News
SEC Extends Multiple Subscription Deadline to December 2019

The Securities and Exchange Commission (SEC) has extended the forbearance deadline for shareholders with multiple accounts to Dec. 31, 2019, from Dec. 31, 2018, for more investors to embrace the initiative aimed at reducing unclaimed dividends.
Ms Mary Uduk, SEC Acting Director-General, stated this on Thursday at the third quarter Capital Market Committee (CMC) post news conference held in Lagos.
SEC recently introduced a forbearance window for multiple accounts to enable investors that bought shares with different names to regularise their accounts in order to get the benefits of their investments.
The commission, in a bid to encourage many investors to consolidate their multiple subscriptions into one account, recently extended the forbearance deadline for multiple accounts to December 31.
Uduk said the CMC agreed that the forbearance window should be extended by another year from the Dec. 31, 2018 deadline previously communicated.
“We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses,” Uduk said.
Uduk said the deadline was extended because of anticipated disruptions ahead of 2019 general elections.
She also said the market regulators realised that quite a number of investors were yet to understand the initiative and the need for more investors to be captured.
Uduk urged investors to take advantage of the new deadline and regularise their accounts to reduce the quantum of unclaimed dividends in the market.
She said the commission would engage the Nigeria Inter-Bank Settlement System to facilitate identity validation and account validation to boost the e-dividend mandate and Direct Cash Settlement initiatives.
Uduk said the exercise would address issues around identity theft and as well enhance market processes.
“The commission will also work with other major stakeholders in setting up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market,” she said.
According to her, the commission has announced a two-pronged approach to address the intractable challenges associated with transmission of shares related to the estate of deceased investors.
Uduk said the first step would involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares.
She added that rules would be developed around the time frame for transmission of shares and the fee structure.
Uduk noted that SEC was also collaborating with the Central Bank of Nigeria to update regulations on margin lending.
“We understand the expectations of the market on these issues and our deliberations would address them appropriately,” she said.
News
Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Pic credit…bokysee.com
The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.
AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection
The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.
These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.
The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.
It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.
“This level of expenditure translates into an average spend in the region of $240m per country.
“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.
“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.
The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.
“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.
“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.
The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.
“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.
The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.
It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.
News
Metaverse Collapses, Horizon Worlds Shuts Down on Quest

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Mark Zuckerberg
Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.
The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.
Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.
Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.
Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.
Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.
Competition and shifting priorities have accelerated the decline.
Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.
Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.
The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.
News
FG Plans New HIV Prevention Injection in 8 States, FCT

Federal government has commenced is to roll out a new long-acting HIV prevention drug, Lenacapavir, in selected states as part of efforts to reduce new infections and end AIDS as a public health threat by 2030.

Dr Iziaq Salako, minister of State for Health and Social Welfare, who disclosed this during a media briefing in Abuja, on Monday said the injectable drug will be deployed in eight states and the FCT.
The states are Anambra, Ebonyi, Gombe, Kwara, Akwa Ibom, Cross River and Benue.
Lenacapavir, a twice-yearly injectable pre-exposure prophylaxis (PrEP), is designed for HIV-negative individuals at substantial risk of infection.
Dr Salako said its introduction marks a significant shift from daily oral prevention options, particularly for individuals who struggle with adherence.
The Minister explained that Nigeria’s adoption of the drug followed its selection by the Global Fund as one of nine early adopter countries, after expressing interest in 2025.
He further said about 52,000 doses have already been secured to support the initial phase, with the first batch delivered and preparations underway for facility-level deployment.
He, however, stressed that the drug is strictly preventive and not a treatment for people living with HIV, warning against misconceptions that could encourage risky behaviour.
“This is not a cure or a licence for unsafe practices. It is an additional layer of protection for those at higher risk,” he said.
The minister explained that the rollout would begin on a controlled scale to allow close monitoring of safety outcomes and effectiveness before expanding nationwide.
He noted that implementation would be guided by the National Pre-Exposure Prophylaxis Implementation Plan covering 2025 to 2028, with focus on service delivery, supply chain management, financing and community engagement.
Adebobola Bashorun, national coordinator of the National AIDS, Viral Hepatitis and Sexually Transmitted Infections Control Programme, said the rollout strategy was informed by data and stakeholder collaboration.
He added that the injectable would complement, not replace, existing prevention methods such as oral PrEP and other long-acting options.
According to him, early observations show minimal side effects, mostly mild pain at the injection site.
Dr Temitope Ilori, director-general, National Agency for the Control of AIDS, described the development as a major boost to HIV prevention strategy, especially among high-risk populations.
She cautioned that the drug does not protect against other sexually transmitted infections or unintended pregnancies and is not recommended for pregnant women.
Similarly, Charles Nzelu, director of Public Health, said the innovation could significantly improve adherence to prevention programmes, given its twice-yearly dosage, but emphasised the need to sustain other preventive measures.
International partners also expressed support for the initiative while Josephine Aseme, chairperson of the Nigeria Key Population Health and Rights Network, described the injectable as long-awaited and potentially transformative for vulnerable groups.
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