E-Financial
SEC, Pencom to Collaborate in Deepening Commodities Ecosystem
The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Pensions Commissions (Pencom) on areas that would assist in further deepening the commodities market ecosystem.
Mr. Lamido Yuguda, the Director General of the SEC, stated this when the Management of the Commission along with the Lagos Futures and Commodities Exchange held a meeting with Pencom in Abuja recently.
Yuguda who was represented by Mr. Ibrahim Boyi, the Executive Commissioner Corporate Services of the SEC, stated that the SEC is very passionate about the commodities sector as it has enormous benefits for the economy of the nation.
According to him, “One of the key pillars of the Capital market Master Plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.
“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.
He said the SEC is seeking collaboration with PenCom to ensure economic development adding that the sector has huge potentials if optimally developed.
“We have witnessed major achievements by the LFCE and we are happy to see them progress. We are committed to creating the rules that will ensure investor protection. It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection.
Speaking earlier, Managing Director of LFCE, Mr. Akin Akeredolu-Ale said the commodities exchanges are interested in exploring avenues for investing pension funds in the capital market.
He expressed his joy that the SEC is spearheading the ISB to further boost the utilisation of pensions funds in the market adding that if pension funds are not reflated, inflation would keep affecting it.
“The primary part of our economic raw materials in crude oil, if you don’t capitalise the primary sector, the manufacturing sector will suffer, same as the service sector. SEC has made provisions for the PFAs to invest in the commodities sector and this is expected to catalyse our economy and spur growth” he said.
Akeredolu-Ale reassured that the reflation of the assets under management is going to benefit people that have their assets as globally pension assets are used to stimulate economies adding that the nation’s economy needs to be activated to create opportunities for pension assets to participate in the exchanges.
He therefore urged Pencom to look into its rules and encourage PFAs to develop and interest in investing in commodity assets on the commodities exchanges like LFCE.
In her remarks, Mrs. Hajara Adeola, Managing Director of Lotus Capital, said the commodity space is very central to the progress and development of Nigeria’s economy and it is important the entire financial system participates as it is developing globally.
“The capital market is creating instruments, creating avenues for investments to grow the market and the economy. It is important we put these infrastructures in place to make it profitable for our nation” she said.
Responding, Mr. Anyim Nyerere, Commissioner Technical of Pencom, said the Pension laws are not static but dynamic adding that the Commission expects a comprehensive request to enable it expedite actions on the matter.
He expressed the desire of Pencom to work with relevant agencies to boost the economy and assured the SEC that Pencom will work within available laws to support the commodities trading ecosystem.
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.
Ecobank Nigeria Fully Repays $300m Eurobond Notes
Chams Carves Out Subsidiary to Support Africa’s Digital Transformation
BoI Secures CBN’s Approval for Non-interest Banking Operation
Nigeria, South Africa Drive Stablecoin Spending in Africa
Africa’s Active Data Centres’ Capacity on Back Foot, Despite Investment Push
Nigeria’s 9 Top FinTech Firms Valued at $10.6Bn in January 2026
Firm Detected a Fivefold Surge in QR Code Phishing Attacks in the Second Half of 2025
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems
Kaspersky Launches OT Calculator to Align Cybersecurity Investments with Business Goals
Firm Detected a Scam Exploiting OpenAI’s Teamwork Features
News3 days agoAfrican Leaders Highlight Africa’s AI Ambitions
General News3 days agoNDPC Orders Probe into Temu over Alleged Data Privacy Breaches
Telecom2 days agoTerra Moves to Expand in African Drone Sector, Secures $22m Funding
Telecom2 days agoTemu Assures Compliance Amid Nigeria Data Privacy Probe
Telecom3 days agoNigeria’s Internet Users Hit 148.2m Amid Data Cost Surge
Telecom3 days agoMTN, BUA, Dangote & Other Industry Giants Triumph at NGX Made of Africa Awards
Telecom3 days agoX Suffers Global Outage, Millions Barred from Access
News3 days agoLG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade