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E-Financial

SEC Mulls Automated Surveillance of Capital Market

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Securities and Exchange Commission (SEC) plans to deploy a real-time automated market surveillance system that will enable it to monitor real-time activities at the capital market and proactively forestall market abuses.

SEC Mulls Automated Surveillance of Capital Market

A real-time surveillance system allows SEC to monitor live trading across the registered exchanges and other channels, thereby providing the Commission with independent eyewitness evaluation of market activities.

The planned deployment is the highpoint of the capital market development agenda of the apex regulator for the year.

Ms Mary Uduk, acting director-general, SEC, outlined the development agenda of the Commission in teh year as part of efforts to restore investor confidence and increase participation in the capital market.

She listed other initiatives to include driving the growth of Collective Investment Schemes (CIS), capital market literacy and completion of the infusion of capital market into schools’ curricula and further robust engagement with sister agencies like the Central Bank of Nigeria, National Pension Commission and National Insurance Commission to ensure consideration of the capital market in policy making.

She added that the Commission would also be leveraging the success of the e-dividend initiative to drive implementation of direct cash settlement with a view to solving the problem of multiple subscription.

Speaking at a Capital Market Correspondents Association of Nigeria’s (CAMCAN) forum sponsored by SEC in Lagos, Uduk outlined other major initiatives to be implemented this year to include minimum operating standards for operators, reduction of time-to-market for issues, mainstreaming the Capital Market Master Plan (CMMP) into national economic policies, driving adoption and development of financial technology (FinTech) and innovation in our market and development of the commodities and derivatives segment of the market among others.

She noted that the capital market requires concerted efforts by stakeholders to improve domestic participation and insulate the market from the frequent shocks due to fluctuation in the global investment markets.

“Our market’s performance is reasonably influenced by activities of foreign investors such that their instantaneous exit poses a challenge.

This is a problem faced by many other countries but efforts are continually being made by the Commission to increase retail investors’ participation in the Nigerian capital market.

The Commission believes that there is a nexus between increased market participation and market efficiency,” Uduk said.

She urged investors to embrace collective investment scheme, otherwise known as mutual funds as a way to mitigate risks and tap into diversified portfolios being managed by professionals.

She projected that the size of mutual funds in the country would rise to N1.5 trillion in the year as the Commission was working on strategies to deepen the mutual fund segment.

Uduk, who was represented by Mr Okey Umeano, head, Office of Economics at SEC, noted that mutual fund forms a major part of most advanced markets.

“We, at the Commission, have discovered that some of the investors who lost their savings during the crisis in 2008 are low in confidence.

That is the reason we are encouraging retail investors to go through these mutual funds because they are set up and approved by capital market operators and SEC regulates them,” Uduk said.

Dr Afolabi Olowookere, SEC Divisional head, Economic, Research and Policy Management,  said the Commission expects to see a significant rise to N1.5 trillion or N2 trillion in mutual funds.

Olowookere noted that about 480,000 investors had keyed into that the investment segment pointing out that mutual fund brings some form of stability for investments.

 

 


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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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