E-Financial
Minister of Finance Engages Market Stakeholders During “A Day At The NSE”
Dr. Zainab Shamsuna Ahmed, the Honourable Minister of Finance, Budget and National Planning, was hosted by the Nigerian Stock Exchange (NSE) recently. The event themed, “A Day at the NSE” marked the first visit of Dr. Zainab Ahmed to the Stock Exchange House.
With a delegation comprising the Special Adviser to the President on Finance and Economy, Dr. Sarah Alade, and the Acting Director General, Securities and Exchange Commission, Ms. Mary Uduk, the Honourable Minister engaged in a series of interactive sessions with members of the Council and Executive Committee of the NSE, dealing member firms, members of the press and other capital market stakeholders.
Speaking in a closed door session, Otunba Abimbola Ogunbanjo, President of the National Council, NSE, said, “We are delighted to host the Honourable Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed and her powerful delegation at the Stock Exchange today.
The NSE sees the portfolios under the Honourable Minister as pivotal to the growth and development of the Nigerian economy and is committed to partnering with the Ministry to boost activities in the capital market, especially in view of the completion of NSE’s demutualisation exercise.”
Mr. Oscar N. Onyema, OON, CEO, NSE speaking at the event highlighted, “The NSE is at the intersection of many stakeholders. We, therefore, continue to partner and engage with the government to advocate for policies that deliver an enabling business environment for the Nigerian Capital Market and the economy at large.
“Our efforts in this regard led to the successful capital raising efforts of government through Green Bonds making Nigeria the first country in Africa to issue Green Bonds. This market has now evolved to consist of Green Bonds from both government and private sector.”
Mr. Onyema further stated, “In fulfilling our mandate to unlock significant investment value for the nation, the NSE is eager to work with the Ministry of Finance, Budget and National Planning to deliver on matters including the reduction of Company Income Tax for listed companies to boost compliance and encourage new listing; extended tax exemption for federal government securities and corporate debt; and the issuance, listing and trading of innovative investment instruments like tax credits and promissory notes.”
The Honourable Minister was also celebrated with a Closing Gong Ceremony on the trading floor of the NSE. Addressing the brokers on the floor, Dr. Zainab Ahmed said, “This has been a historic day for me and I count it a real privilege to be here. The NSE lies at the heart of the Nigerian economy.
Since its inception in 1960, the NSE has been a pioneering institution achieving numerous ‘firsts’ in its efforts to deepen the capital market and this administration is proud to have collaborated on several significant projects. We see the NSE as a strategic partner and commit to reinforce, revise or renew the right policies to deepen this market as advised by the Exchange.”
The NSE in fulfilling its mission to be Africa’s preferred exchange hub periodically hosts “A Day at NSE”. This is one in a series of the NSE’s renewed government relations, where key government stakeholders interact with the capital market community on important issues that affect both parties in terms of Nigeria’s economic management and policy reforms, ease of doing business environment, foreign and local investment attractiveness, capital market and ultimately economic growth and development.
Flutterwave, an African payments technology company, said yesterday it has received approval from Ghana’s Central Bank to provide inward remittance services.
This development, according to the business, reinforces Flutterwave’s aim to simplify payments across Africa. In announcing the development, Flutterwave stated that Ghana’s financial sector is fast growing, with high mobile phone penetration and a vibrant mobile money ecosystem.
Remarkably, it continued, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
Beyond mobile money, areas such as insurtech, lend-tech, and buy now, pay later are expanding rapidly, creating a vibrant and diverse fintech environment, according to the business.
Furthermore, Flutterwave stated that the Bank of Ghana’s supportive regulatory framework and the Ghana Digital Agenda have created an attractive market for fintech innovation.
According to Flutterwave, the latest approval is consistent with these trends, guaranteeing that Ghanaians can benefit from rapid, secure, and cost-effective remittance services.
Olugbenga Agboola, founder and CEO of Flutterwave, commented on the milestone: “Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.”
Oluwabankole Falade, chief regulatory and government affairs officer at Flutterwave, added: “We are grateful to the Bank of Ghana for their support and look forward to expanding our services in the country.”
Economic and Financial Crimes Commission (EFCC) has issued a public alert on 58 companies allegedly running illegal Ponzi schemes in Nigeria, warning citizens against investing in them.
In a statement on Tuesday, Dele Oyewale, spokesperson of the anti-graft agency, said the 58 Ponzi operators falsely pose as investment firms, defrauding unsuspecting Nigerians of their money.
Oyewale noted that none of the companies are registered with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
“The two regulators, in separate correspondences with the EFCC, denied that they are registered with them,” the statement reads.
“The commission has charged many of the companies to court, with five of them convicted, another five pleaded guilty but awaiting review of facts while the rest are pending arraignment.”
The companies listed include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited.
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.
The commission reaffirmed its commitment to monitoring fraudulent investment schemes and protecting Nigerians from financial exploitation.
House of Representatives has passed a resolution calling for the suspension of the increase in Automated Teller Machine (ATM) transaction charges and the stoppage of free ATM withdrawals for customers from other banks in Nigeria.
This followed a motion of urgent public importance by Marcus Onobun.
Onobun, drew the attention of the House to a circular by the Central Bank of Nigeria (CBN) to that effect.
Lawmakers were worried that this would impose additional financial burdens on Nigerians.
The House asked the CBN to suspend the policy pending proper engagement with the relevant committees on banking, finance, and financial institutions.
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