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E-Financial

NSE Hits 5 Firms with Sanctions for Market Infractions

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Nigerian Stock Exchange (NSE) has sanctioned Standard Alliance Insurance Plc, Prestige Assurance Plc, Goldlink Insurance Plc, African Alliance Insurance Plc and International Energy Insurance Plc (IEI) for various contraventions.

NSE Hits 5 Firms with Sanctions for Market Infractions

Data obtained from the X-Compliance Report published on the NSE website, stated that the firms were sanctioned for contraventions ranging from default in filing 2018 audited financial reports; failure to file first quarter 2019 reports and unauthorised publication of annual general meeting notice.

The exchange stated that Standard Alliance, Goldlink and International Energy Insurance Plc were found to have breached the rules over non-rendition of 2018 and 2019 financial statements, as well as non-rendition of quarterly financial statements.

Prestige Insurance breached the rule in unauthorised publications, non-disclosure of material information, among others.

African Alliance Insurance Plc breached the rules for non-rendition of its 2019 audited financial statements and non-rendition of quarterly financial statements.

The NSE said the X-Compliance Report is a transparency initiative which  designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.

It maintained that companies that are listed on the exchange 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, stressing that financial information, which is periodic disclosure, as well as on-going 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 market, it said.

The exchange identified Goldlink, Standard Alliance, IEI, and African Alliance as companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements and have Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) from their primary regulators.

It said the sanctions for non-compliance with periodic financial disclosure obligations are clearly spelt out in its Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

On the non-rendition of quarterly financial statements for Q1 2020, it said 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).

The exchange said: “Under Schedule 3: Delinquent filers of audited financial statements, the Exchange has identified the companies listed on Schedule 3 as companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements and have Missed Regulatory Fillings (MRF) or are Awaiting Regulatory Approval (AWR) from their primary regulators.”

“Every listed company is required to provide the exchange with timely information to enable it efficiently perform its function of maintaining an orderly market. In accordance with the provisions of Appendix III: General Undertaking (Equities), Rulebook of The Exchange, 2015 (Issuers’ Rules) and The Exchange’s Circular No. NSE/LARD/LRD/CIR3/17/05/12 on publication of announcements or press releases via the issuers’ portal, listed companies are required to obtain prior written approval from The exchange before publications that affect shareholders’ interest are made in the media or via the issuers’ portal.

“In addition, companies are also required to disclose material information to The Exchange and publish the information in their annual reports. The companies listed under Schedule 5 breached certain provisions of the listings rules and were sanctioned accordingly.

“Under Schedule 9, regulatory suspensions are suspended pursuant to the provisions of Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which provides: “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market 24 hours of the suspension.”

 


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E-Financial

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

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United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

UBA Expands to More African Cities, Stamps Footprint  in Saudi Arabia

Oliver Alawuba, GMD/CEO, UBA group,

This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.

The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.

Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.

He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.

“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.

The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.

“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.

Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.

 

 

 

 

 

 


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E-Financial

Ecobank Plans to Raise $250m Capital Through Private Placement

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Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.

In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.

“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”

The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.

Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”

It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.

 


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E-Financial

EFCC Recovers Funds Lost to CBEX Fraud

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Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.

EFCC Recovers Funds Lost to CBEX Fraud

Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.

The EFCC Chairman emphasised that the suspects found are facing prosecution.

“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.

Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He urged the public to stay vigilant, assuring them that the body will see the case to the end.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.


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