Economy
Nigerian Economy Now in Tatters—PDP Governors
By Dipo Olowookere
Governors elected on the platform of the Peoples Democratic Party (PDP), the main opposition party, have accused the All Progressives Congress (APC) led federal government of wrecking the Nigerian economy and turning the country “into a killing field.”
On Monday, the opposition governors met in Bauchi State to discuss the state of the economy and security in the country. The gathering was chaired by the Governor of Sokoto State, Mr Aminu Tambuwal.
At the end of deliberations, a communique was issued at the Governors blamed the administration of President Muhammadu Buhari for leaving the nation’s economy in tatters.
They said the government has not done enough to attract foreign direct investments (FDIs) as policies put in place have always discouraged foreign investors from Nigeria.
“Government should stop paying lip service on the Ease of Doing Business, as foreign direct investments have continued to fall partly due to obstacles placed on foreign companies wishing to invest in Nigeria.
“A glaring example is that of Facebook who insisted on investing in Nigeria rather than Ghana, and is being frustrated by regulatory authorities,” a part of the communique read by Mr Tambuwal stated.
To address this issue and others, the opposition governors advised the national government to join forces with the state governments.
“On the economy, the meeting admonished the APC federal government to collaborate more with state governments to stem the unemployment scourge affecting the youths of Nigeria, through technology and increased production in all fields of endeavour,” they said.
In addition, they want President Buhari to urgently tackle banditry and terrorism in the country, emphasising that these have not in any way helped the economy.
“On the security of lives and properties, in addition to our earlier recommendations, it is time to bring the activities of bandits, kidnappers and terrorists to an end, through increased use of military equipment, traditional means of conflict resolution and technology for surveillance and the development of the political will to flush them out.
“Kidnapping, banditry and terrorism are not business ventures as claimed by the APC but heinous state crimes that is destroying the Nigerian economy, the educational and social future of our children and causing significant social upheavals in society,” the PDP Governors admonished.
They also called on the Nigerian National Petroleum Corporation (NNPC) and other revenue-generating agencies to “strictly abide by the Constitution by remitting all their revenue less cost of production into the federation account as provided for by S.162 of the Constitution.”
On politics, the opposition governors berated Mr Buhari for turning the State House into the headquarters of the APC, where he receives decamping members of the PDP. They want him to focus on governance and restore the past glory of Nigeria.
Present at the meeting on Monday were Mr Tambuwal; Governor of Abia State, Mr Okezie Ikpeazu; Governor of Akwa Ibom State, Mr Udom Emmanuel; Governor of Bayelsa State, Mr Douye Diri; Governor of Benue State, Mr Samuel Ortom; and Governor of Delta State, Mr Ifeanyi Okowa.
Others were the Governor of Enugu State, Mr Ifeanyi Ugwuanyi; Governor of Rivers State, Mr Nyesom Wike; Governor of Oyo State, Mr Seyi Makinde; Governor of Adamawa State, Mr Ahmadu Umaru Fintiri; Governor of Edo State, Mr Godwin Obaseki; Governor of Bauchi State, Mr Bala Mohammed; Governor of Taraba State, Mr Darius Ishaku; and Deputy Governor of Zamfara State, Mr Mahdi Mohd.
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.
