Economy
Ade Bajomo, Jalo-Waziri Resign as NSE Directors
By Dipo Olowookere
Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo; as well as his counterpart in charge of Capital Markets at the NSE, Mr Haruna Jalo-Waziri, have resigned from the stock market regulator.
Mr Jalo-Waziri resigned from the NSE effective October 31, 2017 to assume his new role as the Chief Executive Officer of CSCS Plc.
On the part of Mr Bajomo, he is leaving the NSE from December 31, 2017 to pursue other challenges.
During his time at the NSE, Mr Jalo-Waziri made significant contributions to NSE’s revenue growth and had responsibility for several key projects and initiatives.
Some of his signature assignments were launch of the premium board, Federal Government Savings bond, Eurobond, Sovereign Green bond development, Exchange traded funds, and incorporation of NG Clear Limited.
He was also the sponsor for the Derivatives Project, which is set to launch imminently. For the wider capital market, he chairs the CAMMIC sub-committee on attraction of new listings.
For Mr Bajomo, he was behind the digital revolution of trading at the Exchange with the launch of XGEN, XNET, introduction of trading app called Trade Smart, organization of the first NSE Market Data Workshop, and phenomenal growth of the market data business to name a few.
For the wider capital market, he served on the board of NASD Plc and chaired the Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee.
Chief executive of the NSE, Mr Oscar Onyema, while commenting on the development, thanked both men for their immense contributions to the stock market.
“We thank Ade and Haruna for their immense contributions to the transformation of The Exchange and the Nigerian capital markets over the past few years.
“They led various significant projects and initiatives to improve efficiency and drive sustainable growth of the market. We wish them success in their personal and professional future. We shall miss them,” he said.
On the part of President of the National Council of the NSE, Mr Abimbola Ogunbanjo, he commended both gentlemen for “their meritorious stewardship characterized by their innovative ideas and most importantly, fully executing on the NSE’s strategic growth plans.”
“Ade and Haruna are consummate and dedicated professionals and I am confident that they will both excel in their future endeavours and on behalf of the National Council I wish to thank them for their dedication and accomplishments during their term in office,” he added.
Mr Jalo-Waziri, while commenting on his resignation, stated that, “I consider myself privileged to have served The Nigerian Stock Exchange as the Executive Director in charge of Capital Markets for over five years.
“I am honoured to have worked with the CEO, Oscar Onyema, management and staff of the Exchange and a vast majority of exemplary people within the capital market ecosystem over the years.
“As I move to the next phase of my career, I look forward to continue contributing to the development of the capital market through my stewardship at CSCS”.
On his part, Mr Bajomo said, “It has been my personal privilege and professional honour to have worked and served the Nigerian Stock Exchange in the capacity of Executive Director, Market Operations and Technology.
“In my over six years with the Exchange, I have worked with a highly talented pool of individuals within the exchange and the wider capital market that supported our work and delivery of market wide initiatives and I will sorely miss them all.
“I am also honoured to have worked with the previous and current council presidents and members. I am confident that the market will continue its growth trajectory and sustain market leadership”.
By Aduragbemi Omiyale
The gross foreign reserves of Nigeria reached a 17-year high of $51.04 billion, data from the Central Bank of Nigeria (CBN) shows.
Business Post gathered from the apex bank’s website that this new feat was achieved on Thursday, June 18, 2026.
A day earlier, which was Wednesday, June 17, 2026, the amount in the country’s external reserves stood at $50.96 billion, indicating accretion of 0.16 per cent.
This latest development is expected to strengthen the value of the Nigerian Naira in the foreign exchange (FX) market.
It was observed that since the beginning of this month, the amount in the forex reserves has been building up gradually after an initial scare.
It is believed that inflows from crude oil sales have been boosting the reserves, though prices are expected to trend downward as a result of the ceasefire deals between the United States and Iran on Friday.
The price of crude oil has cooled to around $80 per barrel. It should further moderate to its level before February 28, 2026, when the bombardment of Iran started, which led to the death of the country’s 86-year-old Supreme Leader, Ayatollah Ali Khamenei.
By Aduragbemi Omiyale
A €200 million financial partnership to support the development of small-scale investments of Nigerian enterprises contributing to the country’s green and digital economy has been signed by the Development Bank of Nigeria (DBN) and the development arm of the European Investment Bank (EIB) Group, EIB Global.
The funds would be disbursed to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, with a focus on agriculture, renewable energy, digitalisation and innovation.
The collaboration aligns with EIB Global’s strategy to support sustainable, inclusive, and resilient economic growth in Nigeria under the Global Gateway Initiative.
The investment programme will boost private sector development in Nigeria and support entrepreneurs and job creation by easing access to suitable finance for MSMEs and Midcaps.
It will also strengthen Nigeria’s green transition by expanding financing opportunities for companies in the renewable energy and agribusiness sectors.
In agriculture, it will help improve productivity, develop local supply chains, and strengthen food security for a country that hosts the largest population in Africa.
On the energy side, improved financing for renewable energy businesses will support clean energy access, reduce carbon emissions, and help build climate resilience in underserved communities.
“This partnership with DBN will strengthen the competitiveness of Nigeria’s private sector, especially for SMEs in the green and digital sectors.
“In supporting green projects and women entrepreneurs, we are also fostering inclusive growth and climate action.
“This is a powerful example of EIB’s real impact on the ground,” EIB Vice-President, Mr Ambroise Fayolle, said at a signature ceremony on Thursday, June 18, 2026, at the Lagos office of the DBN.
Also commenting, the chief executive of DBN, Mr Tony Okpanachi, described the investment as a significant milestone in efforts to drive Nigeria’s economic growth and sustainability.
“The €200 million investment from EIB Global is a significant milestone in our mission to drive Nigeria’s economic growth and sustainability. By supporting local financial institutions and MSMEs in key sectors like agriculture, renewable energy, digitalisation, and innovation, we’re empowering entrepreneurs and fostering a culture of sustainable innovation,” he stated.
By Adedapo Adesanya
Nigeria has the potential to produce 1.9 million barrels of crude oil per day, having hit a peak production of 1.86 million barrels per day in May, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan.
The NUPRC chief said this on Wednesday during a meeting with the chairman of the Nigeria Revenue Service, Mr Zacch Adedeji, at the NRS headquarters in Abuja.
In a statement signed by the agency’s Head of Media and Corporate Communications, Mr Eniola Akinkuotu, it was disclosed that the country’s oil industry has continued to record production growth, noting that crude output reached a peak of 1.86 million barrels per day in May, placing the industry on a stronger recovery path.
The meeting also focused on strengthening collaboration between the two agencies to promote transparency, accountability and efficiency in the collection of oil and gas revenues.
Speaking during the engagement, Mrs Eyesan commended the leadership of the NRS for reforms that culminated in the enactment of the NRS Act and described the transition of revenue collection responsibilities as smooth.
Mrs Eyesan said the process had been seamless. The CCE also highlighted the Commission’s efforts in creating an enabling environment for operators in the oil and gas industry.
“We are here to enable them, enable their businesses, ensure that they survive and succeed. And we want to grow the pie because when you grow the pie, everybody benefits,” she said.
She also disclosed that recent gains in crude production demonstrate that industry reforms and collaborative efforts by stakeholders are beginning to yield positive results.
“We are back to production. We are ramping up now, and we want to continue working. We still recognise the constraints. Infrastructure and asset integrity are major constraints, but we will work on these. Even human capacity in the industry—we see that because we want to grow, we must also grow that capacity to meet the demands,” she said.
The NUPRC boss also pointed out that one of the key targets upon assuming office was the digitisation of NUPRC’s operations, a goal she said has largely been achieved.
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