E-Financial
SEC De-registers 84 Inactive Stockbrokers
The outgoing Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, Thursday, presented her scorecard, stating that under her leadership, the register of capital market operators was sanitized.
In a statement in Abuja, SEC stated that the cleaning up exercise of the records of registered market operators, embarked upon under the management of Uduk, led to the cancellation of registration of 84 inactive operators, as well as giving 94 others a pre-notice of cancellation of their registration.
The commission further noted that since steering the affairs of SEC as Acting Director-General, Uduk had introduced a number of strategic initiatives including: development of the Roadmap for a vibrant Commodities Trading Ecosystem, and ongoing implementation of same; collaboration with the Nigerian Educational Research and Development Council (NERDC) on the infusion of capital market studies into the curriculum of basic and senior secondary schools.
These were revealed in a document obtained in Abuja, detailing the various strides of SEC under Uduk.
The document added that SEC had similarly been engaged in the formulation of rules on Green Bonds to promote issuance of debt instruments for financing of projects with positive environmental impact.
It said, “Similarly, the SEC has revealed that with over 70 per cent of its ten-year plan (2015-2025) initiatives already started, the plan has the potential to facilitate the implementation of the nation’s economic agenda.”
The document explained that the SEC is guided by a ten-year (2015 to 2025) Capital Market Master Plan which is a collective vision for the capital market and the role it should play in positioning the capital market for an accelerated development of the national economy.
The Plan, according to the document, was built around the four strategic themes of driving and facilitating capital raising for sustainable national development and transformation of Nigeria’s priority economic sectors, thereby effectively contributing to the national economy and aligning market structure to requirements of the economy as well as increase scale, size and professionalism of all stakeholders.
The plan, the document noted, was also aimed at ensuring competitiveness by establishing practices to improve transparency, efficiency and liquidity and to attract sustainable interest in the capital market from domestic as well as foreign investors and participants as well as creating an enabling and facilitative oversight and regulatory framework supportive of the deepening and development of the Nigerian capital market.
According to the document, “Following rigorous verification by accounting firms, the Commission was able to release the list of compliant operators.
“It also began cleaning up the records of registered market operators, especially by giving 94 inactive CMOs pre-notice of cancellation of their registration while registration of 84 of them was cancelled.”
The document explained further that in order to achieve the Master Plan initiatives, certain laws needed to be reviewed, adding, “therefore, a conference was held in conjunction with the National Assembly to look at the legal challenges facing the Nigerian capital market.
“This culminated in the setting up of three (3) law review committees to review relevant laws such as the Investments and Securities Act (ISA), Companies and Allied Matters Act (CAMA), Trustee Investment Act, Warehouse Receipt Bill etc.
“The interim reports of the committees were exposed to the market for comments. The resulting documents formed the capital market consensus on the status of the review of the laws.”
Continuing, the document said, “In order to strengthen the collaboration and integration of Capital Markets across the region, SEC Nigeria along with SEC Ghana and Conseil Régional de L’Epargne Publique et des Marchés Financiers (CREPMF) continued to promote integration through the West African Securities Regulators Association (WASRA)”.
Ecobank Nigeria has announced the successful repayment of the outstanding principal and accrued interest on its original $300 million Eurobond due February 16, 2026, marking a significant milestone in its liability management strategy and overall balance sheet strengthening efforts.
Following the full repayment of the Eurobond obligations, the Bank stated that it will now focus its funding initiatives primarily on the domestic capital markets. T
his strategic shift reflects growing confidence in Nigeria’s local debt market and aligns with Ecobank Nigeria’s long-term objective of optimising funding costs while deepening its participation in the domestic financial ecosystem.
“Going forward, Ecobank Nigeria will prioritise domestic credit ratings and local debt issuance to achieve its funding objectives,” stated Ogorchukwu Okwechime, Financial Controller, Ecobank Nigeria, in Lagos.
He added that the successful repayment reinforces the Bank’s commitment to maintaining a resilient balance sheet and sustaining investor confidence.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the US$300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria.
The transaction underscores Ecobank Nigeria’s proactive approach to liability management, prudent capital planning, and strategic alignment with evolving market conditions.
It further positions the Bank to leverage domestic funding opportunities while maintaining financial flexibility and operational stability.
Bank of Industry (BOI) has received approval from the Central Bank of Nigeria (CBN) to operate a Non-Interest Banking (NIB) Window.
Theodora Amechi, bank’s divisional head, Public Relations, said the regulatory nod allows BOI to launch non-interest banking operations, targeting underserved business segments with tailored financial solutions to support Nigeria’s industrial development.
BOI stated that NIB operations will promote inclusive growth, attract ethical funding, bolster the real economy, and finance customer assets and raw materials using approved non-interest products.
“This approval authorises BOI to commence Non-Interest Banking operations, positioning the bank to further advance Nigeria’s sustainable and inclusive industrial development through tailored financial solutions for underserved and high-impact business segments.
“The Non-interest Banking operations will enable BOI to drive inclusive growth, mobilise new ethical funding, expand support for the real economy, and align its financing activities with social and developmental objectives.
According to the bank, under this framework, BOI will be able to finance customers’ assets and raw materials using approved Non-Interest Banking products.
Announcing this milestone, Dr Olasupo Olusi, MD/CEO, Bank of Industry, said, “This licence marks a pivotal moment in the Bank’s journey of transforming Nigeria’s industrial sector. With this licence, we can reach a new category of borrowers who, before now, could not be served.”
He said the approval underscores the CBN’s confidence in the Bank’s commitment to responsible financing, adding that it will allow the bank to scale its operations, introduce innovative financing solutions, and deepen support for Micro, Small and Medium Enterprises (MSMEs), as well as other underserved segments critical to Nigeria’s sustainable economic growth.
“BOI’s decision to commence Non-Interest Banking operations is aimed at expanding access to ethical funding for businesses—particularly those that have traditionally avoided conventional interest-based financing.
This initiative opens new opportunities for ethically motivated and faith-sensitive enterprises, as well as segments of the economy that face challenges accessing traditional credit.
It enables such businesses to access much-needed financing and participate confidently in the formal financial system in a manner consistent with their values and business realities.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development,” Olusi said.
Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964.
The Bank assumed its current form in 2001 following the merger of the Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Zenith Bank Plc has cautioned the public against fraudulent videos circulating online falsely claiming that Group Chairman Dr. Jim Ovia endorses an investment scheme called “Wealth Bridge.”
Jim Ovia
In a disclaimer issued Tuesday by its management, the bank described the videos—circulated via the “Greece Island” Facebook handle—as entirely fake, doctored content bearing no connection to Dr. Ovia, the bank, or its affiliates.
The materials falsely promise up to N2 million in weekly returns for a N380,000 investment, while baselessly alleging Central Bank of Nigeria (CBN) endorsement and redirecting viewers to a sham “Arise News” webpage with a signup portal.
“Our attention has been drawn to a doctored video and still pictures currently circulating on social media, purporting to depict the Group Chairman of Zenith Bank Plc (‘the Bank’) as endorsing an investment scheme called ‘Wealth Bridge’ on the ‘Greece Island’ Facebook handle and soliciting members of the public to engage in a business relationship with the so-called entity,” the statement read.
“This claim is entirely false and has no connection whatsoever to the Group Chairman, the Bank or any of its affiliate companies.”
Zenith Bank stressed that Dr. Ovia and the institution have no knowledge of or partnership with “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” “Stock market analyst 1,” or related entities. The public was warned that dealing with these schemes carries full personal risk.
Ravenewsonline urges vigilance against rising impersonation scams targeting financial institutions.
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