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Investors commend Nigeria’s financial sector reforms at London Africa Capital Forum
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As President Bola Tinubu continues his state visit to the United Kingdom, potential investors have commended the reforms embarked upon by the federal government in the financial sector, describing the reforms as credible.
The investors expressed their view at the Africa Capital Forum that had the theme: “From Stabilisation to Capital Mobilisation,” jointly hosted by the Central Bank of Nigeria (CBN) and the UK Foreign, Commonwealth and Development Office (FCDO), at The Peninsula London,
Speaking at the high-level forum, which brought together global investors, development financiers, and fintech innovators for a strategic dialogue to deepen Nigeria’s financial resilience and investor confidence, the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, said the United Kingdom remains one of Nigeria’s partners with links in banking and capital markets.
“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” Baxter said, adding that the UK will also support economic transformation to enhance the economic relationship between the two countries.
Also, the President of the European Bank for Reconstruction and Development (EBRD), Madame Odile Renaud-Basso, praised the potential of the Nigerian economy, noting that “we see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies.”
The Head of West and Central Africa, UKEF, Steve Gray, in his contribution, noted that confidence is built through full fiscal transparency.
He said the reforms in Nigeria are providing transparency and building confidence, but added: “I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities,”
Similarly, the Managing Director (Policy Strategy and Delivery) of the European Bank for Reconstruction and Development (EBRD), Melis Ekmen Tabojer, said: “The recent reforms that Nigeria has had have had a huge impact in attracting investors.”
Mrs. Sanyade, Okoli, Special Adviser to the Tinubu on Finance and the Economy, who represented the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, at the event, said the federal government seeks to drive the right quality of growth, but noted that the government alone cannot fund this growth.
“We need to work with partners who will bring the sticky, equity capital,” she noted.
Key sessions of the forum featuring the CBN Deputy Governor, Muhammad Abdullahi (Economic Policy) and Mr. Philip Ikeazor (Financial System Stability), among other experts, examined repricing risks and the reopening of capital markets, Nigerian banks’ presence on the global stage, fintech and the future of remittances, highlighting the rise of digital platforms, as well as regulation, risk, and resilience.
The CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, emphasised the level of stability achieved by the apex bank, noting that net and gross reserves are high, Nigeria’s foreign reserves are over $50 billion, the foreign exchange market has stabilised, while inflation is falling.
Also speaking, the apex bank’s Deputy Governor in charge of Financial System Stability, Mr Philip Ikeazor, said that all the reforms that have been put in place are such that they cut across stakeholders, ensuring that even at the end of the Tinubu administration, “people will see the need not to reverse these reforms.”
In their respective interventions, Segun Alebiosu (MD/CEO of First Bank); Oliver Alawuba (MD/CEO of the United Bank for Africa (UBA); Miriam Olusanya (MD/CEO of GTCO); Yemisi Edun (MD/CEO of First City Monument Bank); Roosevelt Ogbonna (MD/CEO of Access Bank); and Akin Oguranti, the Executive Director of Zenith Bank, who represented the banks, all commended the banking reforms in Nigeria, noting that the reforms have increased confidence in the economy and allow the banks to fund more projects locally.
Over the past two years, the Tinubu administration has undertaken significant monetary and structural reforms aimed at stabilising Nigeria’s macroeconomic environment.
Under the leadership of the CBN Governor, Olayemi Cardoso, inflation has dropped sharply from 34 percent to 15 percent, exchange rate volatility has eased, and foreign reserves have risen above US $50 billion.
Also, banking recapitalisation and foreign exchange market unification have further strengthened trust in policy consistency.
The forum assessed the impact of these reforms and highlighted new opportunities for long-term capital mobilisation and diaspora investment.
Framed around three pillars (Nigeria’s macroeconomic reset, strengthening the financial system, and mobilising global and diaspora capital), the Africa Capital Forum seeks to build stronger bridges between Nigeria, London, and the global financial community.
News
Reps Gives MREIF Boss Final One-Week Reprieve Over Housing Fund Probe
By Gloria Ikibah
The House of Representatives Committee on Housing and Habitat has granted the management of the MOFI Real Estate Investment Fund (MREIF) a one-week extension to appear before lawmakers as part of an ongoing investigation into the fund’s operations, performance and administration.
The committee had initially summoned MREIF Managing Director and Chief Executive Officer, Dr Armstrong Ume Takang, alongside members of the fund’s management team, to appear on Tuesday, 2 June 2026, for a comprehensive review of the initiative and several petitions submitted against it.
The Committee Chairman, Rep. Abdulmumin Jibrin, said the investigation was aimed at ensuring the fund was operating in line with the objectives set by President Bola Tinubu and delivering on its mandate.
According to him, the exercise seeks to determine whether the administration and performance of MREIF are meeting public expectations while also addressing concerns raised in petitions before the committee.
However, in a letter addressed to lawmakers, Dr Takang acknowledged receipt of the summons and expressed the fund’s willingness to cooperate fully with the National Assembly’s oversight responsibilities.
He explained that he was outside Abuja on an official engagement that had been scheduled before the committee’s invitation was received and requested a new date for the hearing.
The MREIF chief also assured lawmakers of the organisation’s readiness to engage constructively with the committee.
Responding to the request, Jibrin said the committee had agreed to postpone the hearing by one week in the interest of fairness and cooperation.
He stated that the session had now been rescheduled for Tuesday, 9 June 2026, stressing that the extension was granted specifically to allow the managing director to appear in person.
The committee maintained that Dr Takang’s personal appearance was crucial to its inquiry and could not be delegated.
Jibrin reiterated the committee’s determination to conduct a thorough and impartial investigation into the management of the fund, which was established to expand access to affordable home ownership for Nigerians.
He said the committee remained committed to addressing all issues raised in the petitions before it while ensuring transparency, accountability and effective implementation of the housing initiative in line with the vision of the Tinubu administration.
The lawmaker further stated that the committee expects Dr Takang and the entire MREIF management team to appear before it on the new date without fail.
News
FG stops three-month Pre-retirement leave for civil servants
The Federal Government abolished the three-month preretirement leave for civil servants.
This was contained in a circular titled “Correct Interpretation of Public Service Rule 120243 on Pre-Retirement Activities,” issued by the Head of the Civil Service of the Federation, Didi Walson-Jack, and addressed to top government officials, including ministers, permanent secretaries, service chiefs, heads of agencies, and other senior public sector administrators.
According to the circular, FG directed Ministries, Departments, and Agencies to immediately discontinue the practice of placing civil servants on what is commonly referred to as a mandatory three-month preretirement leave.
Walson-Jack argued that such a provision does not exist in the Public Service Rules, adding that several MDAs had wrongly interpreted the retirement notice period as an automatic leave period, leading to the premature withdrawal of officers from active service.
The Public Service Rule, according to her, only requires officers due for retirement to give three months’ notice before their exit date, attend a one-month pre-retirement workshop or seminar, and use the remaining period to regularise service records and pension documentation.
Nigeria’s federal civil service retirement framework is governed by the Public Service Rules and the Pension Reform Act.
Under the rules, civil servants retire upon attaining 60 years of age or after 35 years in service, whichever comes first.
The Head of Service’s directive seeks to standardise the implementation of the Public Service Rules across government institutions and to prevent manpower losses resulting from the early disengagement of experienced officers
“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” Walson-Jack stated.
She explained that Rule 120243 establishes three distinct requirements: a notice obligation, attendance at a pre-retirement seminar during the first month, and completion of retirement-related documentation during the remaining two months.
“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the circular stated.
Civil Service Commission
She stressed that retiring officers remain public servants throughout the notice period and are expected to continue performing their official duties unless they are attending approved retirement workshops or have been granted leave under existing regulations.
“PSR 120243 does not exempt retiring officers from official duties during the notice period, except where they are attending an approved pre-retirement workshop or seminar, or are otherwise authorised to be absent under extant leave rules,” the circular added.
In view of the above, all MDAs have been directed to stop compelling retiring officers to vacate their posts before their official retirement dates.
Under the new directive, ministries and agencies must ensure that retiring officers continue to discharge their responsibilities, participate in approved pre-retirement programmes, and complete all pension and service record reconciliations before leaving service.
The latest circular seeks to end that ambiguity by affirming that the three-month period is primarily a notice and administrative preparation window, rather than an automatic absence from duty.
The circular further instructed permanent secretaries, directors-general, executive secretaries, chairpersons of statutory agencies, and chief executives of government organisations to bring the directive to the attention of all staff and ensure strict compliance.
The government said it believes the measure could improve service delivery by ensuring that retiring officers continue contributing their expertise until their official exit dates while simultaneously completing documentation required for pension processing.
News
Six members of same family shot dead during domestic dispute in US
Six people were killed in the US state of Iowa after a series of shootings that appeared to stem from a domestic dispute, police said.
The suspected shooter also was found dead with a self-inflicted gunshot wound, according to the Muscatine Police Department.
The victims are believed to be family members of the suspect, identified as Ryan Willis McFarland, 52, of Muscatine, the department said.
Muscatine Police Chief Anthony Kies called the shooting an “act of evil”.
The shootings took place on Monday at multiple locations within the city of Muscatine.
Police received a report of a shooting just after noon on Monday. When officers responded to a home, they found four people with gunshot wounds, police said.
All four victims were pronounced dead at the scene.
McFarland had left the residence before officers arrived, but officials found him shortly after on a riverfront trail near a pedestrian bridge.
He had a self‑inflicted gunshot wound, police said, and received medical aid, but was pronounced dead at the scene.
Detectives later found another man dead from an apparent gunshot wound in a different residence. A further search led officers to a business, where they found another victim, also dead of an apparent gunshot wound.
Online maps show a metal workshop at the address provided by police.
“Preliminary findings indicate the shootings stemmed from a domestic‑related dispute,” McFarland police said in a statement. “All victims are believed to be family members of the deceased suspect.”
Kies did not give the names or ages of the victims and noted that the investigation is ongoing.
He confirmed the suspect had an existing criminal record but did not share any further details.
Muscatine, in the southwest of Iowa, sits on the Mississippi River and has a population of approximately 23,500 people, according to US government data published last year.
Mayor Brad Bark wrote in a post on Facebook: “Our hearts are heavy tonight after the tragic shootings that claimed innocent lives.”
Source: BBC
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