E-Financial
SEC, NSE, CSCS Rake N11.430Bn in 2017 from Share Sales
A total of N11.43 billion accrued as earnings from the sales of shares to the three major players in the Nigerian equities in 2017, according to findings by business a.m.
The Securities and Exchange Commission (SEC), the market regulator, the Nigerian Stock Exchange (NSE), the market platform provider and the Central Securities Clearing System (CSCS), which provides clearing facilities to facilitate transactions, jointly earned this amount from the sales.
The 2017 figures represented an increase of N6.210 billion or119 percent over the amount earned in the corresponding period of 2016, which had stood at N5.220 billion.
SEC received 0.3 percent of total value of equity sold by shareholders (seller) as commission, NSE received 0.3 percent of total value of equity bought by shareholders (buyer) as commission less value added tax, while the CSCS, which facilitates the delivery (transfer of shares from seller to buyer) and settlement (payment for shares) of securities transacted on the floor of the NSE received 0.3 percent of total value of equity bought by shareholders (from buyer) as commission less value added tax.
Market activities had risen significantly in 2017 with turnover figures showing a 121 percent rise to N1.27 trillion during the year, from N0.58 trillion in 2016.
The rise last year reflected a recovery in activities at the bourse from the macroeconomic overhang of a commodity down cycle, pushing it to become the third best performing market in 2017 globally, with a 42 percent return in the NSE ASI index.
The three market umpires, namely SEC, NSE and CSCS, each made N3.810 billion from equity sellers in 2017, available data show.
The Nigerian government, which is responsible for collecting stamp duty, also benefited from the increased activities at the Stock Exchange as shareholders paid a total of N1.906 billion as stamp duty to the government.
Due to the difference in brokerage commission charge, business a.m. found that stockbroking firms earned between N19.02 billion to N34.29 billion from shareholders during the period. Apart from the commission received from equity transactions, there are other ways through which SEC, NSE and CSCS generate money.
Some of the key revenue sources for SEC are fees on government bonds and debentures of public limited companies; processing fees for schemes of merger/acquisition and takeover as well as fines and penalties.
The commission is also entitled to application fees for registration of a collective investment scheme at a flat rate of N35,000; filing fee for registration of securities at a flat rate of N10,000; registration fees of securities of public companies (including rights issue); special funds; and processing fees on offer for sale.
Also, the NSE generates money from listing fees, broker/dealer fees, fines, among others.
Speaking in January at the 2017 market recap and outlook for 2018, Oscar Onyema, chief executive of the NSE attributed the performance in part to Central Bank’s monetary policies that resulted in increased liquidity in the foreign exchange market.
He stated that “IPO activity in the year remained mute, however, there were several other positive indicators including the revival of supplementary listings and the return of new issuances. The value of supplementary listings increased by 27 percent, bringing the total value of equity issues in 2017 to N408 billion”.
Onyema also said the NSE fixed income market recorded mixed performance. “New bond issuances increased over the previous year, while bond yields gradually moderated from 2016 levels amidst easing inflation and greater FX stability. Yields across various tenors declined between 0.4 percent and 1.5 percent, and market turnover declined by 24 percent in 2017, as investors sought higher returns in alternative product classes.
“However, supplementary issuances by the Federal Government saw bond market capitalization increase by 34 percent year-on-year,” he said, adding that, “The NSE’s ETF market witnessed increased activity across key metrics in 2017, recording a 272 percent year-on-year growth in trade volumes, 33 percent growth in turnover and a 40 percent year-on-year increase in market capitalization to close the year at N6.69 billion.”
Securities and Exchange Commission (SEC) has commenced the implementation of a fully electronic registration system for capital market operators, marking a major milestone in its digital transformation drive aimed at improving regulatory efficiency, reducing processing time and strengthening oversight of Nigeria’s capital market.
The new electronic registration (e-Registration) platform, deployed through the Commission’s ePortal, allows designated regulatory services to be completed entirely online, eliminating manual processes for services covered in the current phase.
The initiative comes as the SEC intensifies reforms to modernise the Nigerian capital market, enhance the ease of doing business and leverage technology to improve service delivery to market participants.
In a statement issued on Wednesday, the Commission said Capital Market Operators (CMOs) can now complete designated post-registration processes electronically, from application submission and regulatory review to approvals and the communication of regulatory decisions.
According to the regulator, the platform is designed to simplify interactions between operators and the Commission, reduce administrative bottlenecks, shorten processing timelines and give applicants real-time visibility into the status of their applications.
The SEC said the transition to a fully digital registration process would also improve operational efficiency by introducing standardised workflows, electronic documentation, secure digital record management and stronger audit trails, while enhancing regulatory oversight.
“The new platform represents a major step towards creating a seamless digital regulatory ecosystem that enhances operational efficiency while strengthening regulatory effectiveness,” the Commission stated.
Beyond improving efficiency, the regulator said the platform would reinforce the integrity of regulatory processes by minimising delays associated with paper-based documentation and improving the quality of regulatory data used for supervision and decision-making.
It added that the digital system would provide a stronger foundation for regulatory analytics and future technology-driven innovations aimed at enhancing market oversight.
The Commission explained that the implementation is being rolled out in phases to ensure a smooth transition for market participants while safeguarding the stability and integrity of regulatory processes.
For now, the e-Registration platform is limited to post-registration services for existing Capital Market Operators.
entrants seeking registration in the Nigerian capital market are not yet covered under the current phase, adding that electronic processing for new registrations will be introduced at a later date.
The Commission urged all licensed operators to familiarise themselves with the new platform and comply with implementation timelines to ensure a seamless migration to the digital system.
The latest move forms part of the SEC’s broader reform agenda to modernise market infrastructure, improve transparency and strengthen investor confidence as Nigeria seeks to deepen its capital market and enhance its competitiveness in the global financial system.
Market observers believe the digital registration initiative is expected to reduce compliance costs, improve regulatory turnaround time and support a more efficient operating environment for licensed operators, while reinforcing the Commission’s push towards a technology-driven capital market ecosystem.
Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another.
The service, known as X Money, is not a new bank.
X Money is using technology and banking services provided by Cross River Bank, and branding that backbone as X Money.
It is common for new financial companies to use a traditional bank’s backbone to launch its services, as chartering a new bank is a timely and costly process.
Currently X Money is invite only, and users will receive a “X”-branded Visa debit card that is useable at any ATM.
Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently
In order to attract customers, X Money is offering a 6% yield on deposits and 3% cashback on eligible purchases.
In order to earn the 6% yield, a customer would need to deposit at least $1,000 into an account.
Customers would also have to be signed up for X’s premium services, which is at least $8 a month. It would require at least a deposit of $1,600 in order to cover X’s premium services cost.
Musk has long talked about turning X into an “everything app” that would include financial services.
Musk has his origins in financial services, creating one of the first online banks under the brand X.com. That company was later bought and merged into what is now known as PayPal.
It’s still early for X Money, but the company is entering into a competitive market, dominated by PayPal’s Venmo money transfer service and other peer-to-peer money transfer services like Zelle and Cash App.
Central Bank of Nigeria (CBN) imposed N430 million in penalties on financial institutions in 2025 over delays in resolving customer complaints and failure to comply with its directives, underscoring a tougher regulatory stance on consumer protection in the banking sector.
The sanctions were disclosed in the apex bank’s 2025 Annual Report, which showed that 21 penalties worth N430 million were imposed on financial institutions during the review period for infractions linked to complaints management.
According to Nairametrics, the report stated that the affected institutions were sanctioned for “delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The report read, “the Bank imposed 21 penalties on financial institutions to the tune of N430.00 million, for infractions ranging from delays in resolving customer complaints to failure to comply with the Bank’s directives.”
The latest enforcement action comes as the CBN recorded a rise in the number of complaints lodged by users of financial services, suggesting greater reliance on the regulator’s consumer protection framework.
According to the report, the CBN received 23,129 complaints from consumers of financial services in 2025, representing a 10.53% increase from the 20,925 complaints recorded in 2024.
The apex bank attributed the increase to growing public awareness and stronger confidence in its complaint resolution process rather than a deterioration in banking services.
The report stated, “The Bank received a total of 23,129 complaints from consumers of financial services in 2025, a rise of 10.53%, above the 20,925 in 2024. The trend reflected increased awareness and improved confidence in the Bank’s consumer complaint resolution process.”
It added that 18,824 complaints were successfully resolved during the year, representing a 9.36% increase from the 17,213 complaints resolved in 2024.
The report also showed a sharp increase in the value of claims handled by the regulator.
Claims denominated in local currency rose to N40.61 billion in 2025 from N17.13 billion a year earlier, while foreign currency claims climbed to $344.2 million from $1.06 million.
consumers recovered N19.12 billion and $329.3 million in refunds during the year, compared with N9.66 billion and $0.67 million refunded in 2024.
Beyond the N430 million sanctions relating to customer complaints, the CBN disclosed that it imposed another 11 penalties worth N1.26 billion on financial institutions for regulatory breaches and failure to respond to regulatory queries.
The report indicates that complaints management formed part of a wider overhaul of the CBN’s supervisory and market conduct framework in 2025.
In 2022, the CBN issued a guide on how aggrieved customers can complain about financial institutions such as commercial banks.
The regulator established a dedicated Compliance Department to strengthen oversight of financial crime, market conduct, complaints management, advertising standards, cybersecurity, data protection and corporate governance across CBN-regulated institutions.
Olayemi Cardoso, governor, CBN, recently said that the CBN and deposit money banks are reviewing excessive transaction alerts and customer charges amid complaints from bank users over confusing debit notifications and deductions.
Cardoso said the apex bank had set up a quarterly engagement structure involving its consumer protection team, deposit money banks and the top 10 microfinance banks to address unresolved customer complaints.
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