Economy
Sylva to Woo Investors to Nigeria’s Energy Market in London
By Adedapo Adesanya
The Minister of State for Petroleum Resources, Mr Timipre Sylva, will lead investment-focused dialogue during the Invest in African Energy Reception set to take place in London on January 26.
With the Nigerian energy market on the precipice of another transformation on the back of diversification and market-driven policy implementation, the participation of Mr Sylva is key for securing new capital for Nigeria’s rapidly growing market while enabling new players and financiers to expand their footprint in one of Africa’s biggest oil-producing countries.
Nigeria has emerged as one of the most attractive destinations for foreign investment, owing largely to the signing into law of the Petroleum Industry Act (PIA) in 2021. With the Act, the Nigerian energy market is more enabling for business than ever, and the Minister will showcase opportunities in the sector during the Invest in African Energy Reception in London.
The Act itself has already unlocked tangible benefits, with the country positioning itself as the biggest oil producer in Africa in 2023, despite a year of production declines owing to challenges associated with oil theft and reduced exploration.
With the state-owned company, the Nigerian National Petroleum Corporation identifying and shutting down an illegal pipeline responsible for the loss of up to 600,000 barrels per day of crude oil, production rapidly increased to approximately 1.5 million barrels per day in December 2022, setting the country up for an exciting year in 2023.
The country is more ambitious than ever when it comes to expanding the oil and gas market even further, with the government incentivizing E&P activity in a bid to boost production levels further. As such, opportunities for upstream players have opened up, and Minister Sylva will be making a strong case for hydrocarbon exploration during the reception in London.
Nigeria has over 200 trillion cubic feet (tcf) of proven natural gas reserves, and there are opportunities to increase this figure to 600 tcf with advancements in exploration. This has positioned the country as the destination of choice for financiers and project developers from across the natural gas landscape.
Also, at a time when global markets are urgently seeking alternative gas supplies in light of ongoing supply constraints, Nigerian gas has emerged as a top solution, and investors are encouraged to capitalize on the opportunities present across this rapidly growing market.
However, Nigeria’s oil and gas market opportunities transcend exports, with the country well-positioned to feed into regional supply chains. Having signed a deal with Equatorial Guinea that would see Nigerian gas being processed at the country’s Punta Europa facilities while making steady progress to complete the Trans-Saharan Gas Pipeline and breaking ground on new project developments, Nigeria is opening new opportunities for electrification and industrialization in Africa on the back of intra-African gas trade, made possible through initiatives such as the African Continental Free Trade Agreement and the progressing Central African Pipeline System.
“Through his participation at the Invest in African Energy Reception in London – taking place in partnership with the African Export-Import Bank (Afreximbank) and Rystad Energy – Minister Sylva has made clear his commitment to securing new capital for a suite of large-scale projects across the entire energy value chain in Nigeria.
“During the event, the Minister will be driving market-focused dialogue on why investing in Nigeria is so critical, both for the African economy and for the global energy market at large.
“The London event provides financiers and energy players with the unique opportunity to directly engage and connect with a leading government representative from the biggest oil producer in Africa, and the AEC is encouraging all of those interested in expanding their footprint in Africa to join us at this high-level event,” Mr NJ Ayuk, Executive Chairman of the AEC said.
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.
