News
Fitch Upgrades Lagos Rating to AAA

Fitch Ratings, an Internationally renowned rating agency, in its recent publication outlining the standing of the State has upgraded Lagos State ratings from AA+ (nga) to AAA(nga) for its good standing in terms of its debt sustainability, and resilience.
Communicating the development to the Commissioner for Finance, Dr. Rabiu Olowo, Fitch Ratings said the feat was published in the Y2020/2021 rating report, noting that the upgrade of the National Long-Term rating reflects Lagos State’s strength compared with national peers as well as its resilient operating performance during the Pandemic.
The congratulatory message signed by Mr. Andrew Parkinson, the Senior Director, Head Sub-Saharan Africa, said: “I just wanted to say congratulations on the upgrade to AAA (nga). This is a fantastic achievement and an endorsement of all the good work going on in your department.”
He stated that the current rating underpins the State’s capacity to service its financial obligations owing to its stronger operating performance driven by IGR, which makes Lagos an outliner in the national context.
“The assessment reflects Fitch’s view of risk relative to international peers with the ability to recover debt service with the operating balance”, he said.
According to Fitch, Lagos benefits from a solid revenue structure driven by IGR, which represents 70% of its N620b operating revenue at the end of Y2020.
The company maintained that the State has embarked on a number of finance cost savings initiatives over the years, through restructuring of local borrowings to reduce overall debt service obligations, pointing out that in November 2020, Lagos fully retired its N87.5bn Bond and also conducted an early redemption of its Programme 3 Series II (tranches I &III) as well as series 1 Bond in February 2021 and June 2021 respectively.
Recall that the State opted to call the Bonds in order to take advantage of low yield environment (general low-interest rate) in the Money and Debt market while making significant savings in the overall cost of debt service. It has started the process of new Bond Issuance at a lower coupon to replace the recalled Bond and is poised to effectively increase its financial performance each year.
Lagos State’s reputation as a responsible Issuer and player in the Nigerian Capital Market is not in doubt and this can be testified in its Ratings Nationally and Internationally.
Furthermore, the State Government has successfully restructured all existing loan facilities and brought about a reduction in interest rates from an average of 18% to 12%., and delivered huge savings on the State’s debt servicing cost thereby easing cash flow.
As further testimony to the credibility of Lagos State, the N100bn Bond that was issued in January 2020 was listed early this year on the FMDQ Exchange, NG Exchange. This has also given greater visibility to the State, ensured transparency as well as increased the Bond Holders confidence.
News
UK Minister for Africa Visits Nigeria to Deepen Strategic Partnership

The United Kingdom’s Minister for Africa, Lord Collins of Highbury, has concluded a three-day visit to Nigeria, aimed at reinforcing the UK-Nigeria Strategic Partnership.
He reaffirmed the UK Government’s strong commitment to deepening trade and investment ties between the United Kingdom and Nigeria.
During his visit, Lord Collins met with senior Nigerian government officials, business leaders, civil society representatives and United Nations agencies.
These engagements underlined the UK’s long-term drive to support Nigeria’s prosperity and stability while deepening bilateral cooperation for transformative growth across our shared priorities.
A key highlight of the visit was Lord Collin’s bilateral meeting with Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, in which both parties reaffirmed their unwavering commitment to strengthening economic ties and promoting regional security. The Minister was joined by the UK’s Trade Envoy to Nigeria, Florence Eshalomi MP.
Lord Collins also met with Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, and discussions focused on opportunities to strengthen engagement between UK’s parliament and Nigeria’s National Assembly and the importance of furthering women’s participation in politics.
Speaking on his visit, the UK Government’s Minister for Africa, Lord Collins said: “Nigeria and the UK share a rich, ambitious relationship: one that is deeply rooted in respect.
“Our Strategic Partnership is at the forefront of this, and my visit has focused on how our countries can continue deepening our cooperation on key issues such as trade and investment to drive economic growth and deliver prosperity for us all.”
The Minister held discussions with United Nations representatives on the ongoing reform of the UN system, its implications for Nigeria and how the reform can effectively support those most in need, particularly in Northeast Nigeria, whilst also contributing to global humanitarian efforts.
Lord Collins also met with civil society leaders to discuss electoral integrity and governance reforms, reinforcing the UK’s commitment to democratic values and community empowerment.
He later visited Nigeria’s Anti-Kidnap Fusion Cell: a key security initiative supported by UK expertise through the National Crime Agency and the Integrated Security Fund, which plays a vital role in enhancing local safety and combating serious crime.
Also commenting on the visit, the British High Commissioner to Nigeria, Dr Richard Montgomery, said: “Driving growth is central to the UK’s foreign and development policy. Lord Collins’ visit to Nigeria underscores the UK’s unwavering commitment to deepening our shared prosperity through expanded trade and investment. We are proud to stand alongside Nigeria as it forges a resilient and dynamic economy.”
This visit underscores the UK’s enduring partnership with Nigeria – built on mutual respect, shared goals, and a vision for a prosperous future for both nations.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria

In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
News
EFCC Witness Admits Writing Off Arik Air’s $2.3M Debt Amid N76Bn Fraud Trial


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