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FIDELITY BANK RATED HIGHEST ON CORPORATE GOVERNANCE BY STOCK EXCHANGE

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Fidelity Bank Plc has been rated highest on corporate governance by the Nigerian Stock Exchange (NGX), with the bank complying with the highest corporate governance standards and adhering promptly to all full disclosure requirements and global best practices.

 

The bank was awarded CG+, the highest rank under the Corporate Governance Rating System (CGRS), which screens quoted companies against prescribed best practices and standards.

 

According to the NGX, the CGRS was designed to strengthen the governance structures of listed companies and provide a valid basis for discerning investors to differentiate between listed companies on the basis of their compliance with acceptable standards of corporate governance.

 

“In our view, corporate governance promotes ethical business practices, transparency and fair competition,” said Mr. Godstime Iwenekhai, Head, Listings Regulation Department, NGX Regulation (NGXRegco).

 

The NGX noted that compliance tracker was aimed at maintaining market integrity and protecting the investors, noting that listed companies are required to adhere to high disclosure standards.

 

“Financial information which is periodic disclosure and on-going material events disclosure should be released to NGX in a timely manner to enable it efficiently perform its function of maintaining an orderly market,” NGX stated.

 

Market experts and shareholders agreed that corporate governance compliance is a major factor in deciding on investing in a public and the safety of such investment.

 

“Corporate governance compliance rating is extremely important as it indicates to the investing public the quality of compliance of a company to listing requirements,” said Mr. Olatunde Amolegbe, Managing Director, Arthur Steven Asset Management.

 

“As you know, stock prices are driven primarily by available information and the NGX has a minimum level of disclosure expected of quoted companies. This disclosure helps the public make qualitative decisions as to the state or performance of the companies they are seeking to invest in. These markers are therefore the initial indicators as to whether the companies are meeting their disclosures and other regulatory obligations or not,” Amolegbe added.

 

The Managing Director, APT Securities & Funds, Mallam Garba Kurfi, said the corporate governance rating “shows the extent companies are in compliance with corporate governance”.

 

“High rating means very good in doing right thing timely while low rating discourages foreign investors from investing in such companies,” Kurfi said.

 

Managing Director, HighCap Securities, Mr David Adonri, noted that “CG+ means excellent corporate governance rating”.

 

“When a company is organised and uphold good corporate governance, the benefit to stakeholders is maximized,” Adonri said.

 

Investors said its high corporate governance was one of the compelling reasons they chose to invest in Fidelity Bank.

 

“Fidelity Bank has a very good corporate governance structure that reassures investors of the safety of their investments,” said Dr. Faruk Umar, President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS).

 

“My appeal to the board is to continue to imbibe good corporate governance in order to sustain this growth,” said Mr. Moses Igbrude, National Coordinator, Independent Shareholders Association of Nigeria (ISAN).

 

“Fidelity Bank is a very good bank that shareholders are very happy with their investments and we have never regretted buying into Fidelity Bank,” said Mrs. Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria.

 

“Fidelity Bank remains one of the best stocks that investors should look forward to invest in for better returns. I’m very optimistic of the bank’s healthy strong assets. With its good corporate governance and excellent customers’ service, there is every reason to hope for more promising future,” said Mr. Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria.

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Nigeria Customs Seizes Cannabis, Codeine Syrups and Smuggled Goods Worth N500m at Seme Border

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The Nigeria Customs Service (NCS) says it has seized suspected cannabis, codeine-based syrups and other smuggled goods worth more than N500m during a renewed anti-smuggling operation at the Seme border corridor.

Speaking during a press briefing on Monday, the Customs Area Controller of the Seme Area Command, Comptroller Abdullahi Kaila, said the seizures were made through intelligence-led surveillance operations conducted within the past two months.

The controller, who assumed office on 18 March 2026, said the command also generated nearly N9.8bn in revenue during the period, a sharp increase compared with the same period last year.

According to Customs figures presented at the briefing, the command generated N9.79bn between March and May 2026, compared with N2.18bn during the corresponding period in 2025.

Officials said the increase represented a 448% growth rate.

Cannabis and pharmaceutical products intercepted

Among the major seizures announced were 800 parcels of suspected cannabis sativa, which Customs said were smuggled into Nigeria from Ghana through the Seme border corridor.

The controller said the drugs were intercepted following intelligence gathering and sustained surveillance operations.

Six suspects were arrested in connection with the seizures, although Customs said they were later released on administrative bail pending further investigations.

The seized cannabis is expected to be handed over to the National Drug Law Enforcement Agency for further investigation and prosecution.

Customs also announced the interception of unregistered pharmaceutical products, including codeine-based cough syrups and sexual enhancement drugs allegedly brought into the country without approval from the National Agency for Food and Drug Administration and Control.

The products seized included:

55 bottles of Ultimate Plus Maker Syrup

88 packs of 99 Bullet herbal medicine

10 cartons of Ultimate Plus Maker Sedal

14 cartons each of Super Sexy, Machine Man and Citrate 200mg

100 packs each of Tramartine and Campendol

Officials said the pharmaceutical products would also be transferred to NAFDAC for regulatory action.

Rice, spaghetti and used shoes seized

The command further disclosed that officers intercepted:

2,000 bags of foreign parboiled rice

993 cartons of foreign spaghetti

250 bags of used clothing

Vegetable oil and premium motor spirit products

Customs placed the total duty-paid value of all seized items at more than N500m.

The controller described the operations as part of the agency’s “zero-tolerance stance against smuggling”.

“These seizures underscore the command’s zero-tolerance stance against smuggling and reaffirm determination to protect the nation’s economy, support local industry, preserve public safety, and enforce compliance,” he said.

Why the seizures matter

The Seme border is one of Nigeria’s busiest trade corridors, linking the country to neighbouring West African states under the Economic Community of West African States trade framework and the African Continental Free Trade Area (AfCFTA).

Security experts say the corridor remains strategically important because it serves both legitimate trade and illegal cross-border trafficking routes.

The latest seizures also highlight growing concerns over the smuggling of narcotics and unregulated pharmaceutical products into Nigeria.

Public health experts have repeatedly warned about the dangers of unregistered medicines, particularly codeine-based products, which authorities say are frequently abused.

Customs highlights trade facilitation efforts

Despite the enforcement operations, the controller said the command remained committed to facilitating lawful trade.

He said Customs had intensified engagement with freight forwarders, transport unions, importers, exporters and other stakeholders to reduce bottlenecks and improve compliance.

“Compliance remains the safest, fastest and most cost-effective pathway for conducting international trade,” he said.

The command also said it was working closely with sister security agencies and the Western Marine Command to strengthen surveillance along land and maritime routes.

Revenue growth linked to reforms

Customs attributed the increase in revenue collection to tighter compliance mechanisms, anti-revenue leakage measures and the deployment of the B’Odogwu Unified Customs Management System.

The agency said improved collaboration with stakeholders and enhanced operational efficiency also contributed to the growth.

Analysts say stronger border enforcement and digital customs systems could improve government revenue generation, especially as Nigeria seeks to diversify its economy away from oil dependence.

What’s next?

The seized cannabis and pharmaceutical products are expected to be formally transferred to the NDLEA and NAFDAC for further investigation.

Customs officials also signalled that anti-smuggling patrols along the Seme-Badagry corridor would intensify in the coming months.

Authorities say enforcement operations will continue alongside efforts to improve legitimate regional trade under AfCFTA and ECOWAS trade agreements.

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AfCFTA Gains Momentum as Togo Removes Visa Rules, Nigeria Urges Startups to Drive African Trade

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African leaders and policymakers are being urged to move beyond trade agreements and focus on practical implementation as momentum builds around the African Continental Free Trade Area (AfCFTA).

The latest signal came from the Government of Togo, which announced the removal of visa requirements for African passport holders and investors travelling into the country for short stays.

The move was highlighted during discussions at Biashara Africa 2026, where Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called on African governments to tackle the barriers slowing intra-African trade.

“As discussions continue at Biashara Africa 2026, one message remains clear: Africa has negotiated, signed, and agreed. Now, Africa must trade,” the statement said.

Dr Oduwole, who currently serves as Incoming Chair of the AfCFTA Council of Ministers, praised Togolese President Faure Gnassingbé for what she described as “decisive action” supporting African economic integration.

She said the visa policy strengthens Africa’s ambition to create a unified market of more than 1.4 billion people.

Why It Matters

The AfCFTA is regarded as one of Africa’s most ambitious economic projects, aiming to increase trade between African countries by reducing barriers such as tariffs, border restrictions, and complex regulations.

Economists and business groups have repeatedly argued that slow visa systems, customs bottlenecks, and weak logistics networks continue to limit trade across the continent despite years of political agreements.

Togo’s latest decision is being viewed as a practical step toward easing movement for entrepreneurs, investors, and business travellers within Africa.

For Nigerian businesses, particularly startups and small enterprises, easier movement across borders could open new opportunities in sectors including technology, agriculture, logistics, manufacturing, and digital commerce.

Nigeria Pushes Startups to Lead Trade Expansion

At the event, Dr Oduwole also announced the launch of the AfCFTA Startup Acceleration Programme 2026, developed under the AfCFTA–Korea Africa Foundation partnership.

The programme is designed to support 30 high-potential African startups seeking to scale internationally, particularly into Asian markets such as Korea.

According to the statement, startups operating in fintech, e-commerce, logistics, agritech, manufacturing, and digital platforms are expected to benefit from mentorship, international exposure, and market expansion opportunities.

“The future of the AfCFTA will not be built by policy alone,” the statement added. “It will be driven by enterprises, innovators, manufacturers, digital platforms, and entrepreneurs who are ready to trade.”

As Co-Champion of Digital Trade under AfCFTA, Dr Oduwole encouraged eligible Nigerian startups to apply for the programme before the 24 May 2026 deadline.

Applications are to be submitted through the AfCFTA support channel at:

SME.Support@au-afcfta.org

Industry and Public Perspectives

Trade analysts say implementation will determine whether AfCFTA succeeds where previous regional trade agreements struggled.

Business leaders across Africa have long argued that policy announcements must translate into easier travel, lower shipping costs, faster customs processing, and improved digital payment systems.

For many young African entrepreneurs, the success of AfCFTA could depend on whether startups are given access to financing, infrastructure, and regional markets.

Technology founders in Nigeria have also increasingly positioned themselves for continental expansion as Africa’s digital economy grows.

What’s Next?

Attention is now turning toward how quickly other African countries will introduce similar measures to simplify travel and trade across borders.

Observers say the coming years will test whether governments can align policy promises with implementation capable of boosting real economic activity across the continent.

With Africa’s population and digital economy expanding rapidly, policymakers are under increasing pressure to ensure the AfCFTA delivers measurable benefits for businesses and citizens.

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SIFAX Group Chairman Urges African Businesses to Build Global-Scale Corporations

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SIFAX Group Chairman Dr. Taiwo Afolabi has urged African entrepreneurs and investors to focus on building large and sustainable corporations that can compete on the global stage, warning that fragmented small businesses are limiting the continent’s economic growth.

Speaking on the sidelines of the Africa CEO Forum in Kigali, Afolabi said Africa’s long-term economic transformation would rely heavily on strong indigenous companies capable of driving industrialisation, attracting foreign investment, and creating jobs across the continent.

He said discussions at this year’s forum highlighted the urgent need for African businesses to embrace regional integration, collaboration, and long-term expansion strategies.

“Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos. What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world.”

Why It Matters

Africa remains home to millions of small and medium-sized businesses, many of which struggle with limited access to finance, unstable infrastructure, regulatory bottlenecks, and restricted cross-border trade opportunities.

Economic analysts say stronger African-owned corporations could help reduce dependence on foreign multinationals while accelerating industrial growth and regional trade.

Afolabi noted that entrepreneurship remains essential to Africa’s economy but said the continent must move beyond “subsistence and lifestyle businesses” towards enterprises with stronger governance structures and innovation capacity.

“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale. The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises.”

The African Continental Free Trade Area agreement, which officially began trading in 2021, aims to create a single African market by reducing trade barriers among member states.

Push for Regional Expansion

Afolabi said governments, banks, and private sector institutions across Africa must create policies that support business scalability through improved infrastructure, easier access to funding, favourable regulations, and stronger intra-African trade systems.

He added that SIFAX Group’s long-term strategy is tied to supporting the implementation of AfCFTA through investments in logistics, ports, transportation, and digital finance services across Africa.

Industry observers say logistics and transport infrastructure remain central to the success of regional trade integration under AfCFTA, particularly in West and East Africa where cross-border trade delays continue to affect businesses.

Industry Perspectives

Business experts attending the forum noted that African firms often struggle to scale due to fragmented markets, currency instability, and inconsistent regulations between countries.

Some economists argue that regional economic integration could help African businesses compete more effectively with global corporations from Europe, Asia, and North America.

The Africa CEO Forum has increasingly focused on strategies for strengthening African private sector competitiveness amid global economic uncertainty and rising trade realignments.

What’s Next?

Analysts say the success of AfCFTA and Africa’s industrial ambitions will depend on whether governments can implement reforms that encourage investment, improve infrastructure, and reduce barriers to regional commerce.

For companies like SIFAX Group, the focus is expected to remain on logistics expansion, trade facilitation, and building cross-border business networks that align with Africa’s broader economic integration goals.

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