E-Financial
NGX Group Aims to Deepen Value in Subsidiaries, Investee Companies
The Nigerian Exchange Group Plc (NGX Group) has disclosed that it would generate increased growth by deepening value creation in its subsidiaries, and associate companies and expand into adjacent businesses.
During its virtual 2022 Financial Year Investor and Analyst Presentation yesterday, the Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, told investors that the company was focused on supporting its wholly owned subsidiaries and investee companies across multiple initiatives.
While responding to questions from analysts, Onyema noted that the Group doubled down on its investments in its associate company, Central Securities and Clearing System (CSCS) seeing the strong dividend-generating potential of the firm.
“As a way to delve into new strategic investments, we doubled down on investment in CSCS, moving our ownership from 29per cent to about 44.18per cent. The essence of taking this initiative is so that we can work with the company and its stakeholders to drive improved revenues.
“Excitingly, they have demonstrated the ability to pay dividends and so we are constantly exploring more business expansion initiatives like the document utilization project with CSCS whilst growing the company.”
In addressing the rise in expenses driven by increased interest and personnel expenses, he said the company aimed to streamline debt to cut down on interest expenses with a keen interest in reducing operational costs for the business and optimising personnel expenses without overhead reduction in staff strength.
On the performance of the Exchange, Mr Temi Popoola, CEO, Nigerian Exchange Limited (NGX) spoke on some of the year’s major achievements with highlights drawn from the rise of Equity capitalization, Fixed income market capitalization and Exchange Traded Fund (ETF) Market Capitalization which rose by 25.20per cent, 17.58per cent and 17.58per cent respectively.
Additionally, the value traded for the derivatives (ETF) capitalisation reached N16.49million with a Market capitalization of N3.6billion at the close of 2022.
“NGX’s strategic business goal for 2023 will include forging more partnerships with development finance institutions and international banks to further develop the market.
“We aim to do more with our newly forged partnership with Afreximbank through the PAPSS initiative to allow for flexibility in Africa’s payment integrations system.”
CEO, NGX Regulation Limited (NGX RegCo), the self-regulatory organization arm of the Group, Tinuade Awe said NGX RegCo embarked on a number of thought leadership steps, one of which was regulatory consulting and policy formulation for key players in the sector, Issuers Engagement Forum for stakeholders and formidable partnership with regulators.
“We will continue to enable a transparent and orderly market through investor protection, policy formulation and enforcement and compliance audit,” she said.
The Acting CEO, Mr Gabriel Igbeka, NGX Real Estate Limited (NGX RelCo) further highlighted that the company has been able to actualize a cost-saving mechanism of about N26.6 million in 2022, having introduced a property management solution that boosts efficiency, improves service quality and reduces cost.
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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