^{Nigeria Deposit Insurance Corporation (NDIC) has announced the adoption of the Nigeria Inter-Bank Settlement System (NIBSS) for payment of insured depositors of the defunct Heritage Bank, citing limitations of the Remita payment platform.}

^{NDIC disclosed this through Pamela Roberts,  its deputy director at the Enugu Zonal Office at the workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.}

^{She said the NDIC relied on Remita for payments since 2013, adding that the platform is having challenges handling large-scale payments.}

^{Roberts said, “The Corporation had used Remita to effect payments from 2013 which had a few limitations in terms of uploading of payments, validity of account name and number etc.}

^{“During the insured payments of Heritage Bank, the Corporation explored the option of using the NIBSS payment platform to facilitate larger number of payments at one time.”}

^{Recall that following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as liquidator and the Corporation, in accordance with Section 12(2) of BOFIA 2020 and Section 55 subsections 1 & 2 of the NDIC Act 2023.}

^{The corporation said in discharge of its deposit guarantee mandate, it began the payment of the insured deposits of N5m maximum per depositor within a record time of four (4) days of the bank closure.}

^{NDIC had said, “This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate accounts in other banks.}

^{“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of FN5m, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.}

^{“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.”}

Securities and Exchange Commission (SEC) has warned individuals and entities engaged in illegal fund management activities, cautioning them to desist immediately or face severe legal consequences.

Emomotimi Agama, DG, SEC

The Commission also reiterated plans to establish a capital market radio that will disseminate information on the capital market and investment opportunities available therein to Nigerians at the grassroots.

Emomotimi Agama, director general of the Securities and Exchange Commission, said this in a statement issued on Sunday in Abuja.

Agama said the Commission’s enforcement mechanisms will be fully deployed to fish out anyone who is perpetrating illegal activities within the investment climate in Nigeria.

According to him, “Section 13(a) of the Investments and Securities Act 2007 states that the SEC has the power to regulate Investments and Securities business in Nigeria. So, within the law, we have the power to do so.

“What we are doing is strengthening our enforcement mechanism in collaboration with the Nigerian Police Force and the Federal Ministry of Justice. This serves as a notice to anyone not playing by the books to desist or face the law.

He assured that the SEC is prepared to protect investors and also educate them, which will translate into confidence in the market while also superintending over public companies to ensure that good corporate governance is imbibed in their administration.

The DG also revealed that the commission is scheduled to hold the World Investor Week 2024 from October 7-14 with the theme “Technology and Digital Finance, Crypto Assets and Sustainable Finance.”

World Investor Week is a global initiative of the International Organisation of Securities Commissions established to raise financial literacy among the general public.

Activities lined up for the week-long events include bell-ringing ceremonies, panel discussions, investor outreach, and investor clinics at the SEC head office and all its zonal offices.

The SEC DG stated that World Investor Week aims to provide information to investors and educate them on investing in the Nigerian capital market and the opportunities available therein to democratize wealth.

He said, “During the week-long events, we will be reaching out to everyone who is interested and needs to know some of the plans and strategies that the SEC has in place to attract more investors to the market.

“One of the major plans within the WIW is investor education. You cannot overrule the value and essence of education. A lot of people are not aware of investment opportunities or investment windows, not because they don’t want to invest, but because they just don’t know.

“So the idea of the World Investor Week is to bring to fore the opportunities that exist, rights of the investor and the dispute resolution mechanisms that are available in case they have those challenges, and also to let them understand the value of investments and preparing for the rainy day.”

Agama expressed the need for investors to be aware of priority investments, risky investments, the rewards of risky investments and the investments that are less risky.

“The point is, people have to know exactly what their appetite is. It’s not everyone that has a strong risk appetite. So you need to understand that if you do not have a strong risk appetite, there is an investment meant for you, but if you have a strong risk appetite, there is also an investment meant for you.

“Therefore, having that education and being able to reach out to an investment advisor when you are not sure is a critical part of educating you so you do not get burnt again. With the right education, even when you are burnt, you know you are burnt for a good reason,” Agama stated.

He said the SEC will leverage social media and other traditional media channels to reach out to the populace in a bid to educate and enlighten them further.

“Besides that, we are also incorporating capital market studies into the curriculum of tertiary institutions so that these students can be taught and nurtured from the cradle on the value of the capital market in wealth creation and economic development”, he added.

Nigeria’s leading digital retail commercial bank, Polaris Bank was adjudged at the weekend as Nigeria’s topmost bank in lending to the Micro, Small and Medium Enterprises (MSMEs).

The award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through several direct and indirect funding channels.

Expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, at the weekend in Lagos, said the choice of Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

MSMEs are the largest employers in the Nigerian economy, providing immense contributions in job creation and economic activities. Recent data showed that the contribution of the MSME sector to employment had increased by 3.5 per cent.

The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.

The award ceremony, held at the upscale Civic Centre, Victoria Island, Lagos, cemented Polaris Bank’s reputation as a pacesetter in industry standards for lending and impact-driven financing to critical sectors of the Nigerian economy.

Commenting on the award, Managing Director, Polaris Bank, Mr. Kayode Lawal, said: “We are honoured to receive this prestigious award, recognising our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are pivotal to national economic growth; they are the backbone for large corporations and drive innovation and job creation.

“We are glad that our dedication to providing accessible financing and tailor-made innovative solutions has made a tangible impact on the growth and sustainability of these vital businesses.’’

He commended Nairametrics and The Economic Forum series for the award and assured of Polaris Bank’s continued commitment to MSMEs empowerment by delivering innovative and exceptional customer-centric services and solutions that propel Nigeria’s overall economic advancement.

“We are grateful to Nairametrics and The Economic Forum for this recognition, acknowledging our team’s relentless efforts to provide innovative and exceptional services to Nigeria’s MSME sector. This award is a motivation for us; our strategic focus on MSME lending, driving financial inclusion, and promoting Nigeria’s economic development remains something we are committed to,’’ he stated.

Nairametrics, Nigeria’s leading financial literacy news platform, explained that the nomination and subsequent award bestowed on Polaris Bank and other finalists were meant to honour financial services organizations—including banks, insurance companies, and fintech companies—that have made a real impact on MSMEs in Nigeria, ensuring sustainable growth for the sector.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empowering micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth. These initiatives have earned Polaris Bank multiple awards and recognitions, including the 2022 and 2023 MSME Bank of the Year award by BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI)