E-Financial
Regulator, Market Operators Mull e-IPOs
A committee comprising of the Securities and Exchange Commission (SEC), Nigeria Stock Exchange (NSE), Central Securities and Clearing System(CSCS), and six other organisations have been set up to work out the modalities involved in issuing Electronic Initial Public Offers (e-IPOs) in Nigeria’s financial markets.
e-IPO is an application based and browser based software that facilitates online offerings to the public on a private company’s stock. Such company can thus raise money by going public through a cost-effective and comprehensive benefit that an E-IPO offers.
Mary Uduk, the ag. the director general of the SEC, said that the e-IPO committee was set up in Lagos last week during the first Capital Market Committee (CMC) Meeting.
Other organisations involved in the e-IPO deliberations include, Association of Issuing Houses of Nigeria (AIHN), Association of Stock Broking Houses of Nigeria (ASHON), Institute of Capital Market Registrars (ICMR), Capital market Solicitor Association(CMSA), Fund Managers Association of Nigeria (FMAN), and Nigerian Interbank Settlement System (NIBSS).
According to Uduk, globally, capital markets are moving towards e-IPO and the Nigerian Capital Market is working to adopt this trend.
Uduk who briefed pressmen alongside Messrs Isiaku Bala Tilde, Ag. Executive Commissioner, Operations; Henry Adekunle Rowlands, Ag. Executive Commissioner Corporate Services; Reginald Karawusa, Ag. Executive Commissioner, Legal and Enforcement on the resolutions of the CMC meeting, said the issue of increase in delistings by public companies was highlighted, and recognised as a threat to the growth and development of the market.
In a bid to curb the trend the Ag. DG noted that “In view of the fact that quite a number of them are highly capitalized companies. We are expecting the committee on listings would come up with strategies to attract new listings.”
Towards further strengthening of the capital market, Uduk explained that the extension of a forbearance window to investors on multiple subscriptions and forbearance for shareholders with multiple accounts, will last till September 2018. “Registrars have acknowledged that investors have started coming forward but there are challenges in the process.
The CMC deliberated and recommended the appropriate Technical Committee to seek input and come up with recommendations to address the challenges. Therefore, we encourage all affected investors to come forward and take advantage of the window before the new deadline.” Speaking on Direct Cash Settlement (DCS), Uduk that out of 5.1 million accounts with the CSCS, only 1,191 have Direct Cash Settlement (DCS) subscriptions and only 15 out of 18 settlement banks have contributed to the DCS initiative.
“Considering the fact that DCS will instill confidence in the market, there is the need for all parties involved in the process to work harder to achieve a 100% migration.” She said.
On the issue of commodities market, Uduk said “The Technical Committee working on developing a vibrant commodities market for Nigeria presented its report at the meeting. The report will be exposed to the public to elicit comments and inputs from all stakeholders.
She added that “the Technical Committee on Non-Interest capital market reported that the first sovereign sukuk was issued in 2017 and about 1,600 retail investors invested N5 billion on the instrument.
The next level of engagements is to work with supra-national entities (such as IFC, AfDB), state governments, institutions (such as Federal Mortgage Bank, NMRC) to include sukuk options in their capital investment plans.
“The Technical Committee on E-dividend registration reported that the total approved mandates currently is about 2.5 million translating into 466,000 unique investor accounts. The deadline for the free E-dividend registration was 31 March 2018 and that has not changed. The new direction of the industry is that bank managers along with registrars will charge a token sum of N150 per mandate.
The Commission also warned the public to exercise extreme caution with regards to crypto currencies as a vehicle of investments, as part of its investor protection mandate.
The warning was particular, especially as none of the persons, companies or entities promoting cryptocurrencies has been recognized or authorized by SEC or by other regulatory agencies in Nigeria to receive deposit from the public or to provide any investment or other financial service within or outside Nigeria.
Other deliberations and outcome at the CMC meeting include an update of the Commission’s database for registration and functions of Capital Market Operators (CMOs), which can be found on the SEC website, the issuance of a new set of Registration Certificates to operators without expiry dates, made available at the SEC’s head office and Lagos Zonal Office and the commencement of the distribution of electronic annual accounts of public companies.
On financial inclusion, the Ag. DG mentioned that the Commission is working with National Educational Research and Development Council (NERDC) to institute a stand-alone capital market curriculum for basic and senior secondary education in Nigeria. “To this end, Trade Groups made commitments at the meeting to support this initiative.”
First City Monument Bank (FCMB), one of Nigeria’s leading and most innovative customer-centric financial institutions, has announced a strategic partnership with Truecaller, the global platform for trusted communication, to transform the way it engages with customers across the country.
This collaboration is aimed at enhancing customer trust, reducing fraud, and ensuring that communication between FCMB and its customers is both safe, trusted, and seamless. With this partnership, FCMB will leverage Truecaller’s Customer Experience Solution and Branded Caller ID to ensure their customers receive transaction alerts, security notifications, and service updates with complete clarity and trust.
All FCMB calls will now display the bank’s verified name, logo, and brand details directly on customers’ mobile screens. This initiative reinforces FCMB’s strong commitment to digital safety, privacy, and customer trust. In today’s financial landscape, where impersonation and fraud are becoming increasingly sophisticated, Truecaller’s Customer Experience Solution is more than just a convenience — it is a vital safeguard for protecting customer relationships and enhancing confidence in every interaction.
In addition to smarter calling experience, FCMB has also activated its Business Page on the Truecaller app. This ensures that customers can independently discover, recognize, and engage with FCMB directly within the Truecaller app, reinforcing trust before the first point of contact is even made.
Together, these capabilities are helping FCMB strengthen its digital identity, reduce customer drop-offs, and improve the overall efficiency and credibility of its outbound communication efforts. Assured Authenticity: Customers can now instantly identify that calls from FCMB are genuine – reducing the risk of phishing or impersonation scams.
Enhanced Experience: Verified Business Caller ID brings clarity and eliminates uncertainty, particularly during critical communications such as security alerts or service updates.
Reinforced Trust: By adopting industry-leading communication capabilities, FCMB reaffirms its promise to protect customers with care, transparency, and innovation. Chief Information Officer at FCMB, Rotimi Famuwagun said: “At FCMB, our customers are at the heart of every innovation.
Through our partnership with Truecaller, we are strengthening communication security and fostering greater trust. When customers see the verified FCMB name along with our brand identity on incoming calls, they can be assured of transparency, authenticity, and care behind every interaction.’’
Priyam Bose, Global Head, GTM & Developer Products at Truecaller, shared: “At Truecaller, our goal is to help brands build meaningful, secure, and transparent communication at scale — especially in sectors like financial services where trust is everything.
“FCMB’s commitment to customer safety and trusted communication by embracing Truecaller Customer Experience Solution, FCMB is setting a new bar for what responsible, modern customer communication should look like — and we’re excited to support them on this journey.
Central Bank of Nigeria (CBN) has warned Nigerians, especially market women, against spraying, hawking and mutilating of the naira, the nation’s national currency.
Olayemi Cardoso, governor, CBN, who was represented by Mrs Hakama Sidi Ali, acting director, Corporate Communications Department, CBN, spoke at the Central Bank Fair, held in Kaduna on Thursday.
He said the Fair was designed as a platform to interact with members of the public on the policies of the CBN for sustainable economic growth and development of the country.
The Fair was themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”.
The CBN boss said the theme was carefully chosen to address the links that catalyse Small and Medium Enterprises (SMEs) and other critical activities for the much-needed price stability.
“I urge everyone here to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria. I also encourage you to respect and keep the naira clean. Do not spray, hawk, mutilate or counterfeit the naira. It is our critical national symbol.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the Bank’s policies enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy.
“Our dedicated team is on hand to take us through presentations on different operations of the Bank, ranging from the recent innovations in the Nigerian payments system; microfinance sub-sector activities; developments in the foreign exchange market, protection of financial consumers and all you need to know about the naira.
“The Management of the Bank is committed to stimulating productivity and financial inclusiveness, as well as delivering on its core mandate of monetary and price stability.
“These efforts have already started yielding positive results, which include increases of inflows of foreign investments, positive trade balances and remarkable progress in financial inclusion.
“The CBN has spearheaded several key policies to strengthen the financial system which includes exchange rate unification; to minimise arbitrage opportunities and reduce volatility in the foreign exchange market and cleared over $7bn verified backlog of FX forwards.
“It also include Bank Recapitalisation; to strengthen the resilience and global competitiveness of the banking sector, positioning it to support the $1 trillion economy, launched the non-resident BVN to connect Nigerians abroad with home banking, unveiled the Nigeria Payments System Vision 2028 (PSV 2028); to accelerate digital transformation, deepen financial inclusion, and position Nigeria more strongly in global payments.
“To further protect banks’ customers and strengthen consumer confidence, the CBN launched the Unified Complaints Tracking System (UCTS) to streamline the management of consumer complaints against financial institutions. Alongside this, USSD code (*959#) was also introduced for verifying licensed institutions, and enhancing transparency in the Nigerian financial sector,” Governor Cardoso said.
Speaking earlier, Ahmad Dalhatu, Kaduna branch Controller of CBN, reaffirmed that the CBN Fair is one of the Bank’s major public enlightenment initiatives aimed at sensitising members of the public on the Bank’s policies, programmes, and interventions.
“It serves as a platform to deepen financial literacy, promote transparency, and strengthen trust between the Bank and the Nigerian people.
“Over the years, the Fair has evolved into a veritable channel for fostering two-way communication between the Central Bank and the Nigerian public. It enables us not only to explain our policies but also to listen to your concerns, feedback, and expectations. This year’s event continues in that tradition, and I encourage everyone here to actively participate in the discussions.
“As we navigate the evolving economic landscape—both globally and locally—the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasised. The CBN remains committed to ensuring a sound financial system and an inclusive economy where every Nigerian can thrive,” Dalhatu said.
Fidelity Bank has announced a three-month extension of its Get Alert in Millions (GAIM) Season 6 promo, now running until November 30, 2025, with total cash rewards increased from ₦159 million to ₦189 million.
L-R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.
This move follows strong customer demand for more participation time and has received full regulatory approval.
Originally launched in November 2024 for nine months, the GAIM 6 campaign was set to end in August 2025. However, based on customer feedback, the bank extended the promo to allow more Nigerians to benefit.
Recently, the bank celebrated 20 winners nationwide, each receiving ₦1 million through electronically supervised draws overseen by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure fairness.
With over ₦30 million still up for grabs in upcoming monthly draws, the final prizes include ₦2 million for second runner-up, ₦5 million for first runner-up, and a ₦10 million grand prize. Recipients also gain access to financial advisory support at the Fidelity SME Hub to help maximize their rewards.
Fidelity Bank serves over 9.1 million customers through digital channels and 255 branches, earning various awards for innovation, digital transformation, and SME banking excellence.
The bank continues to promote savings culture and financial empowerment across Nigeria through initiatives like GAIM.
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