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Capital Market Adopts T+1 Settlement Framework June 1

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The Nigerian capital market is set to transition to a T+1 settlement cycle effective Monday, June 1.

The Director-General of Central Securities Clearing System Plc (CSCS), Shehu Shantali, disclosed this in a statement on Wednesday in Lagos.

Shantali said the transition marked another milestone in the continued modernisation of Nigeria’s post-trade infrastructure and market operations.

He said the transition had been approved by the Securities and Exchange Commission (SEC) and was coordinated by CSCS alongside key capital market stakeholders.

According to him, the initiative reflects the market’s collective commitment to strengthening efficiency, reducing settlement risk, enhancing liquidity and aligning with global best practices.

He explained that under the T+1 settlement framework, trades executed in the capital market would settle one business day after the trade date.

This, he said, enables faster movement of securities and funds across the market ecosystem.

Shantali noted that ahead of the go-live date, extensive stakeholder engagements, readiness assessments and awareness initiatives had been conducted to support a seamless transition.

“As part of the awareness and readiness assessment leading to the transition, CSCS hosted industry engagement webinars with exchanges and trade associations to reinforce stakeholder alignment, operational preparedness and market-wide coordination ahead of go-live.

“Market participants across the capital market ecosystem have also undertaken system upgrades, operational testing and internal readiness activities ahead of the transition,” he said.

According to him, the transition represents another important milestone in the evolution of Nigeria’s capital market infrastructure.

“It reflects the market’s readiness to embrace reforms that enhance efficiency, strengthen investor confidence, improve liquidity and align Nigeria more closely with leading global markets,” he said.

Shantali said the successful implementation of the T+1 settlement cycle was the result of extensive collaboration across the capital market ecosystem.

“We appreciate the commitment demonstrated by our regulator, SEC, exchanges, trade associations, market operators and the T+1 implementation planning committee,” he said.

Shantali noted that to commemorate the official transition, CSCS, in collaboration with Nigerian Exchange Group (NGX), would host a special closing gong ceremony on Monday, June 1, at NGX House in Lagos.

“The event will bring together regulators, market operators, trade associations and key stakeholders across the capital market ecosystem to formally mark the commencement of the T+1 settlement cycle in Nigeria,” he said.

Shantali reaffirmed the commitment of CSCS to driving innovation, operational resilience and stakeholder collaboration as the capital market advances toward a more efficient, transparent and globally competitive future. (NAN)

NEWS

Carter, Iddo, Third Mainland Bridges: Julius Berger Tackles Years of Severe Structural Deterioration

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By Mike Odiakose, Abuja

Top-notch engineering construction company, Julius Berger Nigeria PLC is leading an extensive bridge rehabilitation programme in Lagos State, following its engagement by the Federal Ministry of Works in 2023.

The assignment is designed to address years of severe structural deterioration in the critical infrastructures.

Construction works commenced in January 2024, targeting four key transport links: the Third Mainland Bridge, Carter Bridge, Iddo Bridge, and the Iddo Bridge Underpass.

The project focuses on addressing long-standing structural damage, particularly in underwater components impacted by marine corrosion, tidal forces, and sustained heavy traffic.

At Carter Bridge, rehabilitation works concentrated on degraded underwater sections and substructure elements to mitigate the effects of corrosion and tidal movement.

Physical works were completed in January, and the project has now entered its close-out phase.

For the Third Mainland Bridge, engineers are carrying out structural repairs on critical components, including the deck soffit, piers, and underwater pile caps.

The project is currently about 80% physically complete, with only the monitoring phase outstanding.

This phase, expected to last one year, is now in its third month. Financially, approximately 60% of the budget has been allocated, with 21% of the total project value executed to date.

At press time last week, no major construction work is outstanding on this bridge as the focus is entirely on performance validation.

Essentially, the monitoring phase acts as a quality assurance and risk management step, ensuring that the extensive rehabilitation work translates into a safe, stable, and durable bridge for years to come, said a member of the project team, Friday.

The Iddo Bridge rehabilitation involves a more intensive reconstruction due to severe deterioration.

Significant portions of the bridge have been demolished and are being rebuilt using reinforced concrete girders, enhanced reinforcement systems, and strengthened structural supports.

The project is actively ongoing and stands at 30% physical completion.

At the Iddo Bridge Underpass, the existing structure was completely removed to enable full reconstruction.

The scope includes continuous reinforced concrete pavement (CRCP), improved drainage systems, and the installation of modern street lighting and utility infrastructure. Construction progress has reached 38%.

CRCPs are designed to control cracking, not eliminate it as cracks occur at regular, closely spaced intervals. The reinforcement keeps cracks tight, preventing them from widening

Overall, these rehabilitation efforts are designed to enhance commuter safety, extend the lifespan of critical infrastructure, and reduce structural risks along some of Lagos State’s busiest transport corridors.

In addition, the improvements are expected to ease traffic flow and strengthen economic activity across the state.

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NEWS

Alia Postpones Benue at 50, Third Year Anniversary Celebrations

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From Attah Ede, Makurdi

Benue State Governor, Hyacinth Alia, has announced immediate postponement of the planned activities marking the Benue at 50 and the Third Year Anniversary Celebrations of the present administration.

The State deputy governor, Sam Odeh disclosed this in a statement on Wednesday.

According to him, the decision to postpone the event was taken to allow for necessary adjustments and consultations to ensure a more successful and inclusive commemoration.

He said a new date for the celebrations will be communicated to the public in due course.

“The Benue State Government under the leadership of His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia wishes to inform the general public that the activities marking the two events have been postponed.

“The Government regrets any inconvenience this postponement may have caused individuals, groups, and organisations, and appreciates the understanding, patience and continued support of the good people of Benue”, Ode intimated.

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Foreign News

Unity Cup: Super Eagles Must Improve Despite Zimbabwe Victory — Chelle

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Super Eagles head coach Éric Chelle has demanded more work from his players despite the impressive victory over Zimbabwe.

Nigeria defeated the Warriors 2-0 in the semi-final of the Unity Cup at the Valley on Tuesday night.

Femi Azeez emerged the hero for the Super Eagles, scoring twice to guide the three-time African champions into the final, where they will face either Jamaica or Iran.

The 24-year-old who plays for Millwall FC in the English Championship, swiftly put the Super Eagles in the lead after only five minutes, when he finished off a great team move with a left-footed rocket that Zimbabwe goalkeeper Future Sibanda could not stop.

Alhassan Yusuf, Tochukwu Nnadi and Philip Otele all came close to increasing Nigeria’s lead afterwards.

Azeez netted his and Nigeria’s second of the night in the 62nd minute after beating Sibanda in the box following another swift team move, with Otele finding Terem Moffi who then located the Millwall man in the vital area.

Moffi also set up Azeez for the opening goal.

Chelle is expecting a better performance from his players in the final.

“This is only a friendly game. This is not the World Cup qualifier. They need to work hard,” Chelle said at his post-match interview after the game at The Valley in London.

“They need to try to understand what I want, what the technical staff want and the high level is difficult.

“So you see, we made some mistakes with the ball. For sure, you see tomorrow we will work out during training,” he said.

In Saturday’s final at the Valley, the Super Eagles will take on the winner of Wednesday’s second semi-final between last year’s runners-up Jamaica and India.

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