Economy
Stanbic IBTC Urges Students to Imbibe Savings Culture
By Dipo Olowookere
No fewer than 600 students of Covenant University, Ota, Ogun State attended a financial literacy forum was organised by Stanbic IBTC Bank in partnership with Creative Youth Community Development Initiative, a Wole Soyinka Foundation.
The event, which took place on Wednesday, September 12, 2018, fitted perfectly into the financial literacy initiative of the Central Bank of Nigeria (CBN) designed to encourage children and young adults in schools to understand quite early in life the rudiments of money and its uses. This is part of efforts to impact financial knowledge on Nigerian youths.
During the programme, participants were taken through basis issues in finance, banking and the economy.
Apart from raising awareness on good saving habits and financial education, the session also enabled the students and the university community at large to gain knowledge of banking products and services that are designed to meet their needs especially the Stanbic BluEdge Youth Account
In her opening remarks, Head, Personal Banking, Ms Nkoli Okoli, noted that as the future belongs to the youth, it is imperative that they are grounded in financial matters to enhance the making of sound financial decisions and achieve lifetime financial security.
Nigeria’s banking industry, she noted, will continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking in the country. Such impact can only be made when the youth are more enlightened.
Ms Nkoli, represented by Head, Retail Sales, Stanbic IBTC Asset Management Ltd, Mr Obinna Lewis-Asonye, stated that, “Something as simple as saving money may seem easy, but without a grasp of financial management, an individual may never develop the habit of making sound financial choices and with that comes mistakes and difficulties,” adding that saving is an essential part of being financially secure.
Mr Lewis-Asonye said students need to understand what money is and acquire basic money management skills such as living within a budget and handling credit and debt, all of which will put them in good stead for better management of finances and future success.
During the presentation, he took the students through the wealth creation process, how to set goals and develop a financial and investment plan, as well as the allocation of resources and income.
The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills.
As Stanbic IBTC is an end-to-end financial solutions organization, Mr Lewis-Asonye stated that Group is available and ready to support every segment of society through the various life stages.
“Everything we do as an organization is tailored towards helping individuals and businesses move from where they are to the next level. We know that a remedy for financial illiteracy is to start practising financial discipline from a young age and that with the right financial knowledge, the future generation will be able to make informed decisions and move themselves forward,” he stated.
Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
By Aduragbemi Omiyale
The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.
A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.
In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.
According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It was explained that the shares of the two firms were delisted because they fell below the listing standards.
“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.
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