Economy
Adetunmbi Launches Book on Financial Intermediation and Practice
By Modupe Gbadeyanka
A guidebook for financial market operators and practitioners titled Financial Intermediation: Operations and Practice has been launched by Mr Seye Adetunmbi.
The unveiling of the piece was done virtually, with some heavyweights in the nation’s capital market in attendance, including Mr Atedo Peterside, Mr Dele Fajemirokun of AIICO Plc, Mr Ibikunle Amosun, Mr Lamido Yuguda, the Director-General of the Securities and Exchange Commission(SEC); Mr Oscar Onyema, the CEO of the Nigerian Stock Exchange (NSE); Ms Arunmah Oteh, former CEO of NSE; Mr Bola Ajomale, the MD of NASD Plc; amongst several others.
Mr Adetunmbi, while speaking at the launch of the book, which had its foreword written by Mr Peterside, thanked the guests for honouring him with their presence.
He said he was inspired to write the book because of his first experience in the capital market in 1990 when as a greenhorn, his first assignment was the private placement of the divesture of the controlling holdings of Ondo-State Government in Araromi/Aiyesan Oil Palm Plc.
According to him, “the financial intermediary service firm I worked for had not handled such a capital market issue before. In fact, there were very few investment banking mandates that had been consummated in the Nigerian capital market in the late 1980s and early 1990s.”
He admitted that the private placement brief “challenged me” to develop a passion for investment banking and lasting career in the capital market.
According to him, “There and then, I found the need for a standard pragmatic manual for capital market operators and corporate finance operatives.”
“Naturally by instinct, I started taking notes on financial market operations and practice within and outside Nigeria which culminated into this textbook,” he added.
The capital market expert noted that the initial manuscript was first concluded as far back as 1992, which he updated for this edition.
“I received inquiries from people who read my research work on Real Estate Investment Trust, Debt Securitization and Asset-Backed Securities which also prompted me to see this book through,” he said.
Mr Adetunmbi stressed that Nigeria is the case study in the book because activities in the money and capital market between 1980 and 2020 had been quite remarkable and should be documented, such that, it will serve as a guide for other emerging markets, government technocrats, intending practitioners, existing financial market operators and individuals, who are the main targets of the book and who wish to know how the financial market operates and works.
“I have read a number of publications on financial intermediation and its practice in developing economies which I found very informative on the activities in the sector.
“However, I deem it necessary to put a textbook together which will not only review the activities of the Nigerian financial market to date but serve as a practical guidebook for intending operators and participants who have been eager to be involved but have been constrained by lack of information and the technical knowhow.
“The book should also clear misconceptions on the operational procedure in the financial market, particularly the mix-up of the identities and the respective functions of the various registered financial market operators and players,” he said.
Mr Adetunmbi noted that the 20 chapters of the book should be able to inform the financial engineers, formal sector players and practitioners, proprietors, entrepreneurs, investors and company executives on the opportunities that abound for them in the financial market as well as the challenges too, and how to benefit from this sector in a developing economic environment.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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