Business
FCMB-TLG Private Debt Fund to Boost Economic Growth, Says CEO Illori

James Illori, the Chief Executive Officer of FCMB Asset Management, has expressed confidence that the FCMB-TLG Private Debt Fund, Nigeria’s first naira-denominated private debt fund, will significantly impact the country’s financial sector and drive economic growth.
In a recent interview with Bloomberg, Illori highlighted that the fund is designed to improve access to capital for mid-sized companies in Nigeria while offering investors a competitive risk-adjusted return on investment. He emphasized the potential of private debt, also known as private credit internationally, to diversify investment portfolios and contribute to economic development.
“We observed that while small companies can borrow from microfinance institutions and large corporations can secure loans from banks, mid-sized firms, generating annual revenues between N15 billion and N1.5 trillion, often struggle to find suitable capital. The FCMB-TLG Private Debt Fund aims to bridge this gap, providing essential financing to these critical players in Nigeria’s economy,” Illori explained.
The FCMB-TLG Private Debt Fund, which received approval from the Securities and Exchange Commission (SEC) in May 2024, aims to raise N10 billion in its first series as part of a N100 billion programme. The fund targets Qualified Institutional Investors (QIIs) such as Pension Fund Administrators (PFAs), Insurance companies, Development Finance Institutions (DFIs), Family Offices, and High Networth Individuals (HNIs).
The capital raised will be channeled into corporate debt for companies engaged in commercially viable but impact-driven activities in key sectors of the Nigerian economy, including Agriculture, Healthcare, Education, Clean Energy, IT/Technology, and Transport/Logistics. These sectors align with the United Nations (UN) Sustainable Development Goals (SDGs).
The introduction of the FCMB-TLG Private Debt Fund marks a significant development in Nigeria’s financial landscape. It provides an alternative source of capital for mid-sized companies while allowing institutional investors and high-net-worth individuals to diversify their portfolios and achieve a competitive return on investment. By aligning with the UN SDGs, the fund also reinforces FCMB Asset Management’s commitment to promoting sustainable economic growth and development in Nigeria.
Business
Naira appreciates N1,590/$ in parallel market

The Naira appreciated to N1,590 per dollar in the parallel market on Monday, strengthening from N1,600 per dollar recorded over the weekend.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency depreciated to N1,549 per dollar, according to data from the Central Bank of Nigeria (CBN). The indicative exchange rate rose slightly from N1,548 per dollar last Friday, marking a N1 depreciation.
As a result, the gap between the parallel market and the NFEM rate narrowed to N41 per dollar, down from N52 per dollar last weekend.
The exchange rate movement reflects ongoing fluctuations in Nigeria’s forex market as authorities continue efforts to stabilize the currency.
Business
CBN expresses commitment to FX Code

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to the Nigerian Foreign Exchange (FX) Code, stating that its operations align with the principles of the code.
In a statement signed by Governor Olayemi Cardoso, Deputy Governor of Economic Policy Mohammad Abdullahi, and Director of the Financial Markets Department Dr. Omolara Duke, the apex bank emphasized that its decision follows a review of the FX Global Code and recognition that the code represents a set of principles widely acknowledged as good practice in the foreign exchange market.
The statement confirmed that the CBN acts as a regulator to market participants as defined by the code and is committed to overseeing FX market activities in a manner consistent with its principles.
“To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore aligns its roles with the principles of the Code,” the statement added.
Business
FG launches electronic asset register to boost investment

The Federal Government has launched a national electronic assets register to provide real-time access to information on government-owned assets, aiming to enhance transparency and attract more investments into the country.
The digital registry was introduced by the Accountant General of the Federation, Dr. Oluwatoyin Madein, during an event that also featured the unveiling of a compendium of FAAC allocations to federal, state, and local governments from 2020 to 2023.
Madein described the initiative as a major milestone in improving public resource management, emphasizing that it is essential for financial sustainability and integrity. She stated that the project aligns with the government’s commitment to transparency and accountability in handling public funds and assets.
She noted that giving citizens access to information about public asset management would increase government accountability. “Whether it is infrastructure, equipment, or other public property, every asset must be accounted for,” she said.
The real-time access provided by the digital register is expected to support policy formulation, budgeting, and planning. Madein explained that by having a clear understanding of the government’s assets and their conditions, policymakers can make more informed decisions on resource allocation, investment management, and potential privatisation or public-private partnerships (PPPs) for underutilized assets.
She added that the initiative also aligns with international best practices, supporting Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). These standards will help strengthen the credibility and integrity of the country’s financial statements.
On the compendium of FAAC allocations, Madein stated that it provides a detailed breakdown of revenue distribution to the three tiers of government and serves as a valuable resource for policymakers, researchers, and the general public.
Minister of State for Finance, Doris Uzoka-Aniete, who officially unveiled the compendium, praised the Accountant General’s efforts in promoting transparency and accountability. She described the electronic asset register as an important tool that will help determine the real value of Nigeria’s assets and create opportunities for local and foreign investment.
-
News21 hours ago
SDGs must be integrated into development plans – FG
-
News22 hours ago
2027: Stakeholders allege Akpabio, others have sold APC to PDP in Akwa Ibom
-
News21 hours ago
Nnamdi Kanu’s trial under ‘repealed’ law, mere charade – Lawyer
-
Foreign21 hours ago
Trump begins mass layoffs at Voice of America