General News
Lagos State Bond records 18% over Subscription
The Lagos State N50 Billion bond issue has recorded an oversubscription of 18 percent leading to the raising of a total amount of N58.9 billion.
Mr. Rotimi Oyekan, Commissioner for Finance and Mr. Opeyemi Bamidele, his Information and Strategy counterpart, made this disclosure at a joint press briefing held in Ikeja.
He said though the challenge was to raise N50Billion, but successfully raised 58.9Billion. “This is the first issue in the last 18 to 24 months in the annals of the recent history of the Nigerian financial markets that would record an oversubscription,” he said.
Mr. Oyekan added that by oversubscribing to it, the Nigerian public and Lagosians in general have displayed their confidence in the issue and in the Governor Babatunde Fashola –led administration.
He added that the state has already reached out to the Security and Exchange Commission to allow the State make use of all of the oversubscribed funds of the issue, which is subject to the approval of SEC, adding that the State is still awaiting SEC’s directive on the move.
He explained that if SEC however directs the return of the oversubscribed funds, it would be returned to the investors who made the money available as soon as possible.
The Finance Commissioner emphasized that the success of the State in the Bond issue is a clear demonstration that investors will always embrace issues that have clearly spelt out purposes, institutions that have directions and are direct and conservative.
Mr. Oyekan revealed that the state shall be coming to the market again this year to sustain the volume of work that the government is doing in Lagos through this kind of financing subject to regulatory approvals. “We intend to come back to the market to launch something in furtherance of what we have started.”
This result he said is a vote of confidence by the Nigerian investing public in the capital market. “It shows that the capital market can still stand as an avenue where people can access funds for their needs provided they meet minimum criteria as spelt out by the regulatory authorities,” he said.
He reiterated that it is also necessary to communicate the over subscription to ensure that more people continue to invest in capital markets where people who have money are needed, adding that it is clear that governments at all levels and private institutions require the access to do the jobs of development of all the people and financing that is very important for their welfare.
Also speaking, Mr Ben Akabueze, Commissioner for Economic Planning and Budget, expressed the hope that other issuers, governments and other agencies will summon the kind of courage which the Lagos State Government has brought to bear in ensuring the rebuilding of confidence in the market.
He stated that the capital market is one which thrives substantially on confidence but which has been greatly shaken in the last several months with the risk of the people throwing away the baby with the bath water.
Mr. Akabueze added that the Capital market remains a veritable option for those who intend to raise funds and those with surplus funds to invest just as the state has done pointing out that what is required is greater care in choosing the instrument to invest in.
The Finance Commissioner also listed some of the projects to benefits from the Bond to include the Yaba to Iddo road, the construction of a bridge to link Okota to Surulere and the recently completed Bourdillon Road and many other on-going.
“What we will be doing is to use the process of the Bond to complete all these projects or refinance the obligations that we entered into when we started the projects such that we will have repayment obligations that are long term in nature. It would enable us manage those obligations better than we are using short term funding”.
He also called on the Federal Government to as a matter of necessity create the enabling environment that would enable people have the confidence to invest in equity markets and a market that allows investors to diversify their holdings .
General News
FG Asks MDAs to Halt New Policies Until Full Compliance with RIA

Federal government has directed all Ministries, Departments and Agencies (MDAs) to suspend the introduction and rollout of new policies, regulations, or major regulatory changes until full compliance with the Regulatory Impact Analysis (RIA) Framework is achieved.

The directive, issued by Princess Zahrah Mustapha Audu, director general of the Presidential Enabling Business Environment Council (PEBEC), is part of efforts to strengthen regulatory quality, ensure policy coherence, and improve the ease of doing business in Nigeria
According to the statement, the RIA Framework, which was formally implemented in January 2025, requires that all new policies or amendments introduced after the date must undergo review and approval in line with its provisions.
She noted the framework has already been circulated to MDAs by the Office of the Secretary to the Government of the Federation and is also accessible on the PEBEC website.
MDAs are therefore expected to familiarise themselves with the framework and align their policy development processes accordingly.
Audu emphasised that while the government remains committed to working collaboratively with regulatory institutions, no new reform or policy would be allowed to proceed without being backed by clear and verifiable evidence.
She explained the directive aims to prevent policy shocks that could negatively affect businesses, investors and citizens, eliminate inconsistencies and frequent policy reversals, and institutionalise evidence-based policymaking across government.
The directive also seeks to enhance transparency, improve predictability, and boost stakeholder confidence in public policies, while ensuring adequate engagement to minimise resistance prior to implementation.
Consequently, all MDAs have been instructed to suspend any planned policy rollouts that have not yet been implemented, ensure that new policy proposals are supported by comprehensive RIA and necessary approvals, and integrate the RIA process into their internal policy formulation procedures.
They are also required to undertake structured and inclusive stakeholder engagement as part of policy development to improve acceptance and implementation outcomes.
The PEBEC boss added that MDAs can access the RIA Framework through its website or seek technical support from the council’s secretariat.
She, however, noted that exceptions would only be granted in cases of urgent national interest, subject to appropriate approval.
Audu stressed that cooperation from all MDAs is crucial to building a stable, consistent and business-friendly regulatory environment capable of driving sustainable economic growth and boosting investor confidence.
General News
FG Unveils Digital Platform to Showcase Nigeria’s Culture, Tourism Destinations

The Federal Government has unveiled a new digital platform, NITOUREY, aimed at showcasing Nigeria’s rich cultural heritage and tourism destinations to global audiences.

The initiative, introduced at a press conference organised by the Nigerian Tourism Development Authority, was described as a public-private partnership designed to project Nigeria’s diverse cultural assets.
Speaking at the event on Tuesday, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, said the platform marked another step in repositioning Nigeria as a leading global destination for tourism, culture and creative excellence.
She explained that the digital project would harness the power of the creative economy and technology to amplify Nigeria’s cultural narratives while creating opportunities for young Nigerians, filmmakers, content creators and tourism operators.
Musawa said, “Today marks yet another significant step in our collective journey to reposition Nigeria as a leading global destination for tourism, culture and creative excellence.
“The initiative aligned with the administration’s economic diversification drive, noting that tourism had the potential to contribute significantly to national growth.
“President Bola Tinubu has a vision to use tourism as part of economic diversification and expansion, and NTDA can play a vital role in achieving that goal”.
She emphasised that NITOUREY would not only showcase destinations across the country but also create economic opportunities within the creative industry.
“Through this initiative, we are not only showcasing destinations across Nigeria but also creating opportunities for the creative industries, including filmmakers, content creators, tourism operators and young Nigerians within the creative economy,” she added.
The minister also stressed the importance of collaboration between government agencies, state governments and the private sector, noting that the platform was a PPP initiative designed to unlock the full potential of Nigeria’s tourism and creative sectors.
“This is a commendable PPP initiative that demonstrates the collaboration required to unlock the full potential of Nigeria’s tourism and creative industry,” she said.
She further assured stakeholders that the Ministry of Art, Culture, Tourism and the Creative Economy would continue to support initiatives that enhance Nigeria’s visibility, attract investment and create jobs.
In his remarks, the Director General of NTDA, Ola Awakan, described NITOUREY as a transformative platform that will redefine how Nigeria is presented to the world.
He emphasised that tourism thrives on perception, visibility, and storytelling, noting that the platform will collaborate with key institutions, including the Nigerian Film Corporation, National Film and Video Censors Board, and the National Information Technology Development Agency, to deliver high-quality content.
Awakan added that the initiative is powered by a strong public-private partnership involving TOURCLIQ Creatives Limited and JM MiSA International Limited, underscoring the importance of collaboration in unlocking the full potential of Nigeria’s tourism and creative industries.
He further revealed that NITOUREY will spotlight iconic destinations across Nigeria’s six geopolitical zones, including Zuma Rock, Yankari Resort and Safari, the Argungu Fishing Festival, Ngwo Pine Forest and Cave, Obudu Mountain Resort, and Olumo Rock, projecting them to a global audience.
The platform is expected to serve as Nigeria’s premier tourism streaming platform, projecting the country’s culture, creativity and destinations to both domestic and international audiences.
General News
Uniting Global Standards to Power the Future of Smart Prepayment

The STS Association is proud to announce the signing of a Liaison Agreement with the DLMS User Association (DLMS UA), marking a significant milestone in the evolution of interoperable, secure, and future-ready smart prepayment metering systems.

This collaboration brings together two of the world’s most widely adopted global standards — STS token technology and the DLMS/COSEM data model — with the shared objective of strengthening interoperability, enhancing smart prepayment capabilities, and delivering greater value across the global metering ecosystem.
The DLMS User Association is a globally recognised authority in interoperable and secure data exchange, providing a strong foundation for innovation in energy and water management. Its DLMS/COSEM protocol and data model are widely adopted and supported by major international standardisation bodies, making it a key enabler of modern smart metering systems.
Through this liaison, the STS Association and DLMS UA will work closely to ensure that STS tokens can be seamlessly transported using the DLMS/COSEM protocol and data model. This includes the development of supporting specifications, mappings, and technical enhancements required to integrate STS token functionality within DLMS Generic Companion Profiles.
Both organisations will align their development roadmaps to ensure that advancements in token technology and data exchange evolve in a coordinated and complementary manner. In parallel, joint efforts will focus on market education, technical documentation, and awareness initiatives to clearly communicate the benefits of integrating STS prepayment with DLMS-based communication frameworks.
While electricity metering remains a primary focus, the collaboration also supports expansion into broader multi-utility applications, including water, gas, and time metering. This reinforces the relevance of both standards in enabling flexible, scalable, and future-ready utility infrastructures.
The STS Association will showcase this collaboration at the Power & Water Nigeria 2026 event between the 28th and 30th April at the Landmark Centre in Lagos, Nigeria. We will be.
The event will provide a platform to engage with utilities and stakeholders from across Africa and beyond, to demonstrate how the integration of STS and DLMS/COSEM is shaping the future of smart metering, while offering practical insights into implementation and deployment.
This strategic alignment reinforces a shared commitment to open standards, long-term sustainability, and the delivery of secure, interoperable solutions that support utilities and consumers in an increasingly digital and connected world.
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