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Federal Government Borrows N5tn from Bond Market in Six Months

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The Federal Government raised N5.08 trillion from the domestic bond market in the first six months of 2026, representing a 77.8% increase over the N2.86 trillion raised in the same period in 2025, according to an analysis of Debt Management Office auction results.

The increase came despite a decline in borrowing costs, with average marginal rates easing compared with last year. Investor appetite remained strong, with subscriptions exceeding N9 trillion over the six months.

The government also significantly increased the amount of bonds offered to investors—from N1.85 trillion in 2025 to N4.95 trillion in 2026. The 22.60% FGN January 2035 bond remained the government’s largest funding instrument, attracting N2.30 trillion in subscriptions.

The data also point to a decline in domestic borrowing costs, with marginal rates falling from 22.60% in 2025 to 18.35% in 2026.

Key Points:

The government’s aggressive borrowing is financing the fiscal deficit but increasing public debt

Banks are favouring low-risk government securities over lending to businesses, crowding out private sector investment
Marginal rates have eased from 22.60% to 18.35%, reducing borrowing costs

Investor demand remains strong, with total subscriptions exceeding N9 trillion
The 22.60% FGN January 2035 bond accounted for the largest share of borrowing (N1.52tn allotments)

The CBN’s aggressive monetary tightening cycle (MPR at 26.50%) continues to influence the bond market

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Anambra Arrests Fake Surgeon Accused of Performing Caesarean Sections Without Licence

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Commissioner for Health Dr Afam Obidike told journalists in Awka that the arrest followed investigations as part of the state’s campaign against quackery and illegal medical practice.

During an inspection of the facility, conducted alongside Anambra East LGA Chairman Ifeanyi Chinweze and security personnel, officials recovered surgical instruments and other medical equipment allegedly used for unauthorised procedures.

They also discovered what appeared to be a shrine and an altar inside the facility. Obidike said Charles admitted during interrogation that she had been carrying out caesarean sections, normal deliveries and other surgical procedures without required qualifications.

The facility has been linked to reported medical complications and fatalities. The facility has been confiscated and the suspect will be arraigned in court.

Key Points:

Expectant mothers in Umueri and surrounding communities were exposed to life-threatening risks.
Quack medical practice imposes hidden costs on families through complications and fatalities.
Patients lost while unqualified operators profited from dangerous, unauthorised procedures.
Arrest signals state government’s intensified enforcement against health sector quackery.
Discovery of shrine within facility raises concerns about ritual undertones in illegal practice.

The prosecution of Charles will test the government’s resolve to sanitise the health sector, while surveillance operations may uncover more illegal facilities.

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Dangote Industries Launches N500k Whistleblower Reward to Curb Illegal Truck Use

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In a statement on Sunday, the conglomerate said the move is part of efforts to curb unauthorised haulage activities and protect the integrity of its nationwide logistics operations.

The company warned that only approved products are permitted to be conveyed by trucks belonging to its subsidiaries, with each subsidiary restricted to specific goods: cement, limestone, gypsum, coal and clinker for Dangote Cement; sugar products for Dangote Sugar; and urea fertiliser for Dangote Fertiliser, among others.

Drivers and owners of unauthorised goods risk arrest, confiscation of cargo and prosecution. The company said law enforcement agencies have been authorised to arrest drivers found using Dangote trucks for unauthorised commercial haulage. Dedicated hotlines have been established across operations to receive reports.

Key Points:

Whistleblower reward may encourage public participation in combating logistics fraud.
Unauthorised haulage using branded trucks could undermine Dangote’s brand integrity and operational efficiency.
The company protects its assets while offenders face arrest, cargo confiscation, and prosecution.
Initiative signals growing corporate commitment to transparency and accountability in logistics.
Timing aligns with heightened scrutiny of private sector compliance and corporate governance standards.

Effectiveness of the whistleblower programme will depend on public trust and the company’s willingness to act on reports, with potential implications for other logistics operators

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