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Jalo-Waziri, CSCS’ Chief Executive, Elected Vice President of AMEDA

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In strengthening its governance and execution of strategic objectives, the regional association of global Central Securities Depositories (CSDs), Africa and Middle East Depositories Association (AMEDA), elected Mr. Haruna Jalo-Waziri, the Managing Director/Chief Executive Officer of Central Securities Clearing System (CSCS) Plc as its Vice President.

Mr. Jalo-Waziri would be working closely with Mr. Abdalla Abdin, the Chief Executive Officer of Bahrain Clear, who currently serves as the President of the association, in steering the affairs of AMEDA and leading execution of strategic initiatives towards delivering value to its members and broader stakeholders.

Mr. Jalo-Waziri, who also represents the global community of Central Securities Depositories on the Operating Committee of the International Securities Services Association (ISSA) brings to AMEDA almost three decades hands-on experience in the region’s financial services sector, across different segments of the market, including capital market regulation, pensions and conventional asset management, investment and commercial banking, Exchange management and post-trade services.

As the Chief Executive Officer of CSCS, Mr. Jalo-Waziri has led transformation of CSCS into an agile and innovative market infrastructure, delivering unprecedented results to the company’s shareholders and broader Nigerian capital market stakeholders.

Speaking on the election, Mr. Jalo-Waziri noted: “I feel greatly honored by my nomination and more so the overwhelming vote of confidence at the election. I thank my colleagues in the association and reckon this election as a call to service in advancing post-trade services and broader capital market development in Africa and Middle East regions.

“Central Securities Depositories have pivotal roles to play in deepening Africa’s capital market and I am excited to work with established professionals through the collective prowess that AMEDA affords in leading the desired change in our respective capital market ecosystem and broader continent.

“I am excited at the commitment of our President, Mr. Abdalla Abdin, and all members towards our mission, and this reinforces my confidence in our collective ability to change the narratives of capital markets in Africa and Middle East”.

Ms. Riham Gamal, the Executive Secretary of AMEDA noted: “Mr. Jalo-Waziri has been a very active member of AMEDA, representing the Nigerian CSD, over the past five years.

He has led several initiatives of the association, in addition to being a positive reference and rallying point for members in exchanging information and knowledge. Hence, it would be exciting to work with him as the Vice-President of AMEDA.

He is very complementary to the positive leadership of Mr. Abdalla Abdin, and I am more than ever excited about the prospect of AMEDA in executing brilliant ideas towards the mutual prosperity of members and more importantly the development of capital markets in Africa and Middle East.”

AMEDA, which was established in April 2005, is a non-profit organization providing a structured platform for knowledge and information exchange as well as collaboration amongst Central Securities Depositories in Africa and the Middle East regions.

It promotes cooperation and advocacy towards adoption of global best practices and regulatory standards in securities depositories and post trade services, whilst supporting its members in navigating the uniqueness of their respective markets.

With memberships in Africa and Middle East regions, AMEDA serves as a dialogue channel and bridge for global partnerships with the regions’ CSDs.

Also, active as associate members are global banks such as HSBC and Standard Chartered Bank as well as CSDs from other regions, such as the Indian National Central Securities Depository.


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NBS May Release Rebased Figures for Nigerian Economy July 11

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National Bureau of Statistics (NBS) may launch its rebased Gross Domestic Product figure on July 11, according to reports by the Nation.

NBS May Release Rebased Figures for Nigerian Economy July 11

In economics, rebasing refers to the process of updating the base year used for calculating economic indicators like Gross Domestic Product (GDP) or the Consumer Price Index (CPI).

This is done to reflect changes in the structure and price levels of an economy, making the indicators more accurate and relevant to the current economic situation.

Folorunso Alesanmi, head of Public Relations, NBS, deferred his response to today (Monday) when asked to confirm the information.

In a terse text message reply to our inquiry, he said “I will reply you on Monday when I get the final information about it.”

Recall that the country changed the year of its GDP  from 1990 to 2010 in 2014, when the figure was raised by 89 per cent.

The much awaited July 11 figure is expected to increase economic indicators such as  per capita income, debt-to-GDP ratio and tax revenue outlooks.

 

 


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Lagos-Calabar Highway Gets $100M Push from ECOWAS to Drive Regional Growth

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ECOWAS Bank for Investment and Development (EBID) has committed $100 million to support the development of a key section of Nigeria’s Lagos-Calabar Coastal Highway.

This funding covers a 47.7-kilometre stretch, marking Section I, Phase I of the project, which originates from Ahmadu Bello Way in Lagos.

Work on the highway began in March 2024, with Hitech Construction Company Limited appointed as the main contractor.

The announcement was made during EBID’s 92nd Ordinary Session held in Lagos, where the bank outlined a series of development financing commitments amounting to €174 million and $125 million, targeted at infrastructure and social development across the ECOWAS region.

The investment in the Lagos-Calabar Coastal Highway is designed to boost intra-regional connectivity by linking nine Nigerian states. It will also enhance access to strategic seaports, support agro-industrial development, and improve logistical networks along Nigeria’s southern corridor. The highway is further expected to contribute to the formation of a regional supply chain, economically empowering coastal communities.

“The bank also approved $100 million in funding for the Lagos-Calabar coastal motorway project in the Federal Republic of Nigeria. It said that this project, which spans 47.7 km, would link nine Nigerian states and improve access to seaports and isolated agro-industrial areas. EBID noted that the funding would also contribute to the emergence of a regional value chain to support coastal communities.”

Other EBID-backed initiatives include €50 million earmarked for the establishment and outfitting of six technical and vocational education centres in Togo. These centres aim to provide skills training for up to 3,480 youths annually, focusing on high-demand trades.

In Guinea, the bank allocated €28.9 million to revamp four agricultural high schools, and an additional €95.16 million to build three hydroelectric micro-power plants with a combined generation capacity of 30 megawatts, aiming to expand rural access to renewable energy.

Côte d’Ivoire will benefit from a $25 million facility directed at financing clinker imports by Société de Ciment de Côte d’Ivoire—a move expected to support local cement manufacturing and alleviate raw material shortages in the construction sector.

EBID noted that its latest funding initiatives align with the United Nations Sustainable Development Goals (SDGs), particularly Goal 9, which advocates for advancements in industry, innovation, and infrastructure. With these latest disbursements, the bank’s cumulative investment across the West African region has surpassed the $5 billion milestone.

Nigeria’s Minister of Works, David Umahi, recently disclosed that the Federal Government has signed off on contracts exceeding N3 trillion for multiple sections of the Lagos-Calabar Coastal Highway project, extending through Lagos, Akwa Ibom, and Cross River states.

The Lagos segment—Section I—was awarded at N1.068 trillion, with 30 percent of the contract sum already paid.

Section II, which includes multiple bridges and traverses difficult terrain en route to the Dangote Refinery, has been contracted at N1.6 trillion.

Sections III A and III B, covering parts of Akwa Ibom and Cross River, were jointly valued at N1.33 trillion.

President Bola Tinubu officially inaugurated the first completed segment of the coastal highway in May 2025, signalling the project’s steady progress.


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LG Launches “Radio Optimism” Campaign to Spread “Life’s Good” Through Music

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LG Electronics has launched a new brand campaign, “Radio Optimism,” designed to help strengthen meaningful human connections and spread optimism through shared musical experiences.

This initiative aligns with LG’s brand promise, “Life’s Good,” and addresses the growing challenge of forming genuine relationships in a technology-driven world.

The Radio Optimism campaign seeks to counteract the disconnection often felt in an era dominated by superficial interactions, such as likes and comments on social media. By harnessing the power of music, LG aims to foster deeper bonds among individuals, promoting a more fulfilling life.

“As technology advances, meaningful human connections become increasingly vital to enrich our lives. LG continues its commitment to bringing optimism into customers’ daily lives, staying true to our enduring brand promise of ‘Life’s Good,’” said Kim Hyo-eun, head of LG’s Brand Management Division.

This campaign reinforces LG’s commitment to creating enriching experiences in digital spaces where today’s consumers spend significant time. Building on this mission, LG has continuously engaged with younger audiences through participatory campaigns that bring the Life’s Good philosophy to life.

Last year’s “Optimism your feed” campaign leveraged social algorithms to foster positivity on social media. This new initiative specifically seeks to address the paradoxical disconnection in an era of hyper-connectivity.

“One of the most reliable predictors of happiness is having deep and meaningful relationships,” said Jean M. Twenge, Professor of Psychology at San Diego State University. “Yet today, many people are spending more time online and less time connecting in person. Social media in particular tends to create shallow relationships rather than the deep connections people need.

“It’s common for people to have hundreds of followers but no one to talk to in real life if they need support. We need to build more meaningful connections with those around us. That might turn around the pronounced decline in happiness that’s occurred over the last decade.”

A new global study* from LG on social connection reveals that 68 percent of people find it harder to make real friends, and a third reported having one or fewer meaningful connections in the past month, with 8 percent experiencing none at all.

Inspired by traditional radio’s unique way of connecting people through music and storytelling, the Radio Optimism campaign transforms this concept into an interactive platform where participants can create and send personalized songs to their loved ones.

Users can easily create new songs using AI-powered tools, which are thoroughly trained on a curated music dataset. These tools interpret user prompts to produce unique musical pieces and generate matching album art, providing an engaging and personalized experience. Once generated, these songs can be sent to recipients to deepen their connection and made available for others to discover worldwide.

According to the survey, nearly 9 in 10 respondents believe that meaningful connections lead to a more optimistic outlook on life. By providing a platform for individuals to express their feelings, this campaign aims to foster deeper connections and help individuals enrich their lives while spreading optimism in their own ways.

The campaign website is available in English and Spanish, with plans to support additional languages in the coming months to enable broader participation. The official website can be found at RadioOptimism.lg.com.


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