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.
PalmPay, an African digital bank fintech, is in negotiations to fund between $50 million and $100 million in a Series B financing, according to people with knowledge of the situation.
Although its target worth is unknown, its most recent round in 2021 placed it among the most valuable firms on the continent, coming in just short of unicorn status.
A representative for PalmPay stated that the 6-year-old fintech company is “in a strong financial position and exploring growth opportunities,” but the company declined to comment on the specifics of the fundraising.
People with knowledge of the company’s finances say it is now profitable after raising about $140 million in seed and Series A rounds.
The additional funding, which is anticipated to consist of both loan and stock, will support PalmPay’s growth by expanding its presence in Nigeria, growing its more recent business-oriented product line, and introducing both goods in new African and Asian countries.
PalmPay reported last month that its 35 million registered users were responsible for 15 million daily transactions.
The corporation claims that the value of these transactions now totals “tens of billions of dollars” every year.
Revenue has increased as well. According to those with knowledge of PalmPay’s finances, the company’s revenue has more than doubled since 2023, when it was $64 million, as reported by the Financial Times.
PalmPay was first introduced in Nigeria, the most populous country in Africa and a significant engine for fintech, in 2019.
Since traditional banks primarily served salaried or formal-sector clients, frequently with restrictions that barred mass-market users, more than half of the nation’s adults were unbanked at the time.
PalmPay saw a chance to reverse that approach by creating a digital bank from the ground up while tailoring it to the needs of the unorganized sector in Africa. To meet the needs of underbanked people and small companies, the company released an app with rapid onboarding, no transfer fees, and an expanding range of services (such as credit, savings, insurance, and bill payments).
Importantly, PalmPay relied on more than just digital acquisition. Through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services), the fintech established a massive on-the-ground network of over 1 million small businesses and agent merchants that currently serve over 10 million clients each month.
The hybrid strategy, which combines digital apps with physical touchpoints, has also been adopted by other significant fintech companies in the nation, such as OPay, Moniepoint, and Paga.
According to 25% of its members, PalmPay was their first banking account, and it promises to execute more transactions than any traditional bank in Nigeria. According to the report, that percentage rises to 60% among borrowers for loan products provided in collaboration with authorized lenders.
PalmPay’s relationship with Transsion, the Chinese phone manufacturer that controls the majority of smartphone sales in Africa with a market share of more than 40% across its brands (Tecno and Infinix), contributes to its strong distribution and marketing edge.
As part of the collaboration, PalmPay pre-installs its software on a few financed smartphones, which promotes user engagement and acquisition.
Now that it has become one of the most popular fintech applications in the nation, PalmPay is getting ready to expand its business strategy overseas.
The neobanking platform has made its first appearance outside of Africa in Tanzania and Bangladesh, where PalmPay is introducing consumer credit and device finance as stepping stones before adding more services. (With differing degrees of success, other African digital banks have extended their financial services into Asia, notably TymeBank, MNT-Halan, and FairMoney.)
According to a business representative, the company also intends to launch device financing in Nigeria.
The Fintech firm is aggressively looking into partnerships with additional original equipment manufacturers (OEMs), according to a representative for the firm, even if Transsion, who spearheaded PalmPay’s seed investment, is still a key partner.
Other investors include MediaTek, one of the biggest producers of mobile chipsets worldwide, and GIC, Singapore’s sovereign wealth fund.
PalmPay’s newly launched business feature, which is currently available in Nigeria, Kenya, and Tanzania (with South Africa in the works), handles “hundreds of millions of dollars monthly,” according to a company spokesperson. PalmPay facilitates cross-border payments for merchants who wish to send and receive payments across Africa via a single API, a persistent pain point (despite the promise of stablecoins).
Source: techbooky.com
The Board of Directors of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.
Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.
As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.
Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.
Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.
Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future.
“I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record.
“His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”
Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth.
“His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”
Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.
He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.
This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.
In a strong demonstration of its commitment to community development and poverty alleviation, leading financial institution, Fidelity Bank Plc has donated food packs to over 1,500 individuals in Ihie Town, Etche Local Government Area of Rivers State, through its Food Bank initiative.
Speaking at the donation event, the Regional Bank Head, Rivers/Bayelsa 1 & South Commercial, Fidelity Bank Plc, Mr. Ibisiki Eretoru, noted that the success of the bank is essentially linked to the well-being and prosperity of the communities in which it operates.
“The Food Bank Initiative is our way of contributing to the well-being of our host communities through regular food support. Each month, with the support of our network of dedicated partners, we distribute food packs to individuals and families across the country,” Eretoru said.
He further highlighted that the Fidelity Food Bank initiative, launched in April 2023, is part of the bank’s broader corporate social responsibility drive aimed at combating hunger and improving livelihoods across Nigeria. The initiative also perfectly aligns with the United Nations’ Sustainable Development Goal 2 which aims to achieve zero hunger.
“To date, we have distributed over 200,000 food packs through similar outreaches aimed at supporting individuals, strengthening businesses and transforming entire economies,” Eretoru added.
The food distribution in Ihie town was executed in partnership with The Reach Nigeria Foundation, a non-profit organization focused on sustainable development. Speaking at the outreach, the Foundation’s CEO, Benedicta Ibiyemie Ayarete, said that the community was selected due to its need for food support during the post-planting and pre-harvest period.
“Though Ihie is an agrarian community, we identified it as needing food support at this time. The peaceful nature of the community also makes it a viable location for Fidelity Bank to sustain and grow its presence. We are proud to be part of the meaningful impact of this outreach on the people,” she explained.
Expressing his gratitude, the paramount ruler of Ihie community, His Royal Highness, Eze Richard Amadi, commended the bank’s timely intervention, describing it as “a stitch in time” and a noteworthy effort that addresses the needs of the people.
Also speaking at the event, Chairman of the Ihie Community Development Committee, Mr. Stephen Asoh, expressed appreciation to Fidelity Bank, highlighting the positive difference the donations will make in the lives of many residents.
One of the beneficiaries, Mike Okere, praised Fidelity Bank for the initiative and called on other financial institutions to emulate the bank’s approach to community engagement and impact.
The Fidelity Food Bank continues to be a beacon of hope for underserved communities across Nigeria, reflecting the bank’s unwavering commitment to social responsibility and inclusive growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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