Economy
Nigeria Needs Capital Market that Broadens Access to Economic Prosperity—Minister
By Aduragbemi Omiyale
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has charged the Securities and Exchange Commission (SEC) to do more to deepen the country’s capital market so as to create wealth for citizens.
Speaking in Lagos on Thursday at the launch of the revised Capital Market Master Plan, she said, “Nigeria needs a capital market that broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.”
She noted that investor confidence remains one of the key ingredients that will accelerate the growth of the nation’s capital market and increase both domestic and foreign participation, assuring SEC of the continued support of the federal government to enable it effectively do its job of regulating and developing the ecosystem.
According to her, the capital market should be characterised by a high level of compliance with ethical standards, deep liquidity and sophistication, good corporate governance, and a strong domestic investor base.
“I consider the revised Capital Market Master Plan a veritable tool which the capital market must use as it drives key initiatives towards achieving the Country’s economic growth objectives,” the Minister, represented at the launch by the Director-General of the Debt Management Office (DMO), Ms Patience Oniha, said.
Mrs Ahmed said the implementation of the master plan was one of the key initiatives in the 40- Deliverable Presidential mandate of the Federal Ministry of Finance, Budget and National Planning.
This, the Minister said, underscores the fact that capital market growth resonates with the administration of President Muhammadu Buhari’s unwavering commitment to deepening and re-positioning the financial market as a key anchor to achieving a private-sector-led development of our economy, as emphasised in the National Development Plan (NDP) objectives.
“This administration and, especially my office, has supported the Capital Market Master Plan implementation efforts since inception.
“The master plan, which represents collective aspirations of the capital market community, is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our country in the top 20 global economies by the year 2025,” she said.
The Finance Minister commended the SEC, CAMMIC and the capital market community for their laudable achievements, especially in the areas of dematerialization of share certificates, e-Dividend Mandate Management System, facilitation of access to alternative investments like SUKUK, enhancing the commodities trading ecosystem, national savings strategy, demutualization of the NSE, and the ongoing review of the ISA among others.
According to her, “I am also aware of ongoing efforts on other initiatives like the direct cash settlement, introduction of derivatives, financial literacy, enhancing market liquidity, incentives for listings, growth of collective investment schemes and leveraging fintech solutions in the capital market.
“I assure you of the government’s support in all these efforts, and I am confident in your ability to successfully drive these initiatives to fruition.
“As you chart the course for the next phase of the Capital Market Master Plan’s implementation, I assure you of the federal government’s support and look forward to working with you to realize the plan’s objectives” she stated.
In his remarks, the DG of SEC, Mr Lamido Yuguda, stated that the master plan was designed to chart a strategic direction while providing clarity of vision and a robust road map required to facilitate innovation, investment, growth and expansion of empowering opportunities in Nigeria and beyond.
He said, “Our vision is to be Africa’s most modern, efficient, and internationally competitive market that catalyses Nigeria’s economic growth and development.
“We believe the plan provides a solid roadmap for achieving this vision as we collaborate with other stakeholders to effectively drive its implementation.”
Mr Yuguda stated that the main objective of the review was to produce an updated version of the document primarily to: engage stakeholders on the current level of market development and opportunities for further capital market growth, review and update the assumptions and vision of the Capital Market Master Plan (CMMP) and develop targets for the various thematic areas of the CMMP, and introduce a Strategy Map and KPIs for the CMMP and use the balanced scorecard approach for performance measurement.
Other objectives the DG said are to align existing initiatives with new ones based on targets and strategic objectives; develop an implementation plan for initiatives with clear milestones, deliverables, timelines, resource requirements, and dependencies; identify challenges, opportunities and risks associated with the CMMP implementation and recommend ways of effective and more efficient implementation; and identify and incorporate new product ideas and initiatives to deepen and grow the Capital Market.
The DG commended Mrs Ahmed for her unwavering support and commitment to the implementation of the master plan and the development of our capital market; the Financial Sector Deepening Africa (FSDA) for their partnership and funding support in the review of the Capital Market Master Plan; Dr Andrew Nevin and his team at PwC for a comprehensive and professional revision of the master plan; and CAMMIC, and the entire capital market community for providing valuable insights during the review process.
Mr Victor Nkiri, representing FSDA, said that the Nigerian capital market had gained prominence among its peers, having increased in size, depth and sophistication in terms of diversified products adding that the capital market continues to play a key role in the economy.
He said the revised CMMP would provide a blueprint for Nigeria’s capital market to remain up to date with emerging trends and future realities, even as it continues to attract increased local and foreign investors’ participation.
Also speaking, the Chairman of the Capital Market Implementation Council, Prof. Kanyinsola Ajayi, said the vision to be Africa’s most modern, efficient, and internationally competitive market that catalyzes Nigeria’s economic growth and development is ambitious but achievable.
He said, “We will need to work together as a market, across the financial sector and with the Government to ensure we ease all bottlenecks and address policy gaps that will help unleash the power of the private sector to drive the market growth we all aspire for. We believe the Plan provides a solid roadmap for achieving this vision as we collaborate with all our stakeholders under the leadership of SEC.”
Represented by Dr Dotun Suleiman, Mr Ajayi said the revised master Plan has proposed changes to the implementation governance structure to make it more efficient, flexible and focused on providing positive for the market and all stakeholders. Consequently, I would like to implore the DG to ensure that this structure is fully implemented and manned as proposed.
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.
