E-Financial
NSE Publishes Guidance to Facilitate Effective Virtual Meetings for Stakeholders Amidst COVID-19
The Nigerian Stock Exchange (“NSE” or “The Exchange”) has published guidance on virtual Board, Committee, and Management Meetings for stakeholders.
The Guidance is in response to the shift from conventional physical meetings to virtual meetings precipitated by the COVID-19 pandemic, and the critical need to protect investors’ interests.
It is one of The Exchange’s “Thought Leadership” initiatives, designed to provide direction to market and other stakeholders on carrying out successful, productive, and rewarding virtual meetings at this time and other times when in-person meetings are unfeasible.
Commenting on the Guidance, Oscar N. Onyema, OON, Chief Executive Officer, NSE, said, “The NSE has provided this Guidance to assist our stakeholders with identifying and adopting best practices and procedures, and complying with applicable corporate governance standards whilst conducting their virtual meetings.
“The goal is to ensure that when companies opt for virtual participation in meetings, they are accessible, transparent, efficient, and cost-effectively managed while meeting the important business and corporate governance needs of all relevant stakeholders.”
In addressing concerns around virtual meetings, Executive Director, Regulation, NSE, Ms. Tinuade Awe, said, “The Exchange recognises the legal and regulatory uncertainties that Nigerian businesses may face regarding convening virtual meetings in the wake of the COVID-19 pandemic.
More so, in light of the fact that the Companies and Allied Matters Act, Cap. C20 LFN 2004 (CAMA) is silent on the issue of virtual meetings. However, CAMA does not expressly prohibit virtual meetings.
“It is, therefore, expedient that the Articles of Association of a company or its Board, Committee, and Management Charters or Terms of Reference should provide for and authorize virtual meetings.”
Matters addressed in the Guidance relate to statutory and regulatory considerations, availability of technological infrastructure, inclusion, and management of external attendees, information security, protocols, and participants’ responsibilities, amongst others.
It should be recalled that The Exchange has continued to provide an enabling regulatory environment to stakeholders since the activation of its business continuity plan on Monday, 23 March 2020 which saw the transition to remote working and remote trading on 24 March and 25 March, respectively.
Since then, The Exchange has published notices to Issuers on the conduct of 2020 Annual General Meetings (AGMs); the CAC’s guidelines on AGM’s via proxies; and on the extension of the deadline for filing returns; as well as notices to Dealing Member Firms on the extension of time to complete the 2020 Self-Assessment Form; and notices to the general public on the activation of The Exchange’s Business Continuity Plan which saw NSE transitioned to carrying out business and trading activities remotely; all, in order to effectively cushion the impact of the COVID-19 pandemic on affected stakeholders.
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
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.
Fidelity Bank Chapter of the Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated Mr. Audifax Onuoha as its new Chairman, ushering in a fresh era of professional development and strategic collaboration within the bank.
L-R: Chairman of the Occasion and Regional Bank Head -Ikeja, Fidelity Bank Plc, Jude Monye, FCA; Associate Prof. & Member, Governing Council, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Mrs Obal Usang Edet Usang, FCA; 4th Chairman, ICAN Fidelity Bank Chapter, Audifax Onuoha, FCA; 61st ICAN President, Mallam Haruna Yahaya MNI, PhD, FCA; and Immediate Past Chairman, ICAN Fidelity Bank Chapter and Chief Financial Officer, Fidelity Bank Plc, Victor Abejegah; during the 4th Investiture and Patron Conferment Ceremony of the ICAN Fidelity Bank Chapter, held at the Fidelity Bank Head Office in Lagos recently.
The investiture, which took place at Fidelity Place, Lagos, also featured the swearing-in of the Chapter’s 2025–2027 Executive Committee and the conferment of a Patron award on Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer of Fidelity Bank Plc.
Onuoha, who currently serves as Group Head, Compliance Risk Management at Fidelity Bank, succeeds Mr. Victor Abejegah, the bank’s Chief Financial Officer. In his acceptance speech, Onuoha pledged to prioritise capacity building and continuous learning for ICAN members and non-members across the bank.
He said the new administration would focus on equipping professionals with the skills required to navigate the evolving financial services landscape, while strengthening the strategic alliance between ICAN and Fidelity Bank.
“We will deepen the synergy between Fidelity Bank and ICAN as a foundation for a resilient financial ecosystem,” he said.
Delivering the opening address, Mr. Jude Monye, Regional Bank Head – Ikeja, Fidelity Bank Plc, urged the new leadership to make professional development a top priority, describing capacity building as imperative in today’s financial environment.
Monye commended the Chapter’s growth and attributed its success to the support of Fidelity Bank’s leadership, particularly its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.
In his remarks, Abejegah highlighted achievements during his tenure, including entrepreneurship training in fish farming, snail farming, poultry, and export processing, as well as improved member welfare and insurance support for bereaved families.
The event also saw the conferment of the Chapter’s Patron award on Amuchie, in recognition of his over 25 years of exemplary service in banking. He described the honour as a call to serve as a mentor and advocate within the ICAN community and Fidelity Bank family.
The ceremony concluded with the swearing-in of the new executive committee by ICAN’s 61st President, Mallam Haruna Yahaya.
Fidelity Bank Plc is a full-fledged commercial bank serving over 9.1 million customers through digital channels, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the Euromoney Award for Best Bank for SMEs in Nigeria.
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