Economy
National Assembly Canvasses Stronger Capital Market Regulations
By Aduragbemi Omiyale
The National Assembly (NASS) has pushed for stronger capital market regulations in order to attract a wide array of investments under a secured and transparent environment.
According to the Chairman of the House Committee on Capital Markets and Institutions, Mr Babangida Ibrahim, efforts must be made to further strengthen the current regulatory framework in the capital market as the space plays a vital role in the growth and development of the economy.
Speaking during a stakeholders’ meeting on the Investments and Securities Bill held in Lagos on Monday, the lawmaker said, “Our presence at this meeting today is to review the current developments in the Nigerian capital market and also dissect the content of the Investments and Securities Bill, 2021 and make appropriate contributions towards strengthening and enhancing the regulatory and supervisory framework of the Securities and Exchange Commission (SEC) as the umpire of the capital markets.”
“My distinguished colleagues and management of SEC, with our determined commitment for the passage of the bill which has already passed the second reading, I believe at the end of this retreat, a clearer focus would be charted to ensure the success of the passage of the bill,” he added.
Mr Ibrahim expressed the hope that contributions will be free-flowing, frank, inspirational and provocative and would strengthen the operational framework of the capital market.
“We as stakeholders must offer our valued ideas and bring in our expertise and professionalism to this piece of legislation. We should note that for this bill to pass through the legislative activities successfully in the National Assembly, it must be holistic, comprehensive and have global flesh in the international investments and securities.
“Therefore, I urge the management of the commission and the entire stakeholders gathered here to bring out our best towards this course,” he added.
He also assured stakeholders of the National Assembly’s support in any area of legislation necessary to actualize the vision of the SEC to make the investment and securities businesses in Nigeria better.
In his remarks, the Director-General of SEC, Mr Lamido Yuguda, expressed the need for legislation that would address the current realities and prepare the Nigerian capital market for the prospective changes that are likely to come in the near future.
He said the significance of the capital markets cannot be overemphasised as governments need the capital market to work with it to deliver the goods and services that nations need.
“I hereby wish to register my profound appreciation for the support from the two committees of the National Assembly to us in our various interactions over the last one and half years.
“This has helped the leadership of the commission in doing things differently and I can say confidently that we are in a better state than we were two years ago. And with this kind of support we are going to get the capital market of our dreams,” he stated.
Also speaking, the Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr Temi Popoola, emphasised that most of the developmental challenges the country presently faces could be solved through the capital market.
He stated, “The capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance.
“It is, therefore, crucial that the market becomes more innovative in product development to attract a more diversified array of market players both in the listing and trading segments. Undoubtedly, if we are able to deepen our market and make it stronger, there will be inflows and our nation will grow and become healthier.”
In a goodwill message, Chairman Senate Committee on Capital Markets, Mr Ibikunle Amosun said that a lot of changes have happened in the final stock market hence the need for Nigeria to move with the tide.
Represented by Senator Kashim Shettima, he said, “It is interesting to note that the last time the Act was enacted was in 2007. There are lots of changes in the global stock market and we need to move with the tide.
“There is, therefore, the need for a review of the ISA to confirm with current realities. This is a good forum for us to cross-pollinate our ideas and come up with robust solutions to the challenges.”
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
