Feature/OPED
Creating Wealth Through Fixed Income Securities

By FSDH Research
There are huge opportunities in the Nigerian fixed income securities market for investors to create wealth. Investment in fixed income securities presents an opportunity for investors with a preference for low risk to generate regular income and reduce the volatility of the return on their investment portfolio.
Fixed income instruments are used by governments and corporate organisations to borrow money from the investing public, to finance their activities either on a short-term or long-term basis. The issuers are the borrowers while the investors are the lenders.
The issuers of the debt instruments promise to pay interest to the investors on a predetermined basis until the maturity date. In most cases, the issuer pays the principal amount to the investor on the maturity date.
The price of a traded fixed income instrument may appreciate or depreciate between the issue date and the maturity date but the price moves to the par value on the maturity date.
Some of the risks associated with fixed income securities investment are: default risk and reinvestments risk.
Some fixed income securities don’t pay interest, as such, they are issued at a discount to the face value and are redeemed on maturity at the face value.
The Nigerian Government Treasury Bills (NTBs) are short-term debt obligations backed by the FGN with a maturity not more than one year. They are issued at a discount to the face value. This means that the amount that investors invest is lower than what they receive at maturity and they are not paid intermediate interest.
Commercial Papers (CPs) are issued by corporate organisations to finance short-term obligations of not more than 270 days and are usually issued at a discount to face value.
Some fixed income securities however pay interest, called coupon, at pre-determined time intervals such as semi-annually or quarterly.
Fixed income instruments in Nigeria include: The Federal Government of Nigeria Bonds (FGN Bonds), State Government Bonds (SG Bonds), NTBs and CPs.
The Debt Management Office (DMO) issues the FGN Bonds on behalf of the FGN and the tenor ranges from 3 to 20 years. The FGN has an obligation to pay the bondholders the principal and agreed interest as and when due. The instruments issued by the FGN (NTBs and FGN Bonds) are considered the safest of all investments in the domestic debt market because they are backed by the ‘full faith and credit’ of the FGN.
The FGN has never defaulted in the payment of interest and principal due to investors. Thus the default risk is low but the FGN Bonds face reinvestment risks because of changes in interest rate in the economy.
At the moment, the interest income earned on Bonds, CPs and NTBs are tax free.
In March 2017, the FGN introduced the FGN Savings Bond, to promote a savings culture among Nigerians, while giving retail investors the opportunity to earn income from a secure investment. The FGN Savings Bond is issued monthly in tenors of 2 and 3 years, with quarterly interest payments. The minimum subscription amount is N5,000 with additions in multiples of N1,000, subject to a maximum of N50 million. There are also mutual funds that have fixed income securities as their underlying assets. Mutual Funds are good investment vehicles that promote savings and investments.
The Net Asset Value of Fixed Income Securities Funds in Nigeria grew from N57 billion in 2014 to N165 billion as at May 2017 according to data from the Securities and Exchange Commission (SEC).
This shows the increasing interest in these instruments as investment vehicle for Nigerians and Nigerian entities to growth wealth.
The average yield on the FGN Bond as at June 29, 2017 was around 16%. The average yield on the 330-day NTB was 18%, while the average yields on some selected Non-Bank CPs and Bank CPs were 20% and 21% respectively. Most of these yields are higher than the latest inflation rate of 16.25%.
With consistent investment in fixed income securities, investors can create and grow wealth while providing the needed capital to the issuers to finance developments in the domestic economy.
Source: FSDH Research
Feature/OPED
Nigerian Women Achieve: Lessons in Real Support from the Super Falcons and MTN

When the Super Falcons pulled off their stunning comeback against Morocco to win the 2024 Women’s Africa Cup of Nations, it wasn’t just another title. It was a defining moment. Down by two goals and playing against the host country, the Nigerian women’s team fought back to clinch a 3–2 victory and claim their 10th WAFCON trophy. It was bold, brilliant and beautiful to watch.
But beyond football, something else stood out. In the days that followed, the Falcons shared a handwritten letter addressed to MTN Nigeria. It was signed by their captain, Rasheedat Ajibade, and spoke from the heart. The team acknowledged MTN’s support throughout the tournament, from their pre-match preparations to the warm welcome they received back home. It wasn’t just about appreciation. It was a reflection of what can happen when women are backed, seen and celebrated.
MTN has been the official telecommunications partner of the Nigerian Football Federation for years, and their involvement in football isn’t new. But their support of the women’s team this year was different. It was loud, visible and intentional. The Falcons were first received at the MTN Nigeria headquarters in Ikoyi, where staff lined the building, singing and cheering as the players arrived. The next day, MTN hosted a celebratory breakfast reception in Lagos where the company presented the team and coaching crew with a 150 million naira reward. Of that sum, 115 million went to the players and 35 million to the technical team.
What stood out even more than the money were the words shared by MTN’s CEO, Dr, Karl Toriola. He called the Super Falcons more than athletes. He called them inspirations. He spoke not only of MTN’s pride in their performance but also of the company’s broader commitment to women in leadership. According to Toriola, MTN Nigeria has already surpassed the 50-50 executive management gender representation goal set for 2030, and currently holds one of the most balanced leadership teams on the Nigerian Stock Exchange.
This alignment between external support and internal structure says a lot. MTN is not simply attaching its name to a moment. It is investing in systems that allow women to thrive, whether they’re on the football pitch or in the boardroom. That kind of support is rare, and it matters.
The Falcons clearly see it. In their letter, they described MTN’s role as more than a sponsorship. They acknowledged the power of visibility, of being shown that their achievements are worth celebrating. They also made it clear that this is just the beginning. The WAFCON win was historic, but their sights are set higher. They want to be global contenders, not just local champions.
That journey will require continued support, not just from the Federation or government, but from partners like MTN who understand that progress for women must be intentional and consistent. Backing women means showing up before the trophy is lifted, not just after.
Moments like these show us what is possible when women are supported to rise. And it is not just about football. It is about changing how young girls see themselves. It is about shifting how women are valued in every space. The Falcons said it best in their closing line to MTN: “Together, we’ll keep soaring.”
Feature/OPED
Humans + Machines: Building the Workforce of the Future

By Ursula Fear
Is AI coming for your job, or is it already working beside you? As its use becomes more routine, artificial intelligence is looking less like a threat and more like a teammate: answering queries, making decisions, chasing leads, processing invoices, and drafting content around the clock.
This new class of digital labour is changing how teams function, how targets are met, and how people spend their time at work. From now on, almost every job, team, and company will involve AI agents – systems that can analyse vast datasets, apply human-like reasoning, and act independently. Their presence is set to influence workflows, increase productivity, support innovation, and redefine roles across the organisation.
Rather than replacing people, AI is tilting the workload. Salesforce research shows that 23% of HR teams plan to redeploy employees into roles that make better use of their uniquely human strengths. At the same time, agentic AI adoption is projected to surge by 327% over the next two years (from roughly 15% adoption today to about 64% by 2027).
This shift is tied to anticipated productivity gains of 30% per employee and labour cost reductions of 19%, equating to about $11,000 in savings per employee annually, based on Organisation for Economic Co-operation and Development (OECD) wage averages. Rather than replacing people, organisations are preparing to reskill and redeploy workers, enabling humans to focus on higher-value roles that emphasise creativity, strategy, and interpersonal skills.
A recent Gartner poll further found that 95% of customer service teams intend to retain human agents to help define and guide the role of AI, reinforcing the value of a “digital first, not digital only” approach. Gartner further says that by 2027, half of the organisations that planned to significantly reduce their customer service workforce will abandon those plans, highlighting the limits of going fully “agentless”.
For African countries, the rise of digital labour presents an opportunity to build modern, inclusive workforces without being bound by outdated development models. But realising this potential depends on sustained investment in skills training, digital infrastructure, and equitable access to AI tools.
Train for tomorrow
Africa has the world’s youngest population. It’s bursting with entrepreneurial energy. But many young people still don’t have access to the tools and skills that will define the next era of work. If the continent wants to lead in the digital labour revolution, it should act now by investing in digital infrastructure, prioritising skills development, and forging partnerships that make future-focused training widely accessible.
Yes, the skills gap is real and broadband internet is still a luxury in many communities. But on the upside, AI training doesn’t require a university degree. Much of it is free, online, and accessible to anyone with a smartphone and a curious mind.
That opens the door to governments, educators, businesses, and civil society to step up to update school curricula, expand digital infrastructure, and support public-private training partnerships. All of this matters: not just for economic growth, but for social inclusion, too.
If these foundations are put in place, African countries could not only meet the needs of their growing population but also leapfrog outdated development models.
From entry-level to in-demand
When AI begins to handle the simpler tasks, it’s easy to worry about what’s left for those starting out. Entry-level jobs aren’t disappearing though. Instead of doing routine work, newcomers will now need to build skills in oversight, collaboration, and using AI tools effectively from day one. The ladder still exists; it just starts in a different place.
This will require a different kind of training – not just technical know-how, but in soft skills like empathy, adaptability, ethical judgement, and communication, which are all human traits that help teams thrive.
AI’s presence in the workplace may be concerning, with reports of job cuts due to its adoption (here), but all is not as it seems.
Research suggests a more balanced perspective: One of the most comprehensive studies, from the National Bureau of Economic Research, tracked 25,000 workers across 7,000 Danish firms using AI chatbots. It found no significant changes to jobs, wages, or working hours. Productivity rose by around 3%, without leading to layoffs.
The St. Louis Fed found something similar. Based on large-scale surveys in the US, researchers reported one in four workers now use generative AI weekly, saving on average just over two hours a week. Spread across the entire labour market, that translated into a 1.1% productivity gain. Crucially, there was no sign this efficiency came at the cost of jobs.
Adding to this, a 2024 study by Mäkelä and Stephany analysed over 12 million US job listings and revealed that demand is surging for “AI-complementary” skills such as resilience, teamwork, digital literacy, and analytical thinking. These are the very human capabilities that help people work effectively with AI. The study found AI-focused roles are nearly twice as likely to list these skills, and they command wage premiums of 5–10%. Even more telling: the positive impact of these complementary skills outweighs the substitution effects of AI by up to 70%.
These findings all suggest that AI isn’t replacing workers; it’s helping them work smarter and more efficiently. To thrive in this blended future, we need to prepare today, by building the right skills, expanding access, and embracing AI not as a threat, but as a partner in progress.
Because the future of work won’t be entirely human, nor entirely automated – it will be a blend of both.
Ursula Fear is the Senior Talent Programme Manager at Salesforce
Feature/OPED
South West Appointment and Projects Favouritism: Fact or Fiction?

By Abba Dukawa
“It is utterly insensitive for Northern Nigeria’s elite to accuse President Tinubu’s administration of favoring the South-West geopolitical zone. Alleging favoritism towards the South-West, demonstrate a striking lack of sensitivity.
Where were these critics when former President Buhari’s administration faced controversy over alleged favoritism towards the North in appointments? Why they not accused PMB of violating the Federal Character Principle, which ensures balanced representation across regions.
Let’s set the record straight: According to BusinessDay, 81 out of 100 appointees since 2015 were Northerners, including key positions like Chief of Army Staff (Borno, North-East), Chief of Air Staff (North-East), National Security Adviser (North-East), Accountant General (Kano, North-West), and Chairman of the Federal Character Commission (North-East).
SGF (North East) Aviation (North West) AGF (North West) GMD NNPC(North East ) Minister of finance( North West). According to another reports, appointments by geopolitical zone are as follows: North West (51), North Central (47), North East (45), South East (41), South West (45), and South South (45). These figures are currently inconsequential.
Regarding the Northern elite’s claims about imbalance in President Tinubu’s appointments, the issue appears overstated. Instead, the more pressing question is whether they’re diverting attention from the North’s own developmental shortcomings. The region’s progress warrants scrutiny.”
The previous administration, despite having two consecutive terms, left key infrastructure projects unfinished in the north. Notable examples include the Kano-Kaduna-Abuja highway, a crucial North-South link,.
Kano-Maiduguri road project, vital for North West-North East connectivity. Moreover, Aminu Kano International Airport, a major Northern hub, significantly declined under the Northern Minister of Aviation’s supervision, rendering it nearly defunct.
The claim that President Tinubu’s administration favors the South-West in appointments appears baseless, particularly given the North’s experience under previous administrations.
Notably, Tinubu’s administration has appointed 71 individuals from the North and 63 from the South. A breakdown of Southern appointees reveals: South-West (26), South-South (21), and South-East (16). I’m still unclear about the issue – it seems like fiction.
For those overnight champions of Northern interests, have forgotten the unfinished infrastructure projects started by the previous regime, such as the Abuja-Kaduna-kano (AKK) gas project, Mambilla Power Project.
What about the Baro Port project was commissioned by President Muhammadu Buhari on January 19, 2019: Despite its commissioning, the project has remained idle due to a lack of supporting infrastructure, such as access roads and rail connectivity.
The Kano, Daura, and Maradi rail projects, though unfinished under previous administrations, are being continued by the current government. Numerous others projects across the North, left incomplete despite 8 years in power?
President Bola Tinubu’s administration has approved several major projects in Northern Nigeria. Some notable ones include Kolmani Integrated Development Project, continuation of Abuja-Kaduna-Kano Gas Pipeline, Sokoto-Badagry Highway, Kaduna-Kano Rail Line, Kano-Maiduguri Dual Carriageway.
Agriculture Value Chain Initiative to boost agricultural productivity and economic growth. ACReSAL Program a World Bank-funded project aimed at restoring one million hectares of degraded land in the North.Healthcare Projects
Federal Medical Centers*: upgrades and expansions are underway at major facilities, including Ahmadu Bello University Teaching Hospital, Zaria, and Federal Medical Centre, Nguru.
A multimillion dollars oil exploration project located between Bauchi and Gombe states, expected to boost oil production and contribute to national economic growth. The project involves drilling activities, construction of a gas pipeline from Ajaokuta to Kano, and establishment of a Bauchi Oil and Gas Academy.
All these projects demonstrate President Tinubu’s commitment to improving infrastructure, energy, healthcare, and economic development in Northern Nigeria.
Despite numerous appointments and projects in Northern Nigeria, some self-proclaimed regional advocates remain driven by self-interest, claiming underrepresentation. Meanwhile, the appointments have sparked debate, with proponents citing merit and critics alleging their fuel ethnic and regional tensions.”
Dukawa write it from Abuja can be reached at abbahydukawa@gmail.com
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