Economy
Ahmed Urges Investors to Explore SEC’s Master Plan Initiatives
By Aduragbemi Omiyale
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has advised investors in the capital market to take advantage of initiatives introduced by the Securities and Exchange Commission (SEC) aimed primarily to strengthen the market and accelerate development.
Mrs Ahmed gave this advice at the enlightenment workshop/investor clinic session with the Federal Ministry of Finance, Budget and National Planning and its agencies in Abuja on Wednesday.
The 10-year Master Plan initiatives include an e-dividend mandate system, Direct cash settlement, regularisation of multiple accounts, national investors protection fund, recapitalisation of capital market operators and complaints management framework, among others.
The Minister, who was represented by Mr Stephen Okon, Director Home Finance, said the enlightenment program was in line with the commission’s Capital Market Master Plan and urged SEC to reflect and review the challenges faced by investors with a view of actualizing the objectives of the plan in the remaining few years.
She said, “It is worthy to know that the SEC marked out a 10-year plan for the development of the Nigerian capital market. The objective is to devise strategies for the development of the Nigerian capital market in key areas such as investor protection and integration, professionalism and product innovation and for the expansion of the capital markets role in Nigeria’s economy.
“The SEC deemed it fit to host members of staff of the ministry of finance, budget and national planning and agencies under the ministry in a capital market training procession and workshop with investors.
“This event is to share knowledge on the capital market as well as obtain feedback from such bodies as a medium on the exchange of ideas and feedback to SEC on how to continuously improve on the market activities and regulations which is central to Nigeria’s request for implementation and achieving sustainable development.
“I enjoin participants to take advantage of initiatives introduced in the capital market which are aimed primarily at strengthening the market and accelerating development. I wish to congratulate SEC for the foresight and sense of purpose in organizing this workshop.”
In his opening address, Director General of the SEC, Mr Lamido Yuguda said the event which is organised by SEC in collaboration with the Financial Literacy Technical Committee (FLTC) is an annual event coordinated by IOSCO, which it mandates securities regulators globally to commemorate in their respective jurisdictions for the promotion of investor education and protection.
Mr Yuguda said as a member of IOSCO, the agency was joining the rest of the world to celebrate this important week with planned activities focused on enlightening retail investors on their rights, duties and responsibilities, and educating them on contemporary issues in the Nigerian capital market.
According to Mr Yuguda, the Nigerian financial sector is experiencing a resurgence of Ponzi schemes and illegal fund managers, who lure their subscribers by making promises of huge and unjustifiable returns on investment adding that these unlawful schemes have and continued to enjoy the massive patronage of the Nigerian populace and remain a source of concern for regulators in the financial sector.
“Thus, the commission is poised to continue to apply measures and seek the cooperation of relevant stakeholders to combat the activities of these unlawful schemes, which have undermined the reputation of our financial markets and dampened investors’ confidence, among other things.
“The SEC firmly believes that the Nigerian capital market can attain its potentials if market operators/participants contribute their respective quotas to the growth of the market. The SEC commits to always ensure and maintain an environment that is enabled by the appropriate regulatory framework, timely and affordable access to market, zero-tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practices.
“There is the need to restore investor confidence and improve the participation of retail investors in the market. The demography of investors in the Nigerian capital market shows that our young population do not participate in the capital market, and only a few Nigerians invest in the capital market. This situation creates a huge challenge to the growth of our market and the commission is striving to change the narrative by instilling a fair, transparent and orderly market,” he added.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
