Economy
LCCI e-Commerce Group Seeks Better Regulatory Environment
By Adedoyin Giwa
From improving sales volume to facilitating automated processes in business transactions and the application of new technology, there’s no disputing the fact that e-commerce is opening up the Nigerian economy at an impressive rate.
Thriving on a digital economy platform, e-commerce boasts an incredible level of cost-efficiency of connecting sellers with buyers, which makes it a potent tool for business growth, especially for SMEs.
Interestingly, the unfolding relevance and inherent benefit of the e-commerce ecosystem is beginning to attract the interest of relevant stakeholders.
Recently, the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emiefiele, stated that the digital space and its accompanying economic activities will further open up the Nigerian economy, drive financial inclusion and create more jobs.
According to Mr Emiefiele, the impact is obvious for all to see, as the regulatory framework put in place by the apex bank has opened up the digital space for innovation in the Payment Service System thus driving financial inclusion and employment creation.
Few weeks after his comments, the Lagos Chamber of Commerce and Industry (LCCI) announced the inauguration of an e-commerce sectoral group under its banner in conjunction with Jumia and other players in the ecosystem.
Among other things, the group is expected to support the development of private enterprises in various sectors of the Nigerian economy by exposing their products to a larger market.
The LCCI was established for the promotion and protection of trade and industry, and to represent and express the opinion of the business community on matters affecting trade and industry in Lagos, and by extension Nigeria.
Speaking on the essence of the e-commerce group, the Director-General of LCCI, Mr Muda Yusuf, explained that the pivotal role taken up by digital platforms in the Nigerian economy in recent times necessitated the formation of the group.
“Digital platforms have been playing a major role in the issue of trade and commerce in the country. So, this informed the formation of the e-commerce group in LCCI,” he stated.
The ultimate goal is to achieve a robust digital economy that will work to the benefit of all stakeholders, he added, noting that the group will work towards the attainment of a more conducive policy and regulatory environment needed for the industry to thrive for the benefit of all stakeholders.
“The beneficiaries are all the investors in that space; the government and the entire players in the economy because the whole idea is to ensure that we create a better policy and regulatory environment for that segment of the economy to thrive, grow and contribute a lot more to the Nigerian economy,” he stated.
While working with key players in the e-commerce industry was a masterstroke by LCCI, the appointment of the group Chairman was a well thought out process.
At the inauguration of the group, Jumia Chairwoman and Head of Institutional Affairs, Ms Juliet Anammah, was appointed to lead the organisation.
Commenting on the appointment, Mr Yusuf said the group felt that Juliet with her wealth of experience and position in the industry is best suited to drive the affairs of the group towards the attainment of its objectives.
“The choice was informed by the fact that she’s the chair of a major player in the industry. Jumia is a major player in the e-commerce space and we felt that such a person is best positioned to drive this initiative by LCCI,” he stated.
The e-commerce space is gaining more relevance in Nigeria. The recent attention by stakeholders to the sector is a welcome development, and if properly managed and given adequate policy cum legislative support, will go a long way in improving the country’s economic fortunes.
By Adedapo Adesanya
Brent crude dropped below $70 on Monday, specifically losing $1.08 or 1.5 per cent to trade at $69.28 per barrel, as fears that the United States’ tariffs on Canada, Mexico and China would slow economies around the world and slash energy demand.
Also, the US West Texas Intermediate (WTI) futures settled at $66.03 a barrel after shedding $1.01 or 1.5 per cent during the session as the wider market saw plunges after the US President, Mr Donald Trump’s protectionist policies sent jitters across major economies and the oil market wasn’t spared.
The American president has imposed and then delayed tariffs on the country’s biggest oil suppliers,Canada and Mexico, while also raising duties on Chinese goods.
China and Canada have responded with tariffs of their own but Mexico has not followed in the path of two countries, waiting to study the direction of the development before making any move.
Over the weekend, US Commerce Secretary Howard Lutnick said President Trump would not let up pressure on tariffs on Mexico, Canada, and China.
Also, President Trump over the weekend declined to predict whether the US could face a recession as investors worried about a possible economic slowdown that could curtail oil demand.
On the supply front, President Trump is seeking to choke off Iranian oil exports as part of efforts to pressure the country to reduce in its nuclear programme.
Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei said on Saturday that his country will not be bullied into negotiations.
President Trump also said the US would intensify sanctions on Russia if it fails to reach a ceasefire deal with Ukraine.
This is as the country is looking ways to ease sanctions on Russia’s energy sector if it agrees to end its war with Ukraine.
Meanwhile, Russia’s Deputy Prime Minister Alexander Novak said the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to start increasing oil production from April.
He added that the alliance could reverse the decision afterwards if there are market imbalances in the future.
By Aduragbemi Omiyale
The N3.1 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.
The equities from the exercise were taken to the stock exchange for listing last Wednesday to increase the total issued and fully-paid shares of the organisation.
Business Post reports that the company used a total of 1,104,386,890 ordinary shares of 50 Kobo each at N2.8 per unit to pay up about N3.1 billion debt incurred by the firm.
The board of Ellah Lakes was given the authority to convert the company’s outstanding debt into equity at its Annual General Meeting (AGM) on December 5, 2024, in Lagos.
In a notice to investing public last week, the NGX said, “Trading licence holders are hereby notified that additional 1,104,386,890 ordinary shares of 50 Kobo each of Ellah Lakes Plc were on Wednesday, March 5, 2025, listed on the daily official list of Nigerian Exchange (NGX) Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N3,092,283,294.81 debt to equity.
“With this listing of the additional 1,104,386,890 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc have now increased from 2,753,786,788 to 3,858,173,678 ordinary shares of 50 Kobo each.”
The conversion of the company’s debt to equity came after one of its largest shareholders, CBO Capital, offloaded about 81 million units of the organisation’s equities at the stock market recently.
By Adedapo Adesanya
Thailand’s Securities and Exchange Commission (SEC) has approved the use of Tether’s stablecoin, USDT, as a currency.
According to a statement on Monday, the approval enables USDT to be traded within the country, facilitating its listing on regulated exchanges and paving the way for USDT to be accepted for payments, which advances the region’s leadership in digital asset innovation.
The updated regulations aim to enhance flexibility in digital asset businesses and will take effect on March 16, 2025.
This comes after the Thailand regulator sought public feedback on these changes, which were finalized in February 2025 with widespread industry support.
“The regulator’s recognition of USDT as an approved cryptocurrency marks a pivotal moment in the evolution of digital assets in the region and represents a major step toward clarifying and enhancing Thailand’s regulatory framework.
“This will provide investors with greater flexibility and choice while fostering a more dynamic and resilient industry. By enabling the seamless integration of USDT, the decision supports the diversification and modernization of Thailand’s financial landscape,” the statement added.
Thailand is one of the friendliest jurisdictions for digital assets in recent years and ranks among the top 20 countries globally in terms of adoption.
USDT accounts for around 40 per cent of volumes.
Tether’s USDT with a market cap of $142 billion, is the world’s most widely used stablecoin, providing a trusted, efficient bridge between traditional fiat systems and digital economies.
Speaking on the development, Mr Paolo Ardoino, CEO of Tether, said it will continue to boost its services and offerings in more friendly markets.
“We highly value the Thai market and are continuously exploring ways to enhance our services and offerings. Our priority is to provide users in Thailand with a secure, transparent, and reliable stablecoin experience.
“We are committed to supporting the long-term success and adoption of stablecoins in Thailand and look forward to contributing to the growth of the country’s digital asset ecosystem by fostering a strong and sustainable stablecoin infrastructure.”
Thailand’s forward-thinking approach to digital asset regulation sets a global benchmark, and Tether is proud to see USDT play a pivotal role in driving economic progress and digital transformation in the region.
Tether added that this approval confirms its dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.
“Thailand’s forward-looking stance on stablecoins is reflected in its vibrant, Thai baht-backed digital asset market,” it added.
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