “One of the major problems facing the nation is its inability to adequately measure her productivity. No nation has ever made progress without proper attention to productivity measurement, in such a situation the citizenry is not productivity conscious, with serious consequences on National output and remunerations.”
The Minister added that the present administration of President Muhammadu Buhari has productivity as a priority.
Earlier in his remarks, the Director General of the National Productivity Centre, Dr Kashim Yunusa Akor, revealed that the centre is working on development of productivity wage linkage system templat,e aimed at ensuring that wage determination is guided by workers’ productivity amongst other variables.
The Acting Director General of the National Director of Employment, Mr Kunle Obayan in his remark lamented the poor budgetary allocation to his agency, this he said has hampered the ability of the agency to perform optimally
The Acting Managing Director of the Nigeria Social Insurance Trust Fund, Ismail Agaka assured the Minister that his agency, come 2017 will work assiduously towards enlisting more companies into the scheme and respond promptly to claims.
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.
