DLM Capital completes N9bn sovereign bond

image2In a step towards reshaping the Nigerian capital market, DLM Capital Group, a Nigerian development investment bank, has announced the successful completion of its N9 bn Series 1 Sovereign Bond Backed Composite Notes issuance under its N30 billion Medium-Term Note Programme.

The issuance, which is due in 2035, was carried out through its special purpose vehicle, DLM Funding SPV Plc. It is AAA-rated, approved by the Securities and Exchange Commission, and designed to deliver capital preservation, liquidity, and competitive returns.

The N9 bn issuance attracted strong participation from institutional investors, a development that the company said reflected confidence in DLM Capital’s credit strength, innovative structuring capability, and proven track record of delivering secure investment products.

The signing ceremony, hosted by DLM Advisory, the Financial Adviser, Transaction Structurer, and Joint Issuing House/Bookrunner for the transaction and a subsidiary of DLM Capital Group, took place at the Group’s headquarters in Lagos.

Present at the event were Group Chief Executive Officer of DLM Capital Group, Sonnie Ayere; Group Managing Director, DLM Global Markets, Babatunde Obaniyi; and others.

Commenting on the transaction, Ayere said the successful issuance underscored DLM Capital Group’s commitment to building innovative financial instruments that protect investor value while unlocking opportunities across the real economy. He noted that the firm’s approach balances safety, liquidity, and competitive returns, while ensuring capital is channelled into sectors such as small and medium enterprises, which are critical to Nigeria’s long-term development.

The proceeds of the issuance will be invested in Federal Government of Nigeria Bonds and underserved SME sectors, with the target investors including pension funds, development finance institutions, asset managers, and high-net-worth individuals.

FAAN phases out cash transactions, adopts digital scheme

FAANThe Federal Airports Authority of Nigeria has officially launched its new contactless payment system, branded the “Go Cashless” policy, with the goal of tripling its revenue while improving efficiency and transparency across the nation’s airports.

The unveiling took place on Monday at the Murtala Muhammed International Airport, Lagos, where FAAN’s Managing Director, Mrs Olubunmi Kuku, represented by the Director of Public Affairs and Consumer Protection, Henry Agbebiire, declared that the cashless system places Nigeria’s airports in line with global best practices.

According to Agbebiire, the initiative signals a new era for FAAN in driving transparency, efficiency, and accountability. He noted that the policy is designed to reshape airport operations and passenger experience, adding that the phased rollout will begin in Lagos and Abuja airports before extending nationwide.

“Effective September 29, 2025, the collection of physical cash will be gradually phased out at all FAAN revenue points, including airport access gates, car parks, VIP, and protocol lounges. This ensures faster, seamless, and more secure transactions,” he said.

He explained that going cashless would eliminate the delays and risks associated with cash handling while strengthening FAAN’s revenue assurance framework. “Every transaction will now be electronic, traceable, and secure. This is not just about revenue growth; it is about demonstrating Nigeria’s readiness for global business by aligning with international standards,” he added.

Kuku stressed that the new system would triple FAAN’s revenue, calling it a long-overdue step toward modernisation. She also highlighted that the initiative falls under FAAN’s six strategic business goals, reinforcing the agency’s commitment to fiscal responsibility and sustainable development.

Also speaking at the event, Director of Commercial and Business Development, Ms Joy Adebola Agunbiade, revealed that FAAN plans to completely eliminate cash payments by the end of the first quarter of 2026. She explained that the phased introduction allows both users and stakeholders ample time to adapt.

Agunbiade added that the solution complements existing systems like E-tags and Point of Sale terminals. The new cards, which can be loaded with as little as ₦1,000, have no expiration date and allow users to own multiple cards.

“For FAAN, we anticipate a 50 percent revenue increase during the pilot phase, rising to 75 percent as more points are integrated, and ultimately tripling revenue within the first year of full implementation. These funds will be reinvested into airport infrastructure nationwide,” she explained.

She further pointed out that Lagos and Abuja access gates alone record over 300,000 monthly vehicular entries, stressing that digitising these payments will block leakages and safeguard revenue.

On security, Fisayo Kolawole, Head of Commercial and Public Sector at Paystack, the fintech firm partnering with FAAN, assured users of robust safety measures. He said the system complies with global standards as a Level One security provider, with all transactions encrypted end-to-end and protected by multiple authentication layers

NGX offers stockholders N150m exemption on capital gains tax

Temi PopoolaInvestors in Nigeria’s capital market will benefit from a N150m annual exemption under the new Capital Gains Tax regime, following a high-level stakeholder dialogue convened by the Nigerian Exchange Group on the Tax Reform Act 2024.

The provision, which takes effect from January 2026, is designed to protect 99.9 per cent of retail investors from the 30 per cent tax on gains from the disposal of shares.

The exemption was clarified by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, during the forum, which brought together issuers, investors, intermediaries, and regulators.

Oyedele explained that while the standard rate is 30 per cent, a reduced 25 per cent CGT will apply where proceeds from share sales are reinvested in fixed income or other non-equity assets. He added that reinvestments into Nigerian companies, whether listed or unlisted, will remain fully exempt to encourage capital inflows into productive sectors of the economy.

Speaking at the session, Temi Popoola, GMD/Chief Executive Officer of NGX Group, said the dialogue was necessary to ensure clarity for issuers and investors ahead of the implementation. “Reforms of this scale raise important questions for the market. Our priority is to keep the capital market attractive and forward-looking while supporting long-term growth,” he noted.

Also, the Chairman of NGX Group, Umaru Kwairanga, stressed the role of NGX as a trusted convener, ensuring that stakeholders are well-informed and market confidence preserved. He added that engaging with regulators on such critical reforms helps sustain Nigeria’s market competitiveness compared with other African economies.

“At NGX Group, we believe that significant policy shifts must be clearly understood and calibrated to preserve market confidence. Our core function is to facilitate this essential engagement between policymakers and the market to ensure reforms translate into sustainable, long-term economic growth.”

The dialogue also addressed concerns around the determination of base cost, prospective calculations from the Act’s commencement date, and the treatment of cross-listed securities to avoid double taxation.

BREAKING: NNPC, NUPRC, NMDPRA shut as PENGASSAN begins strike

PENGASSAN strike shuts down NNPC, key oil agenciesThe nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria on Monday paralysed operations at key oil and gas regulatory institutions, including the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The industrial action, which followed the weekend directive by the union’s National Executive Council, saw members across the country withdrawing their services, effectively shutting down critical agencies that drive Nigeria’s oil and gas industry.

Our correspondent observed that at the NUPRC headquarters in Abuja, the main gate was under lock and key, leaving several employees stranded outside the premises. Security operatives on duty confirmed that no staff were allowed entry, in line with the strike directive issued by the union.

Similarly, activities at the NMDPRA headquarters in the busy Central Business District were completely grounded as workers fully complied with the industrial action.

Confirming the situation, the PENGASSAN Chairman in NMDPRA, Tony Iziogba, told The PUNCH that the union had achieved “100 per cent compliance,” effectively restricting access to staff and visitors.

He added that his colleagues had also enforced 100 per cent compliance at the NNPCL and other relevant agencies.

PENGASSAN said the strike became inevitable after the alleged wrongful dismissal of about 800 workers at the Dangote Petroleum Refinery.

The union’s directive to halt crude oil and gas supplies to the Dangote Petroleum Refinery has sent shockwaves through the energy sector, with oil marketers warning of severe disruptions in fuel distribution. This move is expected to choke the domestic market, driving up demand and prices.

On Sunday, PENGASSAN announced a nationwide strike, instructing all its members in various offices, companies, institutions, and agencies to cease all services starting at 12:01 am on Monday, September 29, 2025.

The union also directed members stationed in various field locations to down tools from 6:00 am on Sunday, September 28, and commence a round-the-clock prayer vigil.

In a strongly worded resolution signed by PENGASSAN General Secretary, Lumumba Okugbawa, the union accused the refinery of violating Nigerian labour laws and International Labour Organisation conventions by sacking workers for joining the union. It alleged the dismissed workers had been replaced by foreigners.

“All processes involving gas and crude supply to Dangote Refinery should be halted immediately,” the resolution declared. “All IOC (International Oil Companies) branches must ramp down gas production and supply to Dangote Refinery and petrochemicals.”

The development has heightened fears of fuel scarcity and blackouts, as NNPC remains the sole importer of petrol while the midstream and downstream authority regulates supply and distribution. Similarly, NUPRC is responsible for monitoring crude production and enforcing gas supply obligations to power plants.

All eyes are now on Monday’s emergency meeting convened by the Minister of Labour. Whether dialogue can restore calm or whether Nigeria plunges deeper into crisis may depend on the willingness of both sides to compromise.

SAN conferment: Hon. Nnaemeka Obi congratulates Barrister Uwanna 

 

A former Special Adviser to former Governor Okezie Ikpeazu, Hon. Nnaemeka Godsprince Obi, has hailed the Attorney General of Abia State and former Chairman of the NBA Lagos branch, Ikechukwu Uwanna, on his elevation to the prestigious rank of Senior Advocate of Nigeria (SAN).

He said the conferment was not a surprise as the vibrant AG has remained sharp-witted and committed to his duties as the chief law officer in Abia State.

He prayed for more Grace and strength for the legal practitioner to continue to do what he knows best for the overall interest of Abia and its people.

The Legal Practitioners’ Privileges Committee (LPPC), approved the elevation of 57 legal practitioners to the rank of Senior Advocate of Nigeria (SAN).

At its 169th plenary session held today in Abuja, the LPPC, under the distinguished Chairmanship of the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, approved the elevation of 56 advocate appointees and a single appointee under the academic category.

Only two female legal practitioners were conferred with the rank this year; they are the Chairman of the NBA 2024 Annual General Conference Planning Committee, Mrs Oyinkan Badejo-Okusanya, and Mrs Chinyere Ekene Moneme.

Besides Uwanna, other names include the immediate past Attorney General of Nassarawa State and now Secretary to the State Government, Labaran Magaji, the Attorney General of Osun State, Oluwole Jimi-Bada, as well as the Attorney General of Enugu State, Kingsley Udeh.

The youngest appointee on the list is 34-year-old Olufemi Oyewole, who is a partner at a leading law firm and the son of a justice of the Court of Appeal.

Otti hosts scholarship banquet, awards ₦250,000 each to 50 undergraduates

 

Abia State Governor, Dr. Alex Otti, has hosted a scholarship banquet in honour of 50 beneficiaries of the 2025/2026 Alex Otti Undergraduate Scholarship Programme, presenting each with a cheque of ₦250,000 to support their academic pursuits.

A statement signed by Ctz. Ukoha Njoku Ukoha, Chief Press Secretary to the Governor said the annual scheme, which has run for nearly a decade under the Alex Otti Foundation, is designed to support brilliant but financially challenged undergraduates across Nigeria, regardless of state of origin or political affiliation.

Speaking at the event in Umuahia, Governor Otti reaffirmed that the programme is anchored on excellence and transparency, stressing that selection is strictly merit-based through online applications, tests, and oral interviews.

“This is not a political programme. It doesn’t matter whether you know anyone or not; once you merit it, you get it. I urge you to continue to excel, make your families proud, and uphold the values of the Foundation,” he said.

The Governor presented a dummy cheque to the Foundation’s management for onward disbursement of ₦250,000 to each beneficiary, adding that the support would continue annually until their graduation.

In his keynote address, the Rector of Ogbonnaya Onu Polytechnic, Aba, Dr. Christopher Okoro, urged the scholars to view education not only as a tool for knowledge but also as the foundation of responsive and effective leadership. He commended Governor Otti for investing in human capital development through sustained scholarships.

Earlier, the Executive Secretary of the Foundation, Mr. Chidiebere Nnanna, described the programme as a springboard for students to build meaningful careers and impact society positively.

Beneficiaries, including Mr. Godwin Ndubuisi and Miss Chinyere Chijioke, expressed gratitude, noting that the gesture eased the heavy financial burden on their parents.

The banquet was attended by senior government officials, parents, and guardians of the scholars.

 

Former Minister of Information and Orientation, Professor Jerry Gana, has disclosed that ex-president Goodluck Jonathan will contest again in 2027.

Gana made this remark while speaking to journalists in Minna, the Niger State capital.

According to him, Jonathan will contest in the next presidential election, as the flagbearer of the Peoples Democratic Party, PDP.

According to him, Nigerians had experienced life under two presidents after Jonathan and were now yearning for his return.

“In 2015, former President Goodluck Jonathan said his ambition was not worth the blood of Nigerians,” Gana said.

“After him, another President ruled for eight years, and now another has ruled for two years.

“Nigerians have seen the difference, and the difference is very clear. Nigerians are now asking us to bring back our friend, former President Goodluck Jonathan.

“I can confirm that Goodluck Ebele Jonathan will contest the presidential election in 2027 as PDP candidate, and we should be prepared to vote for him to return as President again,” he added.

Osun State chapter of the Nigeria Union of Local Government Employees, NULGE, the All Progressives Congress, APC, and the Peoples Democratic Party, PDP, have traded words over allegations of illegal diversion of local government funds and the interpretation of court judgments relating to council allocations.

Addressing journalists in Osogbo on Sunday, NULGE accused top federal government officials of abuse of power and disregard for the rule of law in the management of Osun’s local government allocations.

The union alleged that the Minister of Finance, the Accountant-General of the Federation, and the Attorney-General of the Federation wrongfully released statutory allocations of Osun’s 30 local government councils from March to September 2025 into accounts opened by court-sacked APC chairmen and councillors.

According to NULGE, the funds were deposited in United Bank for Africa, UBA, accounts despite subsisting court orders and the existence of legitimate council accounts managed by career officers as signatories.

“Paying local government allocations into privately opened and illegal bank accounts of politicians is unbelievable, bizarre, and unprecedented in the history of public administration in Nigeria,” the union said in a statement.

NULGE reminded the Federal Government that the Federal High Court had, on May 15, 2025, ordered all parties to maintain the status quo, a decision acknowledged by the Central Bank of Nigeria.

The case, it added, is still pending before the Federal High Court and is scheduled for hearing on Monday, September 29, 2025.

The union insisted that both the Federal High Court and the Court of Appeal had effectively removed the APC chairmen and councillors from office, paving the way for the swearing-in of newly elected local government executives.

“The Attorney-General cannot assume the role of the Supreme Court by setting aside the judgment of the Court of Appeal. He is not above the law,” the statement further read.

NULGE also warned that undermining judicial authority could destabilise the state and accused unnamed political actors of plotting to create disorder to justify a possible state of emergency in Osun.

Despite the allegations, the union appealed to residents to remain calm and continue supporting Governor Ademola Adeleke’s peace and development agenda.

“Let all of us have faith in Almighty God and our courts. By His special grace, this cup shall soon pass,” the union said.

However, in a swift reaction, the Osun State chapter of the APC, described the NULGE statement as “a pack of lies and deliberate misrepresentation” intended to serve political interests.

In a press release signed by Kola Olabisi, the party’s Director of Media and Information, the APC accused the NULGE leadership, led by Comrade Kehinde Nathaniel Ogungbangbe, of acting as an interpreter of court judgments on behalf of the PDP.

“It is not the duty of NULGE to interpret any court judgment. The Court of Appeal judgment of 10 February 2025, which reinstated the APC local government chairmen and councillors, remains valid as there is no record that it has been appealed,” the APC stated.

The party denied allegations that council allocations were paid into the personal accounts of its members or officials, insisting that “the said federal allocations were paid directly into the local government councils’ accounts.”

The APC urged the union to stop misleading its members and desist from acting as a political arm of the PDP, advising security agencies to ensure vigilance and protect the peace-loving people of the state.

Reacting, the Osun PDP said it noted the APC’s admission that the funds had been released.

The ruling party in the state in a statement by its chairman, Sunday Bisi also challenged the APC to disclose the specific accounts into which the allocations were paid and reveal the signatories to those accounts.

According to the PDP, “statutory officers across the 30 local governments, including the state accountant general, the auditor-general for local governments, and the Ministry of Local Government Affairs, were unaware of any payments.”

The party alleged that “the situation suggested diversion of the funds and described the APC’s response as an admission of crime against the people of Osun State.”

The PDP also insisted that hurling insults at the Nigeria Union of Local Government Employees, NULGE, could not erase the demand for accountability.

It urged the APC to “provide details of the transactions or risk being accused of staging what it described as “the greatest heist in the history of Nigeria.”

Bisi, who reaffirmed that under Governor Ademola Adeleke, transparency and accountability would remain guiding principles in managing public resources, stressed that no amount of blackmail would derail the administration.

Rotimi-OyekanmiThe Independent National Electoral Commission has dismissed recent claims suggesting that Nigerians have lost confidence in the country’s electoral system, describing such assertions as baseless and unsupported by facts.

In recent weeks, INEC has faced criticism from various Civil Society Organisations and religious organisations, which raised concerns over what they perceive as growing public disillusionment with the electoral process.

Responding to these criticisms on Sunday, the Chief Press Secretary to the INEC Chairman, Rotimi Oyekanmi, told The PUNCH that the evidence points in a different direction—highlighting robust public engagement in the ongoing Continuous Voter Registration exercise.

“The notion that Nigerians have lost confidence in the electoral process is more of a myth than a reality, as those who proclaim it lack convincing evidence to support it,” Oyekanmi said.

He pointed to the high level of participation—particularly among young Nigerians—in the current voter registration drive as a strong indicator of public trust.

“On the contrary, the high level of participation by Nigerians, especially the youths, in the ongoing Continuous Voter Registration, which began on August 18 this year with online pre-registration, shows that citizens still have confidence in the process,” he added.

INEC launched the new phase of CVR on August 18, encouraging eligible voters to pre-register online before completing the process at designated centres.

The online CVR portal went live at 8:30 a.m. on August 18, 2025, and within just seven hours—by 3:30 p.m. the same day—no fewer than 69,376 Nigerians had already pre-registered. This figure comprised 33,803 males (48.7 percent) and 35,573 females (51.3 percent).

Within one week, by August 24, a total of 1,379,342 had completed their online pre-registration. By September 1, just two weeks into the exercise, that number had surged to 2,532,062.

By September 21—just five weeks since the start of online pre-registration, INEC reported that 5,385,060 Nigerians had uploaded their details to the CVR portal.

In-person registration began on August 25. Within the first week, 72,274 individuals had either completed their online registration or registered in person.

By September 19, week four of the in-person phase, 399,162 online pre-registrants had completed the process, while 365,533 registered entirely through physical means. That brought the total number of completed registrations to 764,695 in one month.

“There is no African country with these types of voter registration figures within one month,” Oyekanmi stated.

He also stressed that the completion of registration must be done in person in accordance with the Electoral Act 2022.

“All those who pre-registered online must complete their registration by physically appearing at their preferred designated centre to have their biometrics and other details captured, in compliance with the provisions of the Electoral Act 2022, specifically Sections 9(7) and 10(2),” he explained.

Reflecting on the 2023 general election, Oyekanmi said it marked a major improvement in the country’s electoral system, particularly in terms of diversity.

“The 2023 general election, more than any other election, demonstrates this fact. The election produced the most diverse National Assembly since the restoration of democracy in 1999,” he said.

He detailed that in the Senate, seven political parties secured seats: All Progressives Congress-59, Peoples Democratic Party-36, Labour Party-eight, New Nigeria People’s Party -two, Social Democratic Party-two, All Progressives Grand Alliance-one, and Young Progressives Party-one. In the House of Representatives, eight parties won seats: APC-177, PDP-117, LP-35, NNPP-19, APGA-five, African Democratic Congress-two, SDP-two, and YPP-two.

The CPS further noted that the pattern continued at the state level, with nine parties winning seats in State Assemblies. These include APC-533, PDP-355, LP-38, NNPP-29, APGA-20, YPP-eight, SDP-seven, A-one, and ADC-one. In the gubernatorial elections, APC won 16 states, PDP-10, LP-1, and NNPP-1.

According to Oyekanmi, even the recent bye-elections were proof that “Nigerians have kept faith with the electoral process.”

He also criticised what he described as a contradiction in the behaviour of some INEC critics.

Customs target 48-hour cargo clearance with new reform

Nigeria Customs ServiceThe Nigeria Customs Service has officially launched its One-Stop-Shop initiative, a flagship reform aimed at slashing cargo clearance time from the long-standing average of 21 days to just 48 hours.

The initiative was introduced in Abuja during a strategic meeting between the NCS management and Customs Area Controllers, according to a statement from the NCS on Sunday. The meeting, chaired by the Comptroller-General of Customs, Adewale Adeniyi, focused on driving the service’s modernisation agenda and strengthening leadership roles in implementing reforms across commands.

Adeniyi described the OSS as a transformative step that aligns Nigeria’s customs operations with global best practices and advances the Federal Government’s Ease of Doing Business policy.

For decades, clearing goods through Nigerian ports has been riddled with delays, inefficiencies, and bureaucracy. On average, importers and exporters faced clearance times stretching up to 21 days, a situation that increased costs, discouraged investors, and hampered Nigeria’s global competitiveness.

Recognising these challenges, the Federal Government has been pushing for reforms that will modernise trade processes and align with the World Trade Organization’s Trade Facilitation Agreement, to which Nigeria is a signatory. The OSS initiative marks a significant step in this direction.

Under the new framework, all customs units will collaborate on flagged declarations, eliminating multiple checks that previously caused bottlenecks. Importantly, consignments cleared under the OSS will not be subject to re-interception, ensuring predictability and reducing costs for traders.

Adeniyi explained that the reform is designed to “sanitise operations, cut duplication of efforts, and restore confidence in customs procedures.”

“The OSS initiative will not only shorten clearance time from 21 days to 48 hours, but it will also strengthen trader confidence, restore transparency, and make our operations more business-friendly,” he said.

While highlighting the role of technology in customs processes, Adeniyi noted that digital systems alone cannot drive reform. He stressed the value of physical engagement and coordination among officers.

“As much as technology has helped us, it has its limits. There are moments when physical presence, coming together under one roof, adds weight and value to our deliberations. Meetings like this strengthen our unity of purpose and ensure we speak with one voice,” he said.

The CGC disclosed that the OSS would first be piloted at Nigeria’s busiest ports—Apapa, Tincan Island, and Onne—before being scaled up nationwide. The reform, he added, is backed by the NCS Act 2023 and fully aligned with the WTO TFA, giving it both legal and institutional support.

“This is not just a policy. It is a statement of intent that reflects our determination to build a modern, transparent, and trader-friendly customs service,” Adeniyi declared. Customs Area Controllers at the meeting pledged their full commitment to the initiative. They described the OSS as timely and necessary, saying it would reposition the service for greater efficiency and credibility in global trade facilitation.

They further assured the CGC of their readiness to implement the reform at their respective commands and to work in synergy toward achieving the 48-hour clearance target.

The Abuja meeting also provided a platform to review the Service’s accountability framework. A key feature is a new central dashboard that tracks clearance times, interventions, and stakeholder satisfaction. This tool will serve as a performance-monitoring mechanism to ensure transparency and sustained improvement.

Trade experts stated that if fully implemented, the OSS could transform Nigeria’s ports into more competitive hubs, cut business costs, and boost investor confidence. By reducing clearance times to 48 hours, Nigeria will be closer to matching international benchmarks, enhancing its ability to attract cargo traffic that often diverts to neighbouring countries.

For importers and exporters, the reform promises reduced demurrage costs, faster turnaround times, and more predictable supply chains—all critical to boosting Nigeria’s participation in regional and global trade.