E-Financial
SEC to Descend on Illegal Fund Managers
Mary Uduk, acting director-general, Securities and Exchange Commission (SEC) has restated the determination of SEC to go after illegal fund managers and ensure they are made to face the full wrath of the law.
Uduk, in an interview with journalists in Abuja at the weekend, said what the SEC had done apart from continuing to educate people, is to also go after the promoters of these schemes.
She said “we are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many. We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money.
Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
Uduk however advised the investing public to be wary of any investment that is proposing return levels that are unreasonably high and advised investors to ensure that the fund managers and the products they are offering are registered with the commission.
“So when people come to you and say that you can invest 50,000 naira today and in 2 hours you will get 200,000 naira tomorrow or get 50% in 2 hours know that its is a lie. No legal investment that pays investment that way. So what they must likely be doing is using your money to pay someone else and using someone’s money to pay you. Its is important that we don’t engage in such investments.
“These fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment; they are the ill wind that blows no good and at whose sight you must flee. They are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard-earned money.”
According to Uduk, such ventures have no tangible business model, as returns would be paid from other peoples’ invested funds, making it a fraudulent investing scam.
The SEC boss, who restated the commission’s resolve to make the capital market more user-friendly to boost investors’ participation in the market, said the commission had been doing a lot in terms of education to increase investors’ knowledge of the capital market and enable them make informed investment decisions.
“There are new investible products in the Nigerian capital market. We have a lot of ethical funds. One of the safest areas to invest in is in mutual funds, and collective investment schemes and we encourage Nigerians to be part of these and others.
“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.
Besides, Uduk stated that the SEC’s effort to migrate all shareholders to an e-dividend regime is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.
“Unclaimed dividend is an undesirable feature of the Nigerian capital market, which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money that should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.
“It is a consequence of the bottlenecks that are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others.
A statement issued by Efe Ebelo, head, Corporate Communications, SEC Nigeria, quoted her as saying “there is gain in investing in the capital market and that is why we keep imploring investors to register for e-dividend and regularise their multiple Subscriptions so that they can benefit from their investments”.
Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.
Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.
According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.
He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.
The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”
Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.
L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.
“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.
“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.
“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.
“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.
ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org
Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
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