E-Financial
SEC, Others Cautioned On Cost Saving Measures, AGM Reports Dispatches
Due to the diverse shareholding of public companies, a well regulated environment is paramount for efficient operation and adequate protection of investors’ funds, however, the Securities & Exchange Commission (SEC), the apex regulator for the capital market (CM), the Bulkpost Ventures (BPV) of the Nigerian Postal Service (NIPOST), the courier operators and ultimately, the shareholders, are expected to play the game according to the industry’s rule, to avoid losses.
The lingering issue resonated at the Bulkpost Venture Customers’ Forum/Dinner Night held in Lagos recently, where the regulator, the operators and the shareholders sat to discuss on the topic, “Cost Saving Measures And The Capital Market Rules: The Role Of Securities And Exchange Commission In The Dispatch Of Annual Reports And Notices To AGM To All Shareholders”.
However, shareholders and courier operators are of the view that whatever measures reeled out must contain provisions for the protection of the minority or the shareholders in the industry, while upholding their fundamental rights.
Essentially, stakeholders have over the years used the Forum to throw up, brainstorm on and address critical issues that touch the basics of capital market, while professionals have discussed issues ranging from mail-handling, mail-security, addressing system, crime and its prevention, conversion of warrants, safe delivery of capital market mails, among others.
This year’s forum was no difference as arguments swung from left to right, with SEC seeking for safety from literal ‘missiles’ emanating from shareholders, courier companies and even NIPOST.
The Issues:
Setting the ball rolling, Mallam Mori Baba, postmaster general of the Federation (PMG), said the Service chose to take up its responsibility primarily in the best interest of the Capital Market and the shareholders in general.
Mori Baba represented by Dr. Simon Emeje, senior assistant postmaster general and head of Courier Regulatory Department (CRD), said that the topic for the day was a true reflection of the concern of the Venture as a key player, about the happenings in the CM, and their effects on the general well-being of all the industry and shareholders.
He said, “This is more-so as we, corporate entities and/or individuals, are all in one way or the other affected by this measure either as regulators, operators and/or shareholders. Consequently, some fundamental questions the theme for this year’s programme has thrown up and hopefully would be addressed by the chief regulator of the capital market should include but not limited to should cost saving measure result in breaking established statute rules with impunity? In whose interest is the cost saving measure if shareholders are denied access to information concerning their companies?”
The PMGF also sought to know, “Is provision not made for the printing and dispatch of the reports and notices in the company’s account? What happens to such fund afterwards? Is this cost saving measure not an infringement on the fundamental rights of the shareholders? What is the effect on the shareholders, especially the capital market mail delivery chain? Why has the regulator no punished erring companies as a deterrent?”
He also said that, “SEC should in the interest of fair play, justice and equity address the mind boggling issues once and for all”.
Dispatch Of Annual Reports & Benefits: SEC’s Role
Ms Arunma Oteh, director general of SEC (Nigeria) DG represented by Mrs Molokwu Uche head, SEC, Lagos Zonal Office, admitted that given the diverse shareholding of public companies, a well regulated environment is required for efficient operation and adequate protection of investors funds.
She added that “Governments worldwide set up various regulatory bodies to enhance performance”.
In Nigeria, SEC is the apex regulator for the capital market, Corporate Affairs Commission, Financial Reporting Council, Nigerian Stock Exchange (NSE) a Self regulatory body amongst others.
She said that, the responsibility for evolving specific cost savings strategies for optimal performance, however, lies with individual corporate organisations.
Taking solace on SEC and CAC Rules as regard dispatch of reports and benefits, Molokwu, invoked ISA No.29 of 2007 where SEC was charged to focus “on adequate disclosure from market participants to enable informed decision making while Corporate Affairs Commission (CAC) as empowered by Companies & Allied Matters Act (CAMA)2004 has responsibility for ensuring adequate framework for corporate organizations in Nigeria (incorporation and winding up as well as provisions with respect to meetings, procedures, financial statements, shares etc.)
“CAMA 217 Notice of meetings – twenty one days from the date on which the notice was sent out. CAMA 220 Service of notice: A notice may be given by the company to any member either personally or by sending it by post to him or to his registered address.
Challenges And Global Trends On Cost Saving
The keynote speaker said that, “SEC rules support cost saving measures by allowing electronic dispatch of documents to shareholders. The rules are not static but are subject to amendment as issues deserving consideration are brought up. Inputs from stakeholders are solicited and deliberated upon before finalization”.
Other challenges she mentioned are, reoccurring problems with mail distribution system; sharp practices of some courier companies still with many undelivered mails; compact disks’ now in use for companies annual reports; website for Information sharing – a growing trend.
She added that SEC’s key responsibility is shareholders’/investors’ protection hence empowered by ISA it has the responsibility of releasing rules that are fair, objective and in the interest of investors in particular .
“The Commission is poised to provide an enabling environment for an efficient capital market in Nigeria. All hands however must be on deck for the actualization of a growing market where efficient performance through adequate cost saving measures is the watch word”.
In spite these explanations, Mr Bayo Adeleke, general secretary, Independent Shareholder Association of Nigeria (ISAN), said SEC’s regulatory framework has been skewed against the shareholders, especially those with fewer units of shares in companies.
He wondered why SEC thinks digitalization of annual reports is the ultimate hence majority of the shareholders cannot be able to afford the gadgets that will aid them in digesting the minutes, like laptops, or tablets.
To him, the agenda is for the rich among them; hence connectivity is still a big issue with regards website postage of annual reports.
To save cost, Adeleke suggested that nobody is allowed to buy less than 100, 000 unites of shares during the public offers; this is to curtail the printing of over 500 pages of annual report for individuals with as low as seven unites of shares.
Reacting on the debates, particularly on late delivery of mails, Dr, Mike Umo, general manager, Bulkpost Venture (BPV) and the host, said, “What they are saying is not correct. The problem is that the concerned authorities are not sticking to the 21 days as spelt out in the law. We want revenue, so whenever they bring the mails, especially the annual reports, we will collect and deliver them. The fact remains that we do no keep any mail more than 24 hours.
“Most times, we even employ people from outside. They will always want to hide under Bulkpost, when they cannot give reasons for not delivering”.
On the shortage of annual reports, he said, “It is an obvious situation that companies do not print annual report to go round the shareholders. What SEC representative said that any infraction should be reported and addressed; the thing is an obvious situation, whether CD or hardcopy, it is the same story. As the GM of Bulkpost, I have no right to go and report to SEC, rather the shareholders.
Nodding in agreement, Mr. Okey Ubah, managing director and chief executive officer of Ebony Express Limited, said that, the cost saving measures been brandished by the SEC can only be applicable when issues concerning the profitability of stakeholders in the sector are taken into cognizance.
He cited the ban on commercial motorcycles in States like Lagos, Port Harcourt, among others, as inimical to their operations.
He asked, “Why is that certain policies and laws been put in place by the Government and the Agencies do not look into the cases of certain stakeholders or practitioners in the industry. With the ban on commercial motorcycles and heightened by operations of overzealous security agencies; that aside, SEC should know that before adopting any cost saving measure, it should not be skewed against practitioners like courier companies. Remember, we are talking about job cut, because when companies cannot see jobs to deliver they will resort to downsizing”.
According to Ubah, for the issues to be addressed, they should be more engaging platforms where representatives of the regulator, the operators and the shareholders can discuss on way forward.
Since Bulkpost Venture debuted in year 2000 as a marketing outfit of NIPOST, it has continuously organized the Forum, meeting its social obligations to the teeming customers.
BPV uses the opportunity to reward individuals and organizations and bring up issues that are germane for academic discussion.
Mastercard and TeamApt Ltd., a subsidiary of Moniepoint Inc. and a provider of financial infrastructure and payment solutions, have entered a strategic collaboration to strengthen digital payment capabilities for businesses and financial institutions across Africa.
As part of this collaboration, TeamApt will operate directly on Mastercard’s global payments network as a non-bank acquirer, enhancing its ability to onboard credible and licensed entities to deliver seamless payment acceptance, transaction processing and acquiring services. This will further expand its card acceptance infrastructure, allowing more merchants to accept Mastercard payments across in-store, online and mobile channels.
The collaboration integrates TeamApt’s switching infrastructure with Mastercard’s network to facilitate secure, high-volume transactions across online and in-store channels. With Nigeria being home to more than 40 million micro, small, and medium-sized enterprises (MSMEs), and small businesses identifying digital solutions as vital to scaling, according to Mastercard’s 2026 SME Confidence Index, expanding payment acceptance remains an important opportunity for growth.
By combining TeamApt’s deep local market expertise with Mastercard’s global scale, businesses and individuals will benefit from more reliable transactions, stronger security and faster, safer and more accessible digital payment experiences.
“Expanding digital payment acceptance is one of the fastest ways to support small businesses across Africa to compete, grow, and reach more customers. By working with TeamApt, we are equipping MSMEs and informal sector businesses in Nigeria with robust, secure infrastructure to seamlessly process transactions across multiple channels. This collaboration brings more businesses into the digital economy, unlocking vital new opportunities for growth, credit access, and cross-border trade,” said Folasade Femi-Lawal, country manager, West Africa at Mastercard
“This collaboration with Mastercard represents an important step forward in our commitment to removing barriers within the payments ecosystem. For years, TeamApt has focused on building infrastructure that helps financial institutions and businesses grow with confidence. By working closely with Mastercard, we are extending those capabilities, enabling businesses to accept payments more seamlessly and giving users the freedom to transact securely both locally and internationally,” said Dennis Ajalie, Chief Executive Officer of TeamApt.
The collaboration also delivers international value, enabling Mastercard cards supported by TeamApt’s infrastructure to be used across millions of merchant locations worldwide. Customers gain the convenience of secure global payments, while merchants can more easily serve both local and international customers.
A Central Bank of Nigeria (CBN)-licensed switching and processing company, TeamApt has, for over a decade, built and operated critical financial infrastructure that powers banks, fintechs and other institutions. The company’s technology supports secure and reliable transaction processing across multiple payment channels, enabling businesses and consumers to participate more easily in the digital economy.
This collaboration further underscores the strength of Moniepoint’s ecosystem. With operations and agent coverage across all 774 local government areas in Nigeria, Moniepoint has established one of the nation’s most extensive financial services networks, positioning the group to drive meaningful scale and adoption of digital payment solutions.
Securities and Exchange Commission (SEC) has directed capital market operators to immediately freeze the assets of six individuals and three entities designated as terrorism financiers by the Nigeria Sanctions Committee.
The directive was contained in a circular signed by the SEC management on June 26, 2026, and published on the commission’s website on Wednesday.
The SEC said the Nigeria Sanctions Committee designated the individuals and entities under the Terrorism Prevention and Prohibition Act (TPPA), 2022, and subsequently added them to the Nigeria Sanctions List.
The designated individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.
The three entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
The commission directed all capital market-regulated entities to immediately identify and freeze, without prior notice, all funds, assets and other economic resources belonging to the designated individuals and entities.
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources in their possession, belonging to the designated individuals and entities and report same to the Secretariat of the Nigeria Sanctions Committee,” the commission said.
The SEC also directed operators to report all frozen assets and other actions taken in compliance with the sanctions, including attempted transactions involving the designated individuals and entities.
The commission further instructed capital market operators to file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for analysis.
Operators were specifically directed to report “all cases of name matching in financial transactions prior to or after receipt of this Sanctions List” as suspicious transaction reports to the NFIU.
The commission prohibited capital market operators from dealing with the designated individuals and entities and ordered them to maintain continuous monitoring of transactions involving them.
“Take Note that at all times, any unusual or suspicious transactions MUST be promptly reported to the Nigerian Financial Intelligence Unit (NFIU),” the SEC said.
The directive takes immediate effect.
The commission warned that failure to comply with the directive would constitute a violation of the Investments and Securities Act, 2025, as well as its Anti-Money Laundering and Countering the Financing of Terrorism Rules and Regulations.
“Such violation would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration,” the SEC said.
The commission said Hammajam was listed on June 18 for alleged involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP).
It said Usman was designated for allegedly providing material support to a designated terrorist organisation through repeated financial transactions, while Ibrahim was listed over alleged involvement in terrorism financing and membership of ISWAP.
According to the SEC, Chiroma was allegedly involved in terrorism financing through the use of bureau de change and related corporate entities to facilitate the movement of funds linked to terrorist activities.
The commission said Adamu was listed on June 15 for allegedly providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell.
Ogirima Ibrahim, according to the SEC, was listed on June 18 for allegedly providing material and financial support to the ISWAP Kogi cell.
The three bureau de change companies were also listed on June 15 over their alleged involvement in facilitating or channelling funds connected to the ISWAP Okene financing network.
The SEC said the directive formed part of broader measures by Nigerian and international authorities to disrupt suspected terrorism-financing networks.
On June 23, the United States announced sanctions against three individuals and six entities allegedly linked to Islamic State financing, including three bureau de change operators.
Two days later, the Central Bank of Nigeria also directed banks to freeze accounts belonging to customers linked to terrorism financing.
The latest SEC directive reinforces the regulatory focus on preventing Nigeria’s capital market and financial system from being exploited to finance terrorism and other illicit activities.
Securities and Exchange Commission (SEC) has issued an urgent directive requiring all capital market-regulated entities (CMREs) to immediately subscribe to Nigeria’s Sanctions (NigSac) Alerts system.
Effective immediately, failure to comply with this, or other AML/CFT regulations, may result in severe fines, suspension of operations, or revocation of registration.
This follows fresh designations by both local and international authorities of individuals and Bureau de Change operators for alleged direct involvement in terrorism financing and material support to the Islamic State West Africa Province (ISWAP).
The directive, according to three circulars issued by the apex capital market regulator, requires a mandatory compliance measure with threats of fines, operational suspension, or outright registration revocation for non-compliance.
The directive, pursuant to the implementation of Financial Action Task Force (FATF) statements on high-risk jurisdictions, signals an escalation in Nigeria’s anti-money laundering and counter-terrorism financing regime.
The SEC’s broader circular implementing FATF high-risk jurisdiction statements reflects Nigeria’s heightened exposure to international scrutiny. SEC, in line with directives from Central Bank of Nigeria (CBN), now requires CMREs to terminate all correspondent banking relationships with listed high-risk jurisdictions, business entities and individuals.
“In line with the provisions of the Terrorism Prevention and Prohibition Act (TPPA), 2022, the Nigeria Sanctions Committee (NSC) has designated six (6) Individuals and three (3) Entities as terrorist financiers and subsequently added them to the Nigeria Sanctions List,” SEC stated in circular to all market operators.
The circular mandated all capital market regulated entities and individuals to do the following:
“Immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities in their possession and report same to the Secretariat of the Nigeria Sanctions Committee;
“Report to the Secretariat of the Nigeria Sanctions Committee any assets frozen or actions taken in compliance with the designation, including attempted transactions;
“Immediately file a suspicious transactions report to the Nigerian Financial Intelligence Unit (NFIU) for further analysis on the financial activities;
“Report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of this Sanctions List;
“Subsequently prohibit dealings with the designated persons and entities; and continue to check for transactions relating to the designated persons and entities and report findings to the Nigeria Sanctions Committee through [email protected]”, SEC stated.
“Take Note that at all times, any unusual or suspicious transactions shall be promptly reported to the NFIU,” SEC warned.
According to the capital market apex regulator, the circular takes immediate effect and failure to comply with the directives constitutes a violation of the Investments and Securities Act, 2025, and the SEC AML/CFT Rules and Regulations and such failure would attract appropriate regulatory sanctions, including fines, suspension of operations, or revocation of registration.
The directive implies that capital market operators should immediately audit their AML/CFT technology stacks to ensure NigSac Alerts subscription and automated flagging capability.
CMREs are required to file suspicious transactions reports with the Nigerian Financial Intelligence Unit (NFIU) for any name matching with designated individuals and entities, whether such matches occur pre- or post-transaction.
The obligation extends to reporting all funds frozen and actions taken in compliance with designations to the NSC Secretariat via [email protected].
The designations also create secondary compliance obligations: CMREs must now maintain watchlists that incorporate designations from both the NSC and US Treasury, as regulatory expectations implicitly track international sanctions coordination.
For institutional investors and fund managers, this translates to enhanced due diligence on counterparty relationships, particularly where transactions flow through informal financial infrastructure or jurisdictions flagged under FATF increased monitoring status.
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