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Economy

USSD Framework: CBN Extends Implementation Date

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By Modupe Gbadeyanka

The implementation date for the new Unstructured Supplementary Service Data (USSD) framework for banks in the country has now been shifted forward.

The Central Bank of Nigeria (CBN), in a circular dated Friday, June 1, 2018, said it was extending the new date to Monday, October 1, 2018.

In the circular addressed to “all deposit money banks, mobile money operators, payment solution service providers and other service providers,” the apex bank explained that it was postponing the new implementation date because “objective of the framework” had not been fully realized.

“Please refer to our circular referenced BPS/DIR/GEN/CIR/05/002 dated April 17, 2018, directing Deposit Money Banks (DMBs), mobile money operators, payment solution service providers and other service providers on the implementation of the regulatory framework for the use of USSD in the Nigerian Financial System, from June 1, 2018.

“The CBN has observed that in order to fully realize the objective of the framework, the bank has considered and approved the extension of the implementation date of the circular to be effective from October 1, 2018,” the circular stated.

The USSD technology is a protocol used by GSM networks to communicate with a service provider’s platform.

It is a session-based, real-time messaging communication technology, which is accessed through a string, which starts normally with an asterisk (*) and ends with a hash (#).

According to the framework, transactions may be limited to an N100,000 per day and customers who want a higher limit shall execute an indemnity with their banks; two-factor authentication will be required for transactions above N20,000; two-factor authentication (2FA) shall not be sent to the customer’s device or displayed on the USSD menu.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

SEC Rejects Resolutions at AGM of Tourist Company of Nigeria

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Tourist Company of Nigeria

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has rejected the resolutions reached at the Annual General Meeting (AGM) of the Tourist Company of Nigeria (TCN) Plc, held on July 25, 2025, saying it does not recognise the meeting.

The regulator raised the rejection in a statement published on its website titled Corporate Governance Crises in the Tourist Company of Nigeria (TCN) Plc on Monday, noting that the gathering was convened by the majority shareholders despite being suspended by the commission.

“The Securities and Exchange Commission (the Commission) has keenly followed recent disturbing developments in The Tourist Company of Nigeria Plc (TCN), championed by some majority shareholders in the company.

“These developments include purportedly proceeding with an Annual General Meeting which was suspended by the Commission, and passing resolutions altering the Board composition by purportedly removing SEC appointed members of the Board and the Board Secretary without recourse to the Commission,” the statement wrote in part.

Business Post reports that some approvals must be granted by SEC to public companies before they hold their meetings.

The commission, pursuant to its core mandate under the Investments and Securities Act, 2025, said it had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern, and to protect the interest of all shareholders, especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention, which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025, held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings.

“The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.”

SEC added that the Board of TCN Plc remained as constituted prior to the purported AGM, and the SEC-appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors, and to ultimately maintain an orderly and fair market.

“The Commission remains a law-abiding agency and would accordingly use all legal machinery at its disposal to uphold its regulatory mandate of investor protection and ensure market discipline.

“All stakeholders and the investing public should be guided accordingly,” it noted.

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Economy

NASD OTC Bourse Opens Week 1.40% Higher

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Nigeria's Unlisted Securities Market Sheds 0.78%, NASD Shares up 8.31%

By Adedapo Adesanya

It was a positive start to the week for the NASD Over-the-Counter (OTC) Securities Exchange as it extended its upward run by 1.40 per cent on Monday, July 28.

This happened despite the activity level closing lower as the volume of trades went down by 73.2 per cent to 386,754 units from the 1.4 million units traded in the previous trading session, the value of transactions depreciated by 15.4 per cent to N30.0 million from the N35.5 million executed last Friday, and the number of deal decreased by 27.5 per cent to 50 deals from the 69 deals carried in the preceding trading day.

According to data, Okitipupa Plc ended the day as the most traded stock by value on a year-to-date basis with 154.0 million units worth N4.9 billion, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.7 million units sold for N1.8 billion.

Similarly, Industrial and General Insurance (IGI) closed the session as the most traded stock by volume on a year-to-date basis with 1.1 billion units traded for N354.4 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.

The bourse finished with two price losers and price gainers led by Central Securities Clearing System (CSCS) Plc, which added N4.93 to its value to sell at N54.40 per share compared with the previous N49.47 per share and Food Concepts Plc, which grew by 30 Kobo to N3.35 per unit from N3.05 per unit.

But, FrieslandCampina Wamco Nigeria Plc lost N1.38 to settle at N72.46 per share versus N73.84 per share, and NASD Plc declined by 30 Kobo to N32.95 per unit from N33.25 per unit.

When trading activities ended for the day, the market capitalisation improved by N29.76 billion to N2.157 trillion from N2.127 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 50.83 points to 3,684.61 points from 3,633.79 points.

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Economy

Naira Gains 0.02% at Official Market, Falls to N1,540/$1 at Black Market

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By Adedapo Adesanya

The Naira started the new week at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a good note as its value improved against the US Dollar on Monday by 27 Kobo or 0.02 per cent to sell for N1,534.39/$1 compared with the N1,534.66/$1 it was exchanged last Friday.

This positive performance was extended to the Pound Sterling in the same market segment yesterday as it gained N3.29 to close at N2,059.37/£1 compared with the N2,062.66/£1 it was traded in the previous trading session and chalked up N14.10 on the Euro to quote at N1,786.74/€1, in contrast to the N1,800.84/€1 it was transacted in the preceding trading day.

However, in the black market, the value of the Nigerian currency depreciated against its American counterpart on Monday by N5 to close at N1,540/$1 compared with the previous session’s rate of N1,535/$1, according to data obtained by Business Post.

There are expectations that the Naira is projected to remain stable in the official market as capital inflows have equally rebounded since global financial pressures eased with the FX market continuing to attract foreign portfolio investments and bolster investor confidence.

As for the cryptocurrency market, it turned red yesterdat as investors chased liquidity with developments around leverage, regulatory overhang, and pullback in portfolio rebalancing affecting the market, with Dogecoin (DOGE) shedding 6.6 per cent to sell at $0.2297.

Further, Cardano (ADA) lost 5.2 per cent to trade at $0.8021, Litecoin (LTC) depreciated by 4.7 per cent to $110.12, Solana (SOL) slid by 4.5 per cent to $185.27, Ripple (XRP) declined by 3.9 per cent to $3.16, Ethereum (ETH) crashed by 2.4 per cent to $3,817.91, Binance Coin (BNB) slumped by 2.1 per cent to $832.82, and Bitcoin (BTC) fell by 0.5 per cent to $118,930.09, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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