E-Financial
NSE Urges ICT Firms to Explore the Capital Market
Nigerian Stock Exchange (NSE) has urged Information & Communication Technology (ICT) firms in the country to seek long term funding given the capital intensive nature of the market.
Mr. Oscar Onyema, chief executive officer of the NSE made the call at the sectoral dinner with CEOs of companies in the ICT sector, recently. He stated that the call became necessary as the NSE was the only vehicle through which the ever increasing financing needs of the ICT sector though substantial but cannot be sustained by other sources of funding could be met. He said, “As Nigeria’s Information and Communications Technology sector grows, I firmly believe that The Nigerian Stock Exchange is the right platform to raise capital towards this growth and expansion. The sector should not rely predominantly on short term borrowing given the capital intensive nature of the industry. As you know, the capital market possesses a comparative advantage over other sources of finance in the provision of long-term funds compared to the generally higher cost of bank financing for long-term capital infrastructural projects. “The stock market, promotes efficiency in capital formation and allocation; it provides the platform that enables companies to raise capital for financing new projects, expanding and modernizing industrial and commercial concerns,” he added. “If capital resources are not provided to those economic areas, especially industries where demand is growing and which are capable of increasing production and productivity, the growth rate of the economy suffers,” he further stated. He laments that the sector which has recorded significant growth in Nigeria in the last 10 years accounts for only 0.99 per cent of total market capitalisation of equities market. “In the past decade, Nigeria has recorded tremendous growth in the telecommunications sector, emerging as one of the fastest growing telecoms markets in the world. It has the largest mobile subscriber base in Sub-Saharan Africa and is ranked amongst the top 10 in the use of mobile phones in the world. “This sector has come a long way from the time when only about 400,000 landlines and another 25,000 analogue mobile lines were available to a population of over 120 million to the present, where we have about 112 million subscribers, representing roughly 70 per cent of the population. “Growth in this sector has also had positive spin-offs on other sectors of the economy. For instance, the financial sector has taken the lead through e-payment solutions and mobile banking and this will grow in importance as the economy transits to a cashless one “However, the key drivers of the Nigerian economy hardly feature on our Exchange: Agriculture, Oil and Gas, Utilities and Telecoms each constitute less than 3 per cent of the market capitalization. As at Q4 2011, telecommunications accounted for 5.64 per cent of GDP with almost 112 million GSM subscribers. On the Exchange, the ICT Sector accounts for a mere 0.99 per cent of total market capitalization of equities,” he stressed.
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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