E-Financial
e-Offerings to Use USSD, Mobile Devices
Securities and Exchange Commission (SEC) has released draft guidelines for transition to electronic offering of shares and other securities in the capital market.
Electronic offering (e-O) is the use of internet or other electronic means, including mobile or Unstructured Supplementary Service Data (USSD) platforms to provide access to prospectuses, offering memoranda, subscription forms and other documentation for the subscription to securities and related documentation as well as payment for such subscription.
Electronic offering will be done on a platform purposely established by an eligible service provider registered with SEC.
In a circular, SEC said the electronic offering platform will translate the current paper-based process of securities offerings into electronic form through electronic display of offer documents, subscription and payment through a combination of web portals, mobile applications, USSD and other electronic means.
Under the electronic initial public offering (e-IPO) and other electronic public offers, investors will be able to get allotment and value for their subscriptions within few days as against the current cycle of nearly four months.
The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers.
With this, investors will be able to subscribe and make payment for IPOs and public offers online with such orders being matched and allotted electronically and directly to the investment accounts of the investors at the Central Securities and Clearing System (CSCS) and any other designated clearing centre.
The full automation will enable the primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle being operated at the secondary market.
According to the draft guideline, the e-Offering platform shall give subscribers access to general information regarding the offer, the application input screen, download, view and print the offer documents, provide for electronic online payment options, which shall be seamlessly integrated with the e-offering platform, allow integration with identity management systems such as Bank Verification Number (BVN) database for the purpose of Know Your Customer verification and integrate with the depositor to enable electronic crediting of approved allotments to subscribers’ depository accounts.
The platform shall also permit subscribers to select a broker of their choice for the purpose of the electronic crediting of the approved allotment, while providing mandatory information fields for subscribers to supply surname and other names, full company name and registration number, BVN or any other SEC-approved biometric numbering system, bank name and account numbers of subscribers and mobile telephone number and email address.
The platform is also expected to provide for the upload of provisional rights allocation for rights issues by the relevant registrar to the issue.
In order to strengthen investors’ protection, the e-O platform must mandatorily require subscribers and end-users to confirm that the subscriber has been provided with sufficient opportunity to access the offer documents and the information disclosed therein and that the information provided by the subscriber is to the best of the applicant’s knowledge, true and accurate in all material respects before submitting the application.
The e-O platform will also permit subscribers to print a copy of the relevant application screen or page containing the details of information submitted by the subscriber.
The e-O platform is also expected to provide instructions and information for subscribers outlining the procedures and any requirements subscribers shall comply with in order to use the platform as well as the process and procedure a subscriber shall follow to make a valid application.
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
Access Bank Faces Charges over Alleged Diversion of N826m

Access Bank Plc and one of its employees are enmeshed in legal troubles after a four-count charge was filed against them at the Federal High Court over the alleged diversion of N825.9 million in state funds into a fraudulent account.
According to Premium Times, the e charges, filed by the federal government, followed an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
The charges, filed at the Sokoto Judicial Division, accused Abdulmalik Abubakar, a relationship manager at Access Bank’s Sokoto branch, and the bank itself of conspiracy, money laundering, and concealment of stolen funds.
The state counsel in count one alleged that the defendants created a fake “Internal Revenue Service Account” with number 1873016763, through which they received N825.9 million between May 2024 and January 2025, in violation of Nigeria’s Money Laundering Act of 2022 and the Corrupt Practices Act of 2000.
The second count accuses them of allegedly concealing the same funds through the same fraudulent account, said to have been created at Access Bank’s Sokoto branch.
According to the court, the bank and Abubakar committed an offence contrary to section 18 (2)(a) and punishable under sections 18(3), 18 (4), 22(1) and 22(2) of the Money Laundering (Prevention and Prohibition) Act, 2022.
In count three, prosecutors say the money was fraudulently received through the fake account, “thereby committing an offence contrary to section 13 and punishable under section 68 of the Corrupt Practices and Other Related Offences Act, 2000”.
Count four alleges that Abubakar and the bank directly concealed the laundered funds, “thereby committing an offence contrary to and punishable under section 24 of the Corrupt Practices and Other Related Offences Act, 2000”.
The federal government said the money was diverted without authorisation and concealed in breach of anti-corruption and money laundering laws.
According to a hearing notice signed on May 2, the case had been moved from the General Cause List to a hearing set for May 19 (yesterday).
It will be heard on that date if the court’s schedule allows.
Otherwise, it will be postponed without further notice.
The hearing may last up to two days.
The notice said either party wishing to postpone must apply to the court promptly and provide proof if the reason involves factual matters.
At the hearing, both parties must present all evidence, including witnesses and documents.
Evidence must be submitted during the hearing.
Failure to do so may result in exclusion or costs.
It said parties wanting witnesses to attend should immediately request the court to issue summons, allowing enough time to notify them.
If witnesses must bring documents, these must be clearly specified.
The party requesting witnesses must pay reasonable fees for their expenses and loss of time, as fixed by the court.
Attendance may be refused if fees are not deposited.
If either party wishes to use documents held by the other, they must notify them in writing ahead of the hearing.
Otherwise, they cannot present secondary evidence.
The notice was issued by order of the court.
When contacted, Kunle Aderinokun, Access Bank spokesperson, said the bank would issue an official statement on the matter, according to Premium Times.
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