Economy
Fintech Now Attracting Young People to Capital Market—SEC
By Modupe Gbadeyanka
Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has commended the positive impact the financial technology (Fintech) has had in the Nigerian capital market, saying that space was beginning to make investment in the market very attractive to young people in the country.
Ms Uduk gave this commendation when she hosted officials of the Department For International Development (DFID) and the Financial Conduct Authority (FCA) at her office in Abuja at the weekend.
She informed her guests that in view of its contribution to investment in the nation’s capital market, the commission was ready to collaborate with two visiting organisations to develop the Fintech space in Nigeria.
According to her, this partnership will encourage responsible use of new technologies and digital finance in the capital market, influence increased international participation and cooperation, and also provide investors with more choices in the market.
The acting DG said SEC was looking to adopt regulatory and supervisory practices for orderly development and stability of Fintech, as the commission will pay close attention to sustaining confidence and safeguarding the integrity of the market.
“In this way, our policies will facilitate the safe entry of new products, activities and intermediaries. In addition, we will ensure that regulation does not stand in the way of innovation,” she stated.
She said while it was clear that FinTech has already made huge inroads into many aspects of the financial industry, what is perhaps even clearer is that the surface has barely been scratched in relation to what Fintech can do for us in the future.
“The awareness of customers that their data might be prone to cyber-attacks could make them lose trust in digital channels until strong consumer protection frameworks are in place. These frameworks for digital financial services will be critical in building confidence for consumers.
“We have come up with ways to monitor the risks that may come up. It’s like a sandbox, but not an enclave. We are building capacity to train young people that would be able to drive the process.
“We hope that this year will be a turning point. We are trying to gather as much information as we can to be able to contextualise and synthesise regulation in Nigeria,” she said.
Continuing, she said, “Young people are beginning to get interested in investment and they are doing this via Fintech and that is why we are doing all that we can to develop rules around it so that the risk will be mitigated and it will further develop the market.”
In his remarks, Senior Adviser, UK DFID, Mr Richard Sandall, said DFID and FCA have a partnership to support FCA to step into new jurisdictions to deliver DFID objectives in certain areas.
“We are in Nigeria to look at the FinTech environment, regulatory environment and see if there are ways the Fintech environment can be built.
“We are very interested in the impacts that Fintechs in Nigeria would have in the UK. We know that Nigeria has Fintechs and the FCA has already established international networks,” he said.
He said the agreement with FCA is for up to two years and during that time modalities would be put in place to work with regulators and that is why they have come to the SEC.
“We know the SEC has enthusiasm for Fintech and we want to help develop it as much as we can,” Mr Sandall added.
Also speaking, Nigeria Lead, FCA, Mr Parma Bains, said they have done some work with the SEC in the past and are very comfortable working with the commission.
Mr Bains expressed appreciation to the SEC for the opportunity to collaborate and expressed the belief that it is the beginning of many collaborative relationship that will span for the next two years of the project.
“We are available to provide collaboration and assistance in the area of Fintech and we are also open to learn how you regulate the market and some other roles you perform,” Mr Bains added.
On her part, Technical Specialist, FCA, Barr Alicia Kedzierski, said she was impressed by the depth your research has taken, the fact that you have gone to various jurisdictions to try to find out what is happening is a good step.
“SEC Nigeria is the first regulator that we have seen that looks into the millennial and the risks that could lead to long term issues.
“There has to be balance, regulation as well as ensure that they are not closed out,” she said.
The idea behind the UK-Africa Fintech partnership is to connect African entrepreneurs with British fintech investors and business mentors to access the finance and advice needed to start and grow their companies.
The UK’s Financial Conduct Authority (FCA) will work with its regulatory counterparts in Africa. A dedicated fund worth up to £2 million will support Nigerian start-ups.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
