Economy
EFCC Alerts Investors on Latest Capital Market Scams
By Dipo Olowookere
The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the “recent trends in capital market related fraud.”
The anti-graft agency disclosed that until recently, capital market scams usually involved transfer of shares from one stock broking house to another one of the syndicate fraudster’s choice where the shares are fraudulently sold without the knowledge of the real owner.
“It also involved stealing of share certificates, stealing of dividend warrants and clearing them through a fraudulent bank account opened in the name of the original owner.
“The fraudsters usually target accounts which have been dormant for a long period as well as shares of deceased investors.
“This fraud is carried out in connivance with a syndicate at Nigerian Stock Exchange/Central Securities Clearing System and Registrars of the companies whose shares are traded.
“Sometimes the scammers lodge the cheques issued to them by the stock broking firms and clear them through Microfinance banks. The microfinance banks are currently being used by these fraudsters because they are not yet compliant with the Bank Verification Number (BVN) system.”
EFCC further narrated that in recent times, one of the new modes of fraud in the capital market is Portfolio Management Scams. Under this method, the investor is persuaded to release his shares to the stock broking firm hoping to receive the promised returns which the stock broking firm may not honour.
“Meanwhile, all the shares of the investor will be sold by the stock broking firm and the proceeds used for other personal interest, making it difficult for the stock broking firm to buy back the shares for the investor when required.
“This is similar to Ponzi schemes in which the fraudster promises their target huge returns as interest on their money. The only difference is that under Portfolio Management, the investors’ releases his/her shares to be sold by the stock broker, while in a pure Ponzi scheme, cash is paid to the fraudster.”
Head of Capital Markets and Insurance Unit at the EFCC, Mr Adesola Kolawole Amusan, who threw light on these scams, strongly advised members of the public to regularly log into the websites of the NSE, www.nigeriastockexchange.com; Securities and Exchange Commission (SEC), www.sec.gov.ng; and the Central Securities Clearing System (CSCS), www.cscsnigeria.com); to verify the status of any stock broking firm whether it is registered or under suspension, before subscribing to any of their offers.
He also warned investors not to give their hard earned money to any individual or company that promises to turn their money around within a short period with a guarantee to pay them huge returns that are in excess of the average returns in the financial system.
Mr Amusan appealed to the Central Bank of Nigeria (CBN) to consider bringing Micro Finance Banks to comply with the Bank Verification Number (BVN) scheme so as to curtail fraud still being perpetrated through them so as to bring an end to the practice of fraudulent clearing of cheques.
He also advised the shareholders to obtain and fill a trade alert form with the CSCS which will enable them to receive alerts any time there is a transaction on their stock broking accounts.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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