^{Nigeria Deposit Insurance Corporation (NDIC) has announced the adoption of the Nigeria Inter-Bank Settlement System (NIBSS) for payment of insured depositors of the defunct Heritage Bank, citing limitations of the Remita payment platform.}

^{NDIC disclosed this through Pamela Roberts,  its deputy director at the Enugu Zonal Office at the workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.}

^{She said the NDIC relied on Remita for payments since 2013, adding that the platform is having challenges handling large-scale payments.}

^{Roberts said, “The Corporation had used Remita to effect payments from 2013 which had a few limitations in terms of uploading of payments, validity of account name and number etc.}

^{“During the insured payments of Heritage Bank, the Corporation explored the option of using the NIBSS payment platform to facilitate larger number of payments at one time.”}

^{Recall that following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as liquidator and the Corporation, in accordance with Section 12(2) of BOFIA 2020 and Section 55 subsections 1 & 2 of the NDIC Act 2023.}

^{The corporation said in discharge of its deposit guarantee mandate, it began the payment of the insured deposits of N5m maximum per depositor within a record time of four (4) days of the bank closure.}

^{NDIC had said, “This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate accounts in other banks.}

^{“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of FN5m, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank.}

^{“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.”}

Securities and Exchange Commission (SEC) has warned individuals and entities engaged in illegal fund management activities, cautioning them to desist immediately or face severe legal consequences.

Emomotimi Agama, DG, SEC

The Commission also reiterated plans to establish a capital market radio that will disseminate information on the capital market and investment opportunities available therein to Nigerians at the grassroots.

Emomotimi Agama, director general of the Securities and Exchange Commission, said this in a statement issued on Sunday in Abuja.

Agama said the Commission’s enforcement mechanisms will be fully deployed to fish out anyone who is perpetrating illegal activities within the investment climate in Nigeria.

According to him, “Section 13(a) of the Investments and Securities Act 2007 states that the SEC has the power to regulate Investments and Securities business in Nigeria. So, within the law, we have the power to do so.

“What we are doing is strengthening our enforcement mechanism in collaboration with the Nigerian Police Force and the Federal Ministry of Justice. This serves as a notice to anyone not playing by the books to desist or face the law.

He assured that the SEC is prepared to protect investors and also educate them, which will translate into confidence in the market while also superintending over public companies to ensure that good corporate governance is imbibed in their administration.

The DG also revealed that the commission is scheduled to hold the World Investor Week 2024 from October 7-14 with the theme “Technology and Digital Finance, Crypto Assets and Sustainable Finance.”

World Investor Week is a global initiative of the International Organisation of Securities Commissions established to raise financial literacy among the general public.

Activities lined up for the week-long events include bell-ringing ceremonies, panel discussions, investor outreach, and investor clinics at the SEC head office and all its zonal offices.

The SEC DG stated that World Investor Week aims to provide information to investors and educate them on investing in the Nigerian capital market and the opportunities available therein to democratize wealth.

He said, “During the week-long events, we will be reaching out to everyone who is interested and needs to know some of the plans and strategies that the SEC has in place to attract more investors to the market.

“One of the major plans within the WIW is investor education. You cannot overrule the value and essence of education. A lot of people are not aware of investment opportunities or investment windows, not because they don’t want to invest, but because they just don’t know.

“So the idea of the World Investor Week is to bring to fore the opportunities that exist, rights of the investor and the dispute resolution mechanisms that are available in case they have those challenges, and also to let them understand the value of investments and preparing for the rainy day.”

Agama expressed the need for investors to be aware of priority investments, risky investments, the rewards of risky investments and the investments that are less risky.

“The point is, people have to know exactly what their appetite is. It’s not everyone that has a strong risk appetite. So you need to understand that if you do not have a strong risk appetite, there is an investment meant for you, but if you have a strong risk appetite, there is also an investment meant for you.

“Therefore, having that education and being able to reach out to an investment advisor when you are not sure is a critical part of educating you so you do not get burnt again. With the right education, even when you are burnt, you know you are burnt for a good reason,” Agama stated.

He said the SEC will leverage social media and other traditional media channels to reach out to the populace in a bid to educate and enlighten them further.

“Besides that, we are also incorporating capital market studies into the curriculum of tertiary institutions so that these students can be taught and nurtured from the cradle on the value of the capital market in wealth creation and economic development”, he added.

Itana, Nigeria’s first licensed digital economic zone management company, and Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, have agreed to jointly develop the first digital economic zone in Africa designed for global and Pan-African technology, finance and service-based businesses to operate and scale with ease across Africa, unlocking the continent’s digital economy.

The formalisation of this partnership took place in front of global government and business leaders, at the Global Africa Business Initiative (GABI), on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York.

The Itana Digital Economic Zone in Lagos, Nigeria is intended as an online jurisdiction and to serve as a gateway to build a global business in Nigeria.

Through Itana, companies can remotely incorporate and operate their businesses in the Itana zone, with laws, business incentives (tax, immigration & banking), and services optimized for the digital economy.

This will be coupled with eco-friendly live-work districts and a live-in accelerator program, showcasing the future of African cities and providing the ideal infrastructure and support for businesses in Africa to scale and compete globally.

AFC will support Itana with project development funding and intends to lead in the financing of phase 1 of the Itana project which is budgeted at around $100m. This will include an eco-friendly tech campus in Lagos, Nigeria, and funding of startups in Accelerate Africa, the accelerator program of Itana in partnership with Future Africa.

AFC will also support the roll-out of the Itana Digital Economic Zone for global and Pan-African tech, finance, and service-based businesses seeking to operate across Africa.

Itana and AFC are already collaborating alongside Future Africa, PwC Nigeria, and Charter Cities Institute as technical advisers to the Initiative for the Promotion of Digital FreeZones in Nigeria (DiFZIN), a non-profit advocacy and policy research organization representing the private sector in the recently announced Nigerian Federal Government steering committee for the establishment of Digital Economic Zones in Nigeria.

The committee is chaired by President Bola Tinubu and includes relevant Government Ministers and Agency Heads.

Itana will be a conducive environment tailored to the 21st-century digital trade and technological age. The organization recently launched the Itana Application where individuals can join the community and have access to events and services such as business visa facilitation, local bank accounts, and a curated marketplace of trusted vendors and consultants for doing business in Africa.

Businesses that meet the criteria can register as a Free Zone Enterprise (FZE) with ease and will receive a Business Operating license that enables them to do business in Nigeria like numerous digital companies including Reliance Info and Future Africa.

Post business incorporation, businesses can operate in the zone with tax and capital repatriation incentives, get access to the Itana business community, apply for business banking in the Digital Economic Zone, and special work and residency permits without limitations imposed by expatriate quotas.

“Itana intends to be to Nigeria and Africa what Delaware & Silicon Valley is to the U.S., the DIFC is to Dubai, and e-Estonia is to the Europea n Union,” said Luqman Edu, CEO of Itana. “Itana is poised as the gateway to doing business in Africa. Local and International businesses looking to expand their operations across Africa will naturally look to Itana as their point of entry”.

“Africa’s digital economy is poised for significant expansion and innovation following the rapid adoption of mobile technology, a burgeoning youth population, and the growing importance of digital commerce and services,” said Samaila Zubairu, President & CEO, Africa Finance Corporation.

“In support of this, AFC is proud to be a pioneer alongside Itana, in building Africa’s first digital economic zone. This unprecedented initiative marks a pivotal step towards creating a thriving hub for the African digital economy, cementing the Corporation’s commitment to driving innovation, job creation, and sustainable economic development across the continent,” he added.

Last year, Itana announced a funding round backed by leading technology venture capitals and highly influential tech industry leaders including Local Globe, Amplo, Pronomos Capital (backed by Peter Thiel), Balaji, and Future Africa (led by Nigerian entrepreneur Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave).

As the first Digital Zone, Itana remains committed to making Nigeria a powerhouse in the global digital economy. It will be hosted in Alaro City, an integrated, mixed-use city planned on over2,000 hectares in the Lekki Free Zone.