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UK GOVERNMENT’S MOBILIST PROGRAMME UNDERLINES COMMITMENT TO NIGERIA’S CAPITAL MARKET

Nicolas Adekeye / 3 months

2 min read

The UK government’s MOBILIST programme has reaffirmed its commitment to supporting Nigeria’s capital market, particularly in the area of sustainable development. MOBILIST, which stands for Mobilising Institutional Capital Through Listed Product Structures, is a flagship UK government programme that identifies and invests in scalable, replicable transactions on public markets that help deliver the climate transition and the Sustainable Development Goals. Senior Press & Public Affairs Officer, Ndidiamaka Eze, noted that MOBILIST has invested £87 million in equity and equity commitments, directly mobilising £247.5 million in private capital. Eze explained that MOBILIST’s investment approach involves providing capital on commercial terms, delivering technical assistance, conducting research, and building partnerships to catalyse investment in newly listed products. MOBILIST has previously established a partnership with the Nigeria Exchange Limited (NGX) to catalyse greater investment in the SDGs via new investment structures listed on the exchange. This partnership aims to address the financing gap in Nigeria’s capital market, which requires around USD10 billion in financing per year to meet the Sustainable Development Goals by 2030. Eze highlighted the importance of MOBILIST’s investment approach, citing the example of Citicore Renewable Energy Company, where MOBILIST’s £9.9 million investment supported £63.7 million of private investment. Ndidiamaka Eze also noted that MOBILIST’s investment in Bayfront Infrastructure Capital IV supported £90.5 million in private investment. In a statement, Programme Lead at the FCDO, Ross Ferguson, emphasized the UK’s commitment to supporting Nigeria’s capital market, saying, “MOBILIST is the expression of the UK’s conviction that public markets have an underutilised but potentially critical role in financing sustainable development at scale by mobilising private capital to flow where it is needed most”.

CIVIL SOCIETY GROUP PETITIONS FEDERAL MINISTRY OF FINANCE OVER SECURITY VOTE TRANSPARENCY

CapitalTimesNews / 3 months
0
2 min read

The Leadership and Accountability Initiative, a renowned civil society organization, has petitioned the Federal Ministry of Finance to provide detailed information on security votes disbursed to Governor Chukwuma Soludo of Anambra State since he assumed office on March 17, 2022. The petition, signed by the Head of Administration, Abraham Momodu, seeks to determine the exact amount released as security votes to Governor Soludo, including the dates of disbursement and details of other special security financial interventions by the federal government to the state. “The public has the right to know how taxpayers’ money is being spent, especially when it comes to funds allocated for sensitive matters such as security,” said Hon. Henry Shield, the Head of Mission for the group. Shield emphasized that security votes are meant to enhance the security and well-being of citizens, and it is only fair that the citizens of Anambra, and indeed Nigerians, are informed about how these resources are being managed. The petition was submitted under the Freedom of Information (FOI) Act, 2011, which guarantees the public’s right to access government-held information. The FOI Act mandates that the Ministry responds to the request within seven working days. Should there be any charges for processing this request, the group has pledged to cover the necessary costs. Abraham Momodu noted that the group’s petition follows growing calls from citizens and stakeholders for increased transparency in the management of public funds, particularly security-related allocations that often remain shrouded in secrecy. By seeking clarity on the security votes, the group aims to ensure that these funds are used appropriately and for their intended purpose. “This is not just a call for transparency in Anambra State, but a reminder to all levels of government that the people must have access to information on how public resources are utilized. We will continue to push for accountability across all tiers of government,” Henry Shield added. The group has pledged to follow up on the petition and will continue to engage with the public to ensure that government actions align with the principles of openness and public service. Abraham Momodu reiterated that the Leadership and Accountability Initiative is committed to promoting good governance, human rights, and accountability in Nigeria.

NIGERIA’S 2025 BUDGET RAISES CONCERNS OVER DEBT SERVICING AND UNDERDEVELOPMENT

Nicolas Adekeye / 3 months

2 min read

The 2025 Nigerian budget, totaling 49 trillion naira, has raised concerns about the country’s ability to achieve meaningful development. In a statement, the National Secretary of the Coalition of United Political Parties (CUPP), Peter Ameh, expressed concerns about the allocation of resources in the budget. Peter Ameh noted that the significant allocation of 16 trillion naira, roughly 32% of the total budget, towards debt servicing raises questions about the government’s priorities and its ability to drive economic growth. “The significant amount dedicated to debt servicing suggests that a substantial portion of Nigeria’s revenue will be spent on paying off debts rather than investing in critical sectors like education, healthcare, and infrastructure,” he said. The allocation of funds is particularly concerning given the Minister of Finance’s revelation that the last budget performed poorly, with capital budget implementation standing at only 25% for the 2024 year period. This underperformance raises questions about the government’s ability to effectively implement its budget and drive economic growth. Ameh emphasized that the recurrent expenses, which account for approximately 29% of the total budget, may not have a direct impact on the country’s development. On the other hand, capital projects, which account for around 26% of the total budget, have the potential to drive economic growth and development. However, Ameh noted that the allocation of 13 trillion naira may not be sufficient to address the country’s infrastructure deficits and other development challenges. The budget proposal presented by President Bola Ahmed Tinubu highlights key priorities, including defense and security, infrastructure, health, and education. While these allocations are crucial for the country’s development, they may not be sufficient to address the scale of challenges facing Nigeria. The budget also raises concerns about the country’s debt sustainability, with Nigeria’s debt-to-GDP ratio increasing in recent years.

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UK GOVERNMENT’S MOBILIST PROGRAMME UNDERLINES COMMITMENT TO NIGERIA’S CAPITAL MARKET

CIVIL SOCIETY GROUP PETITIONS FEDERAL MINISTRY OF FINANCE OVER SECURITY VOTE TRANSPARENCY

NIGERIA’S 2025 BUDGET RAISES CONCERNS OVER DEBT SERVICING AND UNDERDEVELOPMENT

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