Economy

Identity Theft: SEC Introduces Investor’s Data & Consent Form

Published

6 years ago

08/04/2020

By Modupe Gbadeyanka

The Securities and Exchange Commission (SEC), in a bid to address challenges associated with identity management in the capital market, has developed a standardized Investor’s Data and Consent Form to be adopted by all Capital Market Operators.

SEC explained that the form will assist CMOs in collecting and updating investors data and enable them to obtain consent of investors for implementing capital market initiatives targeted at improving overall experience and participation in the capital market.

Identity theft is the deliberate use of someone else’s identity, usually as a method to gain financial advantage or obtain credit and other benefits in the other person’s name, and perhaps to the other person’s disadvantage or loss.

Speaking in an interview in Abuja recently, the acting Director General of SEC, Ms Mary Uduk, stated that identity management has been a problem not just in the capital market but in many sectors of Nigeria’s economy, but assured that the SEC was handling it in the capital market.

“We are handling it, and that is why we came up with that form, that form has been exposed and we have asked the Capital market operators and other stakeholders to give us their comments on that form.

“We want to get as much information as we need from investors to be able to use it in the right way while also protecting that information,” she said.

Ms Uduk expressed the commitment of the commission to identify investors properly so as to guard against flow of illicit funds into the capital market.

“We need to identify our investors. We need to know who is putting money in our market and who is not. That will also help us to take care of money laundering and other vices and people we don’t want in our market.

“That form is out there and we expect every stakeholder to look at it and make comments and other capital market operators so that we can use it to get information from investors and that information would be stored in data base protected under the law and used to ensure that we have unique identifier investors,” she said.

“For example, years ago, before the global financial crisis, there was lack of good identity management in the market and that made it easy for some people to buy stocks using multiple identities when companies were doing IPOs at that time.

“What has happened now is that we find it difficult to reconcile ownership of these stocks. That is why we have a window open right now for people who got stocks in multiple identities to regularise them,” she added.

The SEC boss, however, warned that the SEC would no longer tolerate investors buying stocks in fake names, terming it as illegal.

She added that the window of opportunity is still open for such investors to regularize their accounts at no penalty, saying that the identity management would assist in ensuring that it does not happen in the future.

Economy

SEC Okays Emerald Holdco’s Takeover of N6.94bn Beta Glass Minority Shares

Published

11 minutes ago

08/07/2026

Dipo Olowookere

By Aduragbemi Omiyale

Emerald Holdco has been authorised by the Securities and Exchange Commission (SEC) to proceed with its mandatory takeover offer (MTO) of shares of Beta Glass Plc worth N6.94 billion held by minority investors.

In a notice to the Nigerian Exchange (NGX) Limited, it was disclosed that the MTO involves 11,741,509 ordinary shares of Beta Glass at a unit price of N590.94.

Shareholders of the company are required to fill out the MTO form for the exercise, which opened on Tuesday, July 7, 2026, and is expected to close at 5:00 pm on Tuesday, August 4, 2026.

Business Post reports that Emerald Holdco recently completed the acquisition of 100 per cent of the shares of Emerald Nigeria Intermediate Holdings B.V. (formerly Frigoinvest Nigeria Holding B.V), which owns 76.03 per cent of Packaging Industries Nigeria Limited (formerly Frigoglass Industries (Nigeria) Limited) from the Frigoglass Group.

As part of this transaction, Emerald Holdco has assumed indirect ownership of 331,260,999 ordinary shares in the company, previously held by Frigoglass Group, which represent approximately 55.22 per cent of the issued share capital of the organisation.

In accordance with the Nigerian Takeover Rules, Emerald Holdco is required to make a takeover offer to all other shareholders of Beta Glass. It is permitted to make an offer for all or a portion of the shares held by the other shareholders of the firm.

Following this requirement, Emerald Holdco sought and obtained approval from its board and shareholders to launch a takeover offer to all qualifying shareholders for the acquisition of up to 11,741,509 ordinary shares, representing 1.96 per cent of the total issued and fully paid-up share capital of Beta Glass.

The board and shareholders granted this approval on February 5, 2026, and March 3, 2026, respectively.

Economy

NASD Index Crashes 6.11% as FrieslandCampina Shares Tumble

Published

37 minutes ago

08/07/2026

Adedapo Adesanya

By Adedapo Adesanya

A plunge in the share price of FrieslandCampina Wamco Nigeria Plc purged the NASD Over-the-Counter (OTC) Securities Exchange by 6.11 per cent on Tuesday, July 7.

The milk producer, famed for brands like Peak Milk and Three Crowns, was the sole price loser during the session, shedding N12.41 to end at N139.41 per unit compared with the previous day’s N151.82 per unit.

As a result, the market capitalisation of the alternative stock market went down by N155.40 billion to close at N2.387 trillion, in contrast to Monday’s closing value of N2.543 trillion, and the NASD Security Index (NSI) fell by 258.90 points to close at 3,978.07 points compared with the preceding session’s 4,236.97 points.

Business Post reports that NASD Plc was the only price gainer for the day, gaining 80 Kobo to close at N34.10 per share versus N33.30 per share.

Yesterday, the value of securities surged by 98.3 per cent to N15.9 million from the preceding session’s N2.8 million, the volume of securities increased by 183.6 per cent to 323,780 units from 114.175 million units, and the number of deals grew by 61.1 per cent to 29 deals from 18 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded security by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units exchanged for N4.9 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold 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 traded for N415.7 million.

Economy

Naira Falls to N1,375/$1 at Official Market, N1,395/$1 at Parallel Market

Published

2 hours ago

08/07/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened by N7.48 or 0.55 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 7, to N1,375.75/$1, in contrast to the previous day’s N1,368.27/$1.

Equally, the local currency fell against the Pound Sterling in the same official FX market yesterday by N14.66 to trade at N1,841.57/£1 versus Monday’s closing price of N1,826.91/£1, and against the Euro, it depreciated by N10.61 to close at N1,573.30/€1 compared with the preceding session’s N1,562.69/€1.

In the parallel market, the Nigerian currency lost N5 against the US Dollar during the trading day to settle at N1,395/$1 compared with the previous day’s N1,390/$1, and at the GTBank forex desk, it remained unchanged at N1,831/$1.

Liquidity fluctuations amidst sustained FX inflows from foreign portfolio investors, exporters, non-bank corporates and other sources weakened the Naira despite rising external reserves. Updated data showed that gross external reserves increased to $ 51.525 billion from $51.549 billion.

Daily interbank FX turnover stood at $54.180 million across 70 deals, from $70.430 million.

The Central Bank of Nigeria (CBN) signalled its intention in the first half of the year to slow the Naira rally and avoid capital flight by purchasing US Dollars from the market.

As for the cryptocurrency market, benchmarked tokens dipped following renewed strikes on Iran by the US after an attack on commercial ships in the Strait of Hormuz. The US Central Command forces said it began launching a series of powerful strikes against Iran to impose high costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway.

The latest exchange of fire will test the fragile ceasefire as Iran struck back by targeting US bases in Bahrain and Kuwait. The renewed attacks in the Middle East have doused the flames of the recent rally, with markets losing $50 billion over the past 12 hours.

Cardano (ADA) fell by 5.8 per cent to $0.1695, Solana (SOL) dropped 3.4 per cent to sell at $78.24, Ripple (XRP) depreciated by 3.3 per cent to $1.08, Dogecoin (DOGE) declined by 3.2 per cent to $0.0724, and Binance Coin (BNB) slid by 1.9 per cent to $567.58.

Further, Ethereum (ETH) went down by 1.1 per cent to $1,751.40, Bitcoin (BTC) lost 0.8 per cent to quote at $62,538.88, and TRON (TRX) decreased by 0.4 per cent to $0.3289, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.