Category: Refined Living

Government-owned agencies, commissions, and corporations that fail to submit their annual audited financial statements to the Office of the Auditor-General for the Federation could soon be denied budgetary allocations, following a new constitutional amendment proposed by the House of Representatives. The initiative seeks to strengthen fiscal oversight and enforce accountability rules that many Ministries, Departments, and Agencies (MDAs) have routinely ignored. For years, delays or non-submission of audited accounts have hampered the Auditor-General’s work and limited the ability of the National Assembly’s Public Accounts Committees to scrutinise public spending and address infractions. Under current law, MDAs are required to submit audited accounts, but there is no defined timeframe. This gap has allowed some agencies to operate for multiple fiscal years without audited statements, creating gaps in audit reports and weakening legislative oversight. Public Accounts Committees in both chambers have repeatedly noted that the absence of current audited accounts makes it difficult to track spending, verify compliance with appropriations, or follow up on previous audit queries. In response, the House of Representatives has proposed a constitutional amendment to enforce compliance and introduce clear sanctions. The proposal, adopted by the House Committee on Constitution Review led by Deputy Speaker Dr. Benjamin Kalu, mandates that all government statutory institutions, including MDAs, submit annual financial statements to the Auditor-General within a specified period. Lawmakers are expected to vote on the amendment when the National Assembly resumes from recess in January 2026. Clause two of the amendment introduces a new Section 85 (8–11), which states: “All government statutory corporations, commissions, authorities, and agencies, including all persons and bodies established by an Act of the National Assembly, shall submit an audited financial statement of all transactions to the Auditor-General of the Federation within 90 to 180 days of the new financial year.The audited financial statement must include detailed information on the body’s dealings. Failure to comply shall result in the National Assembly withholding approval of the entity’s budget for the following year.” Subsection 11 further directs: “The Auditor-General shall submit the names of any non-compliant government entities to the National Assembly for immediate exclusion from the succeeding year’s budget.” If passed and signed into law, the amendment would be among the strongest accountability measures in Nigeria’s public finance system, directly linking access to public funds with compliance with audit requirements. Lawmakers believe the threat of budgetary exclusion will push agencies, commissions, and corporations to prioritise timely audits, enhancing legislative oversight and public accountability.

Africa has been urged to move beyond short-term digital initiatives and integrate technology into governance systems that can withstand political changes and funding cycles. Adeniyi David Adebote, founder and CEO of Nnnew Network, noted that Africa is rich in ideas, talent, and reform initiatives but lacks institutions designed to work cohesively over the long term. “For decades, Africa has produced innovative pilots and reforms,” Adebote said. “Yet too many exist as standalone solutions. They function briefly and disappear when funding ends or leadership changes.” Across the continent, governments, civic organisations, technologists, and development partners have launched numerous initiatives aimed at improving elections, healthcare, public finance, and service delivery. While many achieve initial successes, Adebote argued their impact often fades because they are not embedded in durable institutional frameworks. “The challenge isn’t innovation—it’s institutional design. We keep building projects when what we truly need are systems.” He explained that many public systems in Africa operate in silos, with weak connections between policy, technology, and long-term governance structures. Electoral reforms often function separately from civic data systems, legislative processes remain largely detached from digital infrastructure, and health records are piloted without clear pathways to national interoperability. “What you see is fragmentation everywhere,” he said. “Agencies address related problems without shared architecture, standards, or institutional memory.” This fragmentation, he added, erodes public trust and makes scaling reforms difficult. Even well-intentioned initiatives often fail to outlive the administrations that introduced them because they were never part of a broader institutional network. “Innovation that isn’t connected is fragile. If it depends on one champion, one donor, or one political moment, it won’t last.” Through Nnnew Network, Adebote promotes an approach focused on networked institutions rather than isolated organisations. These institutions are defined less by physical structures and more by how information flows, decisions persist, and systems interact across political cycles. “We need institutions that link policy to technology, data to accountability, and reforms to long-term governance,” he said. “That connectivity gives systems resilience.” Technology, he emphasised, only serves this vision when treated as civic infrastructure rather than a set of standalone tools. “Digital transformation in governance isn’t about deploying software,” Adebote said. “It’s about embedding technology in legislative workflows, public records, accountability mechanisms, and secure processes that can endure leadership changes.” With Africa’s young population, rapid digital adoption, and growing demand for transparency, Adebote said the continent is at a defining moment. “The choices we make now will shape public trust for decades. If we continue building disconnected solutions, we will repeat the same failures.” He added that Africa’s next major progress will come not from isolated innovation, but from connected systems designed to last.  

The Central Bank of Nigeria (CBN) has warned that the ongoing recapitalisation of the banking sector could heighten concentration risk in Nigeria’s capital market, potentially crowding out non-bank issuers, despite current bullish trends in equities. The caution appears in the CBN’s Macroeconomic Outlook for Nigeria, 2026: Consolidating Macroeconomic Stability Amid Global Uncertainty, which highlights emerging vulnerabilities across the financial system. According to the report, while recapitalisation is essential for strengthening banks’ balance sheets and boosting resilience, it may disproportionately attract investor attention to the banking sector. “Despite bullish momentum, the capital market could face higher concentration risk from banks, as ongoing recapitalisation may trigger investor fatigue and limit opportunities for other issuers,” the CBN noted. The apex bank explained that increased capital-raising by deposit money banks could reduce funding availability for corporates outside the financial sector, especially while banks dominate equity issuance during this period. While improvements in capital adequacy and liquidity ratios provide buffers for banks, the CBN warned that these gains remain sensitive to adverse macroeconomic developments. “Rising credit losses or foreign exchange illiquidity could erode capital reserves, breach prudential thresholds, and strain liquidity coverage,” the report stated, adding that such scenarios could disrupt financial intermediation and weaken market confidence. It also highlighted rising non-performing loans as a medium-to-high risk, warning that declining asset quality could hurt earnings and increase systemic vulnerabilities. Exchange rate volatility was also flagged as a key risk, with the CBN noting that a sharp naira depreciation, though unlikely, could negatively impact banks’ balance sheets and liquidity, expand monetary aggregates, and intensify inflationary pressures. Beyond financial concerns, the report emphasised cybersecurity risks, noting that the high interconnectedness of the financial system could allow cyberattacks to trigger data breaches, compromise confidential information, and undermine public confidence. On the fiscal side, the CBN cautioned that Nigeria’s 2026 budget remains vulnerable to oil price and production shocks, given that oil revenue is projected to account for over 57 per cent of total government revenue. Non-oil revenue prospects, it noted, depend on effective implementation of the Nigeria Tax Act, 2025, but weak compliance, low awareness, and administrative gaps could undermine collections. The CBN concluded that sustaining macroeconomic stability amid global uncertainty will require coordinated policy measures to manage financial sector risks, strengthen public finance management, and ensure balanced capital market development beyond the banking sector.  

United Bank for Africa (UBA) has successfully completed its rights issue, raising ₦157.84 billion after the offer was fully subscribed, the bank announced on Wednesday. The exercise involved 3,156,869,665 ordinary shares at ₦50 each, offered on the basis of one new share for every thirteen existing shares held by shareholders on the register as of 16 July 2025. At the close of the acceptance list on 19 September 2025, UBA received 6,404 applications for 4.13 billion shares valued at ₦206.74 billion. After scaling adjustments, the final allotment stood at 3.16 billion shares worth ₦157.84 billion, representing full subscription of the rights issue. Of the applications received, 3.57 billion shares valued at ₦178.3 billion were valid, while 568.7 million shares valued at ₦28.43 billion were rejected. Full acceptances totalled 453.58 million shares, partial acceptances accounted for 135.27 million shares, and 190.93 million shares were partially renounced. A total of 2,568,006,215 shares were renounced and subsequently reallocated. Applications for additional shares reached 2.98 billion shares valued at ₦148.86 billion, with 2.57 billion shares worth ₦128.4 billion allotted after scaling down. The Securities and Exchange Commission (SEC) has approved the basis of allotment. PAC Registrars and Investor Services Limited will credit the CSCS accounts of allottees by Friday, 16 January 2026, while surplus subscription funds will be returned by Tuesday, 13 January 2026. Shareholders without CSCS accounts will have shares credited using a Registrar Identification Number, in line with SEC’s dematerialisation guidelines. The fully subscribed rights issue reflects strong investor confidence in UBA and provides additional capital to support the bank’s operations and growth initiatives across Africa.

The Nigerian Exchange (NGX) maintained its upward momentum on Tuesday, as continued buying activity across key stocks lifted total market capitalisation by about ₦468 billion, keeping investor optimism high and sustaining the market above the ₦100 trillion mark. At the close of trading, total equities market capitalisation rose to ₦102.28 trillion from ₦101.81 trillion in the previous session, representing a 0.46 per cent gain in market value within a single trading day. The rise reflects persistent bullish sentiment following a strong start to the 2026 trading year. The All-Share Index climbed 0.46 per cent, adding 732.86 points to finish at 159,951.08 points, up from 159,218.22 points on Monday. This pushed the market’s year-to-date return to 2.79 per cent, signalling a firm start to the year as investors repositioned their portfolios. Market activity improved notably, with a total of 758.93 million shares traded in 54,199 deals valued at ₦19.83 billion. Compared with the previous session, trading volume rose by 9 per cent and turnover increased by 7 per cent, despite a 4 per cent drop in the number of deals executed. The higher volume and value indicate stronger investor participation, particularly in actively traded stocks, even as trades were concentrated in fewer but larger transactions. In total, 130 listed equities were active during the session. Market breadth closed positive, with 65 gainers against 21 losers, reflecting broad investor participation and an overall upbeat market sentiment. Meyer Plc led the gainers’ board, rising the maximum 10 per cent to close at ₦14.30 per share, followed by Jaiz Bank Plc, also up 10 per cent, and Associated Bus Company Plc, which gained 9.98 per cent. Multiverse Mining and Exploration Plc advanced 9.94 per cent. On the downside, Aluminium Extrusion Industries Plc posted the steepest loss, falling 9.96 per cent to close at ₦21.70 per share. Learn Africa Plc dropped 9.16 per cent, Oando Plc shed 7.69 per cent, and United Bank for Africa Plc lost 6.22 per cent. By trading volume, Linkage Assurance Plc led with 51.6 million shares, followed by Sterling Bank Plc with 49.1 million shares. Access Holdings Plc and Mutual Benefits Assurance Plc recorded 48.7 million and 34.7 million shares, respectively. Market performance was largely driven by heavyweight stocks, including MTN Nigeria Communications Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, Zenith Bank Plc, and United Bank for Africa Plc, which together contributed significantly to turnover and index movement. Overall, the equities market closed the session firmly bullish, extending the early-year rally and maintaining market capitalisation above ₦100 trillion. Analysts attribute the gains to renewed investor confidence, selective bargain hunting, and positioning ahead of anticipated corporate earnings and macroeconomic developments. On the commodities front, Brent crude oil closed at $61.82 per barrel, while gold traded at $4,418.82 per ounce, providing additional context for global market sentiment. With total market capitalisation at ₦102.28 trillion and trading activity strengthening, the NGX appears poised to sustain its positive momentum in the early stages of 2026, barring any unexpected macroeconomic or policy shocks. 

Aptech Computer Education Nigeria has introduced a new all-in-one artificial intelligence career programme designed to equip learners with job-ready technology skills, structured internship opportunities and clear pathways to international degrees. The programme, called ADSE AI, integrates AI-driven training, hands-on projects and mentorship, while offering eligible participants access to a structured, paid internship scheme. It also provides defined academic progression routes to overseas degree programmes, positioning the initiative as a complete classroom-to-career pathway. In a statement issued on Tuesday, the company explained that AI is embedded throughout the learning process, enabling students to acquire, apply and showcase skills through real-world projects and portfolio development. The curriculum blends future-focused content with practical delivery across Aptech centres nationwide. Aptech said qualified learners can advance to degree programmes through partnerships with institutions such as Middlesex University and Bangor University in the United Kingdom, Lincoln University College in Malaysia, NCC Education in the UK, and ISM Germany. These pathways allow students to move from advanced diploma levels to internationally recognised qualifications. The ADSE AI curriculum is powered by generative AI and focuses on applying artificial intelligence to real-world workflows, including AI-enabled programming, prompt design, model-assisted coding and responsible AI use. Training covers Python, automation, data pipelines, visualisation and cloud fundamentals using AI-enabled tools aligned with modern industry standards. The programme combines technical training, internship exposure and academic progression in an outcome-driven structure that features defined modules, capstone projects and continuous assessments mapped to entry-level and growth roles. Skills acquired align with careers in software development, data operations, cloud support and digital product execution. Core learning areas include AI-integrated programming, data analytics and visualisation, cloud foundations and modern software engineering practices enhanced by AI tools. Learners can also select electives such as full-stack development, .NET, Oracle, networking and ethical hacking, artificial intelligence and machine learning, data science and the Internet of Things. Aptech noted that internship placements will be arranged through partner channels and will depend on eligibility, performance and availability, with a focus on transparency and compliance. Commenting on the launch, Executive Vice President, International Business at Aptech Limited, Kallol Mukherjee, said the programme reflects the company’s strong emphasis on employability. He said the initiative brings generative AI into the core of Aptech’s established ADSE pathway, adds structured internship opportunities for eligible students, and opens access to international degree routes to help learners build careers faster. The programme is targeted at school leavers, graduates and working professionals seeking to transition into software, data or cloud roles, as well as entrepreneurs and creators looking to use AI for rapid prototyping and product development. Training will be delivered through Aptech’s nationwide network of centres, including Lagos, Abuja and other major cities, with mentoring, counselling and peer collaboration integrated into the learning model. Admissions for the ADSE AI programme are now open across Aptech centres in Nigeria.  

The Federal Airports Authority of Nigeria (FAAN) has highlighted a growing imbalance in the country’s aviation sector, with domestic air travel continuing to decline while international passenger traffic maintains steady growth. Data released by FAAN on Tuesday shows that passenger movements on local routes have dropped to their lowest level in three years, reflecting increasing difficulties faced by domestic airlines. Industry operators have repeatedly cited the burden of multiple taxes throughout 2024 and 2025 as a major challenge, a situation that has driven up the cost of domestic flights significantly. While local carriers struggle, international airlines are recording higher passenger volumes, supported by strong demand for foreign travel. With limited local capacity, international operators continue to benefit from Nigeria’s growing appetite for overseas trips. FAAN figures indicate that domestic passenger traffic fell to 12.54 million in 2024, down from 14.52 million in 2022, marking a sharp contraction in what was once the backbone of the nation’s aviation industry. The decline has been steady. Domestic passenger numbers dropped from 14,519,565 in 2022 to 13,409,701 in 2023, a fall of 7.6 per cent, before declining further to 12,543,153 in 2024, representing a 6.4 per cent year-on-year decrease. Overall, the domestic aviation market has shrunk by 13.6 per cent since 2022, losing nearly two million passengers over three years. In contrast, international travel has continued to expand. Passenger numbers on international routes rose from 3,752,746 in 2022 to 4,070,833 in 2023, an increase of 8.4 per cent. Growth persisted in 2024, with traffic reaching 4,334,665 passengers, a further rise of 6.4 per cent. Between 2022 and 2024, international air travel grew by 15.5 per cent, adding more than 580,000 passengers during the period. Analysts attribute the increase to sustained demand from higher-income travellers, rising migration, expanding cross-border trade, and Nigeria’s deeper integration into global travel networks. While the growth in international traffic supports airport revenues and global connectivity, the continued decline in domestic travel raises serious concerns for local airlines that depend heavily on intra-national routes. Aviation stakeholders warn that without meaningful policy reforms and cost reductions, more Nigerians may continue to opt for road travel over flying. A retired pilot, Mohammed Badamosi, said the downward trend could persist if domestic airlines fail to improve passenger experience. He questioned the appeal of air travel when frequent delays and cancellations make road transport more reliable. Badamosi noted that high fares discourage travellers, recalling a recent road trip from Benin to Agbo, where the cost was nearly the same as travelling by road between Lagos and Benin. He argued that it is unreasonable for passengers to pay expensive airfares only to still incur additional road travel costs. He added that in more developed countries, tourism and travel are packaged to be more attractive, often combining transport and accommodation to enhance value. According to him, domestic airlines must prioritise reliability, respect passengers, adhere to schedules, and reduce disruptions if they hope to win back travellers.

Seplat Energy Plc has disclosed that its founding shareholder, Etablissements Maurel & Prom S.A. (M&P), has fully divested its stake in the company. The divestment involved the sale of 120,400,000 ordinary shares, which were acquired by Heirs Energies Limited and Heirs Holdings Limited. Heirs Energies purchased 86,639,377 shares, while Heirs Holdings acquired 33,760,623 shares. As a result of the transaction, M&P no longer holds any shares in Seplat Energy, and the Heirs group now jointly owns 20.07 per cent of the company’s issued share capital. In a notification to the company, Seplat Energy confirmed that M&P had sold its entire shareholding, marking a complete exit by one of its original investors. M&P played a key role in Seplat Energy’s early development, supporting its growth into one of Nigeria’s leading independent energy companies. Seplat Energy expressed appreciation for M&P’s contributions over the years and wished the firm success in its future pursuits. The company also welcomed Heirs Energies Limited and Heirs Holdings Limited as new shareholders, noting that the Heirs group is expected to contribute strategically to the achievement of Seplat Energy’s long-term goals. Commenting on the development in a filing with the Nigerian Exchange Limited, the Chief Financial Officer, Eleanor Adaralegbe, acknowledged M&P’s impact on the company’s growth and expressed optimism about the new partnership with the Heirs group as Seplat Energy continues its ambition of becoming a leading African energy company. Details of the transaction have been formally submitted to the relevant regulatory authorities through the TR-1 Standard Form for Notification of Major Holdings

Ecobank Nigeria Limited has completed the repayment of bondholders who validly tendered their notes ahead of the February 2026 maturity date. The bank disclosed this in a statement released on Tuesday. Ecobank Nigeria had earlier prepaid about $245 million of its $300 million Eurobond, accounting for over 80 per cent of the total issuance. The 7.125 per cent senior notes are scheduled to mature in February 2026. According to the statement, the bank launched a tender offer on 27 November 2025 to eligible noteholders for the remaining $150 million outstanding on the bond, giving investors the option to redeem their holdings before the original maturity date of 16 February 2026. The early and late tender deadlines were set for 11 December 2025 and 29 December 2025, respectively. Bondholders whose notes were validly tendered and accepted received a cash payment of $1,000 for every $1,000 in principal, along with accrued interest calculated from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025. Following the completion of the tender process, the outstanding principal on the notes was reduced to about $55.09 million. The bank said the move underscores its proactive liability management strategy and commitment to strengthening its balance sheet. The transaction was carried out with Renaissance Capital Africa, through Renaissance Securities Nigeria Limited, serving as financial adviser and dealer manager, while Sodali & Co Limited acted as tender agent. The notes were originally issued by EBN Finance Company B.V. solely to finance the $300 million 7.125 per cent senior notes due in 2026 issued by Ecobank Nigeria Limited.  

Electricity distribution companies (DisCos) in Nigeria generated a combined ₦1.13 trillion in revenue from customers over a six-month period covering the second and third quarters of 2025 (April to September), according to monthly performance figures released by the Nigerian Electricity Regulatory Commission (NERC). The revenue was collected despite widespread complaints from consumers over inadequate power supply and frequent blackouts across many parts of the country. Within the period reviewed, the national power grid experienced a total system collapse that left many customers without electricity. At the same time, power generation companies reported reduced output due to low gas supply, largely linked to outstanding debts owed to gas suppliers. NERC’s report on monthly revenue performance and collection efficiency across the 11 DisCos showed that in 2025/Q3, total revenue collected stood at ₦570.25 billion out of ₦706.61 billion billed to customers, resulting in a collection efficiency of 80.70 per cent. This marked an improvement from 2025/Q2, when DisCos collected ₦564.71 billion from ₦742.34 billion billed, representing a 76.07 per cent collection efficiency. Combined figures for both quarters indicate that electricity consumers paid ₦1.13 trillion in total over the six months. Overall, DisCos recorded a 4.63 percentage-point increase in collection efficiency between the second and third quarters of 2025. In the third quarter, Ikeja DisCo recorded the highest collection efficiency at 100 per cent. Other DisCos that achieved collection efficiencies above 80 per cent included Eko (88.74 per cent), Benin (86.44 per cent), and Abuja (81.60 per cent). Kaduna DisCo posted the lowest performance, with a collection efficiency of 45.67 per cent. A comparison of quarterly performance showed improvements in collection efficiency for Ikeja (+17.58 pp), Port Harcourt (+8.83 pp), Yola (+8.72 pp), Abuja (+5.24 pp), Jos (+4.90 pp), Eko (+0.94 pp), and Benin (+0.89 pp). However, four DisCos recorded declines, with Kaduna (-2.70 pp) and Ibadan (-1.34 pp) experiencing the sharpest drops. Revenue collection in the second quarter totalled ₦564.67 billion, comprising ₦197.08 billion in April, ₦188.70 billion in May, and ₦178.89 billion in June. In the third quarter, collections rose slightly to ₦570.28 billion, with ₦190.52 billion recovered in July, ₦187.47 billion in August, and ₦192.29 billion in September. Although total billing declined between Q2 and Q3, the modest rise in collections contributed to the overall improvement in collection efficiency by 4.63 percentage points. September 2025 recorded the highest monthly collection figure during the period, suggesting a degree of stabilisation. Performance across DisCos varied significantly. Urban-based operators such as Ikeja exceeded 100 per cent efficiency in Q3, likely due to the recovery of legacy debts, while Eko led in recovery rates. In contrast, several northern DisCos, including Kaduna, Jos, and Kano, continued to lag behind. NERC attributed the improvement in collection and energy accounting efficiencies partly to reduced energy offtake during the quarter. The commission noted an inverse relationship between the volume of energy taken by DisCos and their collection efficiency, explaining that lower energy offtake often leads operators to focus on areas with historically better revenue recovery. The regulator also emphasised the importance of accurate metering in boosting revenue performance, describing customer enumeration and end-use metering as the most effective tools for improving energy accounting and collections. NERC disclosed that the first tranche of the Meter Acquisition Fund (MAF), which ended in June 2025, led to the installation of 107,461 meters for unmetered Band A customers. Following this, the commission approved the operationalisation of MAF Tranche B in September 2025, allowing DisCos to deploy up to ₦28 billion from the fund to meter Band A and Band B customers within their franchise areas.