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….. Sets 7.4%

Nigeria has secured a major boost to its international investment profile after global financial services giant J.P. Morgan included selected Federal Government of Nigeria (FGN) Bonds in its newly launched Government Bond Index–Emerging Markets Edge (GBI-EM Edge).

The development marks Nigeria’s return to a J.P. Morgan emerging-market bond benchmark more than a decade after the country was removed from the GBI-EM Global Diversified Index in 2015 over persistent foreign exchange liquidity challenges.

J.P. Morgan said the GBI-EM Edge tracks local-currency government bonds across frontier emerging markets, with the new benchmark covering about $328 billion in eligible government debt across 26 markets.

Nigeria has been assigned a 7.40 per cent weighting, placing it among the most heavily weighted countries in the index and close to J.P. Morgan’s maximum country allocation of 8 per cent.

The inclusion comes amid sweeping economic reforms by the Federal Government, including efforts to stabilise the naira, clear outstanding foreign exchange obligations, improve market liquidity and strengthen economic growth.

Why Nigeria Qualified

According to the government, Nigeria met two key requirements for inclusion — market liquidity and the size of outstanding bond issuances.

FGN Bonds are actively traded through a Two-Way Quote System, while outstanding bond volumes across eligible tenors significantly exceed J.P. Morgan’s minimum requirement of $250 million.

The government said the development demonstrates renewed international confidence in Nigeria’s domestic debt market and its ongoing economic reform programme.

Nigeria was first admitted into the J.P. Morgan GBI-EM index in 2012. That inclusion attracted substantial foreign investment into the country’s local securities market and helped reduce the government’s borrowing costs by about 200 basis points.

It also contributed to increased foreign participation in Nigeria’s equities and banking sectors and supported the country’s external reserves.

However, Nigeria’s inclusion was reversed in 2015 as foreign exchange shortages and difficulties accessing the naira undermined the attractiveness and accessibility of the local bond market to international investors.

The latest development therefore represents a significant turnaround for Nigeria’s fixed-income market.

Billions in Potential Foreign Inflows

Nigeria’s 7.40 per cent weighting translates to roughly $17.47 billion of eligible FGN debt across 16 instruments.

With index-tracking investment funds expected to rebalance their portfolios in line with the new benchmark, the government anticipates increased foreign portfolio investment into Nigerian bonds over time.

Higher demand could push bond prices higher and gradually reduce yields, potentially lowering the cost of servicing the Federal Government’s naira-denominated debt.

The increased participation of foreign institutional investors could also deepen liquidity in the domestic bond market, with possible spillover benefits for other government securities, including Nigerian Treasury Bills.

Oyedele: Inclusion Validates Tinubu Reforms

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the development as an international vote of confidence in the administration’s economic reforms.

“This inclusion is a clear, independent endorsement of the discipline behind President Bola Ahmed Tinubu’s reform agenda,” Oyedele said.

He added that the development reflected growing confidence in Nigeria’s economic management and could help reduce the cost of financing the government’s development priorities.

“ We remain focused on the work still required to earn full reinstatement in J.P. Morgan’s flagship index,” the minister said.

The Federal Government said it would continue implementing reforms aimed at strengthening macroeconomic stability, deepening the domestic capital market and restoring investor confidence

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By Gloria Ikibah

The African Democratic Congress caucus in the House of Representatives has launched a fierce attack on the leadership of the Independent National Electoral Commission, calling for the removal and prosecution of its chairman over alleged partisanship and misconduct ahead of the 2027 elections.

Briefing journalists after its inaugural meeting held on 12 April 2026, the leader of the caucus. Rep. Afam Ogene raised alarm over what it described as growing concerns about the neutrality and credibility of the electoral body under Professor Joash Amupitan.

Reps. Ogene pointed to alleged past online activity linked to the chairman, claiming it suggested political bias in favour of the ruling party. While the commission has denied any connection between the chairman and the social media account in question, the caucus insisted that independent digital checks indicated otherwise, raising doubts about transparency and trust in the office.

The caucus argued that such concerns strike at the heart of the commission’s ability to conduct free, fair and credible elections, warning that the situation could undermine Nigeria’s democratic process if left unchecked.

Beyond the electoral body, the caucus also accused elements within the judiciary of working in tandem with the commission to frustrate the party’s participation in upcoming elections. It alleged attempts to interfere in the party’s internal leadership dispute, despite clear legal provisions barring courts from adjudicating such matters.

He said: “In light of these inconsistencies and concerns regarding impartiality and integrity, the House Caucus, on Monday, 13th April 2026, hereby calls for the removal of Prof. Amupitan from office and advocates for his prosecution, in order to safeguard the nation against an avoidable descent into undemocratic practices.

“The Caucus is gravely concerned about the ostensibly undemocratic actions taken by INEC, under the leadership of Prof. Amupitan, which appears to deny the ADC the opportunity to participate in the forthcoming elections. This is being achieved through the perpetuation of a leadership crisis within the party, whereby INEC has abdicated its responsibility as an impartial arbiter and instead intervened in the party’s internal affairs. Specifically, the commission seems to be recognizing an illegitimate leadership faction, contrary to the authentic leadership of Senator David Mark, which had previously been acknowledged and certified by INEC itself, having met the requisite criteria, as evidenced by a recent affidavit issued by the Commission.

“We note that the Commission, in collusion with certain elements within the judiciary, is actively working to undermine the aspirations of the ADC, thereby preventing the party from fielding candidates in the forthcoming elections, through duplicitous means that serve to obstruct inclusivity within the democratic process.

“In fact, credible information at our disposal suggest that certain individuals within the judiciary and INEC are collaborating to influence the outcome of a case coming up on Tuesday, April 14, 2026 regarding the leadership question in the ADC, potentially impacting the recognition of a discredited faction.

“In fact, Section 83 (5) in the Electoral Act 2026 clearly prohibits any court of law in Nigeria from entertaining any case concerning party Congresses. The section says –
“S. 83 (5) “… No Court in Nigeria shall entertain jurisdiction over any suit or matter pertaining to the internal affairs of a political party.”

They further referenced provisions imposing penalties on individuals who pursue such cases, adding: “Where such action is brought in negation of this provision – (a) No interim or interlocutory injunction shall be entertained by the Court… (b) The Court shall, at the conclusion of the matter, impose costs of not less than ₦10,000,000.00…”

The caucus maintained that ongoing developments suggest a deliberate effort to legitimise a faction it considers illegitimate, thereby weakening the party’s chances in future elections.

In response, the group announced plans to petition the National Judicial Council, seeking a thorough investigation into what it described as politically exposed judicial officers, with the possibility of disciplinary action or removal from the bench.

The lawmakers said they were acting in defence of democratic principles, warning that public confidence in both the judiciary and electoral system is rapidly eroding.

They echoed concerns raised within the legal community about the growing perception of judicial compromise, citing recent remarks by the Nigerian Bar Association leadership on the dangers of political patronage influencing the courts.

“We concur with the position of the NBA president, who only days ago expressed concerns over the growing perception of judges as beneficiaries of political patronage, stating that it erodes public trust in the justice system. The NBA president had lamented the practice of politicians gifting cars to judges, suggesting it compromises their neutrality and demeans the judiciary. “It demeans the judges. It demeans the judiciary,” he said. He emphasized that judicial needs should be addressed through proper budgetary processes, allowing courts to manage their own affairs rather than relying on public display of largesse, which undermine judicial integrity and independence.

“INEC must not only be independent in name but also demonstrate impartiality, transparency, credibility, and trustworthiness in its actions. However, current public perception suggests a disconnect from these ideals”, he noted.

The caucus stressed that the credibility of Nigeria’s democracy now hinges on urgent reforms, insisting that the electoral commission must not only claim independence but also demonstrate it through transparency, fairness and accountability.

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Sterling Bank has announced the removal of transfer fees on all local online transactions, becoming the first major Nigerian bank to eliminate the contentious charges for digital banking.

The move was confirmed by the bank on Tuesday in a press release.

The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.

The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.

“We believe access to your own money shouldn’t come with a penalty.

“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.

Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.

The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.

Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.

He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.

Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.”