SEC
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economy
SEC warns against capital market infractions, to commence enforcement
The Securities and Exchange Commission (SEC) has warned individuals and business entities engaging in activities contrary to laid down regulations in the capital market. The Director-General of SEC, Dr Emomotimi Agama, said in a statement in Abuja on Sunday, that the commission would deploy the law on such defaulters. Agama said that the commission would soon commence enforcement against individuals…
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economy
Why we approved crypto exchanges- SEC
The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation. The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP). Dr Emomotimi…
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economy
SEC grants approval-in-principle to 2 digital exchanges
The Securities and Exchange Commission (SEC) has granted two digital assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP). Ms Efe Ebelo, the spokesperson of the commission announced this in a statement on Thursday in Lagos. According to Ebelo, the companies that were granted the approval are Busha Digital Ltd., and Quidax Technologies Ltd. She said …
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economy
SEC to outline vision for capital market at CMC meeting
Emomotimi Agama, Director General, Securities and Exchange Commission (SEC), says the commission is set to outline its vision for the Nigerian capital market at the second Capital Market Committee (CMC) Meeting. Agama, in a statement made available to newsmen on Wedesday in Lagos, said this aligns with President Bola Tinubu’s Renewed Hope Agenda. He stated that the meeting, scheduled to…
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economy
SEC partners AfDB to boost Nigeria’s green finance leadership
The Securities and Exchange Commission (SEC), in collaboration with the African Development Bank (AfDB), is enhancing Nigeria’s role as Africa’s foremost hub for green and sustainable finance. This is made known in a statement made available by the commission on Sunday in Lagos. The commission said that it aimed to establish Nigeria as a focal point for green and sustainable…
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Featured
Senate seeks improved budgetary provision for SEC
The Senate has called for improved budgetary provision for the Securities and Exchange Commission (SEC). The upper chamber said that the N22.40 billion for the commission’s 2024 budget was inadequate given the important role the commission plays in the nation’s prosperity. The Chairman of the Senate Committee on Capital Market, Sen. Osita Izunaso, made the call on Tuesday when the Director-General of SEC,…
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economy
SEC warns Nigerians against investing in $Davido Meme Coins
The Securities and Exchange Commission, Nigeria (SEC) on Friday warned Nigerians against investing in Meme Coins, known as “$Davido”, allegedly linked to popular Nigerian singer David Adeleke, known as Davido. In a statement on its website, SEC said that it does not recognise $Davido as an investment product or investable asset class under its regulatory purview. The regulator noted that,…
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Health
Gov. Lawal approves remodelling of Zamfara Specialist Hospital
Gov. Dauda Lawal of Zamfara has approved the complete remodelling of Yariman Bakura Specialist Hospital, Gusau, to the standard of a tertiary medical institution. The governor announced the approval on Tuesday at the 19th State Executive Council (SEC) meeting. “The remodelling will begin immediately to restore the facility to a modern and functional tertiary health institution. “The government’s decision is…
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foreign
Reddit says stock launch could raise around $750 million
The initial public offering (IPO) of online platform Reddit could be worth around 750 million dollars, with 22 million shares to be offered, the San Francisco-based company said on Monday. Reddit had set the issue price range at 31 to 34 dollars. Around eight percent of the shares going public would be reserved for particularly active users. They had no…
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economy
Financial inclusion essential for economic growth -SEC DG
Mr. Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), said on Wednesday that financial inclusion is essential to driving economic growth. Yuguda said this in Lagos at the United Capital Asset Management Investment Forum, with the theme “Deepening Financial Inclusion Through Participation in Collective Investment Schemes: A Collaborative Approach.”. He said it was important to ensure access…
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NEWS
SEC, SON harp on standardization of commodities to boost GDP
The Securities and Exchange Commission (SEC) has stressed the need for standardization of the country’s commodities to enhance global acceptance and boost the Gross Domestic Product (GDP). The Director-General of SEC, Mr. Lamido Yuguda, said this at the Commodities Standards Sensitization workshop organized by the commission in partnership with the Standards Organization of Nigeria (SON) on Monday in Lagos. Yuguda…
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NEWS
SEC sets June deadline for investment platforms
The Securities and Exchange Commission has directed all existing investment crowdfunding portals/digital commodities investment platforms to note the requirements and eligibility criteria for raising funds through and/or operating a Crowdfunding Portal. In a notice released by the Commission Wednesday, investment platforms are told to comply with the registration requirements or cease operations by the 30th of June, 2021. According to…
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NEWS
SEC considers sacking workers over revenue shortfall
The Securities and Exchange Commission has said it is considering reducing its workforce to cut costs as revenue dwindled. The apex regulator of the capital market said the cut would mostly affected senior members of staff. The Director-General, SEC, Lamido Yuguda, disclosed this in Abuja on Tuesday while appearing before the House of Representatives’ Committee on Finance. Yuguda, who was…
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News
SEC goes tough as Nigerians shun local stocks for foreign markets
Securities and Exchange Commission (SEC) has expressed concerns that many young Nigerians are showing more interest in foreign stocks than local stocks. According to the commission, about 70 percent of Nigerians buying into the foreign exchange market are between the ages of 18 and 40. Speaking in an interview with Bloomberg, the executive commissioner for operations of the SEC, Dayo…
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News
Buhari Appoints Yuguda as New SEC Boss
President Muhammadu Buhari has asked the Senate to confirm Lamido Yuguda as the new Director-general of the Securities and Exchange Commission (SEC). Buhari’s request was contained in a letter read out by the Senate President, Ahmad Lawan, at the start of plenary on Tuesday. The president also sought confirmation of three nominees as full-time commissioners of the commission. They are…
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Africa
Zenith Bank Appoints Amangbo To Replace Emefiele
Zenith Bank Plc yesterday announced the appointment of Mr Peter Olisamedua Amangbo as Group Managing Director and Chief Executive designate of the bank. His appointment is sequel to the approval of the nomination of Mr. Godwin Emefiele as the Governor Designate of the Central Bank of Nigeria (CBN) by the National Assembly last Thursday. The bank made the announcement, which…
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Africa
Ecobank inaugurates committee for new board members
Ecobank Transnational Incorporated (ETI) says it has set up a new committee to search for new board members as agreed at its extraordinary general meeting on March 3. This was contained in a statement by Odidison Omankhanlen of the bank’s Brands and Communications Department. It said that the seven member committee included two former chairmen of the bank, Gervais Djondo…
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