Summit to spotlight technology-led compliance — SEC

SEC

The Securities and Exchange Commission has emphasised the need for the integration of technology-driven compliance practices across Nigeria’s capital market ahead of the SEC/Nigerian Capital Market Institute Compliance Summit 2025.

According to the regulator, the compliance conference scheduled to be held in Lagos next week is positioned as a strategic continuation of the successful 2024 edition.

The SEC said that the event aims to promote innovation-led regulatory practices that address emerging risks while supporting the evolving market structure.

The summit, with the theme “Innovation and Compliance – Balancing Risks and Opportunities”, will convene capital market operators, self-regulatory organisations, FinTech innovators, regulators and compliance professionals to discuss risk-based, forward-looking compliance strategie

The SEC said compliance officers are expected to participate, given their central role in safeguarding market integrity and ensuring institutions adapt swiftly to regulatory changes.

The Commission explained that “the gathering will promote innovation-driven compliance strategies to enhance regulatory efficiency, deepen dialogue on beneficial ownership transparency and customer due diligence, and highlight the importance of RegTech and data analytics for real-time transaction monitoring.

“It will also emphasise stronger board and senior management involvement in fostering a robust compliance culture, along with strengthening public-private sector collaboration to sustain Nigeria’s progress in anti-money laundering and countering the financing of terrorism.”

According to the SEC, the summit will provide an unparalleled platform for in-depth analysis of regulatory evolution, featuring expert-led sessions examining ISA 2025 compliance requirements and changing expectations for market participants.

It will also facilitate multi-stakeholder engagement on technology innovation and risk, especially as digitisation accelerates through the growth of Virtual Asset Service Providers and FinTech platforms, creating a greater need for advanced compliance tools such as RegTech and data analytics.

The Commission added that the forum will help build clarity and consensus on leadership responsibilities in compliance by addressing ambiguities, sharing insights and strengthening governance frameworks that integrate compliance into strategic decision-making.

It will further outline both immediate and long-term strategies for implementing the new law, addressing potential gaps and developing practical solutions.

BAT Nigeria recognised for $300m export, others

export-business

British American Tobacco Nigeria has been lauded for its significant contribution to Nigeria’s manufacturing sector, having generated over $300m in export sales between 2022 and 2024, the company announced at the 53rd Annual General Meeting of the Manufacturers Association of Nigeria.
According to a statement, the company received the Diamond Sponsor Appreciation Award at the three-day event, themed Nigeria First: Prioritising Patronage of Made in Nigeria, in recognition of its long-standing support for industrial growth and local content promotion.

The AGM drew captains of industry, government officials and business leaders, including the keynote speaker, industrialist Aliko Dangote.

Chairman of the MAN Export Promotion Group, Odiri Erewa-Meggison, received the award on behalf of BAT Nigeria. She said, “This recognition is a demonstration of our belief in the potential of the Nigerian manufacturing sector. At BAT Nigeria, we continue to prioritise local content and export expansion because we believe that sustainable wealth creation begins with building strong, competitive and proudly Nigerian manufacturing enterprises.”

The company’s exports reached 13 West and Central African countries as well as the United States, underscoring its role in strengthening Nigeria’s non-oil export capacity and enhancing foreign exchange inflows. BAT Nigeria’s Ibadan factory remains a leading manufacturing hub in West Africa, supporting the country’s industrialisation drive.

Beyond its fiscal impact, BAT Nigeria sustains an estimated 350,000 direct and indirect jobs across its value chain, including suppliers, logistics and distribution partners, highlighting its role in job creation and economic development.

The MAN Director-General, Segun Ajayi-Kadir, noted that the firm’s performance illustrates how multinational corporations can support local manufacturing and promote the “Made in Nigeria” agenda, especially as the country seeks deeper industrialisation and greater integration into the African Continental Free Trade Area.

Sanwo-Olu Mourns Olusegun Awolowo

The Governor of Lagos State, Babajide Sanwo-Olu, has mourned the passing of Mr Olusegun Awolowo, the grandson of the Premier of the Western Region and nationalist, Chief Obafemi Awolowo.

He described the deceased, who was a former Executive Director of the Nigerian Export Promotion Council, as a patriotic Nigerian who served his country with vision, integrity, passion and unwavering commitment.

Governor Sanwo-Olu, in a statement issued by his Special Adviser on Media and Publicity, Mr Gboyega Akosile, on Thursday sympathised with the Awolowo family on the passing of the late Olusegun Awolowo.

Sanwo-Olu, also condoled with friends and associates of the late Olusegun Awolowo, describing his death as shocking and great loss to the country.

He said: “It is with a deep sense of sorrow that I commiserate with the family, friends and associates of the late Olusegun Awolowo. He was undoubtedly a great Nigerian, who served his country passionately. He was also a good ambassador of the Awolowo family. 

“On behalf of my family, the government and the people of Lagos State, I express my heartfelt condolences to the Awolowo family, as well as friends and associates of the deceased. I pray that God will give them the fortitude to bear the irreparable loss and grant Olusegun Awolowo eternal rest.”

NiMet, Landmark University Join Forces To Strengthen Climate Research, Education

 

The Nigerian Meteorological Agency (NiMet) has signed a Memorandum of Understanding (MoU) with Landmark University aimed at advancing meteorological research and deepening climate science education in Nigeria. The collaboration will enhance the collection and analysis of climate data and support initiatives that promote environmental resilience and sustainable national development.

The partnership will also drive policy advocacy and expand educational programs that integrate climate science into academic curricula. Speaking during the signing of the MoU, the Director-General/CEO of NiMet, Prof. Charles Anosike, emphasized that the initiative aligns with NiMet’s mandate to improve data-driven predictions and early warning systems. He noted that the collaboration will support research in key areas such as drought monitoring, flood analysis, and agricultural planning.

Also speaking, the Pro-Chancellor of Landmark University, Dr. Olumuyiwa Oyeniyi , highlighted the institution’s commitment to creating an enabling environment for joint research activities. He added that the university will actively participate in research collaborations, staff exchange programs, and community outreach efforts aimed at translating scientific findings into practical solutions for farmers, policymakers, and local communities.

The MoU reinforces the importance of strong partnerships between academic institutions and government agencies in addressing climate change and promoting sustainable development. By combining NiMet’s technical expertise with Landmark University’s research strength, the collaboration aims to support a more robust framework for climate monitoring, education, and innovation across Nigeria.

NYSC Denies Document Urging Corps Members To Pay Ransom In Event Of Kidnap

The Management of the National Youth Service Corps (NYSC), has said it remains committed to the welfare, security, and safety of its staff and Corps Members and will continue to collaborate with security Agencies and other stakeholders in this regard.

On the strength of this commitment, the organization denied a purported NYSC pamphlet advising corps members to pay ransom in the event of kidnapping.

It said, “While a similar document was presented to Management for consideration by a consultant in 2021, it was not adopted by the Scheme.

Management, therefore wishes to make it clear that the document being circulated is not an official NYSC publication and does not represent the Scheme’s policy regarding staff and Corps Members’ security; as such, it should be ignored.

Nigeria Immigration Services Seeks Stronger Collaboration With NIMC

The Comptroller General of the Nigeria Immigration Service (NIS), CG Kemi Nana Nandap, has called for stronger collaboration with the National Identity Management Commission (NIMC).

Nandap, made the call when she led a team from the Services on courtesy visit to the Director General/Chief Executive Officer of the Commission.

The visit underscored the commitment of both Agencies, key institutions under the Federal Ministry of Interior, to deepen their long-standing collaboration in promoting national security,  identity management, and enhanced service delivery to Nigerians.

In her remarks, the Comptroller General emphasized the importance of continuous partnership between NIS and NIMC, particularly in strengthening border security,identity verification systems, and supporting national development goals. She noted that the synergy between both agencies remains crucial to ensuring a secure and well-managed identity ecosystem for the country.

Responding, the Director General/Chief Executive Officer of NIMC, Engr.(Dr) Abisoye Coker-Odusote welcomed the delegation and reaffirmed the Commission’s readiness to expand its collaboration with the Nigeria Immigration Service. She highlighted the need for sustained partnership to enhance data integrity, streamline operational procedures, and fortify Nigeria’s borders through robust identity infrastructure.

Both agencies expressed their shared commitment to working more closely in driving policies and initiatives that support security, efficiency, and innovation in the nation’s identity and border management systems.

CBN Reports Exchange Rate Stability As External Reserves Exceed $46 Billion 

Nigeria's external reserves grew by 5.6% to $38.8bn in 2024 — CBN - Daily  Post Nigeria

The Central Bank of Nigeria (CBN) has promised to broaden monetary tightening measures as part of overall economic stimulus to ensure stability in Nigeria’s economy.

The Bank said its guided policy measures has resulted in inflation decline to 16.05 per cent, while the exchange rate has stabilised below ₦1,500/$ with minimal volatility, and external reserves now exceed $46 billion, providing over 10 months of import cover.

Monetary policy adjustments are supporting lower lending rates as inflation continues to ease, the Bank reported.

The the Deputy Governor, of the Bank, Ms. Emem Usoro, in address at the Seminar for Finance Correspondents and Business Editors, which opened in Lagos on November 20–21, 2025, recalled that when the Governor, Olayemi Cardoso management team assumed office two years ago, the macroeconomic environment was challenging.

Inflation was high, the naira was unstable due to forex scarcity, external reserves and oil receipts were low, and the economy faced significant FX backlogs and dependence on ways and means financing. These conditions stressed the financial system and highlighted the urgent need for reforms.

Represented by Mrs Hakama Sidi Ali, Ag. Director, Corporate Communications Department CBN, Usoro, said the theme of the engagement, “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” is timely, as it provides an opportunity for open discussions and recommendations that will enhance understanding of current government reforms and the collaboration needed to ensure positive outcomes for Nigerians.

She said the Apex Bank, guided by strong and transparent leadership, has implemented well-sequenced and compliance-driven measures, including orthodox monetary policies, strengthened corporate governance, and the ongoing bank recapitalisation programme. These actions, aligned with the Federal Government’s reform agenda, have helped restore stability and improve key macroeconomic indicators.

These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team, and underscores the importance of the media in communicating the benefits and progress of reforms to the public. Effective communication strengthens public understanding and supports successful policy outcomes.

While progress has been made, more work is required to improve macroeconomic fundamentals and the standard of living for Nigerians.

This makes partnerships among policymakers, regulators, and the media even more important, she added.

According to her, Aligning fiscal and monetary policies is essential to strengthening the financial system, enhancing regulation, and ensuring resilience, especially as technological innovation and digital finance continue to expand, adding, “Better coordination promotes transparency, accountability, policy discipline and credibility, leading to improved economic outcomes. The media also has an important role in explaining policies clearly and accurately to citizens.”

EFCC Frowns At Sahara Reporters’ Publication On Alleged Abduction Of Barrister Moses Oddiri

The Economic and Financial Crimes Commission, EFCC, has noted with serious displeasure insinuations contained in a news story carried by Sahara Reporters, entitled: “ DSS Abducts Lawyer Moses Oddiri in Lagos After Petition on Diversion Of Funds By EFCC Chairman..”.

The story, contrived to portray the arrest of Oddiri “on the orders and petition of the EFCC’s Chairman on alleged diversion of funds intended for a community that Moses has been advocating for over the years”, was falsehood taken too far.

Oddiri’s story is a story of pursuit of self interests against communal welfare. The Niger Delta Host Community Trust Fund, paid into the bank accounts of two Host Community Benefit Trusts, HCBTs, as prescribed by the Petroleum Industry Act, PIA, is the bone of contention. Oddiri wanted the funds paid into his Non- Governmental Organisation, NGO’s account in flagrant violation of the PIA.

The background to the payment of the funds is this: the EFCC Chairman, incensed by the delayed payment of the fund to two host communities in Delta State,  directed that diligent investigations be carried out.  Defaulting companies were uncovered and the results of the probe led to the payment of the funds as prescribed by the PIA and Organization of Petroleum Exporting Countries, OPEC, guidelines.

 

The funds, paid in 2024, were lodged in the bank accounts of the two HCBTs.  However, since the payment was made, Oddiri has been on the offensive against the EFCC and its Executive Chairman that it was not paid into his NGO account.

 

On the strength of his illegal and self- centred quest,  the EFCC has called for a stakeholder meeting with community leaders, regulators and representatives of oil companies in the two host communities at two consecutive times, first in Lagos and then in Abuja.  In one of the meetings,  the EFCC Chairman pointed out that, ” our role is to ensure that funds designated for a particular community are not diverted elsewhere, that unauthorized individuals do not illicitly benefit, and that resources are channeled into tangible development projects such as electricity and potable water”.

Oddiri’s gangsteric moves and campaign of calumny against the EFCC Chairman are not new. His spiteful, malicious and unfounded claims of diversion of the funds by the EFCC’s boss had been on different social media platforms, including Sahara Reporters. The Commission is raising a suit against this latest malicious publication by the online portal

The EFCC said it is aware that the same asinine claims have severally been made against Heritage Energy Operational Services, HEOS, Ltd.  Leaders of the two host communities are aware of his egocentric desires and can be contacted for verification.

There are legal suits already initiated against the serial blackmailer by both the EFCC Chairman and HEOS, in this regard, as well as a petition to the Department of State Security, DSS.

While the EFCC will not be stampeded or blackmailed into compromising extant legal frameworks for the disbursement of the funds to the two host communities, the media is enjoined to always balance its reporting and not allow characters like Oddiri sway it into prejudice and blackmail. The EFCC is focussed on its mandate and will continue to act in the overall best interests of the nation.

FirstBank Organises  SMEConnect Webinar To Boost SME Growth

FirstBank, West Africa’s premier financial institution and financial inclusion services provider, is pleased to announce its upcoming SMEConnect Webinar scheduled to hold on Wednesday, 26 November 2025.
According to a press release by the bank, the SMEConnect Webinar is one of the ways FirstBank delivers its capacity building of its value propositions to small and medium-sized enterprises (SMEs).
It is designed to empower SMEs with the knowledge, tools, and resources needed to thrive in today’s competitive business landscape.
The upcoming webinar themed “Strategies for SMEs: Securing Your Business Under the New Tax Law” will guide participants through the upcoming changes in tax regulations, ensuring they are well-equipped to comply with the new requirements.
 Industry experts and thought leaders, including Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms (Keynote Speaker), Yemi Adesanya, the Financial Controller, FirstBank (Guest Speaker) and Dr. Abiodun Famuyiwa, Head of SME Banking at FirstBank (Host) will share insights on overcoming challenges, leveraging digital tools, and accessing financial opportunities designed to support SME growth.
Speaking ahead of the event, Chuma Ezirim, Group Executive, e-Business and Retail Products at FirstBank, said “SMEConnect Webinar is an initiative to ensure that SMEs are not only equipped to survive but positioned to scale sustainably in the competitive marketplace.
 The implementation of the new tax policy is fast approaching; hence we want to provide all businesses with adequate information and insights on the new requirements, to help them navigate the regulations.”
The webinar will also focus on the benefits of formalisation and the suite of banking solutions available to registered and unregistered businesses, especially the FirstSME accounts for businesses.
NCJIFLCA battles illegal checkpoints, multiple infractions at ports, border stations

…Seeks Partnership with MARAN

By Foster Obi

Picture: The group in à photograph with members of the newly inaugurated MARAN caretaker committee. 

 

A group, the National Compliance Joint Taskforce of Licensed Clearing Agents (NCJIFLCA), has taken up the challenge to eliminate illegal checkpoints set up by Customs and other agencies on our roads, primarily designed to extort Nigerians and indirectly increase the cost of living in the country.
The group, made up of clearing agents, security personnel, and other well-meaning Nigerians, also vowed to stop illegal seizures of duly cleared consignments at the ports by operatives of the Customs Federal Operations Unit(FOU), affirming that these illegalities have put Nigeria in a bad light among the comity of nations.
Speaking yesterday during a courtesy visit to the Maritime Reporters Association of Nigeria (MARAN) International Conference Center, Apapa, Lagos, the President of the Association, Dr. Basil Chudi Nwolisa, noted that part of the visit was to seek a partnership with MARAN to help expose these illegalities and nip them in the bud.
According to him, the Nigerian Port Industry is currently facing numerous man-made challenges, primarily stemming from human weaknesses, adding, “The most pressing issues include non-compliance with established rules and regulations, such as the ALERT system; deliberate withholding of container deposit refunds by shipping companies; frequent arrests and seizures by FOU of containers duly examined and released by authorized Customs officers and other federal government agencies; delays experienced by Customs Clearance Agents at the hands of terminal operators; and extortion of Nigerian trucks on highways.
He noted that, “These challenges have become an embarrassment to our country before the international trade community.”
Explaining that the group was formed to help Nigeria and Nigerians overcome corruption in the maritime industry and on our highways,
he noted however, that “We cannot achieve this goal alone and hereby invite the Maritime Reporters Association of Nigeria to collaborate with us to ensure the success of this noble project.”
He promised that with this collaboration and in “the next 12 months,” every Nigerian, including MARAN will be proud of what the Taskforce would have achieved in this direction.
Arguing that the multiplicity of checkpoints by Customs is not in the interest of Nigerians but for some people to enrich their pockets, he said, “If somebody brought goods, and they’re examined in the port, and they’re released in the port, what business do Customs have to stop it?
But he noted that when some officers see that the volume of the money that is coming out is high, they will set up various checkpoints, and if Nigerians do not stand against it, it will continue to escalate.
“We are just trying to educate Nigerians and tell them that the road blocks and the checkpoints are bringing shame to us and it is also increasing the cost of goods in the market.”
He gave a scenario where genuine Nigerians who transport perishable commodities across cities have been frustrated and put out of business by these illegal checkpoints created by even NDLEA and the likes.
The group, which had all its officers in attendance, used the opportunity to invite MARAN to its third anniversary celebration, scheduled to take place at Rockview Hotel, Festac Town, on Wednesday, 10th December, 2025. The event will also include the birthday celebration of their National President, High Chief Dr. Basil Nwolisa, a fundraising program, and the inauguration of their various chapters.
The group was officially welcomed by a team of the newly inaugurated MARAN caretaker committee led by Tunde Ayodele.

Display picture: High Chief Dr Nwolisa in white with Tunde Ayodele (2nd left), Chairman, MARAN caretaker committee, Ruth Umunna, Treasurer and John Obot (in cap), Secretary.