Economy
SEC Tasks Stockbrokers to Prioritise Interest of Investors
By Dipo Olowookere
Stockbrokers in Nigeria have been charged to always prioritise the interest of investors over theirs so as to boost confidence in the capital market.
This charge was given by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who said the agency would do everything possible to reduce poor market conduct to the barest minimum.
Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS), Mr Yuguda said the commission will intensify monitoring and surveillance of the market and apply stiff sanctions to any operator who engages in unethical conduct.
According to him, capital market operators are the face of the market and they interact daily with investors and must demonstrate the highest level of integrity and transparency in conducting their activities.
“Poor conduct dissuades investors from our market and therefore counters our collective objective of broadening and deepening the market.
“We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programs that address emerging issues.
“I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make real impact towards growing the market,” the SEC chief said at the event themed Capital Market as a Catalyst for Economic Development and Sustainable Growth.
Mr Yuguda disclosed the SEC has led several initiatives to reposition the Nigerian capital market to better support sustainable economic growth and development through the articulation of responsive and adaptable rules to support innovation and access to capital for small and medium enterprises, promotion of good corporate governance, an improved registration process, an adequate and transparent disclosure regime, enhanced enforcement machinery and dispute resolution mechanisms.
“Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy.
“For instance, the core objective of the 10-year Capital Market Master Plan is to position the capital market for accelerated development of the national economy.
“Some level of success has been recorded from its implementation so far and efforts are currently ongoing to re-launch it for better impact during the remaining period of its implementation.
“As stakeholders, it is important to have a common understanding of the role the capital market plays not just as a catalyst of economic development but the trend, drivers and preconditions for a robust and viable capital market. The World Bank acknowledges that there are many areas of this relationship where research has been found thin.
“It is equally important for investors to perceive the capital market and capital market intermediaries as working for them and not against them.
“May I, therefore, use this opportunity to implore the Institute to identify some specific areas that could be used as a stimulus to improve the current state of the market, such as; diversification of investment products; promotion of investor education and financial literacy; strengthening corporate governance and listing standards,” he said.
The DG assured that the SEC will continue to take steps that empower trade groups and professional associations for more effective market regulation reassuring of the commission’s commitment and determination to restore investor confidence, preserve market integrity and reduce systemic risk.
The SEC boss commended the CIS for organising the yearly event adding that the annual conference has over the years established itself as a major calendar event on the schedule of policymakers and market participants.
In his remarks, Chairman House of Representatives Committee on Capital Market, Mr Ibrahim Babangida, said the conference was an opportunity for the CIS to do an appraisal of its activities and impact in Nigeria’s economic growth and fashion out more and better ways to assist in alleviating the dwindling economy of the country as well as salvaging it from the present economic quagmire.
Mr Babangida said this year’s conference came at a time the parliament is embarking on the legislative activities in the passage of the 2022 Appropriation Bill submitted by Mr President and urged the stockbrokers to employ all their professionalism in collaborating with this legislative process.
“All the people of Nigeria want to see is a revamped economy, where there will be a great inflow of investments by investors with a resultant real and positive economic growth.
“I want to reiterate that Nigeria and indeed African countries know the critical role the Institute and indeed the capital markets can play in transforming our economy via making conscious efforts to urgently develop a world-class capital market. You must deploy all your arsenals to keep the vision of the Institute and indeed the expeditions of the Nigerian people and Africans at large.
“I assure that the House Committee on capital market and indeed the House of Representatives is always available to assist in any areas of legislation to actualise the vision of the institute and make the Nigerian capital market a world-class one,” he added.
Earlier in a welcome address, the president of CIS, Mr Babatunde Amolegbe, said the institute was committed to focusing on the economy and capital market advocacy with the intention of achieving an inclusive and efficient capital market as an essential tool for economic development.
“The capital market is still a virgin territory with so many opportunities available, so as stockbrokers you are only limited by your own imaginations.
“This conference is unique as it delivers in the area of new economic issues to ensure that the capital market contributes to economic growth,” Mr Amolegbe.
He said the institute has reviewed its membership rules and code of conduct to bring them up to world-class standards and ensure professionalism, adding that no person is permitted to perform core professional functions in the capital market without obtaining certification of the CIS.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has cut the interest rate by 50 basis points to 26.50 per cent from 27 per cent.
Nigeria’s apex bank announced this during its two-day 304th Monetary Policy Committee (MPC) meeting, which concluded on Tuesday in Abuja.
This comes after the country’s interest rate cooled in January to 15.10 per cent from 15.15 per cent, according to the National Bureau of Statistics (NBS), strengthening the case for a reduction.
The CBN Governor, Mr Yemi Cardoso, said all members of the MPC unanimously agreed upon the decision.
“The committee decided to reduce the monetary policy rate by 50 basis points to 26.50 per cent,” he said.
Mr Cardoso stated that the liquidity ratio was maintained at 30 per cent, and the standing facilities corridor was adjusted to +50 to -450 basis points around the monetary policy rate.
He said the committee retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
The CBN uses the MPR, which works as the benchmark interest rate, to manage inflation, macroeconomic stability, and liquidity.
Last November, the MPC retained the Monetary Policy Rate (MPR) at 27.00 per cent. The last time the apex bank cut interest rates was in September last year, to 27 per cent from 27.50 per cent after a series of easing in inflation.
Market analysts had argued for higher interest cuts due to results seen in the CBN’s inflation targeting framework. Meanwhile, some say the 50 basis points reduction will offer a temporary reprieve as inflation heads for a single-digit target in the coming months.
By Adedapo Adesanya
A cross-border payments solutions company, Grey has expanded its business banking platform to include US Dollar corporate accounts, bulk international payments, and USDC stablecoin support, all integrated into a single system.
The company is positioning itself as a low-cost, faster alternative to traditional international banking, particularly for businesses in emerging markets as it enables companies to open US Dollar accounts, receive global payments, and send payouts to 170+ countries, including bulk transfers, within minutes.
Grey aims to solve common cross-border payment challenges, particularly the high transfer costs that often range between 6 and 7 per cent of transaction value, prolonged settlement cycles that can stretch across several days, and the limited access many businesses face when trying to open and operate foreign currency accounts. In addition, companies frequently contend with hidden intermediary fees and poor foreign exchange transparency, both of which undermine cost predictability and effective cash flow management.
By integrating USD business accounts and USDC stablecoin functionality into its platform, Grey enhances its value proposition around faster settlement, clearer pricing structures, improved cost efficiency, and broader global accessibility. The expanded capabilities enable businesses to manage international transactions with greater speed, transparency, and operational control.
“Businesses may operate without borders today, but access to reliable global banking remains uneven, particularly for companies in high-growth markets,” said Mr Idorenyin Obong, Co-founder and Chief Executive Officer of Grey. “We’re closing that gap and enabling businesses to move money faster, with greater transparency and control, wherever their clients or partners are based.”
“When payments are delayed, or costs are unpredictable, growth stalls,” added Mr Joseph Femi Aghedo, Chief Operating Officer and Co-founder of Grey. “Grey eliminates those friction points, giving businesses a faster, simpler way to manage payroll, supplier payments, and partner payouts across borders. Adding USD and stablecoin capabilities makes these benefits accessible to even more customers.”
Established in Africa in 2020, Grey has a presence in key markets, including the United States, the United Kingdom, and Europe, and has recently expanded its services and operations into Latin America and Southeast Asia.
Since its inception, the company has consistently enhanced its services to empower digital nomads worldwide, regardless of location. Grey’s offerings include multi-currency accounts, low-cost international money transfers, a virtual USD card, expense management tools, and robust security measures.
By Aduragbemi Omiyale
A partnership designed to expand access to stablecoins and on-chain financial opportunities for everyday users and businesses has been entered into between Quidax and Lisk.
The partnership provides a critical gateway for the developer community, as builders on the Lisk network can now leverage Quidax’s robust digital asset infrastructure to access stablecoins and local currencies at competitive rates.
This institutional-grade infrastructure is designed to power “future-forward” financial products, ranging from neobanks and cross-border payment platforms to regional exchanges and global fintech solutions. It will also allow Quidax customers to trade and move value seamlessly using USDT, USDC, LSK, and Ether (ETH) on the Lisk network.
The collaboration will also accelerate the adoption of Web3 solutions that solve real-world financial challenges for millions of customers across Africa by combining Quidax’s deep local liquidity and compliant framework with Lisk’s scalable L2 technology.
In 2024, Quidax became the first crypto exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC).
“The partnership with Lisk enables us to extend our platform to serve more people and cater to the increasing demand from products and services that want to integrate our stablecoin and digital assets product to build products across Africa,” the Chief Infrastructure Officer at Quidax, Mr Morris Ebieroma, said.
Also commenting, the Ecosystem Lead for Africa at Lisk, Ms Chidubem Emelumadu, said, “Africa represents one of the most critical frontiers for blockchain innovation, where the demand for reliable and inclusive financial tools is urgent.
“Our partnership with Quidax expands access to stablecoins and on-chain financial opportunities for everyday users and businesses. At the same time, it gives founders building on Lisk the critical infrastructure they need to create solutions that can scale meaningfully across the continent,” she added.
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