Economy
IoD Admires Accelerated Dynamism of NGX
By Aduragbemi Omiyale
The Institute of Directors (IoD) has shown admiration for the smooth transition of the Nigerian Exchange (NGX) Limited from the Nigerian Stock Exchange (NSE).
Last year, the NSE completed its demutualisation and transformed into NGX Group Plc, allowing the public access to its stocks.
The company gave birth to three subsidiaries, including NGX Limited and listed its shares on the bourse. This was after it first tested the waters at the unlisted securities market, the NASD over-the-counter (OTC) Securities Exchange.
On Tuesday, the leadership of IoD were at the bourse for a closing gong ceremony. During the event, the President/Chairman of the group, Mrs Ije Jidenma, commended the NGX for appointing some of its members to positions on its board, adding that the institute had followed with keen interest the “accelerated dynamism of NGX to a shareholder-owned for-profit entity, especially the role that the exchange has played in the past, present and the future.”
She further said, “The institute and the exchange have an intersection in terms of in corporate governance for the country to be better.”
While calling for more collaboration between the exchange and the IoD, she noted that, “We are convinced that whatever objective the exchange sets out, it will achieve.”
On his part, the chief executive of the NGX, Mr Temi Popoola, said both organisations have for long worked in tandem to advance best practices in corporate governance in the Nigerian capital market.
According to him, in March 2022, NGX, IoD and the Nigerian Bar Association’s Section on Businesss Law (NBA-SBL) partnered to form the Corporate Governance Triangle, which led to the creation of the Corporate Governance Charter that was officially released in August 2022.
He emphasised the efforts of NGX in fostering compliance to global best practices in corporate governance by its listed companies, with its Premium Board being a notable example that has attracted substantial liquidity from investors.
Mr Popoola, represented by the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, acknowledged the efforts of IoD in the effective functioning and development of the capital market and the broader private and public sectors as it advocated for standardised corporate governance and best practices.
“As NGX prides itself for being at the forefront of excellence in governance, integrity and transparency in the Nigerian private sector, we recognise the efforts of IoD in its stance towards promoting competence, developing corporate governance standards, protecting the integrity of directorship, advocacy and nurturing astute professionals who contribute to the success of corporate and public organisations as well as the development of our country.
“We have long enjoyed a synergistic relationship since pre-demutualisation, and we hope this will continue in goodwill. We look forward to more collaborative opportunities with IoD to actualise our collective goals and objectives,” he added.
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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