Economy
Why Lagos Joined Odu’a Investment Group—Ambode
By Dipo Olowookere
Outgoing Governor of Lagos State, Mr Akinwunmi Ambode has explained why he made efforts to allow the commercial capital of Nigeria join the Odu’a Investment Limited.
The group is the only regional investment group existing in the country at the moment and it comprises the six states in the southwest region of the country; Lagos, Ogun, Oyo, Ekiti, Ondo and Osun States.
Speaking on Monday, Governor Ambode explained that the desire to see the total economic integration of the south west region propelled his administration to join the group, saying that it would be a win-win situation for not just every State in the zone but also the nation at large.
“My belief in the total economic integration of the South West arising from our vision of the South Western Governors Forum that there is a need for all of us to come together as a regional force to be able to help each other in the areas of our comparative advantages was what drove me to make sure that we become partners in the Oodua Investment Group and I am happy we were able to do it with the support of the State Executive Council, we are happy also that we would be bringing in part of our own competences and expertise to grow this Investment Group.
“We are very proud that it is the only regional investment group that is existing in this country right now and because of that I am very happy that I was able to do this at least to lay down the foundation and the framework that would allow the bigger economic integration to take place even with the kind of infrastructure that we have tried to put in place also, we believe strongly that in the overall interest of the country, there is need for a regional interplay of competences so that the nation can grow its GDP, while we can also grow our own region,” he said.
Responding to the request by the Group for the state to nominate representatives for Lagos on the Board of Odu’a Investment Company Limited, Governor Ambode said he would defer the opportunity for the incoming administration to undertake, saying that it would be a means to ensure that the interest of the State is fully represented and sustained.
“That in itself will propel the payment of the remaining residue for the Shares also. You can have our commitment that we would put it in our handing over note so that it becomes something of priority.
“The whole idea as we have said is to be able to use our God found location in geographical terms to our best advantage and that’s what Oodua Investment Group stands for,” the Governor said.
Also speaking, Director of the Odu’a Investment Company, Mr Tajudeen Bello, described the entrance of Lagos into the Group as courageous, expressing confidence that it will engender a positive impact on the socio-economic development and advancement of the South West geo-political zone based on its commercial enterprise and uncommon resilience and resourcefulness.
Mr Bello lauded the Governor for seeing through the Lagos State membership of Odu’a with the epoch making signing of the Share Purchase Agreement in March 2018, saying that it was indeed a soothing reunion with Lagos joining forces with the other five South West States which would have significant economic benefits for the region on the long run.
“We will like to put in on record the overwhelming support and excitement of Yorubas across the Length and breadth of Nigeria and indeed in the diaspora on that landmark event within the cherished concept of regional economic development and integration last witnessed during the hay days of Western Region.
“It is our cherished desire and commitment in Odu’a Investment that this membership will unleash a geometric impact on the socio-economic development of our geo-political zone as a result of mutual benefits arising from the synergy of the ebullience of the commercial enterprise of Lagos and the uncommon resilience and resourcefulness that the Yoruba hinterland is reputed for since immemorial,” Mr Bello said.
The Odu’a chief commended Governor Ambode for his landmark achievements, adding that the Group will continue to explore for collaboration opportunities including the Lagos State Embedded Power Supply Act structured to guarantee 24-hour power supply for the State, Rice Mill at Imota as well as numerous investment opportunities created by his administration.
He also commended the Governor for his sterling achievements in office, saying that his tenure recorded peace and positive transformation of Lagos as well as his sincere love and unalloyed support for the progress of the people.
Mr Bello, who later presented the State’s Shares Certificate to the Governor, said the Group was confident that the six States in the region which make up the investment company will leverage on its comparative advantages and work together for the betterment and development of the entire region and its people.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
