E-Financial
NSE to Unveil X-Gen, New Trading Platform
Nigerian Stock Exchange (NSE) is to introduce a new electronic trading platform called X-Gen, which will allow investors, stockbrokers and other stakeholders to access the market from everywhere at all times.
Mr. Oscar Onyema, chief executive officer, NSE, said this in Lagos at the Exchange’s X-Gen Expo, which was organised partly to enlighten the stakeholders on the new platform and the support systems that will facilitate the end-to-end automation of the stock market.
He said, “The introduction of X-Gen stems from our quest to enable our emerging market structure with 21st century technology and give us the foundation to join leading exchanges in building scale, scope and efficiency.
“X-Gen symbolises NSE’s untiring commitment to delivering a first rate technology platform that will enable our dealing members build and grow their businesses, and the investing community experience a more efficient market when they buy or sell securities.”
When introduced, the new system, according to the NSE, is expected to improve transparency, market access, audit trail and provide efficient price discovery in the market, thereby enabling investors to realise their investment objectives by using the three products currently offered at the Exchange in more meaningful ways.
Onyema explained that the migration to the new trading platform, which was targeted for the end of Q3 2013, will support the development of the nation’s capital market and the Exchange’s vision to become the Gateway to African Markets.
He added that the platform would be introduced in two phases. In the first phase, he said the system would support equities, a fully functional bond market and Exchange Traded Funds, while in the second phase it would support derivatives in futures and options.
Mr. Ade Bajomo, executive director, Market Operations and Technology, NSE in a presentation on ‘Technology strategy for the capital market’ said the new platform would lead to: automation of trade data input and output through the order, customer ability to place orders anywhere and anytime, improved platform stability after bedding down period, improved market transparency for all participants, and unparalleled access to market data.
He explained that the change was necessary because, among other things, the current trading platform, which had been in use since 1999, had reached its ‘end of life’ and would no longer be supported by its suppliers from mid-2013.
Also, he said, failure to adopt a new trading platform would prevent Nigeria from achieving its Vision 2020 for the capital market and its current position as the leading capital market in West Africa would be jeopardised in the medium term as other Exchanges such as Ghana continue in their steady technology investments.
Bajomo stated, “Technology must be underpinned with robust business processes to help achieve improved participation and liquidity for their markets, and also offer a basis to grow to grow the markets through increased listing activities and diversified product offerings.”
He added that as a result, mass market participation would be encouraged, thereby creating wealth building opportunities, while additional benefits include an enhanced way of doing business.
The Expo witnessed exhibitions from several indigenous information and technology companies. The Chief Executive Officers of some the companies, while speaking at the event, assured stockbrokers at the event that not only were their software and technology of global standard; they would ensure seamless transition from the old platform to the new one.
Stockbrokers, however, urged the companies to ensure that the new technology was affordable and safe.
E-Financial
Banks Lose N10Bn to Cyber Fraud in 2023’
Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.
At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.
She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.
“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”
She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”
Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”
She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.
She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”
Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.
Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”
She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.
E-Financial
Tinubu Rejigs SEC Board, Makes New Appointments
President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).
This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.
Tinubu appointed Mr. Mairiga Aliyu Katuka as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.
The president also appointed Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) of the board.
Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.
Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.
According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”
E-Financial
Ecobank Repays $500m Eurobond
Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.
Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”
Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.
He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.
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