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Nigeria’s rising debt costs expose shallow capital market, S&P warns

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Nigeria’s rising debt costs expose shallow capital market, S&P warns
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Nigeria’s debt burden has increased faster than its revenue capacity over the past decade, with interest payments now consuming a read more Nigeria’s rising debt costs expose shallow capital market, S&P warns

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National · Nigeria

Delta to prosecute businesses without CCTV cameras The Delta State Government has warned business owners and public institutions that failure to install closed-circuit television cameras on their premises could attract prosecution under the state’s law. The Permanent Secretary and Solicitor-General of the Ministry of Justice, Omamuzo Erebe, said the government would soon move from public sensitisation to enforcing the relevant provisions. Erebe gave the warning on Thursday during the 2027 budget bilateral discussions involving ministries, departments and agencies, organised by the Ministry of Economic Planning in Asaba. He urged business operators and heads of public institutions to install CCTV cameras, saying the equipment would improve security and help protect lives and property. “I want to use this opportunity to advise business owners and public institutions to ensure that they install CCTV cameras on their premises. “It does not cost as much as people think, and it helps protect society. The law was not enacted just for the sake of having legislation; it is meant to be obeyed. “Very soon, some people may face prosecution for failing to comply with the relevant provisions,” he said. Erebe maintained that ignorance of the law would not exempt anyone from compliance, adding that the government was prepared to take action against defaulters. Reviewing the ministry’s performance in 2026, he said it had recorded progress in defending cases involving the state and reducing unnecessary litigation. He attributed the improvement to better legal advice to ministries, departments and agencies, as well as regular training and motivation for government lawyers. The Solicitor-General disclosed that the ministry had introduced a reward system for lawyers who successfully handled cases, saying the initiative had encouraged improved performance. He added that the ministry had trained officials of government agencies, including the Ministries of Lands and Surveys and Commerce, to ensure that their activities complied with legal requirements. Erebe identified land acquisition as an area where government agencies needed to observe due process, noting that newspaper publications alone might not satisfy the legal requirements. He said the relevant parties must also be properly served to prevent disputes arising from land acquisition. On the ministry’s request for additional lawyers in the 2027 budget, Erebe said the shortage of legal professionals had made fresh recruitment necessary to strengthen its capacity. “The shortage of legal professionals is not limited to the medical sector. It is also happening in the legal profession. That is why we made a case for additional recruitment of lawyers into the ministry,” he said. He described Delta State’s Administration of Criminal Justice Law as one of the most modern legal frameworks, adding that the ministry was reviewing existing laws to address gaps and ensure they reflected current realities. The latest warning followed an earlier directive by the state government in September 2024 reminding owners of commercial premises and public places to comply with the CCTV installation requirement. The government said the law had been in operation since July 28, 2020 and covered facilities including shopping malls, eateries, cinemas, supermarkets, petrol stations, hotels, offices, worship centres and schools. At the time, the government said non-compliance could attract a two-year prison term, a fine of ₦500,000 and the sealing of affected premises until the required cameras were installed.