Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Capital Market Operators Get April 30 Deadline to Renew Licences

Published

on

Kindly share this post

Securities and Exchange Commission (SEC), has given Capital Market Operators, CMO, April 30, 2021, as deadline to renew their operation licences.

Capital Market Operators Get April 30 Deadline to Renew Licences

Mr. Lamido Yuguda, director general of SEC, who briefed journalists on the outcome of the first quarter Capital Market Committee meeting held virtually said licence renewals will now be periodical.

He explained that the “rationale for this is to ensure that operators in the market are fit and proper at all times and to strengthen the supervision and monitoring activities of the Commission. The renewal process is electronic and the deadline for 2021 renewal is 30th April, 2021”.

Speaking on the controversy over restriction placed on trading in digital currencies and other digital assets, the DG said the lack of access to commercial banking accounts as a result of ban imposed by the Central Bank of Nigeria means the market no longer exists.

According to him, “The Commission recognizes the impact of FinTechs on capital market activities, and wishes to assure the public that we remain accommodative of this development. We shall continue to engage players and support them to cooperate lawfully. Our aim is to ensure the delivery of safe products and services without stifling innovation, I therefore encourage FinTech firms to approach the Commission for due registration and desist from operating illegally”.

Giving details during questions and answers, he said: “In the area of cryto assets, you know that with the recent prohibition by the CBN of access to Nigerian banking accounts by the crypto exchanges that market has been disrupted.

“The truth of the matter is that while the SEC has issued guidelines in September 2020 aimed at regulating this market, for now, for all intent and purposes because these exchanges do not have access to commercial banking accounts in Nigeria, the market now does not exist.

“We are in discussion with the CBN towards better understanding and better regulations for this market. We would be able to come back at some point later to tell of the result of our engagement but because of the lack access to commercial banking accounts, we have to suspend our circular of September 2020.

“The implementation of that circular is suspended until these operators are able to have access to Nigerian banking accounts”, he added.

Yuguda therefore advised all registered CMOs to “refrain from providing any form of support to unregistered entities operating unlawfully within our market, as such action would not be condoned.

Furthermore, we urge CMOs to improve on their level of compliance, timeliness and correctness of disclosures and other filings made to the Commission”.

He disclosed that at April 8, 2021, there were still 4,012,311 accounts with incomplete know your customers, KYC, information, reminding CMOs to update their KYC information.

“This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority”, he added.

He also stated that the Nigerian Stock Exchange has concluded the Demutualization process.

“As a result of this, the Organization would now be known as the Nigeria Exchange, (NGX), Group Plc. While NGX has informed us that a formal launch of the Group would be made at the end of April, we used the platform of the meeting to congratulate the new management of the Group. The Shares of NGX Plc have also been admitted on the NASD platform for trading.

“As part of measures to support the development of the commodities ecosystem, the Central bank of Nigeria (CBN) revalidated its 59.9% holding in the Nigerian Commodities Exchange (NCX) to ensure its appropriate positioning for effectiveness. This addressed the funding problem plaguing the NCX and several engagements are ongoing with relevant authorities to promote trading on the Exchange”.

 

 

 

 

 

 

 

 

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

Published

on

Kindly share this post

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


Kindly share this post
Continue Reading

E-Financial

Financial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has raised the alarm over a significant rise in financial fraud cases in the country, revealing that fraud surged by 45% within one year, with 70 Percent of the resulting losses traced to digital channels, particularly unregulated virtual asset platforms.

Financial Fraud in Nigeria Surges by 45 Percent, 70 Percent of Losses Linked to Digital Platforms – CBN

Olayemi Cardoso, governor, CBN,

This was disclosed by Olayemi Cardoso, governor, CBN, in a speech delivered on his behalf by Muhammad Sani Abdullahi, deputy governor for Economic Policy, at a public lecture organized by the Economic and Financial Crimes Commission (EFCC) on Thursday in Abuja.

He added that findings from the CBN’s Financial Stability Report 2024 reveal a sharp increase in fraud.

“The CBN Financial Stability Report 2024 reveals a 45% surge in financial fraud cases, with 70% of losses linked to digital channels, including unregulated virtual asset platforms. Furthermore, over 30 Ponzi-style investment schemes exploiting digital currency narratives have been flagged by the SEC and other agencies.

“These developments pose major risks, including loss of consumer confidence, weakening of financial integrity and reputational challenges for Nigeria in the global financial system.

“In Nigeria, over $56 billion in crypto-related transactions were recorded between July 2022 and June 2023, making us Africa’s digital transaction leader. But this growth is not without consequences,” Cardoso stated.

Cardoso noted that while digital innovation has enabled broader financial inclusion, it has also introduced complex regulatory and security challenges.

“The present era of rapid technological transformation has made the adoption of digital financial services in Nigeria, including cryptocurrencies and tokenized investments, increase exponentially.

“The surge in digital innovation has brought benefits, such as greater financial inclusion and also given rise to complex challenges, such as fraud and money laundering,” he stated.

Emomotiti Agama, director general, Securities and Exchange Commission (SEC), emphasized the growing risks posed by virtual asset fraud to investor confidence and market integrity.

“Corruption remains a significant impediment to Africa’s economic growth, social development, and investor confidence.

“Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams, exploiting unsuspecting investors.

“These threats undermine market integrity, erode trust, and divert resources meant for sustainable development,” he said

Agama reiterated the SEC’s dedication to enhancing investor protection through increased education and awareness on how to identify and avoid fraudulent schemes.

He also emphasized the Commission’s efforts to update regulatory frameworks in response to emerging risks in virtual assets and digital investments, while promoting international cooperation to tackle corruption and illicit financial flows.

Malam Lanre Issa-Onilu, director general, National Orientation Agency (NOA), commended the EFCC for its efforts in combating financial crimes. He warned that the human cost of fraud extends far beyond the financial system.

“Experience has shown that deception is foundational to fraud, and if its impact goes far deeper, it undermines citizens’ confidence in their country. Every Naira lost to fraud causes far-reaching effects.

“It is about a child pulled out of school, a livelihood ruined, and an enterprise destroyed. These crimes are not abstract. They affect people, and our country pays dearly for it.”

He said the NOA had launched a nationwide campaign against the “get rich quick” mentality among Nigerians.

“At the National Orientation Agency, we believe that value orientation is our most powerful tool. That is why we launched a nationwide campaign several months ago against the spread of get-rich-quick syndrome. The initiative is helping all Nigerians, especially young people, to understand that lasting success comes from honesty and hard work, and it takes time.”

Hussaini Ishaq Magaji, registrar general, Corporate Affairs Commission (CAC), stressed the need for regulators, institutions, and stakeholders to remain vigilant and proactive in addressing emerging threats such as fraud, money laundering, and financial manipulation.

Magaji noted the CAC’s ongoing collaboration with the Securities and Exchange Commission (SEC) and other sector-specific regulators to strengthen corporate governance and enforce compliance, ensuring transparency and accountability within Nigeria’s financial ecosystem.

 


Kindly share this post
Continue Reading

E-Financial

SEC DG Decries Digital Assets Fraud as Inimical to Market Integrity

Published

on

Kindly share this post

Emomotimi Agama, Director General, Securities and Exchange Commission (SEC) has expressed concern over the growing threat of digital assets fraud, warning that it poses a significant challenge to market integrity and undermines investor confidence.

Speaking in Abuja at an event to mark African Union Anti-Corruption Day, themed “Understanding Virtual Assets and Investment Fraud”, Agama noted that corruption continues to be a major obstacle to Africa’s economic growth, social development, and attractiveness to investors.

He stated: “Today, as digital innovation transforms financial systems, we face new challenges, particularly the rise of virtual asset fraud and sophisticated investment scams exploiting unsuspecting investors. These threats undermine market integrity, erode trust, and divert resources meant for sustainable development”.

He explained that the SEC, as a frontline regulator, remains committed to “strengthening investor education on recognising and avoiding fraudulent schemes.; Enhancing regulatory frameworks to keep pace with evolving risks in virtual assets and digital investments; and Fostering cross-border collaboration to combat corruption and illicit financial flows”.

He stated that the Investment and Securities Act (ISA) 2025 introduced key provisions to regulate virtual assets (cryptocurrencies, digital tokens, and other blockchain-based assets) in Nigeria, with Commission as the primary regulator for virtual assets classified as securities or investment products.

Agama stated that all Virtual Asset Service Providers (VASPs) (exchanges, custodians, brokers) must obtain SEC approval and meet capital, governance, and cybersecurity standards.

On risk disclosures, the SEC DG noted that all platforms must warn investors about volatility, fraud, and regulatory risks, warning that there are stiff penalties for market manipulation, insider trading, and Ponzi schemes.

“The ISA 2025 provides a comprehensive legal framework for virtual asset regulation, balancing innovation, investor protection, and financial stability. The SEC will continue to issue guidelines to ensure compliance while fostering a secure digital asset ecosystem.

“We urge all stakeholders—governments, private sector players, civil society, and citizens—to join forces in promoting transparency, accountability, and ethical practices. Together, we can build resilient markets that drive Africa’s prosperity”, he added.

In his remarks, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC) described virtual asset fraud as a fast-evolving threat to national economic security. “Another rising criminal engagement that has a potential to outpace, even money laundering, on the continent is virtual assets and investment scam”


Kindly share this post
Continue Reading

Trending