By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has cleared seven new fintech and digital asset firms for admission into its Accelerated Regulatory Incubation Programme (ARIP), granting them Approval-in-Principle (AIP) to operate within the programme’s regulatory sandbox as part of efforts to promote innovation while protecting investors.

The commission said the move reinforces its commitment to fostering responsible innovation that deepens Nigeria’s capital market without compromising market integrity.

The seven firms set for admission into the programme are Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd and Blockvault Custodian Ltd.

According to the SEC, the Approval-in-Principle permits the firms to operate within the defined scope of the programme, subject to conditions stipulated by the Commission.

It clarified that the approval is not a final operating licence but confirms that each entity has satisfied the admission requirements for ARIP.

“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. It is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission stated.

The ARIP is a controlled regulatory environment established by the SEC to accelerate the onboarding of digital asset and other investment service providers, including Virtual Asset Service Providers (VASPs) and tokenised product platforms.

The programme enables the Commission to evaluate emerging business models and financial technologies under regulatory supervision before they are offered to the investing public.

According to the commission, the initiative is designed to ensure that adequate safeguards are in place to protect investors while preserving the integrity of Nigeria’s capital market.

The SEC reiterated its commitment to supporting innovation that enhances efficiency, transparency, financial inclusion and sustainable growth in the capital market through initiatives such as ARIP.

It also urged members of the public to verify the regulatory status of individuals or organisations promoting investment products or services through its official channels before committing funds.

By Dipo Olowookere

The 14th president and chairman of the council of the Chartered Institute of Stockbrokers (CIS), Ms Fiona Ahimie, has promised to position the organisation as a leading professional body contributing meaningfully to the growth and development of the Nigerian capital market and the national economy.

She made this commitment during her swearing-in ceremony on Thursday, June 25, 2026, as the first female leader of the 34-year-old institute.

Ms Ahimie also pledged to strengthen professional excellence, deepen stakeholder engagement, expand financial literacy, promote youth and women’s development, and drive innovation and digital transformation.

The event, which was attended by several capital market stakeholders, was also used as a send-off ceremony for Ms Ahimie’s predecessor, Mr Oluropo Samuel Dada, in recognition of his exemplary leadership and dedicated service to the organisation over the past two years.

Present were Nigeria’s Vice President, Mr Kashim Shettima, represented by the Special Adviser to the President on Economic Affairs, Mr Tope Fasua; the Minister of Women Affairs & Social Development, Ms Imaan Sulaiman-Ibrahim; the Governor of Ekiti State, Mr Biodun Abayomi Oyebanji; the Governor of Lagos State, Mr Babajide Sanwo-Olu, represented by the Commissioner for Finance, Mr Abayomi Oluyomi; the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, represented by the Director of Financial Policy & Regulations at the CBN, Ms Rita Ijeoma Sike; the Director-General of the Securities and Exchange Commission, Mr Emomotimi Agama; the Chairman of First Holdco, Mr Femi Otedola, represented by the chief executive First Holdco, Mr Adebowale Oyedeji; the former DG of the Nigerian Exchange (NGX), formerly known as the Nigerian Stock Exchange (NSE), Ms Ndi Okereke-Onyiuke; and the chairman of NGX Group, Mr Umaru Kwairanga, amongst others.

By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries and its allies (OPEC) agreed to raise oil output again as shipping traffic through the Strait of Hormuz gradually recovers and Persian Gulf producers restore production.

After a virtual meeting on Sunday, the seven-member group said it would raise production by about 188,000 barrels a day in August, marking a fifth straight monthly increase as the cartel continues to unwind production cuts introduced in recent years. The seven countries participating in the increase include Saudi Arabia alongside Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

These seven ​core members of OPEC+ have hiked their output quotas from April through July ​by almost 800,000 barrels per day, but the increase has remained largely on paper because of the US-Israeli war on Iran, ⁠which closed the Strait of Hormuz to tanker traffic for some of the most important OPEC+ members, including Saudi Arabia, Kuwait and ​Iraq.

This expected increase matches the hike agreed for June, which was revised down from an initial 206,000 barrels per day following the exit of the United Arab Emirates (UAE) from the group in May.

This measure will provide an opportunity for the participating countries to accelerate their compensation, the seven countries noted during the meeting.

They also noted that additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner.

The alliance said it would continue to closely monitor and assess market conditions and have regular monthly meetings, starting on August 2, 2026.

In the meantime, OPEC+ output fell to 33.13 million barrels per day in May, according to OPEC data, from 42.77 million barrels per day in February. It began ​to recover in June thanks to US efforts to help the UAE and other OPEC+ nations export more oil, but is still below pre-war levels.