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Lagos Moves to Build West Africa’s Leading International Financial Centre
Lagos Moves to Build West Africa’s Leading International Financial Centre
By: Michael Mike
Lagos State has taken a major step toward repositioning Nigeria as a global investment destination with the unveiling of a comprehensive roadmap to establish a Lagos International Financial Centre (LIFC), envisioned as the leading financial hub in West Africa.
The roadmap is contained in a new report titled “Establishing an International Financial Centre in Lagos (LIFC), Nigeria”, produced by TheCityUK in collaboration with the UK Government, Lagos State Government, the Lagos International Financial Centre Council (LIFCC), and EnterpriseNGR. The report was formally launched at the State House, Marina, Lagos.

The high-level event attracted senior government officials, diplomats, and private sector leaders, including Lagos State Governor Babajide Sanwo-Olu, British Deputy High Commissioner to Nigeria Jonny Baxter, EnterpriseNGR Chairman Aigboje Aig-Imoukhuede, and EnterpriseNGR Chief Executive Officer Obi Ibekwe.
The initiative is aligned with Nigeria’s Agenda 2050 and the Lagos State Development Plan 2052, positioning the LIFC as a long-term catalyst for economic transformation. According to the report, the proposed financial centre will deepen capital markets, mobilise international investment, drive innovation, and support sustainable economic growth across Lagos, Nigeria, and the wider West African region.
The report underscores the importance of strong public-private collaboration, noting that Lagos’ demographic advantage, expanding financial ecosystem, and strategic location make it well-suited to host an international financial centre that meets global standards.
One of the report’s core recommendations is the creation of an independent IFC framework for Lagos. This model would provide regulatory certainty, simplified tax and policy regimes, and a transparent governance structure aimed at improving investor confidence and enhancing Nigeria’s competitiveness in global finance.
To differentiate Lagos from other emerging financial centres, the report identifies three priority sectors for initial focus: green and sustainable finance, fintech and financial innovation, and commodities trading and capital markets. These sectors are considered critical to Nigeria’s future economic diversification and resilience.

The report also highlights the need for robust legal and regulatory reforms, calling for close coordination between Lagos State, the Federal Government, regulators, and the private sector to ensure smooth implementation of the LIFC vision.
Human capital development is another key pillar of the strategy. Recommendations include strengthening local talent pipelines, easing visa requirements for international professionals, and creating an enabling environment that supports skills transfer and high-value job creation for Nigeria’s growing youth population.
In addition, the report proposes competitive and targeted tax incentives, streamlined business processes, and investment-friendly policies designed to attract long-term capital aligned with national development priorities.
Speaking at the launch, Governor Babajide Sanwo-Olu reaffirmed Lagos State’s commitment to the project, describing the International Financial Centre as essential to boosting market competitiveness and facilitating seamless trading.
“Lagos is Nigeria’s largest economic and financial centre, and we must create an ecosystem that attracts investment, improves liquidity, and strengthens market infrastructure,” the governor said, adding that the LIFC would unlock new opportunities for public-private partnerships in technology and capital market development.
British Deputy High Commissioner Jonny Baxter said the report reflects the deepening UK-Nigeria partnership, combining Lagos’ strengths with UK expertise to support financial sector development.
He noted that, if effectively implemented, the LIFC could unlock significant domestic and international investment, expand capital markets, create jobs, and promote sustainable growth beyond Lagos State.
Also speaking, TheCityUK’s Managing Director for International, Nicola Watkinson, described Nigeria as a high-growth market with strong long-term potential. She said the LIFC could play a vital role in attracting global capital, supporting fintech and green finance innovation, and creating high-value employment opportunities for young Nigerians.
With the launch of the report, stakeholders say the focus now shifts to implementation, as Lagos seeks to translate vision into action and establish itself as a globally competitive financial centre for West Africa.
Lagos Moves to Build West Africa’s Leading International Financial Centre
News
Police Foil IED Attack, Destroy Explosive Device in Zamfara
Police Foil IED Attack, Destroy Explosive Device in Zamfara
By: Zagazola Makama
The Zamfara State Police Command says it has successfully foiled a planned attack after its Explosive Ordnance Disposal (EOD) unit discovered and safely destroyed an Improvised Explosive Device (IED) in Tsafe Local Government Area of the state.
The Command said the operation was carried out on Friday at about 4:15 p.m. along the Kunchin Kalgo axis following credible intelligence received through community engagement efforts.

According to a statement issued by the Command, operatives of the Violence Crime Response Unit (VCRU), in collaboration with the EOD team, swiftly mobilised to the area after receiving information about a suspected explosive device planted by bandits.
Preliminary findings indicated that the device was strategically planted along the road with the intent of causing mass casualties among commuters and other road users.
The statement added that the timely response of the operatives led to the safe detection, evacuation and controlled destruction of the explosive device before it could cause any harm.
The Command commended the vigilance and cooperation of local residents, describing community support as critical to ongoing security operations in the state.
It further assured residents that efforts were ongoing to identify, arrest and prosecute those responsible for planting the device.
The police also disclosed that patrols had been intensified across vulnerable areas to prevent similar incidents and ensure the safety of road users.
The Commissioner of Police, A.M. Bello, reiterated the Command’s commitment to sustained operations against banditry and other violent crimes in Zamfara State.
Police Foil IED Attack, Destroy Explosive Device in Zamfara
News
Russia’s Role in the Widening Insecurity in Africa
Russia’s Role in the Widening Insecurity in Africa
By Ipole Amajama
The African continent is once again at the centre of a geopolitical storm. From the Sahel to Nigeria, insecurity is spreading at an alarming speed, threatening fragile states and destabilising entire regions. While local dynamics and systemic weaknesses play a role, Russia’s involvement raises troubling questions about its motives and the consequences for Africa and beyond.
Nigeria faces a growing terrorist threat that is no longer confined to its borders. The collapse of governance in several states of the Alliance of Sahelian Juntas (AES) has created fertile ground for extremist groups. These failed states have become incubators of insecurity, exporting violence into neighbouring countries. The challenge is no longer whether to support or oppose the junta, but how to deal with their failures and the regional consequences of their isolation.
Russia’s actions in Africa reveal a clear pattern: its primary aim is not to stabilise the continent but to create a secondary frontline against the West. By fostering instability in Africa, Moscow seeks to divert European attention and resources away from Ukraine. The Kremlin’s involvement is less about partnership and more about exploiting chaos for strategic advantage.
This raises a critical question: is Russia simply incapable of offering meaningful support, or is it deliberately spreading insecurity? The evidence suggests that Moscow benefits from turmoil in Africa, whether by design or by opportunism.
Whatever happens in Africa has little direct impact on Russia. The continent is geographically distant, and Russia’s economic ties with African nations are minimal. In fact, Africa’s collapse could even benefit Moscow. African oil, gas, and mineral exports compete with Russia’s own. If insecurity disrupts African production, global prices rise—strengthening Russia’s export revenues.
Europe, however, bears the brunt of Africa’s instability. Migratory pressure from conflict zones is already reshaping European politics. Far-right parties, often sympathetic to Russia, are gaining ground in countries like France and the UK. By exacerbating insecurity in Africa, Moscow indirectly fuels migration flows that influence European voters. This strategy weakens European unity and undermines support for Ukraine.
From a Russian perspective, encouraging instability in Africa is a shrewd way to manipulate European politics. The more Africans flee insecurity and attempt to reach Europe, the greater the strain on European societies. This pressure amplifies populist narratives, strengthens far-right movements, and erodes mainstream political consensus. Since many far-right parties are pro-Russia, the Kremlin gains strategic leverage by destabilising Africa.
Russia’s record in the Sahel is damning. It has done nothing to fight terrorism. Instead, it has encouraged juntas to isolate themselves from the international community, sever ties with African neighbours, and expel Western intelligence and military support. In exchange, the Sahel states received nothing of substance. Russian involvement has failed to improve security, governance, or economic conditions. On the contrary, the situation has worsened.
It is difficult to determine whether Russia is acting with malicious intent or simply behaving irresponsibly. Either way, the outcome is the same: worsening insecurity. Moscow’s promises of support have proven empty. Its presence has deepened instability, leaving African populations more vulnerable than before.
The hypothesis of a cynical will to facilitate insecurity cannot be dismissed. Russia appears to be the only clear winner of Africa’s suffering. By exploiting chaos, Moscow strengthens its geopolitical position, increases its export revenues, and undermines European resolve.
The lesson is stark: Africa must never again rely on a self-proclaimed outside “saviour.” Russia’s involvement has shown that external powers may prioritise their own interests over African stability. The continent must instead build resilience through self-reliance and multilateral cooperation.
African nations should pursue balanced partnerships that preserve freedom of action. By engaging with multiple partners—regional organisations, international institutions, and diverse allies—Africa can avoid dependency and secure more effective support. Only through collective action can African states confront terrorism, strengthen governance, and protect their sovereignty.
Russia’s role in Africa is not about solidarity or development. It is about exploiting insecurity to advance its global strategy. By destabilising Africa, Moscow weakens Europe, strengthens far-right allies, and boosts its own economic position. Whether through negligence or deliberate manipulation, Russia has worsened Africa’s plight.
The challenge for Africa is to recognise this reality and chart a new path. The continent must rely on itself, build multilateral frameworks, and reject the false promises of external saviours. Only then can Africa safeguard its future and prevent its suffering from being weaponised to serve foreign ambitions.
Amajama, a social commentator, writes from Abuja and can be reached via amajamaip@gmail.com
Russia’s Role in the Widening Insecurity in Africa
News
Buni approved the appointment of Yerima as the new emir of Ngazargamu.
Buni approved the appointment of Yerima as the new emir of Ngazargamu.
By: Yahaya Wakili
Governor Mai Mala Buni CON, COMN of Yobe state has approved the appointment of Alhaji Yerima Ibn Mahmud as the new Emir of Ngazargamu.
This is contained in a statement signed and issued today, 12th June, 2026, by the acting secretary to the state government, Dr. Mohammed Goje, in Damaturu.
The appointment of the new emir of Ngazargamu followed the demise of the late emir, Alhaji Tijjani Ahmed Ibn-Saleh Geidam, who passed away recently in Cairo, Egypt, after a protracted illness.
Until his appointment, the new Mai Ngazargamu was the Turakin Ngazargamu, an office he held for 16 years. He was also a member of the State House of Assembly.
The new emir of Ngazargamu, Alhaji Yerima Ibn Mahmud, has at different times served as a member of the State Executive Council and the state commissioner for livestock development before the new appointment.
Governor Mai Mala Buni, while congratulating the new emir and the Ngazargamu emirate, urged the new emir to use his wealth of experience to unite the people, promote peace and peaceful coexistence, and foster economic growth of the emirate, Yobe State, and Nigeria as a whole.
Similarly, Governor Buni called on the people to support the new emir to execute the functions of his office diligently, effectively, and efficiently for the benefit of the people, peace, unity, and prosperity of the emirate.
Buni approved the appointment of Yerima as the new emir of Ngazargamu.
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