REITs, OMO Bills and the Search for Better Returns

 High interest rates make fixed-income securities attractive, but property investors are betting on longer-term income and capital growth

Nigerian investors are increasingly faced with a difficult choice: should they put their money in relatively short-term fixed-income instruments such as Open Market Operation (OMO) bills, or invest in Real Estate Investment Trusts (REITs) for exposure to the property market?

The answer depends largely on an investor's risk appetite, investment horizon, income needs and expectations about interest rates and inflation.

What are OMO bills?

OMO stands for Open Market Operations, a tool used by the Central Bank of Nigeria (CBN) to manage the amount of money circulating in the economy.

In simple terms, an OMO bill is a short-term investment instrument through which investors put money into securities issued by the CBN. The investor receives a return based on the price paid for the bill and its value at maturity.

For investors, one major attraction is that OMO bills are generally viewed as relatively low-risk investments because they are associated with the central bank and government securities market.

They can therefore appeal to investors who are more concerned about preserving their capital and earning a predictable return over a relatively short period.

However, "low risk" does not mean "no risk". Investors still face issues such as inflation, changing interest rates, liquidity and the risk of having to reinvest their money at lower rates when the investment matures.

What are REITs?

A Real Estate Investment Trust, or REIT, provides investors with a way to invest in real estate without having to buy an entire property.

A REIT pools money from investors and uses it to own or invest in income-generating properties such as office buildings, shopping centres, residential properties, warehouses and hotels.

The properties can generate rental income, part of which may be distributed to investors.

For example, instead of an individual needing hundreds of millions of naira to purchase an office building, the investor can buy units or shares in a REIT and gain exposure to a portfolio of properties.

REITs can provide investors with income as well as the potential for capital appreciation if the underlying assets or the REIT's market value increase.

The trade-off is that REITs can fluctuate in value and are exposed to the performance of the property market and broader economic conditions.

Why the choice matters now

The comparison has become particularly important in an environment where Nigerian interest rates have been elevated.

When fixed-income instruments offer attractive yields, investors may be tempted to choose them over assets such as equities and REITs.

The logic is straightforward: if an investor can earn a relatively attractive return over a short period from a government or central-bank-related security, taking additional risks in the property or stock market may seem less appealing.

This creates what analysts often call an "opportunity cost."

In layman's terms, it means:

If I put my money here, what am I giving up by not putting it somewhere else?

For REITs to become more attractive relative to high-yielding fixed income, investors may want to see the potential for property income and capital growth to compensate them for taking on additional risk.

But REITs have a different advantage

REITs should not necessarily be viewed simply as competitors to OMO bills.

They serve different purposes in an investment portfolio.

An OMO bill is primarily a fixed-income investment, while a REIT provides exposure to real estate.

An investor holding a REIT could benefit from rising rental income and increasing property values over the long term. However, the market price of a publicly traded REIT can also fall.

This means REITs may be more suitable for investors who have a longer investment horizon and can tolerate fluctuations in the value of their investment.

Inflation remains a major consideration

For Nigerian investors, comparing the headline return on an investment with the country's inflation rate is crucial.

An investment can generate a high nominal return—the return stated in naira—but its real return may be much lower after taking inflation into account.

For example, if an investment earns 20 per cent but prices in the economy rise by a similarly high rate, the investor's purchasing power may not have increased by 20 per cent.

This is particularly important for long-term investors because inflation can gradually erode the value of money.

So, where should investors put their money?

There is no universal answer.

For an investor whose priority is capital preservation, relatively predictable returns and a shorter investment period, OMO bills and other high-quality fixed-income instruments may be attractive.

For an investor seeking long-term exposure to real estate, rental income and potential capital appreciation, REITs may offer a more suitable option, although with greater market risk.

Importantly, investors do not necessarily have to choose one over the other.

A diversified portfolio could contain a combination of fixed-income securities, REITs, equities, cash and other investments, depending on the individual's financial goals and risk tolerance.

Notable Nigerian OMO Auctions

1. 2023 OMO auctions

The CBN resumed issuing OMO bills more actively in 2023 after a period when OMO issuance to domestic investors had been relatively restricted. Some of the 2023 auctions attracted strong investor interest, particularly because of the relatively attractive yields.

2. 2024 OMO auctions

OMO bills remained an important instrument in the CBN's liquidity-management operations. The CBN conducted several auctions during the year, with yields reflecting the country's high-interest-rate environment.

NOTABLE REITs IN NIGERIA

1. UPDC REIT

One of the best-known Nigerian REITs is UPDC Real Estate Investment Trust (UPDC REIT).

It was launched in 2015 and is managed by UPDC REIT Management Limited. The REIT provides investors with exposure to commercial real estate rather than requiring them to purchase properties directly.

Its portfolio has included properties such as office buildings, residential properties and other commercial real estate assets.

2. Sunu II REIT

Sunu II REIT is another Nigerian real-estate investment vehicle that has attracted attention in the market. It provides investors with exposure to income-generating real estate and illustrates the development of Nigeria's collective property-investment market.

3. UHOM REIT

UHOM REIT is another example of a Nigerian REIT structure, giving investors access to real estate through a pooled investment rather than direct ownership of individual properties.

Moments in History When OMO Bills became attractive

1. The famous 2019–2020 OMO period

CBN used OMO bills extensively to mop up excess liquidity from the financial system. Yields became very attractive, and OMO bills became particularly popular among institutional investors.

At the time, OMO bills became extremely attractive to investors because of their high yields and relatively low perceived risk.

This created a difficult environment for other asset classes because investors could obtain attractive returns without taking as much market risk.

In October 2019, the CBN also introduced restrictions that effectively prevented many domestic investors from participating in OMO auctions, leaving primarily banks and foreign portfolio investors. This made OMO bills a major topic in Nigeria's investment market.

Moments in History When REIT became attractive

1. 2020–2021: Low interest rates changed the equation

During the COVID-19 period, Nigerian interest rates fell significantly. Returns on some traditional fixed-income investments became less attractive.

That made income-generating assets such as REITs more interesting to investors looking for alternative sources of income.

The appeal was essentially:

"If I can't get as much income from fixed income, can I get it from property?"

2.  2021–2022: Investors looked for protection against inflation

As inflation became a bigger concern, real assets—including property—received greater attention.

Property is often considered a potential inflation hedge, because landlords can sometimes increase rents as the cost of living and replacement costs rise.

However, this isn't automatic. Nigerian property prices and rents don't always move perfectly with inflation, and REITs themselves can fall in market value.

3. UPDC REIT Establishment

UPDC REIT is one of the most established name when discussing the history of Nigerian REITs.

It was launched in 2015, giving investors a way to participate in commercial real estate without directly buying and managing buildings.

Its appeal is particularly useful for the REIT concept because investors can potentially receive distributions from property income, while the value of their units can also rise or fall.

But there's an important twist

REITs haven't always been attractive relative to Nigerian fixed income.

When interest rates rose sharply from 2022 onward, investors could obtain very attractive yields from government securities and other fixed-income products.

That made the calculation more difficult:

Why take the price risk of a REIT when I can get a high yield from a relatively low-risk fixed-income instrument?

 In very simple terms:

Low interest rates → REITs can look more attractive

High interest rates → OMO bills/T-bills/bonds can look more attractive

But it's not a hard rule. REITs can still perform well when rates are high if their rental income, occupancy and property values are strong.

The bottom line

The choice between OMO bills and REITs is ultimately a choice between relative certainty today and potential growth over time.

OMO bills may offer investors a relatively predictable short-term return, while REITs offer exposure to the potential long-term benefits of real estate.

For Nigerian investors, the most important questions are therefore not simply "Which investment pays more?", but: 

How long can I leave my money invested? 

How much risk can I tolerate?

What What will inflation do to my returns? And what role do I want this investment to play in my overall portfolio?

For latest information one should regularly check

CBN — latest OMO auction results, rates and maturities

FMDQ Exchange — Nigerian fixed-income market data and OMO/T-bill information

SEC Nigeria — registered REITs and current public offers

Nigerian Exchange (NGX) — prices and announcements for listed REITs

HOW CAN INDIVIDUALS TRADE OMO BILLS AND REIT RESPECTIVELY

FOR OMO BILLS

OMO bills are not normally bought like ordinary shares on the NGX. They are CBN securities, and access is generally through banks and authorised primary dealers/brokers.

In practical terms, an individual would:

1. Contact a bank or authorised investment/stockbroking firm that offers access to the Nigerian fixed-income market.
2. Ask whether it currently has OMO bills available to retail investors or can facilitate a purchase.
3. The institution tells you the maturity, price/yield, minimum investment and settlement terms.
4. You transfer the money and the security is purchased on your behalf.
5. You receive the proceeds at maturity according to the terms of the bill.

Important: OMO availability to individuals has changed over time. The CBN's rules have also changed, so an individual shouldn't assume that an OMO auction is open to retail investors simply because the CBN is conducting one.

Also don't confuse OMO bills with Nigerian Treasury Bills (NTBs). Both are short-term government-related securities, but they are different instruments and are issued through different processes.

With an OMO bill, the individual is primarily buying a short-term debt security and holding it until maturity or potentially selling it through the fixed-income market, depending on the instrument and access provided by the intermediary

How to invest in a REIT

This is generally more straightforward if the REIT is listed on the Nigerian Exchange (NGX).

An individual can:

1. Open a CSCS account and a trading account with a licensed stockbroker.
2. Fund the brokerage account.
3. Search for the listed REIT on the broker's platform or instruct the broker to buy it.
4. Buy units/shares in the REIT, just as you would buy shares in a listed company.

So, for an ordinary Nigerian investor who wants something they can easily buy and sell like a stock, a listed REIT is generally the more familiar route. OMO bills require access through the appropriate fixed-income channel

This article is for general information and is not personal investment advice. Investors should consider the specific terms, risks and costs of any security before investing.

FTSE Frontier Return Could Bring Fresh Foreign Demand for Nigerian Banks, MTN, Nestlé

FTSE Frontier Markets Index):

In simple terms: it’s a list/index of smaller, less-developed stock markets around the world that are considered a step below “emerging markets.”

 Think of the categories like this:

Developed markets → US, UK, Japan
Emerging markets → India, Brazil, China
Frontier markets → smaller/developing markets such as Vietnam, Romania, Kenya, etc.

Nigeria’s return to the FTSE Frontier Index Series could create a new wave of interest in the country’s stock market, particularly in large, liquid companies such as Tier 1 banks, MTN Nigeria and Nestlé Nigeria.

The move is important because FTSE indexes are followed by global fund managers, exchange-traded funds (ETFs) and other institutional investors. When a country or its companies become part of an index tracked by these investors, some funds may need to increase their holdings in those stocks to keep their portfolios in line with the benchmark.

This could translate into fresh foreign capital for Nigeria’s equity market and improve trading activity in some of its biggest companies.

Nigerian banks could be major beneficiaries

Nigerian Tier 1 banks are among the companies that could attract renewed attention from foreign investors.

The banks—such as Access Holdings, Zenith Bank, GTCO, First HoldCo and UBA—are some of the most heavily traded stocks on the Nigerian Exchange. They also have large market capitalisations and significant operations across Nigeria and, in some cases, other African markets.

However, Nigerian bank shares have historically traded at lower valuations than many of their counterparts in emerging and frontier markets.

One major reason has been currency risk.

The naira has experienced several sharp periods of depreciation, making Nigerian assets more difficult for foreign investors to value. A bank may report strong growth in naira terms, but when an overseas investor converts those returns into dollars or another foreign currency, the gains can be significantly reduced by exchange-rate losses.

For example, if a bank’s share price rises by 30 per cent in naira terms but the naira loses 20 per cent of its value against the dollar over the same period, a foreign investor may see a much smaller return in dollar terms.

This currency uncertainty has historically encouraged some international investors to demand a discount before putting money into Nigerian stocks.

Why the FTSE development matters

Nigeria’s inclusion in the FTSE Frontier Index Series could help address one part of that problem by making the Nigerian market more visible to international investors.

Index-tracking funds generally invest according to the composition of the benchmark they follow. If Nigerian companies receive larger weights in the index, funds tracking the index may have to buy more of those shares.

This does not mean every Nigerian stock will automatically receive large foreign inflows. Companies must meet requirements relating to factors such as market size, liquidity and foreign ownership availability.

The biggest and most liquid companies are therefore likely to be in a stronger position to benefit.

MTN Nigeria and Nestlé could also gain

The potential beneficiaries extend beyond the banking sector.

MTN Nigeria, one of the country’s largest listed companies, could attract increased institutional interest because of its size, liquidity and position in the telecommunications industry.

The company has also been dealing with the impact of naira depreciation, rising operating costs and changes in the telecommunications market. Greater foreign participation could improve demand for the stock, although investors will continue to pay close attention to the company’s earnings, foreign-exchange exposure and dividend outlook.

Nestlé Nigeria is another major consumer company that could attract attention.

As one of the country’s leading food and beverage manufacturers, Nestlé has strong brand recognition and a large domestic market. However, like many Nigerian companies, it has faced higher costs arising from inflation, imported inputs and foreign-exchange pressures.

For foreign investors, the FTSE exposure could put companies such as Nestlé back on the radar of global funds looking for opportunities in frontier markets.

More foreign money could improve the market

One of the biggest potential benefits of increased institutional participation is better liquidity.

A market with more buyers and sellers generally allows investors to enter and exit positions more easily. Higher trading volumes can also make share prices more reflective of market demand and reduce the difficulty of buying or selling large positions.

For Nigerian companies, greater foreign participation could also help improve price discovery.

In simple terms, if more international investors are willing to buy Nigerian shares, companies that are considered undervalued could see stronger demand and potentially higher valuations.

But the FTSE return is not a guarantee of higher share prices

Despite the potential benefits, investors should not assume that index inclusion alone will trigger a sustained rally in Nigerian equities.

Foreign investors will still consider several factors, including the stability of the naira, inflation, interest rates, corporate earnings, dividend payments, economic growth and government policies.

The availability of foreign exchange will also remain important. International investors need confidence that they can convert their investment proceeds and dividends back into foreign currency when they decide to leave the market.

For banks in particular, investors will continue to monitor asset quality, non-performing loans, capital levels, interest margins and the impact of the broader economy on borrowers.

A potential turning point for Nigeria’s capital market

Nigeria’s return to the FTSE Frontier Index Series therefore represents more than an index classification.

It could provide an opportunity for the Nigerian Exchange to regain some of the attention it lost from international investors during years of currency instability and market-access concerns.

The immediate beneficiaries are likely to be the market’s largest and most liquid companies, particularly Tier 1 banks, MTN Nigeria and major consumer and industrial stocks.

If the development is followed by sustained economic reforms, improved foreign-exchange liquidity and stronger corporate earnings, Nigeria could become more attractive to global investors.

For Nigerian banks, which have long traded below the valuations of some international peers because of currency and country risks, increased foreign demand could provide an opportunity for the market to reassess their value.

The FTSE return may not solve Nigeria’s investment challenges overnight. But it could be an important step towards putting Nigerian equities back in front of a much larger pool of global capital.

Fuel Subsidy Savings Released: Analysis and Breakdown: A government Transferred Pain to its citizens, yet earning marginally higher

Subsidy Removal Time Line

Period	What Happened	Fiscal/Political Effect
Before May 2023	Government subsidised PMS (Premium Motor Spirit)	Cheap petrol, but a large and Increasingly Controversial Fiscal Burden
May–June 2023	Tinubu announced subsidy removal	Petrol prices jumped sharply
2023–2024	Naira depreciation Plus higher crude/refining costs	Petrol prices rose dramatically again
2024 onward	Dangote refinery began supplying PMS; NNPCL pricing remained politically sensitive	Debate shifted toward whether subsidy had really disappeared entirely
2025–26	Government continued defending subsidy removal while pricing interventions persisted	Question became: is the subsidy gone, or merely hidden/reconfigured?

Tinubu’s May 29, 2023 declaration that “fuel subsidy is gone” ended the federal government’s long-running practice of keeping petrol prices artificially low by absorbing part of the cost. The immediate fiscal logic was straightforward: But subsidy payments had become enormously expensive, opaque and difficult to sustain.

But the story did not end with the subsidy’s removal. The subsidy shifted from an explicit government expenditure into a much larger cost borne by households and businesses through higher petrol prices, transport fares, food prices and inflation.

Every naira used to keep petrol artificially cheap was a naira unavailable forinfrastructure, health, education, debt service or other public spending. By eliminating the subsidy, Tinubu's government gained substantial fiscal space and reduced one of the country's biggest recurring drains.

The problem is that Nigerians experienced the reform not as fiscal consolidation, but as a price shock.

.Tinubu's subsidy gamble, rests on a proposition: short-term pain in exchange for long-term economic stability. That proposition is defensible. But it only works politically if the savings are visible in Nigerians' lives.

If subsidy savings are swallowed by debt service, waste, weak public services and an inefficient state, Nigerians have every reason to ask: If we are paying the full price of petrol, where exactly is the benefit of removing the subsidy? That is the central weakness of the government's narrative.

Bottom line: Tinubu did not simply “save Nigeria money” by removing the fuel subsidy. He reallocated the cost . The federal government reduced a huge and distortionary fiscal liability, while Nigerian households absorbed a substantial share of the adjustment through higher energy, transport and food costs. Whether the policy becomes an economic success depends on what government does with the fiscal space it created.

SUBSIDY REMOVAL SAVINGS ANNOUNCED

The Tinubu administration’s newly released figures provide an important answer to one question but leave a much bigger one unresolved.

According to Finance Minister Taiwo Oyedele,

subsidy removal and other reforms generated ₦15.8 trillion in savings for the Federation Account over the period under review. But the government also says it spent ₦30.64 trillion in additional expenditure.

The political argument is therefore no longer simply ,“How much did subsidy removal save?” It is: Where did the money go, and did Nigerians receive enough tangible benefits to compensate for the economic shock caused by subsidy removal? The ₦15.8 trillion subsidy-related savings were distributed as follows:

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There is an important point here: the ₦15.8 trillion was not ₦15.8 trillion sitting in Abuja's bank account. It accrued to the Federation Account and was shared across the three tiers of government. That distinction matters enormously when assessing whether ordinary Nigerians benefited. What the additional ₦30.64tn was spent on, The minister's breakdown is revealing: Together, these four categories account for the government's stated ₦30.64 trillion in additional expenditure.

1. Wages: some relief, but not necessarily real income relief, The largest item was ₦9.39 trillion in wage adjustments. On paper, this is one of the clearest areas in which Nigerians could have received relief. Government increased expenditure to compensate workers for the changed economic environment. Higher nominal wages can help workers cope with the sharp increase in the cost of living following the removal of the petrol subsidy.

But there is a critical distinction between higher wages and higher purchasing power. If salaries rise while food, transport, electricity, rent and other necessities rise faster, workers can receive more naira while effectively becoming poorer. That is particularly important in evaluating the subsidy reform. Editorial verdict: Partial relief. The wage spending represents an attempt to cushion workers, but the headline figure alone cannot demonstrate that Nigerian households became better off. The relevant measure is real income after inflation, not simply how many naira were added to payrolls.

2. External debt servicing: Relief for government, not directly for households The second-largest expenditure was ₦9.37 trillion on external debt servicing. This is where the government's argument becomes considerably harder to sell to the average Nigerian.

Debt servicing can be fiscally necessary. A government that fails to service its obligations risks damaging its creditworthiness, increasing borrowing costs and creating further financial instability. But debt repayment is not the same thing as delivering a new road, hospital, cheaper electricity or lower food prices. Government must learn to exhaust options before jumping to debts. This will help reduce debt servicing to manageable levels, N9.37 trillion hurts the economy. Debt servicing may protect the government's balance sheet without immediately improving a household's balance sheet.
A Nigerian struggling with ₦1,000-plus petrol prices, expensive food and high transportation costs does not experience a ₦9.37 trillion debt-service payment as direct economic relief.

3. Infrastructure: Here the government has a stronger argument. ₦6.47 trillion was allocated to infrastructure. Infrastructure spending can produce benefits that Nigerians actually feel better roads, transportation networks, water systems, public facilities, power infrastructure and other productive assets. But again, allocation is not the same as impact.

The crucial questions are:
a. Which projects received the money?
b. Where are they located?
c. How much was actually spent?
d. Were projects completed?
e. What did they cost?
f. What measurable economic benefit did they produce?

If the ₦6.47 trillion translates into functioning infrastructure, it can become a genuine long-term dividend of reform. If it is merely announced as expenditure, Nigerians have little reason to count it as relief.

4. Electricity subsidies:The government says ₦3.14 trillion went into electricity subsidies. it was deployed to cushion electricity costs.This is perhaps the most interesting item because electricity prices directly affect households and businesses. Without intervention, electricity costs could have been even higher for some consumers. In that sense, subsidy spending can represent prevented pain rather than visible relief.
But there is a complication. A subsidy that keeps tariffs down does not necessarily solve the underlying electricity problem. Nigerians still care about: price , reliability, hours of supply. If a household pays a subsidised tariff but continues to rely heavily on petrol or diesel generators, the effective cost of electricity remains high. The bigger problem:
₦15.8tn saved versus ₦30.64tn spent, This is where the government's presentation deserves particularly careful scrutiny. The administration says it generated approximately:

Against this, additional expenditure was approximately: ₦30.64 trillion,The two numbers are remarkably close. But there is an important accounting lesson here. Borrowing is not savings: The ₦11.85 trillion in incremental borrowing represents additional financing, not money created by subsidy removal. That means it would be misleading to portray the entire ₦30.77 trillion as money “saved” by removing the subsidy. The cleaner interpretation of the government's figures is: Subsidy removal created fiscal space, while additional revenue and borrowing also provided resources that enabled the government to finance expenditure.
That is a very different proposition from saying Nigerians' subsidy savings were simply converted into public services.
So, did Nigerians experience relief? The honest answer is: Not really , but the figures supplied by government do not yet establish that Nigerians are better off overall.

Therefore, Nigerians should not judge the reform simply by asking how much government saved. They should ask: What did the average Nigerian gain after accounting for the cost of losing the subsidy? That calculation requires household-level indicators, not just government expenditure figures. The Tinubu administration deserves credit for finally putting numbers behind its claim that subsidy removal created fiscal savings. ₦15.8 trillion is a substantial figure. But it is not, by itself, evidence of economic success. The real test of reform is not whether government revenue increased. It is whether the resulting resources produced better living standards, stronger public services, higher real incomes and a more productive economy. And on that score, the government's figures leave considerable room for questioning.

A government can save billions while citizens become poorer. It can spend trillions while public services remain inadequate. It can increase wages while inflation destroys purchasing power. And it can spend heavily on infrastructure without delivering infrastructure that citizens can actually use.
The most revealing figure in Oyedele's presentation may therefore not be the ₦15.8 trillion saved. It may be the gap between government’s additional resources and Nigerians' lived experience.

Until the administration can demonstrate, sector by sector, what ₦15.8 trillion in subsidy savings has translated into for the average Nigerian, the phrase “subsidy savings” remains more compelling as a fiscal statistic than as a household reality? The money may have been saved. The harder question is whether Nigerians have been saved from the consequences of the reform.

The picture is stark: Nigeria moved from subsidising petrol consumption to making consumers absorb the market price and the transition coincided with a dramatic petrol-price shock. Inflation also accelerated. That does not mean subsidy removal was solely responsible Nigeria's inflation story also involves the naira's depreciation, food supply constraints, monetary conditions and other structural problems. But fuel is an economy-wide input, so its price shock inevitably travels through transport, logistics, agriculture and ultimately food.

Tinubu's reform solved one problem an unsustainable and distortionary subsidy regime but created a very immediate political test: Can the government convert the money saved into better infrastructure, cheaper transport, stronger social protection and ultimately lower living costs?

Without that second half of the bargain, subsidy removal risks looking less like economic reform and more like a transfer of the government's burden onto already-stretched households.

Sources of FG Revenue

S/NO	Type of Revenue Generated	Amount
1	Subsidy Removal Savings	N15.8 Trillion
2	Incremental Revenues	N3.12 Trillion
3	Incremental Borrowing gives approximately	N11.85 Trillion
	TOTAL INCREMENTAL RESOURCES	N30.77 Trillion
	EXPENDITURE	N30.64 Trillion

(Hibiscus sabdariffa), AKA Zobo or roselle: Cultivation and Harvest

 Hibiscus zobo (Hibiscus sabdariffa), commonly called roselle, is grown primarily for its fleshy calyces, which are used to make zobo drinks. It grows well in tropical and subtropical climates, including much of West Africa.

Suitable soil for zobo

The best soil is:

• Well-drained loam or sandy-loam soil — this allows good root development while preventing waterlogging.

• Moderately fertile, with adequate organic matter.

• Slightly acidic to neutral, ideally around pH 5.5–7.0.

• Good moisture-holding capacity is useful, but the soil should not remain waterlogged.

• Avoid very heavy clay soils or soils with prolonged standing water because they can cause poor root growth and disease.

Before planting, incorporating well-decomposed manure or compost can improve soil structure and fertility.

How zobo is cultivated

1. Land preparation
Clear weeds and prepare the soil to a fine tilth. Where drainage is poor, plant on raised beds or ridges.

2. Seed selection
Use mature, healthy seeds from a good-performing roselle variety. Varieties differ in calyx colour, size, maturity period, and suitability for local conditions.

3. Planting
Zobo is normally established directly from seed.

A practical spacing is approximately 60–75 cm between plants and 75–100 cm between rows, although the optimum spacing depends on the variety and whether the crop is being grown mainly for leaves or calyces.

Plant about 2–3 seeds per hole, shallowly (roughly 1–2 cm deep), and thin to the strongest plant after establishment.

4. Water management
Keep the soil adequately moist during germination and early growth. Once established, roselle is relatively tolerant of short periods of dry conditions, but water stress during important growth stages can reduce yield. Avoid excessive irrigation.

5. Weed control
Weed regularly, particularly during the first 6–8 weeks, when young plants compete poorly with weeds. Mulching can help conserve moisture and suppress weeds.

6. Fertilization
A soil test is the best basis for fertilizer application. Compost or well-rotted animal manure can provide organic matter and nutrients. Excessive nitrogen should be avoided because it can encourage vegetative growth at the expense of desirable calyx production.

7. Pest and disease management
Common problems can include aphids, caterpillars, beetles and other leaf-feeding insects, while fungal diseases can become problematic under excessive moisture and poor air circulation.

Use integrated pest management: maintain field sanitation, remove severely affected material, avoid excessive watering, encourage beneficial insects, and use an appropriate registered pesticide only when necessary.

8. Harvesting
For zobo production, the calyces are the principal harvest. After flowering, the calyces enlarge and become fleshy. They are harvested when they have developed good size and colour but before they become excessively mature and tough.

The calyces are separated from the seed capsules and can be used fresh or dried for storage and processing.

Approximate production cycle

Depending on the variety and environmental conditions:

Seed → germination (about 1–2 weeks) → vegetative growth → flowering → calyx development → harvest, commonly around 3–5 months after planting.

Day length has a particularly important effect on flowering in roselle, so planting date and local climate can significantly affect the crop cycle.

Important considerations for West African farmers

For commercial zobo production, I would recommend paying particular attention to:

1. Planting at the beginning of the suitable rainy period, while avoiding periods when the field is likely to become waterlogged.

2. Conducting a soil test before applying fertilizer.

3. Selecting a variety adapted to your particular region and intended market.

4. Maintaining adequate spacing and weed control.

5. Harvesting calyces at the appropriate maturity and drying them properly to prevent mould and deterioration.

Stanbic IBTC ETF 40 Delivers 829% Cumulative Return: What Investors Need to Know

 

Stanbic IBTC ETF 40 Fund has delivered an impressive 829% cumulative return, translating to an average annual return of 32.5%, highlighting the growing potential of exchange-traded funds as a route to Nigeria’s equity market.

The performance puts the fund firmly on the radar of investors looking for diversified exposure to Nigerian equities without having to select individual stocks.

What does an 829% return mean?

An 829% cumulative return means that an investment of ₦1 million, if it had tracked the reported return over the relevant period and assuming the return figure is presented on a total-return basis, would have grown to approximately ₦9.29 million.

That is a gain of about ₦8.29 million on the original ₦1 million.

The reported 32.5% average annual return is also significant because it demonstrates the power of compounding over time. However, investors should not interpret 32.5% as a guaranteed return every year. ETF prices can rise and fall, and past performance does not guarantee future results.

Why the ETF 40 matters

An ETF, or Exchange-Traded Fund, is an investment fund whose units can be bought and sold on a stock exchange, much like ordinary shares.

The Stanbic IBTC ETF 40 provides investors with exposure to a basket of Nigerian equities rather than requiring them to buy each constituent individually.

This offers several potential advantages:

• Diversification: One investment gives exposure to multiple companies.

• Convenience: Investors don't have to construct an entire portfolio themselves.

• Liquidity: Units can be traded during market hours on the exchange, subject to market liquidity.

• Market exposure: Investors can participate in the performance of a broad group of Nigerian equities.

• Potential for long-term wealth creation: Returns can compound when investments are held for the long term.

How can you trade Stanbic IBTC ETF 40?

For an investor who wants to buy or sell the ETF, the process is broadly similar to trading a listed Nigerian stock.

1. Open a CSCS account

You need a Central Securities Clearing System (CSCS) account through a registered stockbroker. The CSCS account is where your securities are held electronically.

2. Open an account with a registered stockbroker

Choose a SEC-registered Nigerian stockbroker that provides access to the Nigerian Exchange (NGX).

The broker will provide the platform through which you can place your ETF buy or sell orders.

3. Fund your brokerage account

Transfer money into your brokerage account. The amount you need depends on the ETF's prevailing market price, the number of units you want to purchase and applicable transaction charges.

4. Place your order

Search for the Stanbic IBTC ETF 40 on your broker's trading platform and enter:

• Number of units

• Your preferred buying price, if using a limit order

• Buy or sell instruction

Your broker sends the order to the market for execution.

5. Monitor your investment

Once your order is executed, the units become part of your investment portfolio. You can monitor the market price and decide whether to hold, buy additional units or sell.

ETF 40 is not the same as a savings account

The reported 829% performance may be attractive, but investors should understand that an ETF is a market investment, not a fixed-income deposit.

Its market value can decline, sometimes sharply.

For example, someone buying when the market is expensive could experience a temporary loss if equity prices subsequently fall. The long-term investment case therefore needs to be separated from short-term price movements.

The bigger investment story

The significance of Stanbic IBTC ETF 40's reported performance goes beyond the headline 829%.

Nigeria's capital market has traditionally been dominated by investors selecting individual shares. ETFs provide another route: buying a diversified basket through one listed security.

For new investors, this can make equity-market participation easier to understand.

But the important question is not simply "How much has the ETF made?"

It is also:

Can the underlying Nigerian companies continue producing earnings, dividends and capital appreciation that justify higher valuations in the years ahead?

That is where investors need to look beyond historical performance.

Bottom line

The 829% cumulative return and 32.5% average annual return reported for Stanbic IBTC ETF 40 is a powerful illustration of what long-term exposure to equities can potentially achieve.

For an investor considering the fund, however, the appropriate approach is to understand the ETF, examine its current price and underlying holdings, consider fees and liquidity, and invest according to personal risk tolerance and time horizon.

In simple terms: you don't need to buy 40 different stocks to gain diversified exposure. An ETF can package that exposure into one trade.

Investment returns are not guaranteed. Investors should verify the latest ETF price, performance figures, fees, holdings and trading information from Stanbic IBTC Asset Management, the NGX and their registered stockbroker before investing.

Need to open CSCS Account? Need to start trading? All logistic handled send interested WhatsApp to this number +2348038545323

NIGCOMSAT-2A & 2B Launch: Why Nigeria must resist the temptation to celebrate approval as though the project has already succeeded.

 

 Nigeria Must Own the Infrastructure That Connects Its Future

The Federal Executive Council’s approval of the acquisition and deployment of NIGCOMSAT-2A and NIGCOMSAT-2B, two next-generation High-Thoroughput Communication Satellites, it is more than another government technology announcement. If properly executed, it could become a strategic investment in Nigeria’s digital sovereignty, connectivity and national security.

But Nigerians should look beyond the excitement of putting two more satellites in orbit.

The fundamental question is this: Can Nigeria finally build enough domestic capacity to reduce its dependence on infrastructure controlled by others while remaining fully interconnected with the global digital economy?

That is the real test.

From NIGCOMSAT-1R to the next generation

Nigeria's existing NIGCOMSAT-1R, launched in 2011, is approaching the end of its expected operational lifespan. The move toward NIGCOMSAT-2A and 2B therefore represents both a replacement programme and an opportunity to expand the country's satellite capacity.

The programme has been developing for some time. NIGCOMSAT had previously explored global investment for a replacement satellite, while also partnering with Eutelsat to develop low-Earth-orbit satellite services.

Now, with FEC approval, the programme enters a more consequential phase.

The satellites are expected to be delivered by Thales Alenia Space of France and Israel Aerospace Industries, while NIGCOMSAT will lead implementation in collaboration with the Federal Ministry of Communications, Innovation and Digital Economy.

That arrangement brings expertise and international partnerships. But it also raises an important question: how much of the knowledge, technology, operation and economic value will ultimately remain in Nigeria?

Foreign companies can build the satellites. The strategic objective, however, should be for Nigerians to increasingly acquire the capability to operate, maintain, commercialise and eventually participate in designing such infrastructure.

Where is the cost?

This is one area where government owes the public greater transparency.

The announcement of FEC approval, as reported, does not provide the public with the total acquisition and deployment cost of NIGCOMSAT-2A and 2B.

That figure matters.

Nigeria is making this investment at a time of significant fiscal pressure. If these satellites are genuinely strategic national infrastructure, government should tell Nigerians what they will cost, how they will be financed, the expected lifespan, projected revenue and the economic benefits anticipated from their deployment.

Interestingly, NIGCOMSAT has already demonstrated that there is commercial potential in the sector. Its revenue reportedly increased from ₦650 million in 2023 to more than ₦2 billion in 2025, while the agency had previously targeted ₦8 billion in revenue within three years through broadband expansion.

Those numbers suggest that satellite infrastructure can become more than a government expenditure. It can become a revenue-generating national asset.

But that requires utilisation.

NIGCOMSAT previously disclosed that only about 7 per cent of its broadband capacity was being utilised. That should serve as a warning. Buying more capacity without developing the market, distribution networks and affordable services to use it would simply create another expensive underutilised asset.

What happens to MTN, Starlink and other operators?

This is another question Nigerians will understandably ask.

Will NIGCOMSAT-2A and 2B compete with MTN and other mobile network operators? Will they compete with Starlink?

The answer should not be framed simply as competition.

The bigger opportunity is interconnectivity.

Nigeria's communications ecosystem consists of fibre-optic networks, mobile networks, terrestrial broadband, international connectivity, data centres and satellite systems. The country needs all of these working together.

MTN and other telecommunications operators provide extensive terrestrial mobile infrastructure. Starlink provides satellite-based broadband directly to customers, particularly where conventional infrastructure is difficult or expensive to deploy.

NIGCOMSAT can occupy a strategic position within this ecosystem.

Its satellites could provide additional capacity, backhaul, connectivity for remote communities, support for government institutions, emergency communications and services in areas where laying fibre or building terrestrial infrastructure is commercially difficult.

In that sense, NIGCOMSAT  strengthen the infrastructure upon which Nigeria's entire digital economy can operate.

A healthy Nigerian digital ecosystem should allow these technologies to complement one another.

The Digital Switch-Over opportunity

The timing is also significant because Nigeria is continuing its Digital Switch-Over (DSO) programme.

The transition from analogue to digital broadcasting requires reliable transmission infrastructure and wider digital coverage. NIGCOMSAT's expanding satellite capability could potentially support broadcasting and distribution, particularly where terrestrial infrastructure presents geographical or economic challenges.

This creates an opportunity to connect the satellite programme with the country's wider digital transformation agenda rather than treating it as an isolated space project.

Imagine a system where satellite capacity supports digital broadcasting, broadband, education, healthcare, agriculture, disaster response and communications in underserved communities, while terrestrial networks and fibre carry the heavier urban traffic.

That is what interconnectivity should mean.

Reducing dependence does not mean disconnecting from the world

There is an important distinction that government must communicate clearly.

Nigeria cannot—and should not—attempt to eliminate all foreign infrastructure.

Modern telecommunications is inherently global. Nigeria will continue to require international fibre cables, foreign technology, cloud services, satellite partnerships and global telecommunications relationships.

The objective should therefore not be isolation.

It should be strategic resilience.

A country of more than 200 million people should not be dangerously dependent on infrastructure over which it has little control. The ability to provide alternative connectivity during emergencies, security crises, infrastructure failures or international disruptions is itself a national asset.

NIGCOMSAT-2A and 2B could provide that additional layer of resilience.

But implementation will determine everything

The government must now resist the temptation to celebrate approval as though the project has already succeeded.

The real work begins with procurement, financing, construction, launch, commissioning, commercialisation and utilisation.

There must be clear accountability between NIGCOMSAT, the Federal Ministry of Communications, Innovation and Digital Economy and the international contractors.

There should also be measurable targets: How many Nigerians will gain access to broadband? How much capacity will be commercially utilised? How much revenue will the satellites generate? How many government services will migrate onto the infrastructure? How much local technical expertise will be developed?

And, critically, what will prevent NIGCOMSAT-2A and 2B from suffering the same underutilisation problem that affected previous capacity?

The satellite should connect Nigerianot just orbit above it

The greatest danger is that Nigeria could spend heavily on sophisticated satellites while millions of Nigerians remain unable to afford reliable internet access.

A satellite in orbit is not, by itself, digital transformation.

The success of NIGCOMSAT-2A and 2B should ultimately be measured on the ground: cheaper and more reliable connectivity, stronger national security, better digital broadcasting, improved rural access, greater commercial utilisation and reduced vulnerability to foreign infrastructure.

Nigeria has an opportunity to build a more resilient communications architecture—one in which NIGCOMSAT, MTN and other operators, Starlink, fibre providers, broadcasters and technology companies form an interconnected ecosystem rather than isolated competitors.

The Federal Government should seize that opportunity.

Nigeria does not need to disconnect from the world to become digitally sovereign. It needs to build enough of its own infrastructure to negotiate, compete and connect with the world from a position of strength.

NIGCOMSAT-2A and 2B can be an important step in that direction—but only if Nigeria ensures that the satellites are not merely launched into space, but fully connected to the economic and technological life of the nation.

UBA secures NGX approval to publish H1 2026 results by September 30

 United Bank for Africa (UBA) Plc has obtained approval from the Nigerian Exchange Limited (NGX) to extend the deadline for publishing its audited financial statements for the half-year ended June 30, 2026.

According to a disclosure dated August 21, 2026, and signed by the Group Company Secretary and Legal Counsel, Bili A. Odum, the bank now has until September 30, 2026, to release its H1 2026 results.

The publication was initially due by the end of August 2026 for all banks.

UBA disclosed that its Board of Directors approved the half-year financial statements at a meeting held on August 13, 2026. However, the results cannot be released to the market until the bank receives approval from its primary regulator.

• In this regard, the Bank has requested and obtained approval of the Nigerian Exchange Limited (NGX) for an extension of time to file the Results on or before September 30, 2026, subject to obtaining the requisite regulatory approvals for the publication of the Results,” the statement said.

The lender also reminded insiders that the closed period previously declared in respect of transactions involving the bank’s securities remains in force until 24 hours after the financial statements are published.

UBA is the latest among Nigeria’s leading financial institutions to secure additional time from the NGX to publish its audited half-year results.

• Guaranty Trust Holding Company (GTCO) recently obtained approval to extend the filing deadline for its H1 2026 audited financial statements to September 30, 2026, pending regulatory clearance.
• Zenith Bank also received a six-week extension, moving its reporting deadline from August 29 to October 9, 2026.
• Similarly, Access Holdings Plc secured an extension from the NGX, allowing it to file its half-year audited results by September 30, 2026, subject to approval from the Central Bank of Nigeria (CBN).

Under NGX rules, listed companies filing audited interim financial statements or awaiting approvals from primary regulators may apply for extensions beyond the standard 60-day reporting deadline after the end of the reporting period.

The extension comes as UBA continues to navigate a mixed earnings performance in 2026.

The banking group reported a profit before tax of N160.66 billion in the first quarter of 2026, representing a 21.35% decline from N204.26 billion recorded in the corresponding period of 2025.

Despite the drop in profitability, gross earnings rose by 4.86% year-on-year to N801.42 billion, supported by growth in both interest income and non-interest revenue streams.

Norwegian Job Market Opens More Doors for Foreign Workers

 

Norway continues to attract foreign workers as employers in several industries face shortages of qualified employees. International job seekers are finding opportunities particularly in healthcare, construction, engineering, information technology, hospitality, transport, and skilled trades.

Norwegian employers commonly advertise vacancies through online job portals such as NAV’s Arbeidsplassen, Finn.no, and EURES, the European employment network. Many positions are available to applicants who already have the right to work in Norway, while some employers recruit workers from abroad and provide assistance with relocation.

For foreigners, language skills remain an important factor. Although English is widely used in international companies and some sectors, knowledge of Norwegian can significantly improve employment opportunities, especially in healthcare, customer service, education, and jobs involving regular contact with the public.

Workers from outside the EU/EEA generally need an appropriate residence permit for work before taking up employment. Applicants should also check whether their professional qualifications must be formally recognised in Norway.

Employment experts advise foreign job seekers to prepare a Norwegian-style CV, verify employers carefully, and apply through established recruitment websites. They also warn applicants to be cautious of advertisements promising unusually high salaries or requesting money before employment.

With its relatively strong economy, regulated labour market, and demand for skilled workers, Norway remains an attractive destination for foreigners seeking employment.

Absolutely. If you're considering working and living in Norway as a foreigner, these are useful places to start:

 Norwegian job websites

• NAV – Arbeidsplassen — Norway's official public employment portal. You can search vacancies by location, occupation, and other criteria.

• FINN Jobb — One of Norway's largest private job portals.

• EURES — EU/EEA employment portal with Norwegian vacancies and information for workers moving within Europe.

• Jobbnorge — Particularly useful for jobs in universities, research, government, and professional positions.

• LinkedIn Jobs Norway — Useful for international companies and positions where English is commonly used.

Tip for foreigners: Try searching for terms such as “English speaking,” “English,” “international,” “no Norwegian required,” or “work permit”. However, always check the individual advertisement because requirements vary.

What is Norwegian weather like?

Norway's weather varies considerably depending on where you live.

• Southern Norway/Oslo: Four distinct seasons. Summers are generally mild, while winters can be cold with snow and short daylight hours.

• Western Norway/Bergen: Relatively mild but famously wet and rainy, particularly in autumn and winter.

• Northern Norway: Much colder and darker in winter. Some northern areas experience the polar night, when the sun doesn't rise for a period of time. In summer, the midnight sun can provide almost continuous daylight.

• Summer: Long daylight hours throughout much of the country. Temperatures can be pleasantly warm, although Norway isn't generally a hot-weather destination.

• Winter: Snow, ice and freezing temperatures are common, particularly inland and in the north.

What is life like in Norway?

Norwegian life is generally characterized by a high standard of living, good public services, and a strong work-life balance. People tend to value privacy, independence, punctuality and spending time outdoors.

Some things foreigners often notice:

Work: Working hours are generally structured, and employees have substantial holiday rights. Workplace culture tends to be relatively informal and less hierarchical.

Nature: Hiking, skiing, fishing and other outdoor activities are extremely popular. The concept of “friluftsliv” literally, outdoor life is an important part of Norwegian culture.

Cost of living: Norway can be expensive, particularly for housing, restaurants, alcohol and some everyday services. Salaries are also relatively high compared with many countries.

Social life: Norwegians can initially seem reserved to newcomers, but friendships often develop through workplaces, sports clubs, hiking groups and other community activities.

Language: English proficiency is generally very good, especially among younger people. Nevertheless, learning Norwegian is a major advantage if you intend to settle in Norway long term.