E-Financial
Nigeria Exchange Slams N1Bn Fines on 40 Firms for Infractions

Nigeria Exchange Limited (NGX) has slammed N1 billion on 40 companies listed on the floor of the exchange for various market infractions.
The fines were from 2020 to date.
Analysis indicates that eight of these companies were Insurance firms and were fined a cumulative total of N195.5 million.
Details of the fines were obtained from the X-Compliance report published by the Nigeria Exchange.
The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo), which is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.
Companies that are listed on the NGX are required to adhere to high disclosure standards which are prescribed in the Rulebook of the Exchange, 2015 (Issuers’ Rules), and other Rules of the Exchange, from time to time.
Financial information, which is a periodic disclosure, as well as ongoing material information disclosure should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market. The X-Compliance Report is updated every Friday at the close of the market.
Most of the fines are for infractions bordering on the failure of companies to file their audited and interim financial statements after the regulatory due date.
Companies listed on the Exchange are required to file their quarterly accounts within 30 days after the end of the quarter in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules). Details of the quarterly filings can be downloaded from the released financials on the website.
The sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange.
Based on the different sectors listed on the exchange, the insurance sub-sector recorded the highest number of defaulters with eight Insurance firms making the list.
The defaulters include: Niger Insurance fined N64.4m, African Alliance Insurance N40.7m, Royal Exchange N29.7m, LASACO Assurance N25.6m and Universal Insurance 15.9m.
Others are Mutual Benefits Assurance N7.9m, Coronation Insurance N6.8m and Cornerstone Insurance N4.5m.
However, the list indicated that Omatek Ventures, a Nigeria-based holding company with interests in subsidiaries and associates involved in manufacturing, distribution, selling, and servicing of computer equipment, as well as engineering services, recorded the highest singular fine of N499.8m, nearly 50 percent of the total N1bn fines.
The record revealed that the company was in default of the exchange rules consistently from 2015 to 2018, attracting fines of N18.2m (2015), N299.4m (2016), N182.2m (2017) and N37.4m (2018).
Recall that the Nigerian Exchange in February 2020 lifted the suspension placed on the shares of Omatek Ventures Plc, one of the 17 companies suspended for failure to meet the deadline for accounts submission.
Another firm, Juli Plc, which markets a range of pharmaceutical products to the wholesale and retail sectors in Nigeria as well as owning and operating its own supermarkets and trading stores, attracted N70.2m fines for infractions between 2015 to 2020.
Juli Pharmacy Plc which originally marketed international pharmaceutical brands but diversified its positioning to produce its own brands of products was fined N19.4m in 2015, N14.3m in 2016, N9.0m in 2017, N2.9m in 2018 and N24.6m in 2020.
The banking sector did creditably as only three banks were fined for infractions.
Access Bank Plc was fined N2.2m for infraction around notice of meeting in 2020 while Unity Bank and Nigerian Police Microfinance Bank were fined N1.9m and N1.6m, respectively for failing to meet the deadline for the 2020 annual report.
United Bank for Africa (UBA), Jaiz Bank, Union Bank, Unity Bank and Fidelity Bank were asked to undertake a Mandatory Compliance Training (MCT) for minor infractions.
-Daily Trust
E-Financial
West Africa Emerging as Crypto Adoption Epicentre- SEC Boss

West Africa is fast emerging as a global epicentre for virtual asset adoption, propelled by a young, tech-savvy population and macroeconomic instability, according to Dr. Emomotimi Agama, director-general, Securities and Exchange Commission (SEC) Nigeria.

Dr. Emomotimi Agama, DG, SEC
Speaking at the West Africa Compliance Summit organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Praia, Cape Verde, Dr. Agama warned that while the region’s embrace of digital currencies is accelerating, the absence of coordinated regulation leaves it vulnerable to financial crimes and illicit capital flows.
“With over 60 percent of West Africa’s population under the age of 25 and mobile-first fintech platforms thriving, the region has become a global hotspot for virtual asset adoption,” he said. “But we must act decisively. Regulation is not optional, it is an imperative.”
The summit, themed “Adapting and Thriving in a Complex and Evolving Compliance Landscape,” brought together financial regulators, compliance professionals, and security experts to explore the challenges posed by the rapid rise of virtual assets and decentralised finance (DeFi).
Dr. Agama disclosed that crypto transactions in Nigeria alone surpassed $56 billion in 2024, with citizens increasingly turning to stablecoins such as USDT and USDC to hedge against volatile local currencies.
He highlighted the growing trend of “crypto-dollarisation,” noting that young professionals now demand salaries in stablecoins, while businesses are adopting platforms like Binance Pay for cross-border transactions.
“The naira’s depreciation, Ghana’s cedi weakness, and persistent forex shortages have fueled this shift,” he explained.
“Traditional remittance channels charge up to 10 percent in fees, while cryptocurrencies offer faster and cheaper alternatives. Over $20 billion in remittances flowed into West Africa last year through crypto channels.”
However, he also cautioned that the same innovations driving financial efficiency are increasingly being exploited by fraudsters and criminal actors.
He cited GIABA’s report of $2.1 billion in suspicious crypto-related transactions across West Africa in 2024 alone, including the use of privacy coins by terror financiers to evade detection.
“Unregulated exchanges, artificial market crashes, DeFi ‘rug pulls,’ and Ponzi schemes have wiped out billions in investor funds,” he said. “The recent collapse of the CBEX Ponzi platform is just one of many such incidents. Strong regulation and regional coordination are the only path forward.”
Dr. Agama pointed to Nigeria’s recent legislative progress, especially the enactment of the Investment and Securities Act 2025, which formally classifies virtual assets—including cryptocurrencies, stablecoins, utility tokens, and NFTs—as securities under Section 355(4) and Part I of the Second Schedule.
“Under the new law, all exchanges, wallets, and DeFi platforms must be licensed by the SEC,” he stated.
“We’ve also established a Fintech and Innovation Department to facilitate ongoing dialogue with industry stakeholders and adapt our regulations to emerging realities.”
He called on West African governments to harmonise regulatory frameworks and strengthen intelligence-sharing, proposing a Unified Virtual Asset Service Provider (VASP) Licensing System under the ECOWAS framework.
“A crypto trader banned in Nigeria should not find safe haven in Ghana,” he asserted.
“Financial crime knows no borders. Our collective future depends on our ability to secure this emerging financial frontier.”
E-Financial
Banks Stops Instant Alerts for Cheques Pending Clearance

Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.
This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).
This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.
According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.
In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.
This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.
This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.
As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.
Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.
To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.
We remain committed to delivering seamless and secure banking services to you always”, it said.
The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.
Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.
A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”
While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.
The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.
As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.
Credit: Daily Sun
E-Financial
Sterling HoldCo Delivers Stellar H1 2025 Results; Capital Raise Strategy Gains Momentum

Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.

Yemi Odubiyi
Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.
The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.
Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.
Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.
Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.
He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.
Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.
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