E-Financial
NSE Revokes Licenses of 3 Stockbroking Firms
Nigerian Stock Exchange (NSE) has revoked the operating licences of Mercov Securities Limited, Resano Securities Limited and Transafrica Financial Services Limited.
With this, the three affected companies are no longer allowed to deal with the trading of stocks in the country.
A circulated dated May 17, 2019 and signed by Mr Olufemi Shobanjo, head of Broker Dealer Regulation at the NSE, explained that the three companies failed to “comply with the requirements of the Minimum Operation Standards of The Exchange.”
As a result, the National Council of the Exchange on January 31, 2019, approved the “expulsion and revocation” of the licences of the dealing member companies.
The NSE “strongly advised” investors in the capital market “not to engage in any activity with” the three affected stockbroking companies.
“Furthermore, dealing Members are also reminded of the provisions of Rule 6.12 (a) (3): Specific Actions Requiring Prior Consent of The Exchange, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) which states that ‘a Dealing Member shall not be allowed to do any of the following without the prior written consent of The Exchange: Employ any of the following: Directors, Authorized Clerks or other persons including Principal Officers such as the Chief Executive Officer, Chief Finance Officer, Chief Compliance Officer and Chief Risk Officer, who have been indicted by The Exchange or the Commission.
“Any person who was an officer or employee of a Dealing Member expelled from The Exchange; Any person expelled, as an Authorized Clerk or its equivalent, from any other exchange; Any person refused admission as a member of the Chartered Institute of Stockbrokers or any person expelled from its membership; Any person expelled as a member of any Professional Association or Institute; and Any person who is insolvent or has been convicted of theft, fraud, forgery, or any other crime involving dishonesty.”
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
By Mathew Anthony, Market Analyst at FXTM
In another positive development for Nigeria, the CBN has proceeded with 50-basis points rate cut.
FXTM Logo
With favourable fundamental forces at play, it was always a question of how much rather than if rates will be cut in February.
Although some were expecting a hefty 100-basis point cut, this was still a positive move by the CBN, mirroring the dovish strategy of other major banks on the continent.
Interest rates were slashed thanks to cooling inflationary pressures, a stronger Naira and rising FX reserves.
This move is likely to boost confidence over the economic outlook ahead of the Q4 GDP report scheduled for release later this month.
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
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