Economy
COVID-19: SEC Uses Fintech to Regulate Capital Market
By Dipo Olowookere
The Securities and Exchange Commission (SEC) said it is leveraging the various opportunities available in the Fintech space to ensure proper regulation of the capital market in the face of the COVID-19 pandemic.
According to the acting Director General of SEC, Ms Mary Uduk, her agency had to employ various means to ensure that the market is able to operate remotely and also ensure that investors are able to get the benefit of their investments at this critical time when they need them.
Speaking in an interview in Abuja at the weekend, Ms Uduk confessed that, “No one saw this coming, but here it is with us. We had to quickly activate our Business Continuity Plans to ensure that there is no gap in regulation.
“So, most of us are leveraging technology, and staff are working remotely, we are interacting with market operators who are also working remotely.
“Our staff are equipped to be able to continue to work remotely and support the market in every area. We have also issued circulars to capital market operators guiding them on how we expect that the market remains open and continues to function seamlessly.
“You are aware that many companies have been able to hold virtual AGMs and have also paid out dividends to their shareholders in spite of the lockdowns. This they have been able to do with the aid of technology.”
The SEC boss said the pandemic has disrupted the market and everything else but added that with the deployment of technology the market is able to remain open and function.
“In the past, we talked a lot about FinTech or Financial Technology and how it has disrupted the market, but now, its COVID-19 that has disrupted the market, disrupted everything the way it is and therefore, as human beings, we have to adapt to be able to ensure that our lives continue and not allow COVID-19 to put our lives on hold.
“Therefore, we are leveraging technology to be able to continue to function. Initially people were afraid of technology but right now it has become a saving grace given the COVID–19,” she said.
Ms Uduk disclosed that there are recent developments and opportunities in the Fintech space and said the commission is leveraging these opportunities.
“We are adopting technology in our regulatory and operational activities and have established a division dedicated to Fintech and Innovation.
“We are engaging and guiding Fintech start-ups that seek to operate in the Nigerian capital market, while we encourage those we regulate to embrace Fintech, not as competitor, but as enablers to their existing operations and processes.
“We are finalising some existing regulations in the areas of crowdfunding and other Fintech-based trading and investment platforms.
“We are aware that Fintech provides opportunity to bring efficiency into our activities, introduce new products and new platforms as well as supporting development of technology start-ups” she added.
Recall that the commission launched the Fintech Roadmap for the Nigerian Capital Market and a dedicated committee is working with the commission and other key stakeholders to implement the recommendations of the roadmap report.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
