By Adedapo Adesanya

A Nigerian fintech that allows users to invest in US Dollar-denominated assets, Risevest, has secured a Fund and Portfolio Manager licence from the Securities and Exchange Commission (SEC).

The new licence, obtained through its subsidiary, RV Fund Management Limited, brings Risevest’s operations under the capital market’s regulatory framework, enabling it to operate independently and legally in the country.

“This approval reflects months of rigorous review and engagement,” Mr Eke Urum, Risevest’s co-founder, wrote in a message to users on Wednesday. “We’re grateful to the Securities and Exchange Commission for the critical work they do in safeguarding Nigeria’s financial system and maintaining standards that protect investors. Strong regulation builds strong markets and strong markets build lasting wealth.”

This marks a pivotal regulatory win for Risevest, which in January 2025 came under pressure after the regulator publicly warned Nigerians against investing through the platform, citing a lack of a required licence to operate within Nigeria’s capital market.

In a response, Risevest said its Nigerian investment activities were safeguarded through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed trustee.

Risevest’s Nigerian operations were previously structured through partnerships and regulatory cover, most notably its September 2023 acquisition of Chaka, an SEC-licensed digital trading startup. The deal allowed Risevest to leverage Chaka’s licence to provide Nigerian users with access to global securities.

With this, Risevest joins other regulated fintech including Bamboo and Trove, with a proper broker-dealer licence.

“It has always been our goal to operate at the highest level of global compliance,” Mr Urum noted.

The licence positions the company to legally capture a part ofthe rising interest in Nigeria’s capital market, with a young, booming population seeking profitable investment and avoiding Ponzi schemes.

Founded in 2019 by Mr Urum, Mr Bosun Olanrewaju, and Mr Tony Odiba, Risevest curates and presents portfolios in US stocks and global fixed-income assets, and allows users to choose how much they want to invest.

In 2024, the company acquired Hisa, a Kenyan investment startup, marking its entry into the East African country.

By Adedapo Adesanya

As deliberations for the 2026 budget estimate continue in the Senate, there are indications that the N58 trillion proposed for the fiscal year may be trimmed due to poor implementation and unrealistic benchmarks.

During a tense budget defence session before the Senate Committee on Appropriations on Thursday, several lawmakers expressed concerns over widespread complaints of non-funding of the 2025 budget by Ministries, Departments and Agencies (MDAs).

Some of the top government officials at the meeting today were the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Mrs Doris Uzoka-Anite; and the Chairman of the National Revenue Service (NRS), Mr Zacch Adedeji.

Recall that in December, President Bola Tinubu presented the 2026 federal budget of N58.18 trillion, with N5.41 trillion allocated to defence and security, representing approximately 9.3 per cent of the total expenditure.

Senators raised some issues,  including unpaid contractors, a controversial centralised payment system, inadequate capital releases, and a rising debt profile, as major areas of concern.

In response, Mr Adedeji explained that previous budgets were often built on faulty assumptions, noting that unrealistic projections had consistently created implementation challenges.

“When assumptions are not real, there will be a problem. That is what we intend to correct this year. It must be based on realistic budgeting. Efficiency lies in what you can actually execute,” he said, urging lawmakers to adopt a new approach anchored on credible revenue projections.

On his part, the Chairman of the Committee, Mr Adeola Olamilekan, questioned the economic team’s confidence in delivering the proposed budget.

“The indication is that you do not have full confidence in the N58.7 trillion budget. Do we reduce this budget or leave it as it is? If it is faulty and we are not reducing it, then you are saying you will meet it?” he asked.

Responding to further inquiries on the performance of the 2025 budget, the Minister of State for Finance disclosed that the Federal Government was prepared to begin settling outstanding payments.

She revealed that MDAs had been directed, effective immediately, to upload their cash plans for all pending obligations, assuring the committee that payments for 2025 would commence immediately or, at the latest, by Monday.

Following the exchanges, the committee proceeded into a closed-door session.

Business Post reports projections in the 2026 budget are based on a conservative crude oil benchmark of $64.85 per barrel, crude oil production of 1.84 million barrels per day, and an exchange rate of N1,400 to the US Dollar.

By Adedapo Adesanya

The Financial Reporting Council of Nigeria (FRC) has said that it will begin the enforcement of the National Audit and Assurance Firms Register from April 1, 2026.

In a statement, the council said the directive makes it compulsory for all audit firms and other assurance service providers operating in Nigeria to register with the FRC.

The directive is part of the council’s ongoing efforts to strengthen public oversight, transparency, and confidence in Nigeria’s financial reporting ecosystem.

According to the FRC, the directive is issued pursuant to Sections 28, 60 and 61 of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended) and the Audit Regulations 2020 and follows earlier public notices on the registration and classification of audit and assurance firms.

Under the new regime, all statutory audit firms and other assurance service-providing firms are required to register or update their regulatory profiles with the Council through its official online portal.

The requirement extends beyond traditional audit firms to include Assurance Service Providing Firms whose services involve assurance, attestation, verification, certification, or the issuance of independent opinions relied upon for financial reporting and public-interest purposes.

The FRC clarified that the scope of affected firms includes, but is not limited to, entities providing actuarial services, property and business valuation, financial valuation, tax assurance, information technology and systems assurance, legal advisory services involving assurance-related opinions, corporate governance, compliance, and sustainability assurance services.

As part of the enforcement framework, the council disclosed that it will publish the National Audit and Assurance Firms Register on its website from April 1, 2026, with regular updates thereafter.

This means that firms that fail to complete registration or update their status on or before March 31, 2026 will not be listed on the Register.

The FRC warned that only firms listed on the Register will be legally permitted to undertake, accept, or continue audit or assurance engagements in Nigeria. Any engagement carried out by an unregistered firm, the Council said, would constitute a violation of Nigerian law and attract sanctions under the FRC Act and the Audit Regulations.

In addition, the council issued a strong compliance warning to Public Interest Entities, government institutions, regulated entities, and private organisations, stating that it will be unlawful from April 1, 2026, to engage any audit or assurance service provider not listed on the register.

“Reporting entities are required to verify the registration status of both the audit firm and the signing audit professional before appointment and throughout the duration of any engagement, as the register is reopened annually,” the FRC stated.

The FRC noted that audit or assurance engagements conducted by unregistered firms will be deemed invalid, with regulatory sanctions applicable to the engaging entities and their responsible officers.

The council urged all affected firms to complete their registration promptly and advised stakeholders to consult its official platforms for verification and compliance information.