E-Financial
MRA Inducts NSE into its ‘FOI Hall of Shame’
Media Rights Agenda (MRA) monday accused the Nigerian Stock Exchange (NSE) of showing complete nonchalance towards the Freedom of Information (FOI) Act, 2011 as it inducted the institution into its “FOI Hall of Shame”.
Ms Chioma Nwaodike, MRA’s Legal Officer, announced the institution as this week’s inductee into the Hall of Shame, noting that the NSE has defaulted in complying with its duties and responsibilities under the FOI Act and by this action challenged the essence of the Act.
The NSE was established in 1960, originally as the Lagos Stock Exchange, and subsequently renamed the Nigerian Stock Exchange in 1977.
The NSE is licensed under the Investments and Securities Act (ISA) and regulated by the Securities and Exchange Commission (SEC), and serves as the most significant source for companies to raise funds and business capital.
Nwaodike said: “Given its mission, the NSE should operate and project itself in a manner that will uphold integrity, transparency and protect the investors, thereby creating confidence in the institution. One way of doing this effectively is to observe all the provisions of the Freedom of Information Act, which will enable it to be transparent and project an image of integrity.”
According to her, although the NSE has on its website names of members of its corporate governance team, detailed summaries of securities traded each week, notice to dealing members, company-specific financials, corporate actions and some market information, it has, however, failed to comply with its other obligations under section 2 of the FOI Act, which mandates it to proactively disclose certain categories of information and update them regularly.
Nwaodike observed that there is no reference to or mention of the FOI Act on the NSE’s website as the institution has treated the Law with complete disdain based, perhaps, on its initial mistaken belief that the Law was not applicable to it.
The NSE expressed the view that it is not subject to the FOI Act when Dr. Owei Ayibatonye and his four children, who had lost substantial amounts of money following an investment in an unregistered investment product, referred to as the Partnership Securities Deposit Account (PSDA) promoted by the Partnership Investment Company Limited (PICO) and Partnership Securities Limited, applied to the NSE pursuant to the FOI Act, for information and documents, relating to the Partnership Entity.
In refusing to disclose the information, the NSE claimed that it is not subject to the FOI Act and therefore not under any obligation to honour their request for information.
In the ensuing litigation at the Federal High Court in Lagos, the Court noted that the NSE exists to serve the interest of the public, which is a public function, as it was established to carry out its activities in the interest of investors and the public. Justice Ayokunle Faji accordingly ruled that “on a literal interpretation of Section 2(7) Freedom of information Act therefore, it seems to me and I hold that the Defendant (NSE) is a public institution and therefore subject to the Freedom of Information Act.”
Nwaodike noted that even in the aftermath of the Court’s decision, the NSE has not taken steps to bring itself into compliance with the FOI Act and has continued to insist that the Act does not apply to it.
She observed that in the last seven years since the commencement of the FOI Act, the NSE has failed to submit its annual reports on its implementation of the Act to the Attorney-General of the Federation as directed by section 29 of Act, adding that “its failure to comply with this mandatory requirement obviously amounts to a violation of the Law.”
Nwaodike said in addition to this dereliction, the NSE was also guilty of non-compliance with Section 2(3)(f) of the Act as it has failed to designate as well as publish the title and address of an appropriate official of the institution to whom applications for information under the Act should be sent by members of the public.
According to her, there is little doubt that the failure to designate such an official and publish his or her contact details has had negative implications for the rights of members of the public to access to information from the NSE as those interested in obtaining information from it would obviously not know where to direct their requests for information.
In any event, Ms Nwaodike said, despite its best efforts in tracking requests for information made by members of the public and the responses to such requests by the relevant public institutions, MRA is not aware of any request for information that the NSE has granted over the last seven years.
Nwaodike noted that despite the express provisions of the Law, there is also no indication that the NSE has provided appropriate training for its officials on the public right of access to information at any time in the last seven years, as it is required to do under Section 13 of the FOI Act.
Launched by MRA in July 2017, the “FOI Hall of Shame” highlights public officials and institutions that are undermining the effectiveness of the FOI Act through their actions, inactions, utterances, and decisions.
OneWallet microfinance Bank is partnering Zenith bank and MTN to build a platform that will provide digital financial services to support the growth of Small and Medium Scale Enterprises (SMEs) businesses in Abia State.
Dr. C Darl Uzu, Chairman of OneWallet, who disclosed this while launching the platform for traders at the Ariaria International Market, Aba, Abia State said it was meant majorly for traders and the SMEs because they are the bedrock of the Nigerian economy.
According to Dr. Uzu, “We want to expand the inclusion of small businesses in digital financial services by making it easy for them to make and receive payments on affordable digital devices, hence the UnionBell Smart phones and POS.
“We want to help SMEs to access financial support and loan easily to grow their business, and also help businesses to build the history and credibility they require for future growth and expansion.”
He said OneWallet was not created just as a payment application, but as a business support platform designed around the real needs of SMEs.
Dr. Uzu said the choice of Ariaria International Market as the pilot for the platform was intentional since the market is one of the strongest symbol of enterprise in Nigeria.
“We are not here however to teach Ariaria people how to trade because Ariaria already understands business, but we are hear to support Ariaria business energy with tools that can help businesses do more, reach more customers, organize better and prepare for bigger opportunities; we are here to help Ariaria innovate and grow.”
He thanked MTN, Zenith bank and the leadership of the traders for partnering OneWallet to provide the platform that help businesses to expand.
A representative of MTN at the launch, Dr. Ernest Chieke described OneWallet as a platform for individuals and SMEs which intend to move their businesses forward.
He expressed joy that his firm was partnering OneWallet to bring solution to SMEs’ financial problems.
Carl Akwarandu who represented Zenith bank at the event said the bank decided to partner OneWallet because it has a unique product that will make small businesses grow faster.
He promised that Zenith bank would give OneWallet all the support it needs to make it number one microfinance bank in the country.
The Director of OneWallet, Dr. David Nwosu described the microfinance bank a one stop-touch for SMEs growth.
He said at OneWallet, collateral are not needed to obtain loan, but the individual’s business history.
A member of the board of the microfinance bank, Wiedong Wang, commended Dr. Uzu for establishing OneWallet.
He expressed optimism that with the help of its partners, OneWallet will excel.
Central Bank of Nigeria (CBN) has warned non-interest financial institutions against governance and compliance risks capable of undermining public confidence and financial stability in the country’s growing Islamic finance sector.
Interest-free banks, often known as non-interest or Islamic banks, operate without charging or paying traditional interest (Riba).
The warning was contained in a press statement issued by the apex bank following the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts and the Advisory Committees of Experts of Non-Interest Financial Institutions held at the CBN Auditorium in Abuja.
Speaking through Dr Rita Sike, director of the Financial Policy and Regulation Department, Philip Ikeazor, deputy governor, Financial System Stability, said the rapid expansion of the industry had increased exposure to operational and regulatory vulnerabilities.
The statement read, “The Deputy Governor, however, observed that as the industry grows in size, sophistication, and interconnectedness, it faces unique risks, particularly non-compliance risk, governance challenges, operational vulnerabilities, and emerging technological risks.
“He warned that such risks, if not properly managed, could undermine public confidence, financial stability, and the overall credibility of the non-interest finance ecosystem.”
According to the CBN, the engagement was part of ongoing efforts to strengthen Shariah governance, improve regulatory clarity, and reinforce risk management standards within the non-interest financial services industry.
The apex bank noted that non-interest financial institutions continued to play an increasingly important role in Nigeria’s financial system by providing ethical and Shariah-compliant alternatives to conventional banking.
It stated that the institutions were also contributing to financial inclusion, real sector financing, micro, small, and medium enterprises development, and shared prosperity.
The CBN further explained that the establishment of FRACE and the mandatory constitution of ACEs across all non-interest financial institutions were designed to institutionalise a harmonised governance framework for the sector.
According to the statement, sustained interaction between FRACE and ACEs remained critical to ensuring that regulatory expectations were properly understood and consistently implemented across the industry.
“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” Ikeazor was quoted in the statement.
In his remarks, Prof Bashir Umar, deputy chairman of FRACE, said the interactive session was aimed at strengthening governance within the non-interest finance sub-sector and promoting constructive engagement between regulators and industry advisory committees.
He also commended the management of the CBN for reviving the session, which was first introduced in 2014.
Earlier in her welcome remarks, Sike reaffirmed the apex bank’s commitment to building a strong and well-governed non-interest financial services industry.
She noted that the growing diversity of products and delivery channels, particularly the emergence of Islamic fintech, had increased the need for stronger regulatory oversight and continuous engagement among industry stakeholders.
“The growing diversity of products, institutions, and delivery channels, particularly with the emergence of Islamic fintech, underscores the need for continuous dialogue, sound regulatory oversight, and robust advisory input from scholars and practitioners,” she said.
The session featured technical presentations on Shariah non-compliance risks in non-interest banks and the role of Islamic fintech in driving financial inclusion.
Participants at the event included members of FRACE, chairmen and members of various ACEs, managing directors of non-interest banks, senior CBN officials, and representatives of the Bank of Industry and the Securities and Exchange Commission.
Federal government is in discussions with the World Bank over a proposed $1.25 billion loan facility aimed at supporting economic reforms, job creation, and competitiveness programmes across Nigeria.
A World Bank document titled Nigeria Actions for Investment and Jobs Acceleration showed the facility has moved beyond the concept and appraisal stages and is now scheduled for a decision meeting ahead of a planned Board presentation on June 26, 2026.
If approved, the loan would become Nigeria’s second-largest World Bank financing package after the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.
The document listed the Federal Republic of Nigeria as the borrower, while the Federal Ministry of Finance will serve as the implementing agency.
It explained that the project is currently at the decision-meeting stage of the World Bank’s project cycle, where final appraisal documents undergo internal review before submission to the Board of Executive Directors for approval.
At this stage, the institution confirms policy actions, financing terms, and reform commitments already agreed in principle between Nigeria and World Bank teams.
It also said the proposed facility will support government efforts to expand access to finance, digital services, and electricity, while strengthening competitiveness through reforms in taxation, trade, and agriculture.
World Bank says loan will support finance, digital access, and electricity reforms
Between June 2023 and May 2026, the World Bank approved about $9.35 billion in loans and credits for Nigeria across key sectors including power, education, healthcare, agriculture, renewable energy, social protection, and MSME financing.
Major approvals during the period include the $2.25 billion RESET and ARMOR reform financing in June 2024, $1.57 billion for HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience projects approved in March 2025.
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