E-Financial
NSE Launches Platform to Ease Public Offerings’ Subscription
The Nigerian Stock Exchange (NSE) has launched the X-PO, an online platform for the subscription of public offerings (POs) following the “No Objection” letter received from the Securities and Exchange Commission (SEC).
According to the NSE, the X-PO, the first end-to-end online public offerings platform in Africa, was designed to enhance the experiences of stakeholders in the public offerings value chain, by providing a smarter and efficient way to manage public offers in the Nigerian capital market.
As a self-service portal, X-PO allows investors to conveniently subscribe and make payments for public offers through the web and mobile (USSD), avoiding the hassle of physical completion and submission of public offering applications forms and visiting the bank for payment.
Speaking on the development, Mr. Oscar Onyema, the Chief Executive Officer, NSE, said: “The launch of the X-PO platform reinforces The exchange’s commitment to revolutionise stakeholders’ experience in the Nigerian capital market leveraging technology.
The X-PO has been designed to enhance the efficiency of PO subscription process and operational workflow to support Issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation inthe market.
Furthermore, X-PO will accelerate the reconciliation and allotment process for POs, as well as reduce the incidence of unclaimed dividends, thereby boosting investor confidence in the capital market.”
He said the exchange would continue to innovate and adapt to new technologies that will not only help companies improve operational efficiency, but also enhance corporate governance which is paramount for sustainable business operations.
“The launch of the X-PO is particularly timely given the new normal occasioned by the COVID-19 pandemic. The platform’s sustainable approach affirms NSE’s commitment to deploying environmentally friendly business practices and promoting paperless public offer subscriptions.
“We have also taken into consideration the vital need for privacy and data protection, deploying the highest levels of security to ensure that stakeholders can enjoy a safe and secure digital public offeringexperience,” Onyema added.
He stated that players within the capital market, investors, registrars, issuing houses, brokers, banks and regulators, can expect to enjoy a wide range of benefits with the launch of X-PO.
E-Financial
Benson Ogundeji Takes Helm as MD/CEO of Greenwich Merchant Bank
Board of Directors of Greenwich Merchant Bank Limited has announced the appointment of Mr. Benson Ogundeji as its substantive Managing Director/Chief Executive Officer, following the receipt of the approval of the Central Bank of Nigeria (CBN).
The Chairman of the Board, Mr. Kayode Falowo, stated, “The Board is pleased to announce the appointment of Benson Ogundeji as our Managing Director/Chief Executive Officer”.
Ogundeji brings over three decades of extensive banking experience to this role. A seasoned financial services professional, he previously served as Executive Director at Greenwich Merchant Bank from July 2020, where he played a pivotal role in the bank’s successful transition from the legacy Greenwich Trust Limited to a merchant bank. In this capacity, he provided oversight for Corporate Banking, Treasury and Global Markets.
Before joining Greenwich, Ogundeji held various senior leadership roles at prominent financial institutions, including Ecobank Nigeria Plc, GTBank Plc, and other notable banks, where he consistently displayed exceptional leadership skills.
Throughout his career, Ogundeji has demonstrated exceptional expertise in business development and operational excellence. His appointment comes at a crucial time as Greenwich Merchant Bank commences the next phase of its growth plans.
Having related closely with Ogundeji as an Executive Director and Acting Managing Director in the last four years, the Board is confident about his ability to lead the bank in delivering our strategic goals.
E-Financial
SEC Flags Marino FX as Illegal Crypto Exchange
The Securities and Exchange Commission (SEC) has issued a public notice disowning Marino FX Limited, a company claiming to be a SEC-licensed cryptocurrency exchange.
According to the regulatory body, Marino FX is neither registered nor authorized to operate in any capacity within Nigeria’s capital market, including the facilitation of cryptocurrency trading.
In a recent notice, the SEC clarified, “Any claim to the public by the company of its registration or license by the SEC is false and misleading.”
The Commission also urged the public to avoid engaging with Marino FX or its representatives. “Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the SEC emphasized.
The SEC reaffirmed its commitment to safeguarding investors and combating fraudulent activities in the Nigerian capital market. This recent clamp down on Marino FX demonstrates that the regulator continues to enhance measures aimed at protecting the integrity of the market and reducing exposure to scams.
Recently, a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20million or 10-years imprisonment or both for Ponzi scheme operators.
Emomotimi Agama, the Director-General of SEC, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi operator.
He said that SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.
Agama added that the commission had observed areas which required review in the ISB 2007 to “strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.”
E-Financial
CBN Set to Retire 1,000 Staff, Earmarks N50Bn for Settlement
Central Bank of Nigeria (CBN) is poised to retire approximately 1,000 employees before the end of the year, according to sources within the apex bank.
This move is part of a broader strategic realignment aimed at streamlining the CBN’s workforce.
Insiders revealed that the retirement package will cost the bank over N50 billion, with affected workers set to receive generous payouts.
The CBN’s Board of Governors, led by Olayemi Cardoso, has been driving this initiative to reduce the workforce and enhance operational efficiency.
According to Daily Trust, in recent months, the CBN has already disengaged several staff, including 17 directors who served under former Governor Godwin Emefiele.
A circular released by the bank three weeks ago announced the opening of applications for the Early Exit Package (EPP), which will close on December 7.
According to officials, the EPP is a voluntary programme offering eligible employees a financial incentive to exit the CBN early.
At least 860 staff members have already applied for the package, which includes financial incentives, financial planning, and entrepreneurial capacity-building programmes.
The CBN has emphasized that the EPP is a one-time offer, and staff cannot change their minds after applying. The bank has set a deadline of December 31, 2024, for the exit of affected employees.
Staff members who spoke to Daily Trust expressed mixed reactions to the EPP.
One staff revealed that they were offered a package worth between N92 million and N97 million for their four years of service.
Another staff expressed disappointment with the package, stating that it was inadequate considering their years of service.
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