By Adedapo Adesanya

Some stakeholders in the Nigerian capital market, including the Capital Market Academics of Nigeria (CMAN) and the Chartered Institute of Stockbrokers (CIS), have called on the Securities and Exchange Commission (SEC) to extend the deadline for the ongoing recapitalisation of regulated capital market entities from June 2027 to December 2027.

SEC, the capital market regulator, recently raised the minimum capital requirements, with brokers asked to increase their capital base from N200 million to N600 million, while dealers are required to have N1 billion instead of the current N100 million.

For broker-dealers, they are to get N2 billion instead of N300 million, reflecting multi-role exposure across trading, execution, and margin lending.

The agency said fund and portfolio managers with assets above N20 billion must hold N5 billion, while mid-tier managers must maintain N2 billion with private equity and venture capital firms to have N500 million and N200 million, respectively.

Digital sub-brokers are required to maintain N100 million in capital and corporate sub-brokers N50 million, up from N10 million each previously.

The SEC stated that the reforms aim to strengthen market resilience, enhance investor protection, discourage undercapitalised operators, and align capital adequacy with the evolving risk profile of market activities.

Speaking at a roundtable themed, Deconstructing the New Minimum Capital Requirements for Regulated Capital Market Entities in Nigeria, CMAN, led by Professor Uche Uwaleke, said while recapitalisation is necessary and deserves full support, the proposed timeline remains debatable considering the 2027 general elections.

He said election years are typically characterised by uncertainty and erratic investor behaviour, which could make capital mobilisation difficult.

Professor Uwaleke urged the SEC to consider extending the deadline to December 2027, effectively shifting the implementation period from 18 months to 24 months, saying that “There is no doubt that recapitalisation is necessary, but extending the deadline would better align with market realities.”

On her part, the first vice president of the Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie, said the timing of the exercise was problematic, even if the absolute capital amounts were not excessive, stressing that operators should not be conflicted between executing client transactions and sourcing capital for themselves, adding that extending the deadline was the most practical solution.

By Adedapo Adesanya

The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said that, as a result of the recently introduced tax laws, Nigerian employees are beginning to experience a rise in their take-home pay due to the reduction in PAYE (Pay As You Earn) deductions.

Mr Oyedele disclosed this on Monday via his official X handle, referencing feedback from employees who have received their January 2026 salaries. He noted that early responses indicated that the revised tax framework was already delivering tangible relief to salary earners, particularly those whose income taxes are deducted at source.

According to him, the decline in PAYE deductions reflects the initial impact of the federal government’s ongoing tax reforms, which are aimed at easing the financial burden on workers, increasing disposable income and supporting broader economic growth.

He added that the reforms were also designed to simplify tax administration and improve compliance nationwide.

The committee chairman expressed satisfaction with the early outcomes of the policy changes, saying they demonstrated the government’s commitment to ensuring that tax reforms translate into tangible benefits for workers.

He explained that the reforms were structured to provide targeted relief for employees within the formal sector, where PAYE remains the primary mode of income tax collection.

By Adedapo Adesanya

American multinational financial technology company, PayPal, will now allow Nigerians to receive payments on its platform through a partnership with local fintech firm Paga, after decades of restrictions.

The development was disclosed by Paga’s founder, Mr Tayo Oviosu, in a post on X (formerly Twitter) announcing the long-awaited collaboration.

The partnership comes nearly 13 years after Mr Oviosu first reached out to PayPal with a proposal to work together, at a time when Nigeria’s fintech ecosystem was still in its early stages.

For years, Nigerians were unable to receive funds through PayPal due to restrictions placed on accounts in the country.

Under the new arrangement, users can now link their PayPal accounts to Paga wallets, enabling them to receive funds directly through PayPal, a functionality that had previously been unavailable.

“Our partnership unlocks that. Nigerian PayPal users who link their PayPal accounts to Paga can now receive money via PayPal. Only PayPal Nigeria accounts linked to Paga are enabled for receiving money,” Mr Oviosu said.

Now, Nigerian merchants and entrepreneurs can also leverage the integration to reach PayPal’s global network of more than 400 million users and expand their businesses internationally.

Through Paga’s platform, users can withdraw PayPal balances, spend via card, transfer funds to local bank accounts, and pay bills and merchants within the Paga ecosystem.

“Partnerships like this don’t happen overnight. They are the result of years of conversations, trust-building, regulatory work, and showing up consistently. I’m proud of the Paga team for staying the course. I’m grateful to the PayPal team for believing in the long-term vision. And I’m excited about what this unlocks for Nigerians participating in the global digital economy,” he said alluding the decade-long restrictions placed on the country.

“Whether you’re a freelancer receiving international payments, a business selling online, or a consumer shopping globally, this collaboration makes it easier to access and use global funds locally, in a way that’s simple, secure, and built for our markets,” he said.

On his part, the Senior Vice President, Regional Head and General Manager of PayPal Middle East and Africa, Mr Otto Williams, noted that the partnership aligns with PayPal’s focus on working with local innovators to support financial inclusion and participation in the digital economy.

“We’ve been intentional about partnering with local innovators like Paga and developing solutions that help Nigerians earn, spend, and grow,” Mr Williams said. “This collaboration helps strengthen the broader payments ecosystem by supporting local innovation, expanding financial inclusion, and enabling more consumers and businesses to participate confidently in the digital economy.”

This development comes three months after Nigeria exited the grey list countries of the Financial Action Task Force (FATF) under increased monitoring for deficiencies in anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.