By Dipo Olowookere

The International Monetary Fund (IMF) has said despite the economic reforms of the administration of President Bola Tinubu, poverty and food insecurity remain high in Nigeria.

The global lender said this after the conclusion of its 2025 Article IV Consultations with Nigeria from April 2 to 15 in Lagos and Abuja.

Officials of the IMF led by the mission chief for Nigeria, Mr Axel Schimmelpfennig, held talks with senior government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Agriculture and Food Security, Mr Abubakar Kyari; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

Others were senior government and central bank officials, the Ministry of the Environment, the private sector, academia, labour unions, and civil society.

In a statement made available to Business Post by the IMF, the federal government was praised for its reforms as well as the central bank for stopping the funding of budget deficits through ways and means.

“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.

“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

“The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment.

“Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth,” the statement said.

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) is moving to apply a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.

This is coming after Crypto Bridge Exchange (CBEX) reportedly crashed, leading to many investors unable to withdraw their funds.

The issue has drawn wide conversations around the unchecked activities of Ponzi scheme operators until it is too late to cry when the head is cut off.

The Director-General of the SEC, Mr Emomotimi Agama, said this in a statement that the commission never granted registration to CBEX operate as a digital assets exchange in Nigeria.

He urged members of the public to cease all dealings with the platform.

CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, asked the public to invest in its schemes for higher returns.

“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 reiterated.

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

The SEC chief 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.

Mr Agama 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.

The SEC DG also 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.

“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.

This comes after the Economic and Financial Crimes Commission (EFCC) also announced that it is investigating the development.

By Adedapo Adesanya

The Nigeria Sovereign Investment Authority (NSIA) has reported that the country’s sovereign wealth fund grew by 56 per cent from an initial $1.82 billion in 2011 to a net asset value of $2.84 billion as of December 2024.

According to a statement, this demonstrated strong financial stewardship and investment strategy over the past decade.

NSIA Managing Director, Mr Aminu Umar-Sadiq, disclosed during a media engagement in Abuja, where he presented the Authority’s 2024 financial earnings stated that the Authority had strategically allocated its assets to safeguard against economic shocks and deliver sustainable returns.

The NSIA documents revealed that total assets increased by 96 per cent from N2.26 trillion in December 2023 to N4.42 trillion in December 2024.

He noted that the growth was driven by higher returns from associates and joint ventures, net gains from collateralized securities, and foreign exchange gains due to Naira depreciation.

“For over a decade, NSIA has successfully executed more than 150 investments across Africa, reinforcing its commitment to regional economic development,” Mr Umar-Sadiq said.

He explained that the NSIA operates three ring-fenced funds: A 20 per cent Stabilisation Fund to support the economy in times of distress, 30 per cent Future Generations Fund, designed for long-term investments, and 50 per cent Nigeria Infrastructure Fund, focused on domestic infrastructure projects.

The Key highlights of NSIA’s 2024 performance include: “Over $500 million committed to domestic Infrastructure, more that $1 billion catalyzed from third-party investors.

“Robust infrastructure portfolio in agriculture, healthcare, and power, Investments in over 50 per cent of locally owned private equity funds, Operating Income: N1.85 trillion, Profit After Tax: N1.89 trillion.

“Total Comprehensive Income: N1.89 trillion, Return on Average Assets: 12.2 per cent and Return on Average Equity: 12.4 per cent.”

The NSIA also announced its phased exit from the fertilizer blending sector, following significant progress since 2017.

From just four operational blending plants at the outset, the number has grown to over 90.

“With the recent removal of the FX ban on imports by the CBN Governor, the sector is now liberalized with vibrant private participation. NSIA’s continued involvement is no longer necessary,” Mr Umar-Sadiq said.

He explained that NSIA’s intervention was always intended as a temporary measure to revitalize the sector. The authority started by fully managing supply chains and operations for blending plants but gradually reduced its involvement as plants became self-sufficient.

“In the next two to three years, we expect a full transition. Our focus was to enable the sector to stand independently—not to remain a permanent player,” he added.

Speaking about the potential impact of US President Donald Trump’s policies on NSIA’s portfolio, Mr Umar-Sadiq emphasized the Authority’s defensive asset allocation strategy.

“Our Stabilisation and Future Generations Funds are designed to protect on the downside. While we may not always maximize gains during market booms, we ensure stability during downturns, which aligns with the savings mandate of our sovereign wealth fund,” he said.