E-Financial
SEC, SMEDAN To Launch Campaign on SME Financing
The Securities and Exchange Commission (SEC) is set to collaborate with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to implement joint nationwide sensitization campaigns on “Financing SMEs through the Capital Market.”
Director-General of the SEC, Emomotimi Agama, said this during a meeting with SMEDAN in Abuja on Tuesday. He said both agencies would co-brand financial literacy content and SME investment-readiness toolkits.
Agama explained that the meeting aimed to initiate a strategic collaboration between the SEC and SMEDAN to support small business financing through access to the capital market.
The engagement, he noted, aligns with the mandate of the SEC’s newly established Office of Small Business Advocacy (OSBA), which serves as the primary interface between the Commission and SMEs seeking to raise capital via securities issuance.
According to him, SMEs represent over 90 percent of businesses in Nigeria and contribute significantly to employment and GDP.
Despite their importance, most SMEs face major obstacles in accessing long-term, affordable financing.
He said the SEC, through the OSBA, is actively working to broaden access to market-based financing instruments for SMEs.
He noted that SMEDAN, as a statutory stakeholder in the MSME space, has deep knowledge, nationwide networks, and relevant data infrastructure to support SME development.
A collaborative framework between the SEC and SMEDAN, he added, will foster synergies for policy innovation, capacity building, and SME investment readiness.
Agama further disclosed that the Commission seeks to formalize a partnership with SMEDAN to implement coordinated interventions such as secure access to reliable and verified SME data to enable capital market outreach and segmentation, joint use of SME analytics for market readiness assessments and policy insights, and training programmes for SMEs on capital market funding opportunities, governance, and compliance.
He added that both agencies hope to co-host a National SME Capital Market Summit in the third or fourth quarter of the year to showcase financing opportunities for SMEs.
He emphasized the need to harness Nigeria’s entrepreneurial potential through inclusive capital formation, saying, “There will be no economy without the capital market.
“The capital market is the engine room of any economy. The reason companies are not approaching the market is due to lack of funds.
“We are here to change the narrative because we know that SMEs are the backbone of our economy.
By working with SMEDAN, we can create enabling frameworks to help these businesses access long-term funding.”
Also speaking, the SEC’s Executive Commissioner, Legal and Enforcement, Frana Chukwuogor, noted that under the new Finance Act and SEC regulations, small business owners can raise funds through the capital market, either through equity or debt, to grow their enterprises. She added that the capital market can provide the financial boost SMEs require.
In his remarks, the Director-General of SMEDAN, Charles Odii, welcomed the collaboration, describing it as a game-changer for Nigeria’s SME landscape.
He said that the alliance with the SEC aligns perfectly with SMEDAN’s mandate to upscale and formalize the informal sector.
By introducing SMEs to non-traditional funding avenues like bonds, equities, crowdfunding, and other market instruments, he said more businesses can be empowered to scale sustainably.
The meeting concluded with a shared commitment to establish a national working team to streamline SMEs’ onboarding processes for capital market participation, develop targeted investor education programmes, and create innovative financing models tailored to the needs of small businesses.
This partnership marks a pivotal step toward inclusive economic development and is expected to catalyze job creation, industrial growth, and financial inclusion across the country.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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