Financial literacy essential life skill – FMDQ COO

FMDQ

The Group Chief Operating Officer of FMDQ Group, Ms Tumi Sekoni, emphasised that financial literacy is no longer an optional advantage but a necessity for survival in a modern economy.

Sekoni made this observation as the company successfully concluded its 2026 Global Money Week outreach, targeting students with foundational financial education in a strategic move to bolster economic resilience among the younger generation.

The initiative, held recently, saw the Group’s flagship corporate responsibility arm, FMDQ-Next Generation Financial Markets Empowerment Programme, host an intensive “Teach-a-Class” session at Bethesda Secondary School in Ikota, Ajah. The programme focused on demystifying complex market concepts and instilling the discipline of informed financial decision-making.

Speaking on the urgency of early intervention, Sekoni said, “At FMDQ, we recognise that financial knowledge is a critical life skill that empowers individuals to build sustainable futures. Global Money Week provides an important platform to engage young people early and inspire responsible financial habits.”

The outreach aligns with the broader goals of the Organisation for Economic Co-operation and Development, which coordinates Global Money Week annually to equip youth with the skills required for long-term financial well-being.

By taking the classroom directly to the students in Ikota, FMDQ Group sought to break down barriers to specialised financial information.

“Through initiatives such as our Teach-a-Class outreach, we remain committed to equipping young people with the knowledge and skills required for a financially literate future,” Sekoni added, highlighting the Group’s alignment with UN Sustainable Development Goals for Quality Education and Poverty Eradication.

Since its inception in 2018, the FMDQ-Next programme has served as a bridge between academic learning and the practical realities of Nigeria’s financial architecture. To date, the programme has impacted more than 1,470 participants, ranging from primary school pupils to university graduates, through diverse channels including summer camps, trading challenges, internships, and virtual sessions.

As Africa’s first vertically integrated financial market infrastructure group, FMDQ continues to position itself as a sustainability-focused leader. Through its various subsidiaries and the FMDQ Green Exchange, the Group remains a pivotal player in transitioning Nigeria towards a more transparent and financially aware society.

FG speeds approvals to revive dormant oil wells

NUPRCThe Federal Government has significantly reduced the time required to approve applications for the reactivation of idle oil wells, cutting the process from weeks to a matter of hours in a bid to boost crude oil production and take advantage of rising global energy prices.

The move, being driven by the Nigerian Upstream Petroleum Regulatory Commission, is part of a broader push to ramp up output as crude prices hover close to $100 per barrel, creating what officials describe as a short-term window of opportunity for producers.

A new report by Bloomberg on Wednesday, quoting sources familiar with the development, said the regulator now grants approvals within hours of submission, a sharp departure from the previous timeline of between two and six weeks.

The report read, “Nigeria has slashed the time it takes to approve applications to revive idle oil wells from weeks to hours as Africa’s top crude producer seeks to take advantage of high energy prices.”

Confirming the development, a spokesperson for the commission said the agency had adopted “speedy approvals” across the board to encourage production growth.

“We are giving speedy approvals for all actvities that could increase production,” the official said, underscoring the urgency of the government’s strategy.

The accelerated process is already attracting interest, particularly from indigenous oil companies seeking to return to suspended or underutilised wells. These firms are increasingly targeting re-entry projects as a quicker and more cost-effective alternative to drilling new wells.

The report noted that reviving dormant wells requires less capital and shorter timelines compared to greenfield exploration, which can take years of planning and development before yielding first oil.

Nigeria’s renewed urgency comes amid shifting global oil trade dynamics, with buyers increasingly turning to alternative suppliers such as Nigeria and Angola in response to geopolitical tensions affecting traditional sources in the Middle East.

The development has intensified competition among African producers to capture market share and maximise revenue from elevated crude prices. In addition to fast-tracking well reactivation permits, the NUPRC has also streamlined approvals for evacuation processes and the deployment of barges at production facilities and export terminals, further easing operational bottlenecks.

Despite the government’s push, Nigeria’s oil output has remained underwhelming in recent months, limiting its ability to fully benefit from favourable market conditions.

Data show that production dropped to about 1.31 million barrels per day in February, the lowest level in 17 months. The decline was largely attributed to maintenance activities at a major 225,000 barrels-per-day facility operated by Shell Plc. This figure remains significantly below Nigeria’s historical peak of over 2 million barrels per day and its current production target of 1.84 million barrels per day.

Even during the 2022 oil price surge, when crude prices climbed as high as $130 per barrel following Russia’s invasion of Ukraine, Nigeria averaged only about 1.34 million barrels per day, well below its capacity. To bridge the production gap, regulators are increasingly focusing on reactivating dormant assets.

In 2024 alone, the NUPRC approved about 500 permits for the reopening of idle wells, including projects involving major indigenous players such as Heirs Energy and Seplat Energy Plc. Officials say the current wave of accelerated approvals is expected to build on that momentum, delivering incremental production gains in the near term.

The latest policy direction aligns with recent calls by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who has urged operators to seize the opportunity presented by rising oil prices.

Speaking at the Cross Industry Group meeting in London, the minister challenged industry players to prioritise initiatives capable of delivering immediate output increases. “The current global situation presents a window of opportunity that we must collectively take advantage of in the short term,” Lokpobiri said.

He added, “Nigeria remains one of the most attractive investment destinations in the global oil and gas industry. It is important for operators not only to recognise the opportunity before us but to actively pursue programmes capable of delivering immediate production gains.”

The minister identified key interventions, including re-entry programmes, in-field well development, and other operational measures that can be executed quickly. “These are initiatives that can be implemented within a short timeframe to boost production,” he said.

Lokpobiri also highlighted ongoing reforms aimed at strengthening investor confidence, including the implementation of Executive Orders and targeted fiscal incentives.

“My focus has been on demonstrating the strength of Nigeria’s investment climate, the predictability of our regulatory framework, and the strong collaboration between government agencies and industry players,” he said.

While noting that government reforms are already yielding positive momentum, the minister called on investors to reciprocate by committing to more Final Investment Decisions. “We are doing much more to strengthen the sector, but investors must also step forward by committing to more FIDs,” he added.

The success of the fast-tracked approval regime will depend on how quickly operators can translate permits into actual production gains.

While the policy could unlock stranded capacity and improve output in the short term, broader challenges, including oil theft, infrastructure constraints, and underinvestment, continue to weigh on Nigeria’s production outlook.

Nonetheless, the government’s latest move signals a more proactive regulatory stance, as Africa’s largest oil producer seeks to reclaim lost output and position itself to benefit from evolving global energy dynamics.

CBN okays 100% forex repatriation for oil companies

CBN Building, AbujaThe Central Bank of Nigeria has approved the full repatriation of export proceeds by International Oil Companies, allowing them to access 100 per cent of their foreign exchange earnings through authorised dealer banks.

The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on its website on Wednesday.

In the circular signed by the Director, Trade and Exchange Department, Dr Musa Nakorji, the bank said the move forms part of ongoing reforms to improve liquidity and stability in the foreign exchange market.

The CBN stated that the decision marks a shift from its earlier policy introduced in 2024, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil firms, while the balance was held for 90 days before repatriation.

It said, “As part of the reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market, the Bank issued two circulars in 2024, allowing Authorised Dealer Banks to cash pool 50 per cent of repatriated export proceeds on behalf of International Oil Companies with the remaining 50 per cent retained for 90 days before repatriation.”

However, the apex bank noted that the latest adjustment is intended to further liberalise the market in line with prevailing conditions. “However, to further liberalise and deepen the market in line with current market realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” the circular read.

It added that, “The IOCs may repatriate 100 per cent of their export proceeds through the ADBs, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.”

The CBN also made it clear that the new directive overrides all previous guidelines on cash pooling arrangements for oil companies. “Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling,” it stated.

The bank directed all authorised dealer banks to comply with the new framework immediately. “All Authorised Dealer Banks are to note and be guided accordingly, as this directive takes immediate effect,” the circular added.

In 2024, the CBN introduced measures affecting international oil companies operating in Nigeria, limiting their ability to immediately remit 100 per cent of forex proceeds to their parent companies abroad.

Instead, IOCs were required to repatriate 50 per cent of their proceeds immediately, with the remaining 50 per cent to be repatriated 90 days after the inflow.

Also, the CBN implemented new rules governing cash pooling by IOCs. These rules required prior approval from the CBN for repatriation under the cash pooling framework, alongside detailed statements of expenditure incurred before pooling.

The apex bank further clarified these measures, allowing IOCs to pool 50 per cent of their export proceeds while using the remaining funds to settle financial obligations within Nigeria over 90 days.

IOCs were also permitted to sell the 50 per cent balance of their repatriated proceeds to authorised foreign exchange dealers. However, the new circular is expected to ease constraints faced by oil firms in accessing their foreign exchange earnings.

NGX value dips to N128.98tn amid bearish pressure

NGX-750×375The Nigerian equities market reversed its recent upward trajectory on Wednesday as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 37 basis points to close at 200,925.75 points, resulting in a loss of N476.73bn in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies, with analysts noting that buying interest was simply insufficient to sustain the market’s upward momentum.

Selling pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc, and Lafarge Africa Plc, alongside other laggards that collectively weighed on the overall performance.

As a result, total market capitalisation by 0.37 per cent to N128.98tn, underscoring the bearish undertone of the trading session despite a mixed picture across different sectors.

The Insurance Index led the gainers by rising 0.76 per cent on the back of price appreciation in Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc, and AIICO Insurance Plc, while the Consumer Goods Index gained 0.38 per cent supported by interest in PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

On the flip side, the Banking Index fell 0.98 per cent due to profit-taking in Zenith Bank Plc and United Bank for Africa Plc, while the Industrial Goods Index slipped marginally by 0.11 per cent and the Oil and Gas Index closed flat.

2027 elections: Resign now if you are contesting – Kano govt tells officials

The Kano state government has directed all public office holders planning to contest in the 2026 elections to step down from their positions on or before March 31, 2026.

The directive was issued in an official circular signed by the Secretary to the State Government, Umar Farouk Ibrahim, and dated March 24, 2026.

It was addressed to top government officials, including commissioners, advisers, directors-general, and other senior appointees across the state.

According to the statement, the decision is in line with the Electoral Act and other relevant regulations guiding the conduct of public officers.

It stressed that political office holders who intend to participate in the upcoming elections must resign their appointments to comply with the law.

The government explained that the move is aimed at enforcing Section 88(1) of the Electoral Act 2026, which regulates the involvement of public servants in partisan political activities. It added that the directive is also meant to protect the core values of the civil service, including neutrality, accountability, and integrity.

“All public officers who are interested in contesting in the forthcoming general elections are requested to resign or retire as the case may be on or before Tuesday, 31st March 2026,” the circular stated.

The government further urged all relevant authorities to ensure the directive is widely circulated and strictly followed.

Insecurity will end soon – Shettima assures as Lawal joins APC in Zamfara

Vice President, Kashim Shettima has expressed confidence that Nigeria will soon overcome its security challenges, assuring citizens that the Federal Government is working hard to restore peace across the country.

Shettima made the statement on Tuesday in Gusau, the Zamfara State capital, during a ceremony where he formally received Governor Dauda Lawal and his supporters into the All Progressives Congress (APC) on behalf of President Bola Ahmed Tinubu.

“We pray for more unity and progress under President Bola Ahmed Tinubu because as our leader, he is working very hard to ensure the safety of lives and property across Nigeria,” Shettima said.

He noted that the move by the Zamfara governor to join the ruling party would strengthen ongoing efforts to tackle insecurity, particularly in troubled states.

The Vice President also assured Lawal of the full backing of both the Federal Government and the APC, while praising the people of Zamfara for their support.

Earlier, Deputy Senate President Jibrin Barau, who represented Senate President Godswill Akpabio, said lawmakers elected on the APC platform were fully in support of the governor’s defection.

“The Governor will now be working together with other governors to help address the problems of the state and further enhance development,” Barau said.

He added that while security challenges are not unique to Zamfara, they can be addressed through cooperation among leaders.

Speaker of the House of Representatives, Tajudeen Abbas, described the defection as a significant political development, saying it marked a new phase for the state.

“Today there is no opposition in Zamfara State,” Abbas said, urging residents to support the governor for greater development.

Chairman of the Progressive Governors Forum and Governor of Imo State, Hope Uzodimma, also welcomed the move, describing it as beneficial to both the state and the party.

“APC is a moving train and we are happy that the State has joined that train. All Governors of APC will support Governor Lawal to do more for this State,” he said.

Similarly, APC National Chairman Nentawe Yilwatda declared that Zamfara had now fully aligned with the ruling party. He commended Lawal’s performance, especially in infrastructure development, and presented him with the party’s flag.

In his remarks, Governor Lawal thanked former governors, including Minister of State for Defence Bello Matawalle and Senator Abdulazeez Yari, for their support.

“I will embrace all my predecessors, and I will work hard for the progress of Zamfara State,” Lawal said, pledging loyalty to the APC and commitment to development.

Southern Kaduna raises alarm over imminent terrorists attack

The Southern Kaduna Community Development Associations (CDAs) Forum has raised the alarm over threats by terrorists, militias and bandits to attack some of its communities.

Chairman of the CDAs forum, Dr. Samuel T. Achie in a statement said terrorists are targeting Kachia, Chikun and Kajuru Local Government Areas of Southern Kaduna.

It said over the last four days, the leadership of the Southern Kaduna Community Development Associations Forum has become aware of security alerts circulating in the media on threats by terrorists, militias and bandit gangs to attack communities in Kachia, Chikun and Kajuru Local Government Areas in Southern Kaduna.

*It is with much concern that the leadership of the CDAs Forum views these threats as dangerous because such threats have occurred many times over the last ten years, and they have almost unfailingly been followed by devastating attacks by terrorists in the Southern Kaduna region.

“We are concerned because we have seen no visible efforts being made by the federal, state and local government to apprehend these threats,” the statement said.

The forum further alerted security agencies that hundreds of people have been taken into captivity in these very Local Government Areas in the last three months.

The CDAs Forum said that it is aware that the threats of attacks are coming from different quarters, and must be taken seriously by the government.

“While the leadership of the CDAs forum is aware of some of the efforts by the government to ensure peace across the nation, it still becomes necessary to call the attention of the government and security agencies, as well as other critical stakeholders in Kaduna State to intensify efforts to ensure the entire Kaduna State and Southern Kaduna in particular are kept safe.”

Lagos begins 2026 promotion exercise for civil servants

Lagos State Government has commenced its 2026 promotion exercise for civil servants and personnel in its parastatal and agencies.

The development was announced via the state government’s official X handle, indicating that the exercise covers officers on Grade Levels 01–05 within the core civil service and those on Grade Levels 01–16 in parastatal organisations.

As part of the process, officers on Grade Levels 01–05 in the mainstream service and Grade Levels 01–10 in parastatals are participating in the Revised Structured Training Programme, RSTP, while those on Grade Levels 12–16 in parastatal agencies are undergoing the Structured Evaluation Assessment Programme, SEAP.

SEAP is being introduced for the first time as a formal requirement for senior-level promotions, incorporating written examinations and computer-based tests, in line with the state’s push for a merit-driven system.

According to officials, the initiative is designed to ensure that career advancement is determined by competence, performance, and professional development, in line with the government’s broader reform agenda.

The exercise is currently taking place at the Public Service Staff Development Centre in Magodo and the Women Development Centre in Agege.

A total of 388 officers are participating in the SEAP, while 4,870 officers are undergoing the structured training programme.

The Commissioner for Establishments and Training, Afolabi Ayantayo, who monitored the exercise, described the conduct of participants and the coordination at the centres as orderly. He encouraged officers to remain committed throughout the process, urging them to “approach the process with dedication and a strong sense of responsibility.”

Ayantayo noted that the introduction of SEAP would ensure that promotions are based on proven knowledge, skills, and competence, while also strengthening the capacity of the public workforce.

Also speaking, the Permanent Secretary, Olubusola Abidakun, expressed satisfaction with the level of organisation and preparedness, reiterating the ministry’s resolve to sustain reforms aimed at boosting efficiency and productivity within the civil service.

The promotion exercise is expected to continue through the week and into the following week, with various sessions designed to prepare officers for higher responsibilities.

In line with civil service regulations, promotion committees will assess eligible candidates, while officers who are unsuccessful retain the right to appeal within a stipulated period.

I apologize to Nigerians over poor electricity – Minister of Power, Adelabu

The Minister of Power, Adebayo Adelabu, has apologised to Nigerians over the ongoing power challenges across the country, assuring that the situation is temporary and efforts are underway to restore stable electricity supply.

Adelabu expressed remorse that the disruption has caused hardship for citizens, particularly during the current dry season marked by intense heat, affecting businesses, schools and industries nationwide.

He tendered his apologies during a press conference on Tuesday in Abuja.

Adelabu explained that the challenges were caused by factors beyond the government’s control but stressed that authorities are working round the clock to resolve them.

“I want to apologise to Nigerians for this temporary issue that is causing hardship, especially during this dry season where there is so much heat everywhere and where businesses, schools and industries are being affected,” Adelabu said.

According to him, the government was not expecting the situation but has intensified efforts to address it.

“It is not our wish to find ourselves in this situation, but some factors are actually beyond our control. However, we are not relenting. We are working on it 24/7 to make sure we return to the trajectory we achieved in 2025,” he said.

“In 2025, you commended us, praised us for a job well done. If we were able to provide such a service then, this is 2026 and we are willing to do even more and do better,” the minister added.

He further assured Nigerians that the current power challenges would soon be resolved.

“I can assure Nigerians that in the next few weeks all these issues will be over,” Adelabu said.

IG redeploys AIGs, CPs

The Inspector General of Police, Olatunji Disu, has ordered the posting of senior officers to various strategic positions across the Nigeria Police Force as part of efforts to strengthen operational efficiency, enhance leadership capacity and improve service delivery nationwide.

The postings, according to a statement on Tuesday by the  Force spokesman, DCP Anthony Placid, are in line with the police commitment to an effective command structure and strategic deployment of personnel across commands, formations and departments.

Under the new arrangement, he said AIG Ado Emmanuel was posted to Research and Planning, Force Headquarters, Abuja; AIG Joseph Eribo to the Department of Armament; AIG Miller Dantawaye to the Department of Operations; AIG Henry Ifeanyi Uche to the Department of Training and Development; AIG Olanrewaju Peter Ogunlowo to Police Accounts and Budget; while AIG Dahiru Mohammed was deployed to Zone 15, Maiduguri.

“Similarly, AIG Dankombo F. Morris was posted to Zone 4, Makurdi; AIG Bello Shehu to Zone 14, Katsina; AIG Ibrahim Balarabe Maikaba to the Department of Legal Services; AIG Ahmed Musa to Community Policing; AIG Olohundare Moshood Jimoh to Zone 2, Lagos; AIG Simeon U. Akpanudom to FCID Annex, Lagos; and AIG Haruna Olufemi to the Special Protection Unit, Force Headquarters, Abuja,” the statement added.

The IG also redeployed several Commissioners of Police to state commands and other formations.

CP Haruna Yahaya was posted to Jigawa State Command; CP Betty  Otimenyin to Welfare, Force Headquarters; CP Olugbenga Abimbola to Oyo State Command; CP Yemi John Oyeniyi to Delta State Command; CP Olubode Ojajuni to Ogun State Command; CP Michael  Falade to Ekiti State Command; and CP Yakubu Dankaro to Adamawa State Command.

Others include CP Muhammed Ahmed to the Federal Capital Territory Command; CP Olatunji  Fatai to Lagos State Command; CP Morkwap  Dongshal to Taraba State Command; CP Ahmed  Bello to Zamfara State Command; CP Umar Fagge to Katsina State Command; and CP Hayatu Shaffa Hassan to Sokoto State Command.

In further postings, CP Akan Ezima was named Director, NPF-NCCC, Abuja; CP Abbas Sule to the Special Protection Unit; CP Ajo Geoffrey Ordue to INTERPOL, Abuja; CP Mnwadiogbu Cletus as Deputy Commandant, POLAC; CP Danjuma I. Yahaya to General Investigation, FCID Annex, Kaduna; CP Sheikh M. Danko to FCID Annex, Lagos; and CP Moses Ashu Otta to SWAT, Abuja.

Additional redeployments include CP Abdulrahim A. Shuaibu to Eastern Ports Authority; CP Sarah Ehindero to Administration, FCID Abuja; CP Edwin Ogbegbghagha to Provost, Force Headquarters; CP Preye R. Egbe to INEC, Abuja; CP Adebisi Bola Lateef to Master Printing, Lagos; CP Bolou O. Etete to Community Policing, Research and Planning; and CP Ojugbele E. Adebola to General Investigation, FCID Alagbon, Lagos.

Also affected are CP Fidelis N. Ogarabe, posted to INTERPOL Annex, Lagos; CP Theodore C. Obasi as Deputy Commandant, Police College, Ikeja; CP Eloho E. Okpoziakpo to Special Fraud Unit, Ikoyi; CP Kayode Uthman Magaji to K9, Dei-Dei; CP Markus Ishaku Basiran to Courses, POLAC; CP Mohammed Babakura to Administration, Department of Operations; CP Silas Bamidele Aremu to Safer Highway, Department of Operations; CP Magaji Ismaila to Community Safety and Crime Prevention; and CP Rebecca Uchenna Okereke as Director of Music, Force Headquarters, Abuja.

“Tunji Disu charges the officers to bring their wealth of experience to bear in their respective assignments and to uphold the highest standards of professionalism, discipline, and service in the discharge of their duties,” he said