The Securities and Exchange Commission (SEC) has issued a public notice disowning Marino FX Limited, a company claiming to be a SEC-licensed cryptocurrency exchange.

According to the regulatory body, Marino FX is neither registered nor authorized to operate in any capacity within Nigeria’s capital market, including the facilitation of cryptocurrency trading.

In a recent notice, the SEC clarified, “Any claim to the public by the company of its registration or license by the SEC is false and misleading.”

The Commission also urged the public to avoid engaging with Marino FX or its representatives. “Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the SEC emphasized.

The SEC reaffirmed its commitment to safeguarding investors and combating fraudulent activities in the Nigerian capital market. This recent clamp down on Marino FX demonstrates that the regulator continues to enhance measures aimed at protecting the integrity of the market and reducing exposure to scams.

Recently, a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20million or 10-years imprisonment or both for Ponzi scheme operators.

Emomotimi Agama, the Director-General of SEC, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi operator.

He said that SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.

Agama added that the commission had observed areas which required review in the ISB 2007 to “strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.”

Central Bank of Nigeria (CBN) is poised to retire approximately 1,000 employees before the end of the year, according to sources within the apex bank.

This move is part of a broader strategic realignment aimed at streamlining the CBN’s workforce.

Insiders revealed that the retirement package will cost the bank over N50 billion, with affected workers set to receive generous payouts.

The CBN’s Board of Governors, led by Olayemi Cardoso, has been driving this initiative to reduce the workforce and enhance operational efficiency.

According to Daily Trust, in recent months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele.

A circular released by the bank three weeks ago announced the opening of applications for the Early Exit Package (EPP), which will close on December 7.

According to officials, the EPP is a voluntary programme offering eligible employees a financial incentive to exit the CBN early.

At least 860 staff members have already applied for the package, which includes financial incentives, financial planning, and entrepreneurial capacity-building programmes.

The CBN has emphasized that the EPP is a one-time offer, and staff cannot change their minds after applying. The bank has set a deadline of December 31, 2024, for the exit of affected employees.

Staff members who spoke to Daily Trust expressed mixed reactions to the EPP.

One staff revealed that they were offered a package worth between N92 million and N97 million for their four years of service.

Another staff expressed disappointment with the package, stating that it was inadequate considering their years of service.

Central Bank of Nigeria (CBN) may retire about 1,000 of its employees by December 31, 2024.

According to a report by Daily Trust, the exercise will cost the apex bank N50 billion.

The move comes as, in the last 10 months, the CBN disengaged many of its staff, including 17 directors who served under the immediate past governor, Godwin Emefiele.

In a circular released three weeks ago by the CBN, it stated that the application for the Early Exit Package (EPP) was open to all cadres of staff and would close by Saturday, December 7.

According to the circular, staff exempted are those yet to be confirmed or who have served less than one year “as of the date of publication,” with the effective date of exit set at December 31, 2024.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.