DLM Capital Group has officially moved from proof-of-concept to proven execution, announcing the successful disbursement of the first principal and coupon payments on its Sovereign Bond-Backed Composite Notes.

The payment marks a decisive turning point for the N30bn programme, which seeks to blend the high-yield opportunities of corporate structuring with the rock-solid security of sovereign collateral. The Series 1 Notes, which include the N7.30bn Tranche A and N1.70bn Tranche B, are currently listed on the FMDQ Exchange.

The milestone is particularly significant given the initial market climate. When the instrument launched in July 2025, it was met with “cautious interest” from an investment community wary of new structures. However, the timely fulfilment of these financial obligations has silenced sceptics and bolstered the reputation of the AAA-rated instrument.

The leadership at DLM Capital and market analysts have been vocal about what this payout represents for the Nigerian capital markets: “This first payment is a clear validation of the structure. It demonstrates that the SBCNs are not just innovative but dependable,” said DLM Capital Group.

“The instrument has delivered on its core promise: strong credit quality, reliable cash flows, and enhanced returns. With momentum building toward Series 2, DLM Capital is setting a new standard for structured debt innovation in Nigeria’s capital markets,” the statement added.

The SBCNs have distinguished themselves through their unique risk-reward profile. Tranche A has notably emerged as the most valuable AAA-rated corporate bond in Nigeria, offering an impressive 40.62% Hold-To-Maturity return.

Backed by sovereign bond collateral and rated AAA by both GCR and DataPro, the notes have successfully addressed the “flight to quality” currently seen among institutional investors. By providing a bridge between capital preservation and yield optimisation, DLM Capital appears to have carved out a new niche for high-quality fixed-income opportunities.

As the Group prepares for the Series 2 issuance, the successful servicing of the Series 1 debt provides a robust track record that is expected to drive even higher subscription rates from pension fund administrators and insurance firms seeking stable, high-yield assets.

Global trade transports an estimated 500 billion tonnes of virtual water every year, the hidden water embedded in goods such as food, textiles and industrial products, indicating the growing link between international commerce and water sustainability, according to a new World Bank report.

The report explains that virtual water refers to the large volumes of freshwater used during production processes but not visible in the final product. For example, producing a single cup of coffee can require about 150 litres of water, while sugar, milk and baked goods add significantly more, meaning a typical breakfast may consume more water than many households use daily.

According to the World Bank, the scale of virtual water flows is immense, amounting to roughly a quarter of global water use and about 50 times the weight of goods shipped annually by sea. Over the past two decades, virtual water trade has expanded by about 50 per cent, driven by rising incomes, changing diets and increasingly complex global value chains.

The report notes that trade can improve global water efficiency by shifting production to regions where water resources are more abundant. Crop trade alone saves around 500 billion cubic metres of water annually, as agricultural goods are often produced in locations that use water more efficiently than importing countries.

Water-dependent sectors, including agriculture, energy and industry, support approximately 1.7 billion jobs worldwide, underscoring the economic importance of efficient water use.

However, the benefits are uneven. About one-fifth of irrigation water embedded in traded goods originates from water-stressed regions where water is used less efficiently, effectively exporting scarce water resources and increasing long-term economic risks for those countries.

The World Bank said trade policy plays a critical role in determining where water-intensive production occurs.

Import tariffs, subsidies and regulatory standards influence competitiveness in sectors such as agri-food, textiles, leather, pulp and paper, and chemicals. Meanwhile, tariffs on water-saving technologies, including drip irrigation systems, smart meters and wastewater treatment equipment, can slow the adoption of efficiency solutions.

Governments are increasingly using non-tariff measures such as product standards and sustainability regulations to manage water use. Australia’s water-efficiency labelling scheme and the European Union’s corporate sustainability due diligence rules were cited as examples of policies shaping water outcomes across supply chains.

Private companies are also playing a growing role. Multinational firms are setting targets to reduce water use in manufacturing and working with suppliers to improve irrigation and processing efficiency across global sourcing networks.

The report added that trade agreements could further promote sustainable water use by incorporating environmental commitments and cooperation mechanisms. Examples include agreements between the European Union and Chile and between Japan and Australia, which encourage collaboration on efficient water management.

The World Bank cautioned that aligning trade with water sustainability will require gradual policy reforms to avoid disrupting producers and consumers, particularly in developing economies. Measures such as phased disclosure of water footprints, improved supply-chain traceability and investment in water-efficient technologies could help businesses remain competitive while reducing environmental risks.

The Securities and Exchange Commission Nigeria (SEC Nigeria) is pleased to announce the re-election of its Director-General, Emomotimi Agama, as Vice Chair of the Africa/Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO) for a second term spanning 2026–2028.
IOSCO was established in 1983, serves as the global standard-setter for the securities industry and is recognised as the leading international policy forum for securities regulators. Its members regulate more than 95 per cent of the world’s securities markets across over 100 jurisdictions.

 

 

This appointment, confirmed by IOSCO, reflects the growing recognition of Nigeria’s capital market and its strategic importance within the Africa and Middle East region. It highlights the confidence of peer regulators in Nigeria’s leadership, regulatory progress, and continued commitment to strengthening capital market systems.

 

The re-election also presents a significant opportunity for SEC Nigeria to deepen its engagement at the highest level of global securities regulation. As AMERC Vice Chair, Nigeria will maintain a seat on the IOSCO Board, the organisation’s highest policy-making body, where critical decisions shaping global capital market standards, regulatory frameworks, and cross-border cooperation are made. This position ensures that Nigeria’s perspectives, experiences, and priorities are represented in key discussions that influence the direction of international financial markets.

 

 

According to Agama, “Beyond representation, this development enhances Nigeria’s ability to contribute meaningfully to global regulatory dialogue, particularly in areas such as enforcement cooperation, market integrity, and investor protection. It creates a stronger platform for collaboration with other jurisdictions on cross-border regulatory issues, including tackling illicit financial flows and strengthening supervisory frameworks. The role further supports ongoing efforts to align Nigeria’s capital market with international best practices, fostering greater investor confidence and facilitating increased participation in global financial markets.

 

“Ultimately, this milestone reinforces Nigeria’s position as a leading voice in regional and global capital market development. It is expected to contribute to building a more resilient, transparent, and robust capital market ecosystem, not only within Nigeria but across the broader Africa and Middle East region. SEC Nigeria remains committed to leveraging this opportunity to advance regulatory excellence, deepen market integration, and support sustainable economic growth”

The Central Bank of Nigeria has said it is on course to reduce inflation to single digits as part of its transition to an inflation-targeting monetary policy framework.

This was disclosed in a statement issued by the apex bank on Sunday following an engagement with the Nigerian Economic Society and members of the academic community in Abuja.

Speaking at the session held on March 18, 2026, the CBN Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, said the shift to inflation targeting represents a major change in Nigeria’s monetary policy approach.

He described the engagement as timely and essential to Nigeria’s ongoing economic reforms, adding that the new framework would strengthen policy credibility and long-term price stability.

According to the statement, “the transition to an inflation-targeting framework marks a significant shift toward a transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability.”

Abdullahi said the framework would serve as a key anchor for the economy by shaping expectations and reducing the impact of external shocks.

He noted that inflation targeting would serve as a crucial nominal anchor for the Nigerian economy, adding that stabilising inflation expectations would help lower risk premia and support long-term investments.

The CBN noted that ongoing global uncertainties, including geopolitical tensions and volatile energy prices, make the need for a credible monetary anchor more urgent for emerging economies like Nigeria.

The statement highlighted several reforms already implemented by the bank to support the transition, including a return to orthodox monetary policy tools and a gradual withdrawal from quasi-fiscal interventions.

It added that foreign exchange market reforms, such as rate unification and the introduction of electronic trading platforms, have improved price discovery and reduced volatility.

The apex bank also cited improvements in banking sector stability through recapitalisation efforts and stronger prudential oversight, alongside better coordination with fiscal authorities.

According to Abdullahi, these measures are already producing results. “Headline inflation declined sharply from 34.8 per cent in late 2024 to 15.1 per cent by early 2026, driven by sustained monetary tightening and improved policy discipline,” the statement said.

Looking ahead, the CBN said it is firmly on track to achieve low and stable inflation in the medium term. “The medium-term target is to steer inflation into a single-digit range of 6–9 per cent, barring major external shocks,” the statement read.

Abdullahi further noted that achieving this target would depend on sustained policy discipline, well-anchored expectations, and strong institutional credibility.

Earlier, the Director of the Monetary Policy Department, Dr Victor Oboh, said collaboration with the academic community is critical to improving monetary policy effectiveness.

He noted that the success of inflation targeting depends not only on technical design but also on public trust and communication.

Oboh noted that academics, researchers, and thought leaders play a vital role in shaping narratives, influencing expectations, and building the evidence base for sound policy decisions.

In his remarks, the President of the Nigerian Economic Society, Dr Baba Yusuf Musa, commended the CBN’s reform direction and pledged continued support for its stabilisation efforts.

“Nigeria needs a credible Central Bank, and the Nigerian Economic Society needs a Central Bank worth standing with,” he said.

Participants at the session, drawn from universities and policy institutions, also expressed support for the bank’s transition to inflation targeting, describing it as a necessary step toward strengthening macroeconomic stability.

Nigeria’s headline inflation rate eased marginally to 15.06 per cent in February 2026, according to the Consumer Price Index report released by the National Bureau of Statistics

Fresh pressure is mounting on household energy costs as marketers on Monday warned that the price of Liquefied Petroleum Gas, popularly known as cooking gas, could rise further following a new price adjustment by the Dangote Petroleum Refinery and worsening global crude oil dynamics.

The Nigerian Association of Liquefied Petroleum Gas Marketers said retail prices have already climbed sharply to N1,000 per kilogramme, driven by higher ex-depot prices, surging logistics costs, and the ripple effects of rising crude oil prices.

This comes as the Dangote refinery increased its LPG ex-gantry price from N760 and N800 last week to N825 per kilogramme on Monday, a development seen by industry players as a key trigger for downstream price adjustments across the country.

Speaking in an interview on Monday, the association’s Publicity Secretary, Damilola Owolabi-Osinusi, confirmed that consumers should expect higher prices at retail outlets nationwi

She said, “Yes, definitely. The price of cooking gas will rise. The prices have already increased to N1,000 per kg at retail stations. This is because of the cost of logistics. It has increased too, haulage and other loading costs, particularly haulage. Even the Dangote refinery has increased its price. It’s N825 from Dangote as of today.”

Her comments signal a widening gap between ex-depot and retail prices, underscoring the cumulative impact of supply chain costs on final consumer pricing.

Operators explained that, beyond the refinery price adjustment, rising transportation costs, fuelled by higher diesel prices and operational bottlenecks, are significantly compounding the situation.

The latest hike is closely linked to the sustained increase in global crude oil prices, which directly influences LPG pricing, as both products are derived from hydrocarbon processing.

As crude prices climb in the international market, the cost of propane and butane, the primary components of LPG, also rises, leading to higher import parity prices and upward pressure on domestic supply.

Nigeria, despite being a major gas producer, still relies partly on imports and market-linked pricing, making local LPG prices vulnerable to global energy shocks.

The anticipated increase is expected to further strain Nigerian households already grappling with rising food and energy costs, as LPG remains a critical cooking fuel for urban and semi-urban populations.

Over the past year, the Federal Government has promoted LPG adoption as part of its clean energy transition strategy, encouraging a shift away from firewood and kerosene. However, recurring price spikes have continued to threaten affordability and slow adoption rates.

Marketers warned that unless there is a significant drop in crude prices or targeted interventions to ease logistics and distribution costs, the upward trend may persist in the near term.

Stakeholders attribute the situation to a combination of factors, including foreign exchange volatility, high vessel and terminal charges, and infrastructure gaps in the domestic gas distribution network.

With the Dangote refinery now playing a more prominent role in domestic LPG supply, its pricing decisions are increasingly shaping market trends. Despite the concerns, marketers insist that the current adjustments are market-driven and necessary to sustain supply.

For now, consumers may have to brace for higher cooking gas prices, as the interplay between crude oil markets and local supply realities continues to dictate the cost of clean cooking energy in Africa’s largest economy.

Meanwhile, Ukraine’s President, Volodymyr Zelenskyy, said on Monday that Ukraine is exploring plans to import liquefied natural gas from Mozambique, as it grapples with energy shortages caused by years of Russian attacks on its production infrastructure.

Before the war, Ukraine met almost all of its gas needs through domestic production. However, Russian strikes have meant that Ukraine has lost about half of its gas output, Central Bank Governor Andriy Pyshnyi said late last year.

Last autumn, Russia intensified its attacks on Ukrainian gas production facilities, most of which are located in frontline regions in northeast and central Ukraine.

Speaking on the Telegram messaging app after meeting with Mozambique’s President, Daniel Chapo, Zelenskyy suggested that Kyiv could offer the southern African nation—which is battling an Islamist insurgency—support in countering its security challenges.

“Ukraine is interested in additional energy supplies. Mozambique is interested in Ukraine’s experience and technologies to strengthen its internal security and protect people from terror,” Zelenskyy said, without providing details of the volumes of gas that might be involved in any deal.

Mozambique is a major African gas producer, and in January, the country and TotalEnergies announced that they would relaunch an LNG project previously halted by the insurgency.

With the capacity to produce 13 million metric tonnes of LNG annually, the project is expected to make Mozambique a major gas exporter. Ukraine has not imported Russian gas since 2015.

In recent years, Kyiv has also been expanding its LNG supplies, establishing access to U.S. LNG from terminals in Poland and the Baltic countries.

Ukraine also imports U.S. LNG via the so-called Vertical Corridor of pipelines from Greece. European AGSI official energy data showed last week that Ukraine had begun storing gas in its underground facilities in preparation for the next heating season.

Energy minister Denys Shmyhal has said that Ukraine intends to start the 2026–2027 heating season with at least 13 billion cubic metres of gas in underground storage, roughly the same volume as in the previous season. Since the start of the war with Russia, Ukraine has not disclosed full details of its gas imports.

The Nigerian Exchange Limited witnessed an extraordinary surge in activity as investors traded 8.761 billion shares valued at N267.253bn in 193,473 deals, despite a shortened trading week.

This massive turnover, which occurred in just three business days due to the Federal Government declaring public holidays on 19 and 20 March to commemorate the Eid-el-Fitr celebration, stood in stark contrast to the previous week’s total of 3.321 billion shares valued at N164.845bn.

The ICT industry dominated the activity chart by volume, accounting for 5.330 billion shares worth N46.825bn and contributing a staggering 60.84 per cent to the total equity turnover. This momentum was largely driven by heavy trading in E-Tranzact International Plc, FCMB Group Plc, and Wema Bank Plc, which together represented nearly 70 per cent of the week’s total volume.

The market’s primary benchmarks reflected this bullish sentiment, with the NGX All-Share Index and Market Capitalisation both appreciating by 1.39 per cent to close the week at 201,156.86 points and N129.126tn respectively.

While the broader market flourished, sectoral performance was mixed; the NGX Insurance, Oil & Gas, and Commodity indices recorded depreciations, while the NGX Sovereign Bond index remained flat. Amidst this volatility, the exchange also expanded its offerings with the listing of NGX30U6 and NGXPENSIONU6 Futures Contracts, alongside new commercial paper issuances from NGN Gram Limited totalling billions in value.

Market analysts have noted that the rush into equities and the tightening of yields in the fixed-income space suggest a strategic shift among institutional players. In their weekly review, analysts at Meristem Securities observed that investors are moving with increased urgency to secure positions before market conditions shift further.

According to the firm’s perspective on the current climate, “As yields begin to trend lower, investors move quickly to lock in still-attractive rates before further declines materialise, a behaviour evident in the significant rise in subscriptions and the downward trend of average Treasury bill yields.”

This aggressive positioning indicates that despite the holiday-shortened window, the appetite for both high-volume equities and debt instruments remains at a peak for the first quarter of 2026.

The current surge in the ICT sector is not just a weekly anomaly; it represents a significant structural shift in the Nigerian Exchange that has been gaining momentum since 2024. Historically, the Financial Services industry has been the traditional heavyweight of the Nigerian market, often accounting for 50 per cent to 70 per cent of total trading activity.

However, the data from March 2026 shows the ICT sector contributing 60.84 per cent of total volume and 17.52 per cent of value, a stark contrast to its historical standing.

The dominance seen in the third week of March 2026 is driven by several critical factors, including the ‘Fintech’ surge. Companies like E-Tranzact have seen their market capitalisations nearly double in the last 12 months, hitting N180bn in March 2026, reflecting the massive adoption of digital payment infrastructure in Nigeria.

The growth is no longer limited to just telecom giants like MTN and Airtel; mid-cap technology firms specialising in cloud computing and data centres are seeing unprecedented trading volumes as Nigeria’s “Digital Public Infrastructure” expands.

The ICT sector’s 58 per cent year-on-year market capitalisation growth in 2025 set the stage for the high-conviction trading seen this month. While the Financial Services sector still leads in value with N95.892bn compared with ICT’s N46.825bn this week, the sheer volume of shares changing hands in ICT indicates that retail and institutional investors are increasingly viewing technology as the primary engine for future growth.

MTN Nigeria has reported a staggering N1.1tn profit for the 2025 financial year. This turnaround marks a significant departure from the fiscal headwinds of 2024, signalling a robust resurgence in the country’s digital economy.

Speaking on Channels Television, the Chief Financial Officer of MTN Nigeria, Modupe Kadri, broke down the numbers that defined the company’s “impressive” performance. He revealed that the firm achieved a 22.9 per cent increase in service revenue, reaching N392.2bn, fuelled by a surge in third-quarter activity.

The recovery was not a matter of chance but the result of aggressive capital expenditure. Kadri disclosed that the company’s investment in the sector has reached unprecedented levels. “We spent about N1tn in 2025, significantly higher than our 2024 investment levels. We will continue now that we have a business case to make this investment,” he explained.

Despite the massive profit and the deployment of over 2,850 new network sites, the CFO offered a grounded perspective on when consumers will feel the full impact of these billions.

He addressed the recurring question of whether increased income immediately equates to better service quality. “The telecommunications industry is capital-intensive. Even when the capital is available, improvements in network infrastructure take time to materialise. We are not out of the woods yet, but the impact of such investments will be fully realised in time,” he said.

Looking towards the future, MTN is shifting its focus toward the “unconnected” segments of the Nigerian population. With the industry’s total investment exceeding $1bn, the company is eyeing a 70 per cent broadband penetration rate through a mixture of traditional and frontier technologies.

“There is a growing need to expand connectivity as Nigeria’s population increases. Areas previously classified as rural require improved population coverage. Our goal is to exceed 2025 investment levels with the Bridge Project and a ‘satellite revolution’ aimed at closing the rural connectivity gap,” he added.