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Onitsha comes Alive Next Week as Globacom Sponsored Ofala Holds

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Arrangements have been concluded for the 2019 Ofala of the Obi of Onitsha, His Majesty, Nnaemeka Achebe, Agbogidi.

Rooted in deep spirituality, the Ofala is the highpoint of the Onitsha ceremonial cycle.  It is primarily a celebration by the monarch and his subjects to mark the monarch’s annual emergence from seclusion, during which period he has successfully negotiated the fortunes of the kingdom. The Ofala also marks the homecoming of Onitsha indigenes.

The digital transformation leader, Globacom, has been the official sponsors of the Ofala since 2011.  Globacom’s partnership with the organisers of the festival over the years has helped enormously in projecting the Ofala.

The actual Ofala which is a  display  of royal dances, tributes, parades and music running  over two days, will take place on  October 11 and 12. The scope of the festival has been widened, with various events now part of the celebrations.

In a joint statement issued by the Ofala Steering Committee and Globacom, the 2019 Ofala will not only display the rich cultural heritage of Onicha Ado NIdu, it will also be ten days of unstoppable fun and entertainment for both visitors and residents.

The statement signed by the Chairman of the Ofala Steering Committee, Chief Ngozi Okafo, the Ogene Onira of Onitsha and Mr. Augustine Mamuro of Globacom, added that, beginning from 2019, the planning and organisation of the Ofala will be undertaken in such a way as to enhance the impact of the festival with a view to ensuring that it attracts considerable national, West African, and international attention.

The statement also stated that both Onicha Ado NIdu and Globacom looked forward to  a continued partnership such that Globacom as major sponsor   “would in its usual manner make contributions towards the growth and development of the festival.

The 2019 Ofala events will kick off on Saturday, October 5 with the maiden edition of the Onitsha City Marathon, organised by the Onitsha Business School. The 21-kilometre road race has been approved by both the Athletics Federation of Nigeria (AFN), and the International Association of Athletics Federations (IAAF).

Many renowned international marathoners particularly from countries with road racing records like Kenya, Ethiopia, Ugandan and  Diaspora Nigerian elite athletes have entered for the event.

This will be followed by the Oreze Arts  VII, a group art exhibition promoted by His Majesty’s Chimedie Museum Trust Foundation and supported by the National Gallery of Art . The works of  250 Artists  from various parts of the world are planned to be on display  at the show which will run from October 9 to  October 13.

Frank Ugiomoh, Professor of Art History and Theory, Department of Fine Art and Design, University of Port Harcourt will be the special guest of honour at the opening ceremony of the art exhibition.  A panel discussion  on the Role of Art in Community Enlightenment, Cohesion and Development will form part of the exhibition.

Panelists include such artists like Tayo Adenaike, Obiora Anidi, and Nneka Odoh. Others are art collector Hakeem Adedeji, and art curator Iheanyi Onwuegbucha.

About 2000 persons are expected to participate in the Ofala Youth Carnival, which is scheduled for Thursday, October10. Now in its seventh year, the carnival holds under the auspices of the Onitsha Ado Youth Council and showcases the rich cultural heritage of Onitsha.

The activities will be rounded off with a Royal Banquet, organised by Globacom in honour of the Obi of Onitsha. The banquet will be held at the Dolly Hills Hotel, Onitsha, on Monday, October 14.

The Ofala has recently been endorsed by the Nigerian Tourism Development Corporation, the apex tourism Regulatory Agency in the country as a major Nigerian Festival.


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NIA Questions Legality of Reps’ Financial Probe

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The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.

In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.

It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.

The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.

In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.

“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.

“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.

“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”

Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.

“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.

17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.


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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

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Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).

Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.

“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.

She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,

Learning through experience

Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.

Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.

Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.

Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.

World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.

The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.

The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.


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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

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Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.

Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.

The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.

It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.

Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.

He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.

According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.

“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.

“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”

The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.

He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.

Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.

“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.

“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.

“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.

The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.

All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.


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