E-Financial
CSCS Relies on Nutanix to Transform the Backbone of Nigeria’s Capital Markets

Nutanix, a leader in hybrid multicloud computing, announced today that the Central Securities Clearing System PLC (CSCS), Nigeria’s premier financial market infrastructure, has chosen Nutanix as its foundational technology as it commits to redefining Nigeria’s financial technology landscape.
By leveraging Nutanix’s solutions, CSCS has transformed its extensive operational infrastructure, realising significant financial savings and solidifying its position as a technological frontrunner in the capital markets.
CSCS stands tall as Nigeria’s premier financial markets infrastructure (FMI).
As Nigeria’s Central Securities Depository (CSD), CSCS is entrusted with depositing, clearing, and settling a staggering 99.3% of all trades in the capital markets.
As CSCS continues to push the boundaries of technological innovation in the financial sector, this collaboration with Nutanix exemplifies the transformative potential of forward-thinking technology choices that are helping it develop and deploy innovative solutions for its clients.
“We view ourselves not just as a financial entity but fundamentally as a technology company within the capital market,” said Tobe Nnadozie, divisional head, Business Technology & Digital Innovation at CSCS.
CSCS’s journey towards modernising its infrastructure began in 2018.
By 2019, they were set on a mission: to find a partner capable of pioneering self-service platforms, supporting cutting-edge technologies like AI and blockchain, and, most importantly, ensuring robust business continuity and disaster recovery.
“After a thorough analysis, Nutanix stood out as the undisputed leader,” revealed Nnadozie.
Yet, the road ahead was daunting. With over 70 physical servers to consolidate and immense data security needs, the task was Herculean. Nutanix was pivotal, helping us reduce our infrastructure to around 50 servers. They’ve been central in hosting our most crucial components, ensuring that 90% of our systems are now smoothly running on their clusters,” stated Nnadozie.
The collaboration also ensured unparalleled flexibility, with the capability to seamlessly switch between on-premises and cloud operations.
According to Nnadozie, Nutanix has provided CSCS with a robust support system it can tap into at any time, and the value of Nutanix Flow and the premium support services accessed through its Nutanix Ultimate License has been exceptionally valuable to the team.
“Integrating Nutanix resulted in immediate financial clarity, with savings of approximately $450,000,” Nnadozie remarks. The benefits extended to budget transparency, rapid scalability, and more. We also saw a benefit to our workforce. Our team can now manage this state-of-the-art environment through extensive training without expanding our personnel, and they can do this from anywhere,” added Nnadozie.
The project to upgrade its technology was more than just a project for CSCS, which strives to stay ahead of the financial services innovation curve and provide its customers with world-class services. The team believes that its agility, backed by its technology decisions, has revolutionised how it operates in the capital markets.
“Our CEO often refers to our operations, powered by Nutanix, as the engine room of Nigeria’s broader capital market,” he added.
Looking ahead, the team says it plans to expand its infrastructure with Nutanix and is setting its sights on a prolonged partnership stretching over the next five to seven years. This will include examining how the two can further collaborate to enhance their hybrid multicloud capabilities.
“From the outset, we recognised the innovative and forward-thinking ethos of the CSCS team,” said Tunde Abagun, sales lead at Nutanix West, East, and Central Africa.
“Their proactive approach to revolutionising Nigeria’s financial infrastructure has truly set them apart in the capital market space. At Nutanix, we pride ourselves on facilitating such transformational journeys and seeing CSCS leverage our technology with such proficiency and impact has been nothing short of astounding. We’re both proud and humbled to play a role in their ongoing success story.”
E-Financial
CBN, SEC Fine Access Holdings N1.21Bn for Infractions

Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have jointly imposed a total fine of ₦1.21bn on Access Holdings Plc for a series of regulatory breaches committed during the 2024 financial year.
The move reflects a more assertive regulatory approach by the country’s financial watchdogs, aimed at reinforcing discipline and aligning Nigeria’s banking standards with global best practices.
According to the group’s audited financial statements submitted to the Nigerian Exchange (NGX), the fines represent a sharp increase of over 217 per cent compared to the ₦38m penalty issued during the same period in 2023.
This significant rise in sanctions signals a new era of stricter enforcement and zero tolerance for non-compliance within the banking sector.
Access Holdings was penalised by the CBN for multiple contraventions, including failures related to anti-money laundering (AML) compliance, poor reporting of cybersecurity incidents, the unauthorized warehousing of government funds, and violations of consumer protection standards.
One of the most substantial penalties was a ₦718.5m fine imposed for breaches of AML regulations.
The central bank also issued a ₦300m fine for the improper warehousing of funds belonging to a government agency, which constituted a serious lapse in financial governance.
Further sanctions were issued for the group’s failure to properly report cyber incidents, resulting in a ₦69m fine, while additional penalties were imposed for breaches related to targeted financial sanctions and ineffective screening solutions within the bank’s systems.
The group got the sum of N10m penalty for contravention of regulations on targeted financial sanctions and screening solutions relating to the Bank’s database and ₦2m for wrongful renewal of debit cards, which violated consumer protection guidelines.
The financial institution was also penalised ₦5m for non-compliance with regulations related to mystery shopping exercises involving confiscated naira notes,
The SEC, on its part, sanctioned Access Holdings with a ₦100.6m fine for the unauthorized sale of securities, a serious infraction that undermines the integrity of Nigeria’s capital market.
This particular violation highlights concerns around operational transparency and internal controls within the bank’s investment services.
Regulatory authorities have emphasized that these enforcement actions are not isolated but part of a broader commitment to strengthen financial supervision across Nigeria’s banking and capital markets.
Under the leadership of Olayemi Cardoso, governor, CBN, the central bank has prioritized reforms that promote financial stability, strengthen institutional compliance, and reduce the risk of systemic failures.
The focus on anti-money laundering and combating the financing of terrorism (CFT) has become particularly pronounced, reflecting both domestic priorities and Nigeria’s obligations under international financial agreements.
The SEC, similarly, has reaffirmed its dedication to maintaining order in the capital markets and ensuring that all participants adhere to existing rules and ethical standards.
Both agencies have adopted a proactive stance in recent years, intensifying oversight mechanisms and increasing the frequency of audits and inspections to deter infractions before they escalate.
The fines imposed on Access Holdings underscore the seriousness with which regulators now view non-compliance.
As the financial landscape evolves and becomes increasingly digitized, institutions are being held to higher standards of accountability, operational integrity, and consumer protection.
The CBN and SEC have made it clear that ensuring a sound, transparent, and globally competitive financial system is a top priority—and enforcement actions such as these are central to achieving that goal.
E-Financial
First Asset Management Launches N100 Billion Infrastructure Fund to Provide Sustainable Capital for Infrastructural Development Across Sectors

In a strategic move to address Nigeria’s infrastructure financing gap, First Asset Management, one of Nigeria’s leading investment managers and a subsidiary of First HoldCo Plc., has officially launched the N20 billion Series 1 Offer under its N100bn FBN Infrastructure Fund Programme.
This groundbreaking initiative reflects the firm’s dedication to support critical infrastructure development through long-term investment strategies tailored to Nigeria’s unique needs.
The Fund is designed to provide sustainable capital for large-scale projects across key sectors, including renewable energy, power, recycling, waste management, and water resource development.
These sectors are critical to economic transformation, environmental sustainability, and fostering social impact. The launch marks a significant milestone in First Asset Management’s mission to enhance Nigeria’s capital markets by offering investors robust alternative investment opportunities.
Mr. Ike Onyia, Managing Director of First Asset Management, emphasized that the infrastructure fund underscores the company’s strategic focus on contributing to national development through innovative financial instruments. “This launch represents a bold step forward in actualising our promise to support transformative projects that unlock economic potential, empower communities, and align with the global drive towards sustainable finance,” he stated.
Mr. Onyia further affirmed that the Fund would facilitate private and public sector collaboration on capital-intensive projects that will create jobs, enhance social welfare, and improve Nigeria’s environmental outlook through a strong focus on ESG (Environmental, Social and Governance) principles.
The Series 1 Issuance offers a tenor of ten years and a minimum investment of N10,000,000.00, targeting qualified investors seeking long-term returns. The Fund is structured to provide stable income derived from infrastructure projects domiciled in Nigeria, with investments denominated in Naira.
It is tailored to attract pension funds, development finance institutions, institutional and professional investors, as well as high-net-worth individuals who are eager to contribute to infrastructure growth while achieving substantial financial returns.
In addition to offering a strong financial proposition, the Fund aims to directly support Nigeria’s development priorities by financing projects that create employment, enhance productivity, mitigates pollution, and improve the quality of life across communities.
By adopting a sustainable and impact-driven approach to investing, First Asset Management is setting the tone for a new era of development aimed at capital mobilisation in Nigeria.
First Asset Management Limited reaffirms its position as a catalyst for progress in the Nigerian financial ecosystem. Through initiatives like the FBN Infrastructure Fund, the firm remains dedicated in its commitment to delivering innovative solutions, building investor confidence, and contributing to the nation’s enduring growth trajectory.
E-Financial
Fidelity Bank’s N10.5tr assets base reinforces stakeholders’ confidence

Fidelity Bank Plc added N1.63 trillion to its assets base within three months to strengthen its position as one of the seven largest banks in Nigeria, in terms of assets base.
Regulatory filings approved by the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) showed Fidelity Bank as one of the fastest growing and strongest banks in Nigeria across key parameters with the bank’s total assets rising by N1.63 trillion within the first three months of the year.
The reports showed that Fidelity Bank’s total assets rose from N8.82 trillion by December 31, 2024 to close March 31, 2025 at N10.45 trillion. The total balance sheet underlined the bank’s reputation as one of the most preferred banking brands, with double-digit growth in customers’ deposits.
Fidelity Bank’s customers deposit rose to N6.6 trillion by first quarter 2025 as against N5.94 trillion by December 2024. The growth in customers’ deposit base was driven by double-digit growth in low-cost deposits to N6.1 trillion, representing 92.2 per cent of total customer deposits.
Shareholders’ funds jumped from N897.87 billion in December 2024 to N933.14 billion by March 2025. The increase was mainly driven by the significant improvement in the profitability of the bank.
Investment experts attributed notable positive investors’ sentiment around the bank to its strong assets base and profitability, pointing out that a two-way test of assets and profitability is key measure of sustainability for a financial institution.
In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at International Monetary Fund (IMF) examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.
The study found that “banks with strong balance sheets were better able to maintain lending during the crisis.”
According to the study, banks that were more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.
“However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” IMF report stated.
Fidelity Bank has remained one of the most attractive stocks at the stock market, outperforming both the average return for the entire market and particularly the banking sector.
Fidelity Bank’s share price opened this week with a year-to-date return of 18.86 per cent, more than a double of the average capital gain in the banking sector and nearly a triple of the market’s overall average capital gain so far this year.
The NGX Banking Index, which tracks the banking stocks, opened this week with average year-to-date return of 8.24 per cent while the All Share Index (ASI)- which tracks all share prices at the NGX, opened with a gain of 6.59 per cent.
Market analysts said Fidelity Bank, which has remained one of the most active stocks at thee stock market, was enjoying strong positive sentiment, from existing shareholders and other investors seeking to take positions in the bank.
A report at the NGX showed that a top director of the bank had earlier this week purchased shares worth more than N366 million, in a strategic positioning that increase the top director’s equity stake in the bank. Fidelity Bank was also the most active stock at the stock market yesterday.
Extant regulations at the Nigerian stock market do not preclude insiders-directors, staff and other people with possible access to sensitive information, from trading in the shares of a company, but such trading must be disclosed to the market and must not be within a regulated period, otherwise known as “closed period” because of its closeness to release of sensitive information.
Fidelity Bank had grown its pre-tax profit by 167.8 per cent to N106 billion in the first three months of this year, setting the bank on a strong growth trajectory for the year.
Interim report and accounts of Fidelity Bank for the first quarter ended March 31, 2025 showed that profit before tax rose from N39.5 billion in first quarter 2024 to N105.8 billion in first quarter 2025. Gross earnings rose by 64.2 per cent to N315.4 billion in first quarter 2025 as against N192.1 billion in corresponding period of 2024.
Growth in interest income was primarily led by 38.6 per cent expansion in earning assets base, while the increase in non -interest revenue came from foreign exchange (forex)-related income, trade and commission on banking services among others.
- E-Financial3 days ago
Access Bank Faces Charges over Alleged Diversion of N826m
- E-Financial3 days ago
Fidelity Bank Seeks Supreme Court Judgement Interpretation, Condemns Malicious Publication
- Telecom3 days ago
Mart Networks Rolls Out Tailored Cybersecurity Solution for Fintechs
- E-Financial3 days ago
Don’t Panic, Banking Sector is Safe and Sound- CBN
- News3 days ago
Nigeria’s Digital Economy Sector Attracts $191m FDI
- E-Financial3 days ago
Court to Hear NIBSS Suit Seeking Exclusive Power to Manage BVN Database
- General News3 days ago
Nigeria to Launch 4 Satellites for Surveillance, Others
- General News3 days ago
Shell Reports 122 Percent Surge in Oil Spills from Nigerian Operations in 2024