NEWS AGENCY OF NIGERIA
Fitch, GCR upgrade Wema Bank’s credit rating, affirm positive outlook
Banking

Fitch, GCR upgrade Wema Bank’s credit rating, affirm positive outlook

109 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

Credit rating agencies, Fitch and GCR, have upgraded the ratings of Wema Bank, further underscoring its capacity for long-term sustainability within the African banking ecosystem.

 

According to a statement by the bank on Thursday, these ratings raise the projection on Wema Bank’s outlook from stable to positive.

 

Fitch, an American rating agency, upgraded the bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘.

 

African rating agency, GCR, also upgraded Wema Bank’s National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a stable outlook

 

Commending Fitch and GCR for the objective assessment and projection of the bank’s future, its Chief Executive Officer, Mr Moruf Oseni, reiterated Wema Bank’s promise to its customers and shareholders.

 

 

 

Oseni asserted that Wema Bank’s journey has just begun at 80, saying, “Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’.

 

 

 

“Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.”

 

 

 

Oseni said that Wema Bank had navigated every challenge and consistently developed solutions that accelerate progress across various industries beyond banking.

 

 

 

 

 

“Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve.

 

 

 

“80 years seems like a lot and it is, but it is nothing compared to what lies ahead. These upgrades are very significant and represent good news for us as a bank.

 

 

 

“It stands as a strong testimony to the great work we have all put in in the last one year,” he added.

 

 

 

Oseni noted that Wema Bank had built a legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945.

 

 

 

He said that the bank had also pioneered a paradigm shift in banking, connecting banking with lifestyle and leveraging innovation.

 

 

 

According to him, the bank has introduced a new era of impactful banking where customers’ needs are proactively met with practical solutions tailored to every stage of their lives.

 

 

 

“Beyond being Nigeria’s longest surviving indigenous bank, Wema Bank’s intentional approach to banking has arguably earned it the title of Nigeria’s most innovative bank, a legacy that continues to reflect in the bank’s numbers.

 

 

 

“From a steady increase in customer volume to diversity in customer-base, strategic variety in range of solutions to increased shareholder confidence and upturns across several financial metrics, Wema Bank has proven to be the bank that has not just built a legacy of 80 years of impact.

 

 

 

“It is significantly, the indigenous financial institution with a future of limitless possibilities; one that will outlive expectations, transcend time and prove in the centuries to come, that Nigerian businesses can last.

 

 

 

“It comes as no surprise that credible ratings agencies, Fitch and GCR, have upgraded the bank’s ratings and affirmed a positive and stable outlook for the bank.

 

 

 

“Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in its promise to keep delivering optimum value to every stakeholder,” he said.

 

 

 

in 2024, Pan-African Rating Agency, Agusto & Co, upgraded Wema Bank’s ratings to Bbb+ with ESG Score of 2 and confirmation of stable outlook, citing improved profitability despite macroeconomic headwinds, a lower impaired loan ratio, a better deposit mix, and strong shareholders’ support.

 

 

 

Also in same year, GCR upgraded Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the Outlook revised to Stable; while Fitch Affirmed the Bank at ‘B-‘ with Outlook, Stable. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

TAJBank signs agreement for N20bn Sukuk bond issuance
Banking

TAJBank signs agreement for N20bn Sukuk bond issuance

108 total views today

By Kadiri Abdulrahman

TAJBank, Nigeria’s leading non-interest lender,  has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme.

The Founder/Managing Director, of TAJBank, Mr Hamid Joda, made this known in a statement on Wednesday in Abuja

Joda said that the latest investment initiative sealed on Tuesday, was coming after about two years of the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023,.

According to him, it presents another opportunity for individuals and corporate investors to stake their funds in an ethical instrument with a competitive 20.5 per cent per annum return.

“Specifically, the new Mudarabah Sukuk bond of TAJBank has secured all necessary regulatory approvals.

“It is designed to offer a stable and ethical investment option to investors to participate in the bank’s profit-sharing ventures.

“It also underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country,” he said.

According to him, the new Mudarabah Sukuk bond is open to all investors, both individuals and corporates.

He said that the goal was to provide a reliable source of extra income, accessible from the comfort of the subscribers’ homes.

The Chairman of TAJBank, Alhaji Tanko Gwamna, said that the offer would avail members of the public an investment opportunity that aligned with ethical financial principles.

“The offer of the new N20 billion Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” the chairman said.

He further advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing processes.

The Chief Executive Officer of the lead issuing house, AVA Capital Ltd, Mr Kayode Fadahunsi, said that the company was excited to be part of TAJBank’s success story in the non-interest banking industry.

“I want to assure investors that as was the case in the bank’s maiden Sukuk bond listing on the Exchange, the bank’s management will surpass expectations in this second outing,” he said.

The News Agency of Nigeria (NAN) recalls that the bank’s maiden N10 billion Sukuk bond on the NGX in February 2023 was over-subscribed by 115 per cent.(NAN) (www.nannews.ng)

Edited by Isaac Aregbesola

Access Bank partners Gate Foundation to empower 50,000 low-income women
Banking

Access Bank partners Gate Foundation to empower 50,000 low-income women

256 total views today

 

 

By Taiye Olayemi

 

 

 

Access Bank has partnered with Bill & Melinda Gates Foundation and Microsave Consulting Global Consulting Pte Ltd. to improve financial services for low-income women in rural communities across the country.

 

 

 

This initiative aims to empower women economically by providing them with access to financial resources, education, and opportunities.

 

 

 

Mr Robert Giles, Senior Retail Advisor in Access Bank, on Thursday, said that the initiative would focus on scaling female agent networks in Nigeria.

 

 

 

According to Giles, this is to expand successful programmes and increase the number and quality of female Cash-In, Cash-Out (CICO) agents in Nigeria.

 

 

 

He said that the project would address challenges like limited access to finance, financial education and training on managing an agent banking business in your community.

 

 

 

“This programme specifically focuses on helping more women become agents and to be more successful as agents, and the project is looking at factors around the social norms in different parts of the country.

 

 

 

“We’re looking at how we use data to identify who will be a successful agent and then how we help develop those agents to get the best outcomes. We’re also looking at how we can lend to those agents and how we can help them also lend into the community across Nigeria.

 

 

 

“We have over 60 million customers, and many of them prefer to be supported by agents. So the closer we can situate our agents to business activity, the more we can take the friction out of banking, and we’ve been able to do this over a long period of time,” he said.

 

 

 

Mrs Chizoba Iheme, Group Head, Agency Banking and Financial Inclusion in Access Bank, said the project would help more female agents to be successful in agency banking.

 

 

 

She said, “We have just signed a partnership with MSC Global Consulting Pte Ltd. and Bill & Melinda Gates Foundation to impact fifty thousand female agents.

 

 

 

“These are agents that carry out cash-in, cash-out across the country.

 

 

 

“We will lend to empower them to do more transactions, get gender-based disagregated data that will help us determine the true behaviour of a female agent.

 

 

 

“We will lend to these agents and also get them to lend to their customers. There will be capacity building initiatives and customised onboarding for these agents.

 

 

 

“This will help us drive financial inclusion in Nigeria, and we have designed a duration of three years to actualise this.”

 

 

 

Mr Akshat Pathak, Associate Partner at Microsave Consulting, stated that the partnership was launched in response to the observation that banking touchpoints in rural areas were still lagging behind.

 

 

 

Pathak noted that it was important for any financial institution to have a healthy balance of male and female agents as part of their network.

 

 

 

He explained that Access Bank had put in a lot of hard work to building its retail banking business, and the company is, in turn, supporting the bank in further expanding their agent networks.

 

 

 

“We have partnered with Access Bank and on a project which looks at scaling female agent networks across Nigeria. Agent networks in any country across Africa are very critical to improving financial inclusion for that particular country.

 

 

 

“If we have more female representatives as part of a financial network, we will empower many female customers at the end of the day.

 

 

 

“So, I feel our partnership with Access Bank is very important and we are looking at northern and central Nigeria as our key focus areas now; female agents as one of the key focus areas too.

 

 

 

“We will be looking for specific areas wherein we found that the penetration of banking touch points are still behind the curve.

 

 

 

“So, the idea is that we don’t go to a place wherein there is already infrastructure present. We need to identify those places where there are gaps in the infrastructure and how can we fill those gaps,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Coronation Bank posts strong 2024 growth
Banking

Coronation Bank posts strong 2024 growth

242 total views today

 

By Taiye Olayemi

 

 

Coronation Merchant Bank increased its gross earnings by 58 per cent year-on-year, reaching ₦97.1 billion in 2024.

 

 

 

This marks a rise from ₦61.58 billion recorded in 2023.

 

 

 

At the 10th Annual General Meeting in Lagos on Tuesday, Chairman, Mr Babatunde Folawiyo, confirmed a 303 per cent growth in profit after tax.

 

 

 

Profit after tax rose from ₦3.2 billion in 2023 to ₦12.9 billion in 2024, showcasing strong performance.

 

 

 

Folawiyo added that profit before tax climbed to ₦13.4 billion, a 285 per cent increase from ₦3.4 billion in 2023.

 

 

 

He noted shareholders’ funds grew to ₦45.8 billion, with return on average equity nearly doubling by 19 per cent.

 

 

 

Total assets expanded to ₦558.6 billion in 2024, up from ₦524.5 billion the previous year.

 

 

 

Customer deposits rose to ₦187.4 billion, while total risk assets declined to ₦136.6 billion from ₦166.2 billion.

 

 

 

“At Coronation, we are building an enduring institution founded on sound governance and clear purpose.

 

 

 

“As we mark our tenth anniversary, we celebrate a decade of growth and look ahead with renewed focus.

 

 

 

“We are committed to sustainable finance, innovation, and partnerships that drive broad-scale development.

 

 

 

“Our performance affirms our direction. We are reshaping merchant banking and influencing markets across Africa,” Folawiyo said.

 

 

 

He said 2024 was a landmark year, as the Bank launched Public Sector, Financial Institutions, and Affluent Banking verticals.

 

 

 

These new verticals aim to deepen client engagement and expand sector-specific coverage.

 

 

 

The Bank also secured a strong position in Equity Capital Markets, advising four of Nigeria’s top seven banks.

 

 

 

This aligns with the Central Bank’s recapitalisation directive, strengthening Coronation’s strategic relevance.

 

 

 

Acting Managing Director, Mr Paul Abiagam said 2024 marked an inflection point for the Bank.

 

 

 

“Amid economic reform and regulatory shifts, we delivered triple-digit earnings growth and exceeded internal performance benchmarks.

 

 

 

“Our ambition remains clear — we aim to be Nigeria’s most respected merchant bank on the continent.

 

 

 

“We are focused on unlocking value, earning trust, and delivering consistent, sustainable returns,” Abiagam added.

 

 

 

According to him, looking ahead, Coronation Merchant Bank will prioritise sustainable profitability, client engagement, and digital innovation.

 

 

 

He said these priorities would shape long-term growth, enhance brand value, and set new industry standards.

 

 

 

The AGM also celebrated the Bank’s decade of institutional resilience and transformation. (NAN)

 

Edited by Kamal Tayo Oropo

Chiderije Mbah wins as one-day MD Wema Bank, receives salary
Banking

Chiderije Mbah wins as one-day MD Wema Bank, receives salary

288 total views today

 

By Taiye Olayemi

12-year-old boy, Master Chiderije Mbah, winner of the Wema Bank One-Day Managing Director/ Chief Executive Officer (MD/CEO) Initiative, took over the reins of Wema Bank Plc on Tuesday, in commemoration of Children’s Day.

 

The initiative is a celebration of potential, leadership and the boundless possibilities of the next generation, which saw dozens of entries from aspiring child leaders.

 

Speaking during the celebration, the Mnanaging Director of the bank, Mr Moruf Oseni, said that the initiative was created to spotlight young talents and inspire leadership ambition in children across Nigeria.

 

Oseni also commended the young leader’s courage and foresight.

 

Demonstrating a commitment to rewarding talent, Oseni noted that he would be donating his one-day salary for May 27 to Chiderije, recognising the young leader’s responsibility and effort.

 

“The Wema way is ‘work hard, reward hard,’ and as MD/CEO for today, Chiderije will experience it firsthand,” he said.

 

The managing director highlighted Wema bank’s commitment to life-long empowerment, captured in the bank’s enduring creed, “With You, All The Way.”

 

He reaffirmed the bank’s belief that empowering children today lays the foundation for a better Nigeria, and a more inclusive, visionary financial sector.

 

“Every great man, woman, or even institution was once a child.

 

“If we are truly committed to shaping the future, we must start by empowering children today.

 

“This is why Children’s Day is important to Wema Bank as a celebration and a serious leadership development opportunity,” he said.

 

Participants were asked to submit video pitches detailing their ideal role in the bank and why they believed they deserved the opportunity.

 

Mbah’s submission stood out for its eloquence, clarity of vision, and passion for leadership, earning him the prestigious honour of leading Nigeria’s oldest indigenous, Wema Bank, for a day.

 

On the morning of his takeover, Mbah arrived at the bank’s head office in Lagos to a purple carpet reception and a warm welcome by top executives.

 

From meeting with key management members to making real-time executive decisions, he was given full exposure to the demands and responsibilities of a CEO.

 

Mbah’s bold debut was followed by a deeply symbolic moment, the official handover of the MD/CEO insignia from Oseni.

 

Mbah’s first act as MD/CEO was to announce four new special rewards aimed at empowering Nigeria’s youth.

 

The rewards for children and teenagers are free ALAT Xplore Personalised Debit Cards for all teenagers between May 27 to June 30.

 

Also, N2,000 cashback for every new Royal Kiddies Account (ages 0–12) opened from May 27 to June 30.

 

An extra one per cent interest rate on all balances in existing and new Royal Kiddies and ALAT Xplore accounts between May 27 to June 30, and free 1GB of data for teens who register on the ALAT Xplore app from May 27 to June 30.

 

Mbah said, “I am very grateful to Wema Bank for trusting me with this great opportunity.

 

“I have had the best day experiencing Wema Bank from within as the one-day MD/CEO for Children’s Day, and I wanted more children to enjoy like I have.

 

“So, to make this occasion even more special, I decided to commission some special rewards.

 

“And I’m happy to launch these special rewards to help more children and teenagers like me save, learn, and grow their dreams through Wema Bank.” (NAN)

Edited by Olawunmi Ashafa

Shareholders laud Wema Bank’s 2024 financial performance 
Banking

Shareholders laud Wema Bank’s 2024 financial performance 

279 total views today

 

 

By Olawunmi Ashafa

 

 

Shareholders of Wema Bank have praised its financial performance for the 2024 financial year.

 

 

 

 

They gave the commendation during the 2024 Annual General Meeting (AGM), held virtually in Lagos on Thursday.

 

 

 

 

Wema Bank reported record performance, with gross earnings increasing by 91.51 per cent from ₦225.75 billion in 2023 to ₦432.34 billion in 2024.

 

 

 

 

Profit before tax rose by 135.16 per cent to ₦102.51 billion from ₦43.59 billion, while profit after tax climbed 140.13 per cent to ₦86.29 billion.

 

 

 

 

The bank’s total deposits increased by 35.65 per cent to ₦2.52 trillion in 2024, up from ₦1.86 trillion the previous year.

 

 

 

 

Total assets rose to ₦3.59 trillion in 2024, marking a 60.04 per cent growth from ₦2.24 trillion in 2023.

 

 

 

 

This performance places the bank well above the ₦1 trillion mark, which it first surpassed in the third quarter of 2021.

 

 

 

 

Wema Bank also expanded loans to customers by 49.94 per cent, reaching ₦1.20 trillion from ₦801.10 billion in 2023.

 

 

 

 

Year-on-year earnings per share stood at 483.2 kobo, reflecting a 91.51 per cent increase.

 

 

 

 

The bank’s non-performing loan rate dropped to 3.86 per cent, an improvement from the 2023 figure.

 

 

 

 

Shareholder Mr Matthew Akinlade commended the bank’s management, calling its performance “very outstanding”.

 

 

 

 

Mr Olatunde Okelana described the 2024 results as “historical”, and praised the bank’s focus on employee welfare.

 

 

 

 

Mrs Bisi Bakare, National Coordinator of Pragmatic Shareholders Association, also hailed Wema Bank’s resilience and achievements.

 

 

 

 

She further applauded the gender diversity on Wema Bank’s board, with five out of 11 directors being women – a 38 per cent representation.

 

 

 

 

Bakare also commended the bank’s succession planning and 100 per cent board meeting attendance.

 

 

 

 

Dr Oluwayemisi Olorunshola, Chairman of Wema Bank, expressed gratitude to shareholders, customers, staff, regulators, partners, and stakeholders.

 

 

 

 

She reaffirmed the bank’s dedication to maintaining its upward performance trajectory in future decades.

 

 

 

 

Managing Director Mr Moruf Oseni promised continued innovation, technological investment, and stakeholder-focused service excellence.

 

 

 

 

He announced the conclusion of a ₦150 billion Rights Issue on May 21, 2025 and proposed raising an additional ₦50 billion via private placement in June.

 

 

 

 

According to Oseni, this will increase qualifying capital to over ₦267 billion, strengthening the bank’s robust franchise.

 

 

 

 

He emphasised that Wema Bank, now 80 years old, is only beginning a much larger growth journey.

 

 

 

 

During the AGM, shareholders approved board re-elections, audit and board remuneration, and dividend payments of ₦1 per share.(NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Coronation Merchant Bank generates over N12.26bn profit in 2024
Banking

Coronation Merchant Bank generates over N12.26bn profit in 2024

341 total views today

 

 

 

 

 

By Taiye Olayemi

 

 

 

Coronation Merchant Bank says it generated N12.26 billion for the year ended Dec. 31, 2024.

 

 

 

This is a 363 per cent growth from its N2.65 billion generated in 2023.

 

 

 

This is contained in a statement by Mr Paul Abiagam, Acting Managing Director of Coronation Merchant Bank, issued on Wednesday in Lagos.

 

 

 

The company also reported a 285 per cent profit before tax from N3.48 billion in 2023 to N13.401 billion in 2024.

 

 

 

Its total asset also grew from N524.46 billion in 2023 to N558.64 billion in 2024 while its equity soared from N37.33 billion in 2023 to N45.85 billion in 2024.

 

 

 

The earning per share attributable to ordinary shareholders rose from N52.00 to N161.40 in 2024.

 

 

 

The interest income increased from N40.39 billion in 2023 to N70.12 billion in 2024.

 

 

 

Abiagam said, “Coronation Merchant Bank has concluded the year 2024 with remarkable achievements, solidifying its position as a leader in Nigeria’s financial services industry.

 

 

 

“The bank won seven impressive and prestigious awards due to our commitment to delivering value to clients and stakeholders.

 

 

 

“The bank’s accolades include being named the Best Investment Bank in Nigeria at the World Finance Awards for a record seventh consecutive year.

 

 

 

“Additionally, Coronation Merchant Bank was celebrated as The Most Outstanding Merchant Bank for 2024 at the BrandCom Awards and recognised as the Best Social Media Merchant Bank at the Digital Jurist Awards.

 

 

 

“At the FMDQ Awards, the bank secured honours in four key categories: Most Diverse Issuer on FMDQ, FMDQ Registration Member (Quotations), Most Active Securities Lodgement Sponsor, and Largest Issuing House on FMDQ.

 

 

 

“These recognitions underscore the bank’s pivotal role in advancing Nigeria’s capital markets and fostering financial innovation.”

 

 

 

Abiagam noted that beyond these accolades, Coronation Merchant Bank achieved more significant strategic milestones in 2024.

 

 

 

He said the bank successfully facilitated major capital-raising transactions, launched the Coronation Vintage Naira and Dollar Accounts, and introduced VISA Cards, expanding its payment solutions.

 

According to him, the bank also secured triple certifications, affirming its dedication to global standards of quality, security, and service excellence. (NAN)

 

Edited by Dorcas Jonah/Olawunmi Ashafa

Coronation Merchant Bank bags 3 ISO certifications  
Banking

Coronation Merchant Bank bags 3 ISO certifications  

376 total views today

 

 

 

 

 

By Taiye Olayemi

 

The Coronation Merchant Bank has been awarded three globally recognised certifications.

 

These certifications are: ISO 27001 (Information Security Management), ISO 22301 (Business Continuity Management), and ISO 20000 (IT Service Management).

 

Mr Paul Abiagam, Acting Managing Director of Coronation Merchant Bank, disclosed this in a statement on Wednesday in Lagos.

 

Abiagam reaffirmed the bank’s leadership in operational excellence, digital resilience and client-centric innovations.

 

He said the certifications marked a significant milestone in the bank’s journey toward becoming a future-forward financial institution.

 

He noted that they underscored the bank’s commitment to international best practices, robust risk management and secure uninterrupted service delivery.

 

He said these were all essential pillars in today’s evolving financial landscape.

 

“These certifications are a resounding affirmation of our relentless pursuit of excellence, innovation, and security.

 

“They reflect our commitment to global best practices and underscore our strategic vision of building a future-ready financial institution.

 

“At Coronation Merchant Bank, we don’t just adopt global standards, we set them.

 

“Our clients can be confident that we remain steadfast in delivering secure, resilient, and world-class financial solutions that drive growth, inspire confidence, and reshape industry benchmarks.

 

“This accomplishment builds on the Bank’s momentum in 2024, following successful mandates in capital markets and advisory, as well as the rollout of new client-facing digital capabilities.

 

“It also supports bank’s broader mission to catalyse economic growth by providing institutions with the tools to thrive in a rapidly shifting global environment,”he said.

 

Abiagam explained that the ISO 27001 certification validates the Bank’s strong controls and policies for data protection, ensuring that clients’ sensitive information is safeguarded against evolving cyber threats.

 

He said that ISO 22301 confirmed the Bank’s resilience framework and its ability to maintain seamless operations under potential disruptions, reinforcing stakeholder trust.

 

He noted that ISO 20000 reflected the strength of its IT service management systems, enabling the Bank to deliver fast, secure, and reliable digital financial solutions across its offerings. (NAN) (www.nannews.ng)

 

Edited by Remi Koleoso/Olawunmi Ashafa

CBEX illegal, unlicensed digital assets exchange – SEC  
Banking

CBEX illegal, unlicensed digital assets exchange – SEC  

501 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The Securities and Exchange Commission (SEC) has stated that Crypto Bridge Exchange (CBEX) was never granted registration to operate as a digital assets exchange in Nigeria.

 

Dr Emomotimi Agama, Director-General of the SEC, said this in a statement on Sunday, while urging the public to cease all dealings with the platform.

 

The warning follows recent reports of CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, soliciting investments with promises of high returns.

 

CBEX has failed to honour withdrawal requests from its subscribers and abruptly closed its physical offices amid mounting complaints.

 

Agama said, “The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.”

 

He said that preliminary investigations carried out by the commission had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy.

 

He noted that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

 

He emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.

 

“The commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.

 

“Prospective investors are advised to verify the registration status of investment platforms through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.

 

Agama noted that the commission was launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.

 

He said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.

 

He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.

 

Agama said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.

 

“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.

 

He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.

 

He said, “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”

 

He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.

 

According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.(NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Banks want tax break for financial institutions funding infrastructure
Banking

Banks want tax break for financial institutions funding infrastructure

502 total views today
By Ginika Okoye
Banks have appealed to the government to grant tax incentives and breaks to financial institutions financing infrastructure and mining as done in other climes like China and Brazil.
Mr Oliver Alawuba, the Chairman, Body of Banks’ Chief Executive Officers (CEOs), made the appeal at the 36th Seminar of the Finance Correspondents Association of Nigeria (FICAN) in Abuja.
The seminar has as its title: “Banking Recapitalisation Towards a One-Trillion- Dollar Economy: The Industry Perspective”.
Alawuba, also the Group Managing Director of United Bank for Africa (UBA) Plc, said that offering tax incentives for recapitalisation-linked investments and allowing partial Cash Reserve Requirement (CRR) refunds tied to infrastructure financing would help achieve the vision.
He also listed creating enabling legislation for long-term capital mobilisation, strategic communications, capacity building and stakeholders’ engagement as way forward toward achieving the one-trillion-dollar economy.
According to him, the Central Bank of Nigeria (CBN)’s announcement on banking recapitalisation represents a landmark policy shift, aimed at aligning the strength of Nigeria’s financial system with its economic ambitions.
“It is a necessary and strategic step toward achieving the vision of a one-trillion economy.
“As banks, we view this as a compliance issue and an opportunity to re-imagine our role as economic enablers.
“Nigeria’s path to a one-trillion economy will be defined by how effectively the financial sector mobilises capital, supports critical infrastructure, strengthens the real sector, and accelerates digital transformation.
“Strong economies are built on the foundations of strong banks,” he said.
Alawuba described the CBN’s banks’ recapitalisation policy as timely and commendable which was necessary and strategic toward achieving the vision of a one-trillion economy.
He, however, listed some challenges to the achievement of a one-trillion-dollar Gross Domestic Product (GDP) economy to include regulatory and policy challenges, security concerns, financial accessibility and inclusion.
“Banks today are expected to finance both traditional sectors like oil and gas, agriculture, manufacturing, and emerging ones such as Fintech, Green Energy and Infrastructure.
“Without sufficient capital buffers, the sector cannot rise to this challenge.
“Recapitalisation is beyond a regulatory action, it is a strategic policy designed to prepare the banking sector for the scale, complexity, and global competition that a trillion-dollar economy demands,” the chairman said.
He called on banks to rise to lead in compliance, vision, innovation and economic stewardship.
Alawuba also urged regulators to continue to guide with wisdom and flexibility.
“Let us re-imagine banking as a force for national development and let us commit ourselves to building an economy that works for every Nigerian”. (NAN)(www.nannews.ng)
Edited by Ese E. Eniola Williams
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