Securities and Exchange Commission (SEC) and Economic and Financial Crimes Commission (EFCC) have announced collaboration to minimise trade manipulations in the virtual sphere.

Emomotimi Agama, acting director-general, SEC,  said that his the organisation was ready to collaborate with the EFCC to accomplish the national goal of ensuring that criminal activity is prevented from flourishing.

Agama stated this when he received a team from the EFCC led by Ola Olukoyede, executive chairman, in Abuja.

“We believe this form of cooperation is in the best interest of Nigerians. Only last week, we met the fintech community, and we made it clear to them that the SEC will not condone illegal trading on any platform, especially P2P. It’s a dangerous trend, and we cannot allow it to continue. This collaboration is very necessary for us to get out of this forex crisis.

According to Agama, the commission is preparing an economic regulatory centre to upload requests and have other sister agencies respond immediately, adding that the commission was implementing the Revised Capital Market Master Plan, intended to boost the economy and draw in FDIs.

“The opportunities in the capital market are enormous, and we are yet to tap the full potential for economic growth. The economy has a lot of issues, and the capital market is one of the avenues that can lead to economic emancipation. The President has said he wants to re-engage the youth, and that is why we are making efforts to ensure that our markets have the right products that can attract them,” he asserted.

According to the EFCC chairman, it is necessary to investigate the role virtual traders are playing in undermining the Nigerian economy.

He noted that the commission was prepared to use its authority to boost the economy and characterised the SEC as crucial to regulatory compliance.

“We are enforcers and not regulators, and that is why we need the SEC to ensure people play by the rules. We have done a lot to discourage people from forex malpractices,” he remarked.

Olukoyede emphasised that other agencies must cooperate with the EFCC in its fight against corruption, saying that it was a team effort.

World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move which comes as part of the institution’s ongoing efforts to uphold integrity and transparency in its projects and operations.

Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy.

The total number of debarments now stands at 58, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World Bank Group.

The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally at the time of this report.

A debarment renders firms/individuals ineligible to participate in projects and operations financed by institutions of the World Bank Group.

According to the World Bank report, the sanctions were imposed following an administrative process conducted by the Bank, which allowed the accused firms and individuals to respond to the allegations. This process adhered to the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.

“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001. The process is currently conducted in accordance with Bank Procedure: Sanctions Proceedings and Settlements in Bank Financed Projects. For more information on the two-tier sanctions process go to Sanctions,” it stated in the report.

Cross-debarment, as per the Agreement for Mutual Enforcement of Debarment Decisions, was enforced in accordance with the agreement dated 9 April 2010.

This agreement has been made effective by several international financial institutions, including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.

Cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, which, as of July 1, 2011, has been made effective by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.”

In addition to debarment, the Bank reserves the right to apply other actions to firms and individuals found in violation of its policies, which may not necessarily result in debarment.

The prohibited conduct leading to debarment is defined in the applicable Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers. The specific guidelines may vary depending on the nature of the project in question.

The World Bank’s actions underscore its commitment to combating corruption and promoting accountability in development projects, ensuring that funds are used effectively for the benefit of the people.

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

Tosin Enioorunda, Group CEO Moniepoint Inc

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria. The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation. 2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed. Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.