Economy
SEC Reiterates Role of Technology in Efficient Capital Market
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has said that technological innovations will enhance the efficiency and transparency of the capital markets around the world.
The Director-General of the commission, Mr Lamido Yuguda, said this in a goodwill message at the Nigerian Exchange (NGX) Limited. Capital Market Conference held in Abuja on Tuesday.
He said that technology could make it easier for investors and market professionals to identify opportunities and conduct their businesses in a timely and cost-efficient manner.
The theme of the conference was The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery.
Mr Yuguda said that the capital market globally plays a strategic role, not only in allocating scarce resources but in harnessing the huge investment opportunities in agriculture, infrastructure, oil and gas, natural resources and other sectors of the economy.
He said: “Nigeria like most other countries in the world experienced weak growth in their economies as a result of the impact of the COVID-19 pandemic.
“The Nigerian economy is just recovering from the effect of the COVID-19 pandemic, with a Gross Domestic Products (GDP) growth rate of 4.03 per cent in the third quarter of this year from a contraction of 6.10 per cent in the second quarter of 2020.
“To sustain this trajectory, overcome some of the negative impacts of the pandemic and achieve the objectives of the developmental plans of the government, the capital market needs to continuously produce innovative products, platforms and processes.
“Innovation plays a critical role in the development of any capital market as it increases the market chances of reacting to changes, and enables discovery of new opportunities.”
Mr Yuguda said that the International Organisation for Securities Commission (IOSCO) acknowledges that the use of technological innovations by market operators could potentially create significant efficiencies and benefits for firms and investors, including increasing execution speed and reducing the cost of investment services.
“However, IOSCO also notes that this use may create or amplify certain risks, which could potentially have an impact on the efficiency of financial markets, resulting in consumer harm.
“As the apex body responsible for regulating and developing the Nigerian capital market, SEC has strengthened market rules and regulations with the introduction of responsive rules and the amendment of existing ones to mitigate some of the risks posed by technological innovations.
“With a three-pronged objective to regulating innovations hinged on safety, markets deepening, and solution to problems, our regulations, are enabling, accommodating and futuristic.
“They also ensure adherence to our core regulatory mandates of investor protection and market development,” he said.
Furthermore, he stated that the SEC had put mechanisms in place to understand relevant innovations, build required capacity and subsequently deploy strategies to address them, adding that this process was ongoing and the Commission was deeply committed to this new phase and face of the capital market.
Mr Yuguda also said that the SEC had revamped its enforcement mechanism and enforced its zero-tolerance against infractions in a bid to improve investors’ confidence in the market and to optimally perform its investor protection mandate as evidenced in the Commission’s aggressive fight against unlawful investment schemes, which in recent times had plagued the financial markets.
“We have also committed resources to enhancing our processes through fortification of our ICT infrastructure in the areas of Registration, Returns Rendition and Analytics.
Given that the advent of Financial Technology had changed how traditional capital market activities are being conducted, the SEC had embraced Fintech, and as such, had redefined its regulatory landscape to accommodate fintech-related capital market activities.
“To this end, we have developed rules on crowdfunding, Robo-advisory and Digital Sub-broking. In addition, we have developed a ’Regulatory incubation framework, which will be implemented in due course.
“To align our market with the global focus on sustainable financing, the SEC released its guidelines to the market on sustainable financial principles to guide regulated entities on how to establish relevant standards and policies for their respective organisations,” he stated.
On his part, the NGX Chairman, Mr Abubakar Mahmoud, said that as the order of globalisation continues to stir the world’s economies, it had become pertinent for stakeholders to appraise the issues and forge ahead.
Mr Mahmoud said: “The theme of the conference is indeed apt and timely, in view of the emerging collaborations, strategic alliances and developments in the Nigerian capital market, especially as Nigeria works toward a sustainable post-COVID-19 recovery.
“As the order of globalisation continues to stir the world’s economies and new unprecedented issues such as the COVID-19 pandemic, it is pertinent for all stakeholders to appraise the situation to forge ahead with a collaboration journey toward sustainability and prepare for the future of our nation,” he said.
He also identified the capital market as the best funding source to tackle the huge infrastructure deficit in the country.
Mr Mahmoud noted that increasing taxes was a disincentive as the move placed more burdens on the citizenry.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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