FCMB Group Plc has said the Ojude Oba Festival is no longer just a cultural celebration but a growing economic driver that is increasingly shaping tourism, enterprise development, and creative industry opportunities in Nigeria.

It stated that as global attention turns to Ijebu-Ode, the century-old festival reflects a new generation’s embrace of heritage, identity, and cultural confidence, stressing that every year in Ijebu-Ode, history arrives on horseback.

“It comes draped in aso-ofi and embroidered fabrics. It moves to the rhythm of drums, prayers, and praise chants. It gathers in age-grade regberegbe processions and the proud pageantry of warrior families whose histories span generations.

“What began over a century ago as a gathering of Muslim converts paying homage to the Awujale — Paramount Ruler of Ijebuland — has evolved into one of Africa’s most recognised cultural spectacles, a living expression of memory, identity, enterprise, and belonging,” the bank stated in a statement.

It noted that for FCMB Group Plc, Ojude Oba represents something even deeper: the reawakening of cultural confidence across Africa. Speaking ahead of the 2026 Ojude Oba Festival, FCMB said the growing global fascination with the festival reflects a broader shift among Africans at home and in the diaspora who are reconnecting with indigenous identity, heritage, and community in ways that feel modern, aspirational, and globally relevant.

“Ojude Oba is no longer simply a cultural festival,” said FCMB’s Divisional Head of Corporate Affairs, Diran Olojo. “It has become a powerful expression of how African culture continues to evolve without losing its roots. What we are witnessing is the meeting point of heritage and modern identity, where tradition is not preserved as nostalgia, but lived confidently and projected to the world.”

This year’s festival, themed “Celebrating the Legacy of Oba Sikiru Adetona,” will be held on May 29 in Ijebu-Ode, Ogun State. The event honours the late Awujale of Ijebuland, Oba Sikiru Kayode Adetona, whose reign transformed Ojude Oba from a respected local celebration into a globally recognised cultural institution that now attracts visitors, creatives, entrepreneurs, investors, and media attention from around the world.

The bank stated that for more than two decades, it has maintained a steady relationship with the festival, long before social media amplified its visual splendour globally. According to the Group, that commitment has always been rooted in recognising that enduring cultural institutions play an important role in strengthening social cohesion, preserving collective memory, and supporting economic activity.

Across hotels, fashion houses, catering, transportation, photography, entertainment, trade, and tourism, the festival now supports a wide ecosystem of livelihoods and enterprise extending beyond Ogun State.

“At a time when nations are searching for authentic expressions of identity and influence, culture has become one of Africa’s strongest assets,” Olojo said. “Festivals like Ojude Oba demonstrate that heritage and enterprise are not separate conversations. Culture creates emotional connection, but it also creates opportunity, visibility, confidence, and economic value for communities.”

FCMB noted that the renewed attention around Ojude Oba also reflects a generational shift in how younger Africans engage with tradition — not as an obligation, but as identity, style, and self-expression.

Among the cultural figures associated with this renewed energy is Farooq Oreagba, whose now-iconic appearances at the festival have come to symbolise Ojude Oba’s expanding global visibility and contemporary appeal. FCMB said collaborations with cultural personalities are guided by shared values around authenticity, responsible influence, creativity, and pride in African identity.

The Group also paid tribute to the late Awujale for preserving the dignity and continuity of the institution over decades of social change, while commending the Regent Awujale and Ogbeni Oja of Ijebuland, Olorogun (Dr) Sonny Kuku, for sustaining the kingdom’s cultural vision and unity during this important transition period.

FCMB further acknowledged the contributions of the Ogun State Government, the Ojude Oba Festival Organising Committee, community leaders, the regberegbe groups, and the wider Ijebu community for sustaining one of Nigeria’s most enduring cultural landmarks.

The Chairman of the Ojude Oba Festival Organising Committee, Chief Olu Okuboyejo, described the festival as a symbol of continuity, peaceful coexistence, and collective pride.

“Ojude Oba remains one of the greatest cultural assets of the Ijebu people and an important contribution to Nigeria’s cultural diplomacy,” he said. “This year, almost ninety age groups and twenty-five warrior families will participate in the celebrations.”

“Today, as cameras from across the world turn toward Ijebu-Ode once again, Ojude Oba continues to tell a larger story — that African culture is not fading into memory. It is adapting, expanding, and finding new relevance across generations and borders.

Heavyweight financial and manufacturing stocks dragged the Nigerian Exchange Limited down by 0.25 per cent last week, offsetting minor gains recorded across the banking and oil sectors. The benchmark NGX All-Share Index closed the week ended 22 May 2026 lower at 249,712.37 points, down from the 250,330.92 points recorded the previous week.

Similarly, the total market capitalisation of listed equities depreciated 0.23 per cent to close the five-day trading window at N160.077tn, representing a loss of billions of naira for equity portfolios. This downward movement was heavily driven by structural weakness in the manufacturing and retail protection segments, as the NGX Industrial Goods Index dropped 1.24 per cent to close at 12,252.18 points, while the NGX Insurance Index led the broader sectoral contraction by shedding 1.77 per cent to finish at 1,245.52 points.

Conversely, the banking sector provided a resilient counterweight to the bearish momentum, with the NGX Banking Index advancing 1.11 per cent to close the five-day trading window at 2,416.78 points.

Turnover volume plunges

Market liquidity experienced a sharp contraction compared to the preceding trading window. A total turnover of 3.875 billion shares worth N161.76bn was traded by investors in 334,745 deals. This stood in contrast to a total of 7.772 billion shares valued at N374.04bn that exchanged hands the previous week in 402,945 deals, indicating an asset-turnover contraction of approximately 50 per cent.

The Financial Services Industry maintained its dominance on the activity chart. Measured by volume, the sector led with 2.410 billion shares valued at N69.71bn traded in 126,919 deals. The banking sector’s activity alone contributed 62.19 per cent and 43.10 per cent to the total equity turnover volume and value, respectively. The Services Industry followed on the activity scale with 409.31 million shares worth N5.41bn in 25,908 deals, while the Oil and Gas Industry took third place with a turnover of 294.86 million shares worth N31.50bn in 26,738 deals.

Trading in the top three equities, including Sterling Financial Holdings Company Plc, Fidelity Bank Plc, and Access Holdings Plc, accounted for 1.092 billion shares worth N19.53bn in 21,683 deals, contributing 28.18 per cent to the total weekly equity turnover volume.

Despite the broader market slide, several equities bucked the bearish trend. Associated Bus Company Plc led the price gainers chart with a 44.82 per cent appreciation to close at N9.08 per share. Publishing counters also witnessed strong demand, with Academy Press Plc jumping 29.79 per cent to close at N9.15 and University Press Plc gaining 28.00 per cent to settle at N6.40 per share. Other notable gainers included International Energy Insurance Plc, which climbed 22.22 per cent to close at N3.41.

Conversely, Sovereign Trust Insurance Plc topped the price decliners table, shedding 22.45 per cent of its value to close at N2.28 per share. Logistics operator Trans-Nationwide Express Plc dropped 18.98 per cent to settle at N5.72, while manufacturing major CAP Plc fell 14.85 per cent to close at N199.00 per share. Berger Paints Plc also declined 12.64 per cent to close at N147.60.

While the benchmark index finished lower, select components, like the NGX Banking Index (+1.11 per cent) and the NGX Oil/Gas Index (+0.07 per cent), managed resilient postings, signalling highly selective asset allocation by local institutional funds.

Sovereign debt expansion

The fixed-income segment recorded significant regulatory activity as the Federal Government listed its April 2026 FGN Savings Bonds on the daily official list on Monday, 18 May. The listings comprised N864.96m under the two-year tenor maturing in 2028 with a 13.082 per cent coupon and N2.77bn under the three-year tenor maturing in 2029 with a 14.082 per cent coupon rate.

Fuel prices may drop in the coming days if oil prices continue to plunge following ongoing peace talks between the United States and Iran. This came as oil prices fell from $111 last week to $97 on Monday morning.

The PUNCH had earlier predicted that a major drop in oil prices might be imminent if the United States and Iran reached an agreement that would reopen the Strait of Hormuz. As of Sunday, Brent crude hovered between $103 and $105 amid positive signals that the warring nations were ready to end the months-long conflict.

As predicted, prices dropped sharply to $97.48 in the early hours of Monday, fuelling speculation over a possible reduction in fuel prices if the Strait of Hormuz is eventually reopened.

Recall that crude oil, the major input for fuel production, rose from below $70 since the US-Iran war began on February 28. In about three months of the conflict, crude traded above $100 and climbed beyond $115 at some points, leading to a sharp rise in fuel prices globally.

In Nigeria, petrol prices increased from N830 per litre to the current N1,300. Diesel and aviation fuel prices also rose sharply, with airline operators threatening to suspend operations.

As crude prices continued their downward trend in recent days, speculation intensified that the Dangote Petroleum Refinery may consider reducing petrol prices.

There were reports that the US and Iran had agreed in principle to a deal aimed at winding down the conflict in the Middle East by reopening the Strait of Hormuz.

US President Donald Trump had on Saturday said the Strait of Hormuz would be reopened as part of a proposed agreement involving the United States, Iran, and several Middle Eastern countries amid efforts to end the ongoing Iran conflict.

Trump disclosed this in a post on the Truth Social platform after a series of calls with leaders of Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Türkiye, Egypt, Jordan, Bahrain, and Israel.

According to him, an agreement had been negotiated, subject to finalisation between the United States, Iran, and several other countries. The American leader added that final aspects and details of the deal were still being discussed and would be announced shortly.

Speaking on the strategic waterway at the centre of the conflict, Trump declared that the Strait of Hormuz, through which 20 per cent of global oil passes, would be reopened.

On Sunday, Trump said talks with Iran were “proceeding in an orderly and constructive manner”, adding that he had instructed his representatives not to “rush” into a deal because time was on their side.

Meanwhile, Iran confirmed on Monday that talks with the US were progressing, though it said signing an agreement was not imminent. According to the BBC, Iran confirmed that some progress had been made in talks with the US, but a deal “is not imminent”.

Foreign ministry spokesman Esmail Baqai made the remarks after US Secretary of State Marco Rubio said an agreement could possibly be reached on Monday.

“It is correct to say that we have reached a conclusion on a large portion of the issues under discussion. But to say that this means the signing of an agreement is imminent, no one can make such a claim,” Baqai said in Tehran on Monday.

The memorandum of understanding between the US and Iran reportedly involves a 60-day ceasefire extension, reopening the Strait of Hormuz, and a framework for further negotiations over Iran’s nuclear programme.

The Federal Government has cancelled $717.7m in undisbursed World Bank financing for Nigeria’s troubled electricity sector, effectively terminating the remaining portion of a $1.52bn power sector recovery programme amid mounting tariff shortfalls, worsening financial pressures, and persistent implementation challenges across the industry.

Documents obtained by The PUNCH from the World Bank website on Monday showed that the cancellation followed a formal request by the Federal Government and a joint decision by both parties to discontinue financing under the Power Sector Recovery Performance-Based Operation due to evolving sector realities and the inability to achieve key reform milestones.

According to the World Bank restructuring paper, the cancelled amount represents the entire undisbursed balance remaining under the programme. “The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the Program following approval of this restructuring,” the bank stated.

The bank also disclosed that the programme’s closing date had been brought forward from June 30, 2027, to May 31, 2026, effectively ending the operation more than a year ahead of schedule. The cancelled facility formed part of a broader World Bank intervention designed to revive Nigeria’s struggling power sector.

The original Power Sector Recovery Performance-Based Operation was approved on June 23, 2020, with financing of about $752.5m equivalent. The programme was structured to improve electricity supply reliability, strengthen the sector’s financial and fiscal sustainability, and enhance accountability among key institutions in the electricity value chain.

Following initial progress recorded under the programme, the World Bank approved an Additional Financing package of approximately $763.5m equivalent on June 9, 2023, to consolidate earlier gains and support a new phase of reforms. The financing became effective on June 19, 2024, and extended the project’s closing date to June 30, 2027.

Together, the original financing and the additional facility amounted to about $1.52bn.

However, while the parent programme achieved substantial results and largely disbursed its resources, the additional financing struggled to meet critical reform conditions, resulting in limited disbursements and eventual cancellation of the remaining funds.

The World Bank noted that Nigeria’s electricity sector continues to face deep-rooted structural challenges despite years of reforms and significant financial support.

The report stated that the sector still suffers from weak distribution performance, transmission bottlenecks, underutilisation of available generation capacity, and persistent financial imbalances.

According to the bank, high technical, commercial, and collection losses across the distribution segment, combined with inadequate cost recovery, have created a recurring mismatch between revenues generated by the sector and its actual operating costs.

“These constraints have created recurrent financing gaps, most notably in the form of tariff shortfalls, which generate liquidity pressures across the value chain and weaken the operational and financial performance of sector institutions,” the report said.

The Federal Government developed the Power Sector Recovery Programme as a framework to restore the sector’s financial viability and reduce its fiscal burden on public finances.

The programme included plans to progressively eliminate tariff shortfalls, improve operational performance among power sector institutions, and strengthen regulatory oversight and accountability mechanisms.

According to the World Bank, implementation of the original operation delivered notable results. The report stated that tariff shortfalls fell by 71 per cent between 2019 and 2022, declining from N581bn to N166bn.

During the same period, regulatory cost recovery improved significantly from 56 per cent to 94 per cent, while annual electricity supplied to the distribution grid increased by 13 per cent between 2018 and 2021.

The bank said all standard disbursement-linked indicators and global indicators attached to the original programme were fully achieved. “Implementation of the parent operation was satisfactory, brought substantial results, and fully disbursed the PforR component as all DLRs were achieved,” the report stated.

Encouraged by those gains, the World Bank approved the additional financing package to address remaining structural weaknesses and deepen reforms under the Power Sector Recovery Programme.

The new facility was expected to support the development of a sustainable financing framework for the sector, improve operational performance through implementation of performance improvement plans, and strengthen governance arrangements among electricity institutions, particularly the Transmission Company of Nigeria.

However, the anticipated reforms failed to materialise within the expected timeframe. The World Bank attributed much of the setback to major macroeconomic developments that dramatically altered the operating environment.

According to the report, the liberalisation of Nigeria’s foreign exchange market in June 2023 triggered a sharp depreciation of the naira, leading to a substantial increase in the cost of natural gas used for electricity generation.

The bank explained that more than 70 per cent of electricity supplied into Nigeria’s national grid is generated using natural gas, whose pricing is denominated in United States dollars.

“The liberalisation of the foreign exchange market in June 2023 led to a significant depreciation of the local currency Naira, which resulted in a big increase in prices of natural gas used to produce above 70 per cent of electricity injected in the national power system,” the report stated.

At the same time, electricity tariffs for most consumers remained largely unchanged despite rising generation costs. The World Bank noted that electricity tariffs had effectively been frozen since early 2023, except for Band A customers, whose tariffs were adjusted to cost-reflective levels in April 2024.

This widening gap between actual electricity production costs and revenues collected from consumers resulted in a sharp increase in tariff shortfalls. According to the report, annual tariff shortfalls rose from a low of N140bn in 2022 to approximately N1.9tn in both 2024 and 2025.

“Due to the mismatch between the electricity generation costs and the sector tariff revenues, the tariff shortfalls increased sharply in the last 3 years, moving from a low of N140bn in 2022 to a high of N1.9tn per year in 2024 and 2025, putting serious pressure on the limited Federal Government of Nigeria’s fiscal space,” the World Bank said.

The report explained that the sharp deterioration in sector finances prevented Nigeria from achieving key global indicators attached to the additional financing package.

The bank noted that the required indicators were not achieved in 2023, 2024 or 2025 because authorities failed to establish a credible and fiscally sustainable financing plan capable of addressing the growing tariff deficits.

According to the report, the absence of a comprehensive financing framework and a declining trajectory of tariff shortfalls made it impossible to satisfy major programme conditions.

The bank stated, “Recent financing plans have not fully identified sufficient sources of funding to cover tariff shortfalls, nor established a credible trajectory for their reduction.”

Apart from financing challenges, implementation delays also contributed to the programme’s difficulties. The World Bank cited delays in aligning performance improvement plans with eligible expenditures, particularly those involving the Transmission Company of Nigeria, as well as challenges linked to verification requirements for key sector institutions.

“These constraints have limited the ability to trigger disbursements even where elements of progress have been achieved,” the report stated.

As a result, broader disbursements under the additional financing arrangement failed to materialise as expected. The World Bank disclosed that overall implementation progress under the additional financing remained “Moderately Unsatisfactory.”

Financial data contained in the restructuring document illustrates the extent of the programme’s underperformance. Under the International Bank for Reconstruction and Development component, the World Bank had committed $449m. However, only $41.24m had been disbursed, leaving $407.76m undisbursed and a disbursement rate of just 9.18 per cent.

Under the International Development Association component, $754.82m had been disbursed out of a total commitment of $1.063bn, leaving $308.53m undisbursed. The bank further noted that while about 95 per cent of the parent operation had been successfully disbursed, only around nine per cent of the additional financing package had been released.

“Of the AF combination of a loan and a credit totalling $763.5m equivalent, only 9 per cent, corresponding to prior results of the PforR, have been disbursed,” the report stated.

The World Bank concluded that the programme’s original design had become increasingly misaligned with prevailing realities in Nigeria’s electricity sector. “Taken together, these developments point to a misalignment between the design of the operation and the evolving implementation context,” the report stated.

According to the bank, achieving the programme’s objectives required coordinated progress across fiscal, policy, and operational dimensions, conditions that proved difficult to realise within the expected timeframe.

The Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, earlier warned that Nigeria may reject loan facilities from the World Bank if delays in approval and disbursement persist, saying prolonged timelines could undermine the country’s willingness to proceed with such arrangements.

The warning was contained in a press statement last week by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

Ogunjimi, who spoke in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, stressed that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.

He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.

The AGF noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives. He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.

Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.

However, the Senior External Affairs Officer at the World Bank, Mansir Nasir, earlier told The PUNCH that funds for projects financed by the institution were not disbursed at once but in instalments, depending on the nature of the project and financing instruments.

The PUNCH further learnt that Nigeria retained its position as the International Development Association’s third-largest borrower in the first quarter of 2026, despite a slight decline in its exposure to the World Bank’s concessional lending arm from $18.7bn in December 2025 to $18.5bn as of March 31, 2026.

The latest IDA financial statements showed that only Bangladesh, with $22.7bn, and Pakistan, with $19.2bn, ranked ahead of Nigeria, whose exposure accounted for about eight per cent of the institution’s $230.8bn loan portfolio.

The Nigeria Civil Aviation Authority has placed 11 domestic airlines on its updated “No-Pay-No-Service” list over unpaid statutory charges.

The enforcement action, which targets airlines owing the regulator outstanding remittances, is expected to affect access to critical regulatory and administrative services until the affected carriers clear their debts or agree on payment plans with the authority.

This was contained in an internal memo obtained by our correspondent on Sunday. At the centre of the dispute are the five per cent Ticket Sales Charge and Cargo Sales Charge, funds collected by airlines on behalf of the NCAA to support safety oversight, personnel training, and economic regulation within the aviation sector.

The memo, dated May 22, 2026, obtained by our correspondent, directed all NCAA directorates to withhold services from the affected operators pending financial clearance from the Directorate of Finance and Account

The memo, signed by the Director of Finance and Accounts, Olufemi Odukoya, was circulated across the authority’s regional offices and copied to the Director-General of Civil Aviation and other senior officials.

Under the directive, affected airlines risk immediate interruptions in regulatory support, a development that has raised concerns among operators and passengers over possible operational delays and wider industry implications.

Director-General of the NCAA, Chris Najomo, said that although the regulator understands the harsh economic realities confronting operators, the agency cannot afford to compromise its financial stability.

According to him, delayed or non-remittance of the statutory charges could weaken the authority’s ability to sustain effective safety oversight, risk-based surveillance, and compliance with international aviation standards.

Airlines affected by the directive include Air Peace Limited, Ibom Air Limited, Arik Air Limited, United Nigeria Airlines, Umza Air, NG Eagle, Max Air Limited, Caverton Helicopters, Overland Airways, Rano Air, and ValueJet.

The document stated, “The DGCA has directed that no directorate should render any service to the above airline without financial clearance from the director of finance and accounts.”

In a WhatsApp chat with our correspondent, the Chief Executive Officer of Ibom Air, George Uriesi, said the current realities facing airlines go beyond poor financial management, insisting that operators are struggling to survive under an unsustainable business environment.

According to him, the sharp rise in aviation fuel prices over a short period disrupted the financial structures of many airlines and forced operators to make difficult decisions about how to manage limited working capital.

He explained that airlines could not increase ticket fares at the same pace as the rise in fuel and maintenance costs, adding that most of their daily earnings are now consumed by operational expenses needed to keep aircraft in the air.

His words, “People, this matter is quite simple. When fuel, which under normal circumstances is 36-40 per cent of your operating costs, triples in price within the space of five weeks and stays there, your business model is turned upside down.

“The costs of purchasing fuel to keep flying suddenly take virtually all the sales you’re making on a daily basis. This forces a change in how you allocate your working capital. Once you cannot pay for fuel and maintenance, you cannot fly, no matter your emotions. And once you cannot fly, you cannot pay anybody anyway. It’s the oxygen mask theory,” Uriesi added.

The Ibom Air boss added that the NCAA’s memo revealed that most domestic airlines are facing similar financial pressures, contrary to public perception that some operators were coping better than others.

He stated that the airlines should not be criticised, stressing that the sector only appears attractive because operators continue to fly despite mounting losses and shrinking profit margins.

Also, the former Rector of the Nigeria College of Aviation Technology, Samuel Caulcrick, questioned the long-term viability of Nigeria’s domestic aviation sector, saying the crisis extends beyond the controversy surrounding the 5 per cent Ticket Sales Charge.

According to him, even if the charge is removed completely, airlines would still face severe challenges linked to inflation, foreign exchange instability, weak passenger numbers, and multiple regulatory charges.

He noted that only a small percentage of Nigerians travel regularly by air, while inflation and declining purchasing power have further reduced passenger traffic, forcing over 10 airlines to compete for a shrinking market.

Caulcrick also argued that domestic airlines remain vulnerable because they rely heavily on dollar-denominated expenses such as aircraft leasing, maintenance, and spare parts, without stable access to foreign exchange or hedging mechanisms.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has intensified efforts to enforce the Host Community Development Trust framework under the Petroleum Industry Act 2021, ordering operators and licensees in the sector to comply with the mandatory three per cent annual contribution to host community funds, with the introduction of a digital portal aimed at improving transparency and accountability.

The NMDPRA disclosed this recently during a Stakeholder Sensitisation Workshop on the implementation of the HCDT framework and the operationalisation of the HCDT Digital Portal held in Port Harcourt.

The Host Communities Development Trust is a framework mandated by Nigeria’s Petroleum Industry Act 2021 to ensure direct social, environmental, and economic benefits for petroleum-producing areas. The fund is designed to address the development needs of impacted communities in oil-producing areas.

Speaking on behalf of the Authority Chief Executive, Mr Rabiu Umar, the Executive Director, Health, Safety, Environment and Community, Dr Mustapha Lamorde, said the newly introduced portal would facilitate digital registration of trusts, project tracking, compliance reporting, monitoring of statutory contributions, and real-time regulatory oversigh

“With strong national expectations for the HCDT framework to transition from policy to practical implementation, the workshop was organised to provide clarity onthe establishment of Host Community Development Trusts.

“It will also provide guidance on the governance responsibilities of trustees and management committees, obligations of operators and licensees, administration of the trust fund, compliance and reporting requirements, as well as grievance resolution mechanisms established under the regulations,” he said.

Lamorde further urged operators to comply with the mandatory three per cent annual contribution requirement to ensure sustainable development in host communities.

Also speaking, the Chairman of the House of Representatives Committee on Host Communities, Dumnamene Dekor, commended the NMDPRA for organising the sensitisation forum.

He noted that midstream operations, including pipelines, depots, terminals, processing facilities, and transportation infrastructure, are critical to Nigeria’s energy security, stressing that host communities must derive practical and lasting benefits from such operations.

Also, the Director, Environmental Sustainability and Host Community, NMDPRA, Mrs Anne Omezi, said the stakeholder engagement on the operationalisation of the HCDT framework would promote transparency, collaboration, and sustainable development while ensuring host communities derive greater benefits from Nigeria’s oil and gas sector.

“We are here to build bridges of understanding, foster collaboration, and establish a shared vision for community development. I encourage everyone to actively participate and share ideas that will deliver lasting benefits to host communities within the midstream segment of Nigeria’s oil and gas industry,” she said.

Meanwhile, Chief Barry Mwara, from one of the host communities in Rivers State, said the sensitisation programme had provided him with valuable information and knowledge that would help in charting a brighter future for his community.

“I will go back with this information so we can further strategise on how to benefit from midstream activities in our communities,” he said. He urged the NMDPRA to strengthen its supervisory role to ensure that the fund is properly managed and utilised for its intended purpose.

Activities in the Nigerian financial markets recorded a massive boost as the total turnover on the FMDQ Securities Exchange hit $180.85bn, driven by an unprecedented surge in transaction volumes across key market segments. The significant growth reflects a major recovery in market liquidity and rising investor confidence, largely driven by ongoing foreign exchange market calibrations and intensive open market interventions by the monetary authorities.

According to the latest monthly market report from the exchange, trading activities in the foreign exchange and Open Market Operations bills segments remained the primary catalysts for the market’s stellar performance. A breakdown of the performance shows that spot FX transactions and foreign exchange derivatives combined accounted for the largest share of the overall market turnover. This indicates an improved supply of foreign exchange into the system following recent structural reforms. The fixed income segment followed closely, dominated heavily by intense central bank liquidity management operations.

The surge in transactional volume was also heavily supported by the high-interest-rate environment in the primary debt markets. The Debt Management Office and the Central Bank of Nigeria have sustained attractive yields on short-term and long-term sovereign instruments to rein in inflation.

Institutional investors, particularly pension fund administrators and asset managers, aggressively locked funds into Treasury Bills and FGN Bonds, resulting in consistent oversubscriptions at recent auctions.

Meanwhile, activity in the corporate debt segment showed steady progression, with several high-profile commercial papers and corporate bonds listed on the FMDQ platform by players in the financial services, manufacturing, and consumer goods sectors seeking to buffer their working capital.

Reacting to the market data, capital market analysts noted that the current volume trajectory signals a healthier financial market infrastructure capable of supporting broader economic expansion. “The $180.85bn milestone is a clear indicator that market liquidity is rebounding strongly,” said a senior investment strategist in Lagos.

“The transparency brought by the vertically integrated architecture of the FMDQ platform has given both domestic and foreign portfolio investors the clarity they need to commit capital, especially into our fixed-income instruments,” he added.