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CBN Chief Retires As Financial Firm’s Chairman

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Dr Sarah Alade last Friday retired as the Chairman,  FMDQ OTC Securities Exchange following her retirement from the Central Bank of Nigeria (CBN).
Alade was the CBN representative on the board of FMDQ.
According to our source, Alade announced her retirement at the FMDQ fifth Annual General Meeting (AGM) in Lagos for the year ended Dec. 31, 2016.
She told shareholders that she would be replaced as the Chairman by Mr Joseph Nnanna, CBN Deputy Governor.
Alade commended the shareholders of the company, her fellow board members, the staff and management of FMDQ for according her the pleasure of serving them.
”It is a privilege to lead the FMDQ Board since 2014, barely eight months after the launch of the OTC Exchange onto the Nigerian financial markets, the time has come for me to say goodbye, as I will be retiring from the board effective April 28, 2017,’’ she said.
She said that the exchange was in a strong position in spite the fact that 2016 was a tough year for all Nigerian businesses.
Alade stated that FMDQ was able to sustain its growth by continuing to explore new opportunities to expand and enhance its activities, markets and reach.
She said that the company in the last three years had steadily transformed to the foremost debt capital and currencies of OTC exchange in the Nigerian market, with a set of diversified product range and market infrastructure.
According to her, this expansion is clearly noticeable in the listings and quotations business seeing a total of 27 debt securities, amounting to N233.98 billion listed and quoted on the exchange.
She said that Naira-settled OTC FX Futures – an innovative product that was introduced by the CBN in July to provide hedging opportunities for businesses and individuals who wished to cover their FX exposures remained active in 2016.
”The OTC FX Futures product has since proven to be a reliable solution for users, with a total value of 5.02 billion dollars  worth of contracts  traded on the OTC Exchange as at the end of December, out of which circa 1.53 billion dollars matured and settled,’’ she said.
Alade said that on the listings and quotations front, 2016 was a busy year for the OTC Exchange, with the listings and quotations of a total of 27 debt securities, 18 Commercial Papers (N123.54bn), seven bonds worth N107.80 billion and two funds (N2.64 billion).
She said that the company in 2017 would focus on standardisation of repurchase agreements trading with collateral management.
Alade added that FMDQ would develop the non-interest finance (Sukuk) capital market and ensure the implementation of debt capital markets development project, among others.
Speaking on the financial performance of the company, Mr Bola Onadele, the Managing Director said that 2016 was a very challenging year.

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Kenyan Runners Dominate Berlin Marathons

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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