Economy
Oyo Honours Heritage Bank for Empowering Women
By Modupe Gbadeyanka
The continuous commitments of Heritage Bank to the empowerment of women in the society have been lauded by the Oyo State government.
Heritage Bank was showered with praises at a three-day summit entitled ‘The Ultimate Woman at a Time Like This,’ which took place at the Emeritus Theophilus Ogunlesi Multipurpose Hall, Opposite UCH Gate, Ibadan.
At the event, organised under the auspices of the Oyo State Officials’ Wives Association (OYSOWA), the bank was recognised and awarded for this and charged to keep the flag flying.
Receiving the award on behalf of the financial institution, Managing Director of Heritage Bank, Dr Ifie Sekibo, stated that the bank’s supports toward women entrepreneurs reinforce its belief in small businesses and their importance to economic growth of the country.
“Heritage Bank recognizes the importance of women in the society, especially in the economy, and this informs its commitment to women empowerment. Our mission is to help women succeed in business and in life.
“We believe that with the right motivation and resources, more women in Africa and in Nigeria can achieve the enviable success that many women across the world have achieved. At Heritage Bank, we have committed ourselves to providing these capacity and resources to empower and motivate women across the country,” Dr Sekibo said at the summit.
Women empowerment, according to the bank chief, was informed by the need to advance the Nigerian woman’s confidence and also teach her to find a balance between living the life she wants and securing her financial future.
On her part, leader of OYSOWA, Mrs Florence Ajimobi, described the summit, in its 5th edition, as a landmark for two reasons: “The first is that this is the fifth edition of the summit and it is so amazing that this small idea that was conceived a few years ago has become a reference point.
“The second is that just this year, the Violence Against Women Law 2016, was passed by the Oyo State House of Assembly to the glory of God.
“I recall that during the first summit in 2012, I mentioned that steps were being taken to pass this bill into law and there was even a session on passing a bill on violence against women during that summit.
“This summit gives us an opportunity to celebrate this achievement for Oyo State that now, we have a law that protects us (women) specifically.”
She noted that over the last five years, several programmes have been organised with a view to producing ultimate women in the society. She also advocated upward review for the roles of women in nation building.
Wife of Imo State Governor, Mrs Nkechinyere Okorocha, who advocated greater recognition for women, noted that the change that Nigerians desired and believed has finally come to the country.
Also, Senior Special Assistant to President Muhammadu Buhari on Sustainable Development Goals (SDGs), Mrs Adejoke Orelope-Adefulire, emphasised the need for Nigerians to pray for their leaders and why women should be supportive to their husbands and play their own quota in the growth and development of the country.
Oyo State Governor, Mr Abiola Ajimobi, and his counterparts from Lagos and Osun, Mr Akinwumi Ambode and Mr Rauf Aregbesola respectively, called for increased support for women to ensure that they overcome challenges limiting their potentials.
The three governors noted that in this period of economic recession, the leaders at every level should ensure that the water does not become too hot for women, and that the future of every society is determined by the quality of women in that society.
They also called for empowerment programmes capable of preparing women economically for any emergency situation in the country and on the home front.
By Aduragbemi Omiyale
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has expressed worry over plans by the administration of President Bola Tinubu to spend about $11.6 billion on debt servicing.
In a post on his social media platform on Monday, the opposition politician criticised this move, saying it is not good for the country.
He also said this action “should concern anyone interested in the country’s economic future and long-term development.”
The former Governor of Anambra State kicked against the penchant of the government to borrow from various sources without anything to show for it.
“There is nothing inherently wrong with borrowing when it is guided by prudence and directed toward productive investment, he noted, stressing that countries such as Japan, the United Kingdom, the United States, the United Arab Emirates, Singapore, and Indonesia are all heavily indebted, yet their borrowings are largely channelled into education, healthcare, infrastructure, and innovation – sectors that generate long-term economic returns and sustain repayment capacity.”
According to him, “despite high debt levels, their obligations remain more manageable because they are tied to measurable productivity.”
He said, “Nigeria’s situation, however, is markedly different. A huge proportion of past borrowing has been directed toward consumption, with limited visible or sustainable developmental outcomes to justify the scale of indebtedness.”
“It is also important to note that a huge portion of the debt currently being serviced was accumulated under the Tinubu administration itself, while borrowing has continued at a significant pace. The administration’s recent external borrowing alone includes about $6 billion (from First Abu Dhabi Bank in the UAE—$5 billion, and UK Export Finance via Citibank London—$1 billion), a further $1.25 billion under consideration from the World Bank, and an additional $516 million arranged through Deutsche Bank, bringing the latest known external loan commitments to roughly $7.8 billion. In addition, domestic borrowing through monthly bond issuances continues to add to the overall debt stock,” the businessman also stated.
“Against this backdrop, Nigeria’s 2026 budget shows that health is N2.46 trillion, education is N2.56 trillion, and poverty alleviation is N865 billion, giving a combined total of about N5.885 trillion for these three critical sectors.
“By comparison, debt servicing at about $11.6 billion (approximately N17–N18 trillion, depending on exchange rate assumptions) is almost three times higher than the total allocation to health, education, and social protection combined. This imbalance highlights a troubling fiscal reality in which debt obligations increasingly crowd out investment in human capital and poverty reduction.
“Moreover, even within the limited allocations to these sectors, funds may not be fully released, and a significant portion of what is eventually released could be misappropriated,” he further stated.
Mr Obi said, “The central issue is not borrowing itself, but whether borrowed funds are being converted into measurable productivity, inclusive growth, and improved living standards. Without this, debt servicing shifts from being a temporary fiscal obligation to a long-term structural burden that constrains development and deepens economic vulnerability.”
By Adedapo Adesanya
Pathway Advisors Limited, an issuing house and financial advisory firm, has announced the successful completion of the Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc.
The Series 2 offer, issued under Veritasi Homes’ newly registered N20.00 billion Commercial Paper Programme, raised N16.76 billion, significantly above its initial N12.00 billion target on the back of strong institutional demand.
This issuance builds on the company’s track record in the Nigerian debt capital market and follows the recently concluded N10 billion 3-year 20 per cent Series 1 Fixed Rate Bond Issuance, further reinforcing investor confidence in Veritasi Homes’ strong credit profile.
The 364-day tenor instrument attracted robust participation from a diverse pool of institutional investors, underscoring sustained confidence in the Company’s financial strength, operating model, and governance standards.
Commenting on the deal, the Founder/CEO of Pathway Advisors Limited, Mr Adekunle Alade (MBA, FCA, M.CIod), noted that the outcome further validates investor appetite for well-structured transactions in the Nigerian capital market.
“The strong oversubscription speaks to the market’s confidence in Veritasi Homes’ performance, governance, and repayment track record. We are pleased to continue supporting issuers with strong fundamentals in accessing efficient funding.’’
He further highlighted that Veritasi Homes’ consistent market activities since 2022, including successful issuances and full redemption of matured obligations, continue to strengthen its reputation among institutional investors.
“Pathway Advisors Limited remains committed to maintaining its leadership position within Nigeria’s capital markets through the origination and execution of transformative, value-driven, and commercially viable transactions by deploying innovative financial solutions and facilitating strategic capital formation across critical sectors.
“We are committed to supporting credible corporates in accessing efficient short-term and long-term financing solutions within the Nigerian capital market,” he said in a statement on Monday.
Speaking on the transaction, the Managing Director/CEO of Veritasi Homes & Properties Plc, Mr Nola Adetola, described the outcome as a strong endorsement of the company’s fundamentals.
“This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community. We are grateful to all institutional investors for their confidence in Veritasi Homes.”
He added that the proceeds from the issuance will be deployed to support the company’s working capital requirements, enhance liquidity, and complete the ongoing development activities across its real estate portfolio.
Mr Adetola also commended Pathway Advisors Limited for its advisory and arranging role in the successful execution of the transaction.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has approved the transition to the T+1 settlement cycle for capital market transactions from June 1, 2026.
This is coming some months after Nigeria moved from the T+3 settlement cycle to the T+2 settlement cycle.
The T+ settlement cycle is the number of working days required to complete a capital market transaction, such as the trading of securities, shares, and others, from the first day the trade was executed by an investor.
In a notice on Monday, the SEC, which is the apex capital market regulator in Nigeria, said it was authorising the new system to “promote an efficient, fair, and transparent capital market.”
Under the new arrangement, equities and commodities traded by investors at the market would be cleared and settled by the Central Securities Clearing System (CSCS) within one day.
The agency noted that the migration to a T+1 settlement cycle forms part of its ongoing market modernisation initiatives aimed at enhancing market efficiency and strengthening risk management. reducing counterparty exposure, improving liquidity, and aligning the Nigerian capital market with international standards and global best practices.
“Accordingly, all eligible trades executed in the Nigerian capital market shall settle one business day after the trade date (T+1),” a part of the statement noted.
It was stressed that “Friday, May 29, 2026, shall be the final trading day under the existing T+2 settlement cycle. Trades executed on Friday, May 29, 2026, and Monday, June 1, 2026, shall both settle on Tuesday, June 2, 2026. All trades executed from Monday, June 1, 2026, onward shall be subject to the T+1 settlement cycle.”
SEC tasked all capital market operators, securities exchanges, clearing and settlement infrastructure providers, custodians, registrars, issuers, and other relevant stakeholders to take all necessary measures to ensure full operational readiness and compliance with the new settlement framework.
“Market participants are expected to review and align their systems, processes, controls, and operational workflows ahead of the implementation date,” it further stated, promising to continue to engage stakeholders and monitor the implementation process to ensure an orderly and seamless transition.
The regulator said it remains committed to strengthening market integrity, enhancing investor confidence, and fostering the development of a modern. resilient and globally competitive Nigerian capital market.
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