Economy
SEC Wants 2.5% of Fees Collected by NSE, FMDQ, NASD, CSCS, Others
By Dipo Olowookere
The Securities and Exchange Commission (SEC), the apex regulatory agency in the Nigerian capital market, is proposing to take 2.5 percent of fees collected by the securities exchanges under its control so as to get more funds to carry out its statutory duties.
These securities exchanges and clearing houses include the Nigerian Stock Exchange (NSE), FMDQ Securities Exchange Plc, which does clearing and depository functions; NASD OTC Securities Exchange and Central Securities Clearing System (CSCS).
The commission, in a notice justifying this move, explained that, “In order for the commission to continue to effectively carry out its core mandate, which is increasingly becoming more expensive due to the expansion of the market in terms of size, complexity and product offerings, it is imperative that the commission charges annual fees on Exchanges and FMIs.”
It further said it “expends huge resources in the course of regulating these entities, ranging from costs of target and periodic inspections/investigations, review and approval of requests for rules making/amendments, etc,” pointing out that, “Currently, Exchanges and other FMIs do not pay renewal fees.”
Business Post reports that in order to achive its goal, SEC, in the amendment titled Proposed amendment to Schedule I (Registration Fees, Minimum Capital Requirements, Securities and others), which seeks to create a new “Part E” to provide for annual regulatory charges to be paid by Securities Exchanges and FMIs, it wants a registered securities exchange to “pay to the commission, within thirty days of end of each financial year, an amount equal to 2.5 percent of the aggregate listing fees paid to it by issuers whose securities are listed or admitted on it, during that year.”
It further proposes that, “A depository shall pay to the commission, within thirty days of end of each year an amount equal to 2.5 percent of the aggregate annual depository fees paid to it by the issuers whose securities are deposited with it.”
Also, SEC further proposes that, “A registered clearing house or central counterparty clearing house shall pay to the commission, within thirty days of end of each financial year, an amount equal to 2.5 percent of the aggregate clearing fees charged by it for clearing functions, [while] other FMIs shall be required to pay annual fees to the commission as may be determined from time to time.”
Business Post reports further that SEC is proposed an amendment to Rule 199(3), which guides removal of a company trading its shares on any of the exchanges from the different trading platforms..
The existing rule states that, “The issuer of a security listed on an exchange may file an application to withdraw the security from listing on any exchange in accordance with the rules of that exchange and notify the commission accordingly. The exchange shall within ten (10) days consider and dispose of the application and notify the commission when such application is approved.”
In the proposed amendment, SEC wants this changed to, “The issuer of a security listed on an exchange may file an application to withdraw the security from listing on any exchange in accordance with the rules of that exchange. The Issuer shall give prior notice of such an application to the commission and notify the commission accordingly. The exchange shall within ten (10) days consider and dispose of the application and notify the Commission when such application is approved.”
Explaining the reason for this change, the agency said, “Rule 199 (1) requests an exchange to notify the commission seven (7) days prior to delisting an issuer when the initiative to delist is from the exchange itself. Thus similarly when such initiative is from the issuer, it is proposed for the concerned Exchange to similarly notify the commission before delisting the issuer.”
By Aduragbemi Omiyale
The deadline for filing of employers’ annual tax returns in Lagos State has been extended by one week from February 1 to 7, 2026.
This information was revealed in a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude.
In the statement issued over the weekend, the chairman of the tax collecting organisation, Mr Ayodele Subair, explained that the statutory deadline for filing of employers’ annual tax returns is January 31, every year, noting that the extension is intended to provide employers with additional time to complete and submit accurate tax returns.
According to him, employers must give priority to the timely filing of their annual returns, noting that compliance should be embedded as a routine business practice.
He also reiterated that electronic filing through the LIRS eTax platform remains the only approved method for submitting annual returns, as manual filings have been completely phased out. Employers are therefore required to file their returns exclusively through the LIRS eTax portal: https://etax.lirs.net.
Describing the platform as secure, user-friendly, and accessible 24/7, Mr Subair advised employers to ensure that the Tax ID (Tax Identification Number) of all employees is correctly captured in their submissions.
By Adedapo Adesanya
The chief executive of Airtel Africa Plc, Mr Sunil Kumar Taldar, has disclosed that the company is still on track to list its mobile money business, Airtel Money, before the end of June 2026.
Recall that Business Post reported in March 2024 that the mobile network operator was considering selling the shares of Airtel Money to the public through the IPO vehicle in a transaction expected to raise about $4 billion.
The firm had been in talks with possible advisors for a planned listing of the shares from the initial public offer on a stock exchange with some options including London, the United Arab Emirates (UAE), or Europe.
However, so far no final decisions have been made regarding the timing, location, or scale of the IPO.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Mr Taldar, noted that metrics continued to show improvements ahead of the listing with its customer base hitting 52 million, compared to around 44.6 million users it had as of June 2025.
He added that the subsidiary processed over $210 billion in a year, according to the company’s nine-month financial results released on Friday.
“Our push to enhance financial inclusion across the continent continues to gain momentum with our Mobile Money customer base expanding to 52 million, surpassing the 50 million milestone. Annualised total processed value of over $210 billion in Q3’26 underscores the depth of our merchants, agents, and partner ecosystem and remains a key player in driving improved access to financial services across Africa.
“We remain on track for the listing of Airtel Money in the first half of 2026,” Mr Taldar said.
Estimating Airtel Money at $4 billion is higher than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
The mobile money sector in Africa is expanding rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
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