NEWS AGENCY OF NIGERIA
Economy/Business

NDIC begins payment to Heritage Bank depositors

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By Ginika Okoye
The Nigeria Deposit Insurance Corporation (NDIC) has started payment of N46.6 billion in liquidation dividends to depositors of the defunct Heritage Bank.

Hawwau Gambo, Acting Head, Communication and Public Affairs, said the funds were realised from sales of the bank’s assets and recovery of debts owed.

Gambo explained that a liquidation dividend is paid to depositors of a closed bank, beyond the maximum insured limit, using proceeds from asset sales and debt recovery.

She added that liquidation dividends may also cover payments to creditors and shareholders once all depositors have been fully reimbursed.

The NDIC began payment of the first tranche of liquidation dividends on April 25.

According to Gambo, the initial dividend is paid at 9.2 kobo per Naira on a pro-rata basis to depositors with balances above N5 million.

She noted that further payments would be made as more assets of the defunct bank are realised and outstanding debts recovered.

Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on June 3, 2024, NDIC immediately reimbursed insured deposits up to N5 million.

To ensure a seamless process, NDIC used depositors’ Bank Verification Numbers (BVN) to locate alternate accounts and automatically credit the insured amounts.

The corporation also used existing records from insured payments to disburse the first tranche of liquidation dividends.

“Depositors with balances exceeding N5 million who did not receive their liquidation dividends should visit the nearest NDIC office.

“Depositors without alternative bank accounts, who were not paid the insured amount, should also visit NDIC offices or download forms from www.ndic.gov.ng.

“Depositors must complete and submit a deposit verification form to receive their insured amounts and, where applicable, the first tranche of dividends,” Gambo said.

She reiterated NDIC’s commitment to ensuring the recovery of assets and the reimbursement of all eligible depositors. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo
Economy/Business

Experts call for inter-agency taskforce to address ponzi pitfalls in ISA

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By Ginika Okoye

Some capital market experts have called on the Securities and Exchange Commission (SEC) to create an inter-agency digital surveillance taskforce to address ponzi schemes related gaps in the Investment and Securities Act (ISA, 2025).

The experts spoke at a webinar organised by the Institute of Capital Market Studies (ICMS) Nasarawa State University, Keffi (NSUK) in collaboration with the Capital Market Academics of Nigeria (CMAN) on Sunday.

Prof. Uche Uwaleke, the Director of ICMS, NSUK, said that although ISA 2025 represented a significant step forward in modernising the country’s capital market, critical regulatory blind spots remained.

Uwaleke said the taskforce should include agencies like SEC, the Economic and Financial Crimes Commission, the Nigerian Communications Commission and the National Information Technology Development Agency.

He also suggested the establishment of a public verification portal to enable citizens check and confirm genuine investment platforms before investing.

The director said fraudulent schemes springing up often used informal channels/social media like WhatsApp, Instagram or unregistered digital apps and were difficult to monitor.

Uwaleke said the inter-agency collaboration would help stop the activities of those fraudulent schemes in real time.

“Prohibited scheme which is mentioned in S. 192 (page 182) of ISA 2025 is defined under Miscellaneous provisions (page 305) to include ‘ponzi or pyramid schemes.’

“These provisions seem to focus on ponzi schemes with physical presence.

“Springing up today are fraudulent schemes that often use informal channels/social media (e.g WhatsApp, Instagram or unregistered digital apps) and are difficult to monitor or stop in real time.

“Despite the ISA’s stronger penalties, (liability of the promoters on conviction to a fine of not less than N20 million or imprisonment to a term of 10 years or both (S.192).

“Lack of proactive detection mechanisms means investors may still be defrauded before SEC can act,” he said.

Augustine Agom, Professor of Law from the Ahmadu Bello University Zaria, said investors’ protection was key in the ISA.

Agom said the law had enhanced regulatory sanctions.

He advised stakeholders and investors in the market to be careful of some sharp practices.

According to him, it is time for investors to come to the market.

Also analysing the ISA, 2025, Adesina Bello, a Professor of Law, said the capital market would be better if the ISA, 2025 was fully complied with.

Bello who spoke on Registration, Regulations and Financial Market Infrastructure, said the law would empower SEC to ensure that stakeholders adhered to the provisions of the law.

Aliyu Sanusi, Professor of Economics at the Ahmadu Bello University Zaria, said the recognition of non-interest financial instruments and project-specific bonds would open the market to broader investment classes.

Sanusi said the robust penalty regime of the ISA significantly raised the cost of mismanagement or abuse, protecting market integrity.

“Issuance preconditions (IGR ratios, debt service caps) will improve subnational and agency borrowing discipline,” he said.

The Director-General of SEC, Dr Emomotimi Agama, had said the law would help to create a dynamic, inclusive and resilient capital market for the economy.

The News Agency of Nigeria (NAN) reports that many stakeholders and experts in the market gave insights into the ISA, 2025. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Business

UBA a pacesetter in innovation, generational ambition – Shettima

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By Kadiri Abdulrahman

Vice-President Kashim Shettima has described the United Bank of Africa (UBA) as a pacesetter in innovation, emerging markets and generational ambition.

Shettima said this at a dinner to celebrate 75 years anniversary of UBA on Saturday night in Abuja.

According to him, the celebration of an institution like UBA that has outlived generations and still pushes with the vibrancy of youth is not something that happens everyday.

“UBA is not what it is because of the age of its ideas. It is what it is because of the attention it pays to innovation.

“It also pays attention to emerging markets, shifting dreams, and to the changing contours of generational ambition.

“UBA has remained a pacesetter because it is led by people who do not just manage capital, but manage curiosity,” he said.

Shettima attributed the bank’s staying power to its passion for relevance.

He said that UBA was a quintessential specimen of what an African institution could become by institutionalising excellence.

“UBA’s staying power is owed to its pursuit of relevance. It has stood as a reward for new thinking, expanding not just across geography, but across ideas.

“It serves millions, it shapes economies, and it influences the narrative of what an African institution can become when excellence is institutionalised and when well-intentioned dream-makers are in charge,” he said.

He commended the bank’s Chairman, Tony Elumelu, for leading it to such enviable heights.

“Elumelu has become a bridge between the old and the new, between the outdated and the emerging; he has won the trust of even the brilliant, digital generation,” Shettima said.

Earlier, Elumelu expressed gratitude to the Vice President while acknowledging the bank’s foundational history.

He emphasised the importance of honouring those who established the bank.

He expressed confidence in the bank’s continued success, tying it directly to Nigeria’s economic environment.

“We all are under the shields because someone planted the tree. The foundation of UBA was laid by people before us, we are only taking it further.”

“On the vision of the next 75 years, just keep transforming our domestic economy as President Bola Tinubu is doing, and UBA will keep roaring,” he said.

UBA’s Group Managing Director (GMD), Oliver Alawuba, highlighted the bank’s remarkable journey since its inception.

Alawuba emphasised UBA’s impressive expansion over the decades, adding that the bank now operates in 24 countries with 1,000 business offices, over 25,000 staff members, and a customer base exceeding 45 million people.

He demonstrated the bank’s robust performance, including a profit after tax of N766.6 billion and total assets reaching N30.4 trillion.

The GMD said that shareholders had been rewarded with a dividend of N5 per share, representing a dividend yield of 14.5 per cent, representing the highest among industry peers.

He also said that the group’s shareholders’ funds rose significantly to N3.419 trillion in 2024 from N2.030 trillion in December 2023.

“The 2024 financial performance demonstrated the bank’s continued focus on driving earnings growth, preserving asset quality, expanding business operations and deepening market share,” Alawuba said.

He outlined a vision for UBA to establish presence in every African country and expand to over 100 countries worldwide within the next 75 years.(NAN)(www.nannews.ng)

Edited by Muhyideen Jimoh

Economy/Business

AMEDA 2025: Experts chart resilient future for African, Mideast finanancial markets

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By Taiye Olayemi

 

 

Experts have emphasised the need for financial institutions in Africa and Middle East to adopt proactive, technology-driven strategies to remain robust in an increasingly volatile global environment.

 

They said this during the 2025 Africa and Middle East Depositories Association Conference (AMEDA 2025) in Lagos on Friday.

 

The theme of the conference is “Resilience in Financial Markets: Preparing for Global Disruptions”.

 

The AMEDA conference is an event that brings together experts, policymakers, and stakeholders to discuss the future of financial institutions in the region.

 

Mr Stuart Turner, Founder of Avenir Technology, said cloud infrastructure must be embraced by all financial institutions and upscaled by those already utilising it.

 

Turner noted that by leveraging cloud solutions, financial institutions could enhance their ability to withstand disruptions, improve scalability and increase flexibility.

 

He emphasised that financial institutions must prioritise robust infrastructure from their inception to ensure resilience.

 

This includes implementing strong security measures to protect against potential cyber threats and external attacks on their databases.

 

Turner also spoke on principles to uphold in dealing with digital disruptions when building financial market infrastructure.

 

He said, “Building resilience should start from the basics. Individuals should build zero-trust security models.

 

“Artificial Intelligence should be explored and information sharing is also important in building a resilient financial institution.”

 

Also, Dr Bala Bello, Deputy Governor, Operations Directorate, Central Bank of Nigeria (CBN), said collaboration is important in building resilience in the financial market.

 

Bello, who was represented by Mr Okey Umeano, Acting Director, Financial Markets at CBN, advised stakeholders in the market to embrace collaboration and design common goals to be achieved.

 

He said stakeholders should be open to effective communication, remain transparent and be open to sharing individual risk mechanisms.

 

Bello also spoke on how the CBN had built resilience over the years as a model for others to learn.

 

He said the CBN had calibrated its supervision to support resilience through a typical risk supervision framework, which directs resources to areas of higher risk.

 

He added that the CBN had also invested in upgrading its numerous applications and had continued to collaborate across the finance industry value chain.

 

“Regulators in the financial market also need to look into licensing and supervisory frameworks in their attempt to build resilience,” he said.

 

Mr Jim Micklethwaite, Managing Director, Financial Markets, Thomas Murray, enlightened the delegates on how stakeholders could improve transparency without being exposed to systemic risks.

 

Micklethwaite said operators in the financial market must begin to act like those in technology companies by embracing technology on an improved scale.

 

He advised operators to also invest in building cybersecurity infrastructure, which is critical to growth in the industry.

 

He emphasised the importance of financial market operators adopting cloud technology to build resilience.

 

Meanwhile, Ms Beverly Furman, Head of Operations and Change, STRATE, South Africa, advised on the orderly closing and reopening of financial markets on a daily basis to guard against disruption through power outages.

 

Mr Kyari Bukar, Chairman, Sunu Assurances Nigeria Plc, enlightened the delegates on building a shock absorber framework within the financial market. (NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

Economy/Business

Customs, ICPC, EFCC sensitise stakeholders to currency movement laws in Kano

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By Aminu Garko
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC), and Nigeria Customs Service (NCS) have collaborated to organise a sensitisation meeting on laws governing currency movement across borders.
The News Agency of Nigeria (NAN) reports that the programme aims to acquaint the stakeholders with laws and regulations governing cross-border currency movement.
Speaking at the sensitisation programme held at Tahir Hotel Kano, the ICPC Resident Commissioner, Ahmed Wada, stated that the agency’s goal was to educate the public and the stakeholders on laws governing currency movement, rather than targeting individuals.
He extolled Nigeria’s progress in being classified under the green list of countries and encouraged Nigerians to work together to achieve a corruption-free nation.
“Our aim is to sensitise the public and stakeholders on the laws governing currency movement across borders, not to hunt anyone.
“The agencies emphasize the importance of collaboration in tackling corruption and achieving set objectives,” Wada said.
The EFCC Kano Zonal Commander, Ibrahim Shazali, said that the programme was aimed at tackling the menace of illegal cash transactions across borders and within the country.
The Area Controller of Nigeria Customs, Kano and Jigawa Command, Dalhatu Abubakar, highlighted the importance of collaboration and innovation in tackling corruption.
He stated that Customs had intercepted undeclared currencies in Lagos, Kano, and other places, attributing the issues to ignorance.
Abubakar said, “The laws require you to declare the amount of money you’re carrying; with proper declaration, no issues should arise.
“Laws require declaration of the amount of money being carried, and with declaration, no caution would be caused.”
The Chairman, Bureau De Change Operators Association in the state, Alhaji Sani Dada, described the sensitisation programme as very timely, corroborating that many currencies were being confiscated due to ignorance of the declaration laws.
NAN also reports that the sensitisation meeting attracted participants from various sectors of the financial industry in the state. (NAN) (www.nannews.ng)
Edited by Bashir Rabe Mani
Economy/Business

Transactions on NGX up 30.26%, investors gain N13bn

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By Taiye Olayemi
Stock market investors traded 1.854 billion shares worth N56.025 billion in 51,386 transactions on the floor of the Nigerian Exchange Ltd. this week.
This is in contrast to the 1.525 billion shares valued at N43.006 billion that exchanged hands last week in 51,156 deals.
Consequently, the value of transactions traded by investors on the Exchange soared by 30.26 per cent as investors gained N13.019 billion.
Meanwhile, the market opened for four trading days this week as the Federal Government declared Friday, April 18 and Monday, April 21 as public holidays to commemorate 2025 Easter celebration.
Trading in the top three equities, namely Fidelity Bank PIc, Access Holdings PIc and Guaranty Trust Holding Company Plc, accounted for 797.873 million shares worth N22.043 billion in 8,618 transactions.
This contributed 43.03 per cent and 39.34 per cent to the total equity turnover volume and value, respectively.
The Financial Services led the activity chart with 1.266 billion shares valued at N29.400 billion traded in 24,351 deals.
This contributed 68.28 per cent and 52.48 per cent to the total equity turnover volume and value, respectively.
The ICT industry followed with 136.707 million shares worth N12.472 billion in 2,974 deals.
The third place was the Consumer Goods Industry, with a turnover of 118.617 million shares worth N4.415 billion in 5,869 deals.
The NGX All-Share Index and Market Capitalisation appreciated by 1.46 per cent and 1.47 per cent to close the week at 105,752.61 and N66.465 trillion, respectively.
Similarly, all other indices finished higher with the exception of NGX Premium, NGX Oil and Gas, NGX Industrial Goods, NGX Growth and NGX Sovereign Bond Indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.
Sixty-four equities appreciated in price during the week, higher than 31 equities in the previous week.
Twenty-seven equities depreciated in price, 44 in the previous week, while 57 equities remained unchanged, lower than 72 recorded in the previous week.
International Breweries, Nascon Allied Industries Plc, Africa Prudential Plc, Vitafoam Nigeria Plc, and Ikeja Hotel Plc were the top five gainers and they grew by 40.00 per cent, 26.22 per cent, 25.64 per cent, 21.22 per cent and 21.00 per cent, respectively.
The companies gained N2.20, N11.00, N3.50, N7.85 and N2.10, respectively.
The top five decliners for the week were: VFD Group Plc, John Holt Plc, Dangote Cement Plc, Tripple Gee and Company Plc and Haldane McCall Plc as they lost N78.90, N1.44, N48.00, 22k and 52k, respectively. (NAN)(www.nannews.ng)
Edited by Shuaib Sadiq/Olawunmi Ashafa
Economy/Business

Digital economy key to Nigeria’s economic transformation, says lawmaker

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By Philip Yatai

Rep. Gaza Gbefwi, Chairman, House Committee on Solid Minerals, says digital economy holds the key to Nigeria’s economic transformation, job creation, and national security.

Gbefwi, representing Karu/Keffi/Kokona Federal Constituency, stated this in Abuja on Friday, at a seminar with the theme, “Powering Nigeria’s Digital Economy through Advanced Information Management Paradigms”.

The seminar was organised by the Association of Applied Information Management Professionals (AAIMP).

Represented by one of his aides, Mr Emmanuel Kadiya, the lawmaker described digital transformation as the “bridge between today’s challenges and tomorrow’s prosperity”.

Gbefwi, who was the Chairman of the occasion, emphasised the urgent need for the youths to embrace digital innovation as a pathway to national development.

According to him, for Nigeria to thrive in the global digital economy, our young people must take lead by mastering information management and leveraging technology to create opportunities locally and internationally.

“Our youths must leverage technology to save Nigeria.

“We must move from building Nigerian products to creating global solutions. With a smartphone, you can establish a business worth N250 million.

“Technology is already fixing revenue leakages and transforming infrastructure.”

In a keynote address, Dr Peter Olumuji, Secretary, Command and Control Centre, Federal Capital Territory Administration, noted the global shift from traditional economies to digital systems.

Olumuji pointed out that Nigeria had developed a National Digital Economy Policy and Strategy under the Ministry of Communications and Digital Economy.

He also urged the youths to drive its transformation.

According to him, Nigeria must strengthen its broadband infrastructure across urban and rural areas to maximise the benefits of digital economy.

Similarly, retired Major-Gen. Chris Olukolade, Chairman, Centre for Crisis Communication, re-echoed Olumuji’s concerns on the need to strengthen broadband infrastructure.

Olukolade highlighted the strategic importance of real-time structured information in national security and emergency response.

According to him, reliable and coordinated information is not just useful; it is lifesaving.

“The digital economy we seek depends heavily on how effectively we manage and leverage evolving information infrastructure.”

He commended AAIMP for promoting cross-sectoral dialogue and reaffirmed his Centre’s support for efforts that strengthen intelligent information management nationwide.

Also, Vice Chancellor of Bingham University, Prof. Haruna Ayuba, described the seminar as timely and transformative.

Ayuba emphasised the role of education in driving digital innovation.

“To harness digital opportunities, we must reimagine strategies that encompass emerging technologies like cloud computing, blockchain, and big data analytics.

“Bingham University is committed to supporting national digital development through research, collaboration, and innovation.

“Our interdisciplinary departments are pushing the frontiers of data science and information systems,” he said.

Earlier, the AIMP President, Dr Omotola Afuye, emphasised the association’s mission in building a knowledge-driven future for Nigeria.

Afuye said that the digital economy thrives on structured data, timely information, and innovative systems that enhance productivity and decision-making.

“We are not just building an association; we are building a legacy of excellence in information management,” he said. (NAN)

Edited by Abiemwense Moru

Economy/Business

IMF lauds Nigeria’s reforms, urges support for vulnerable citizens

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By Nana Musa

The Director of the African Department at the International Monetary Fund (IMF), Abebe Selassie, has commended Nigeria’s bold economic reforms and urged continued support for vulnerable citizens.

Selassie made the commendation during a press conference on the regional economic outlook for Sub-Saharan Africa in Washington D.C. on Friday.

He highlighted the reforms, including the removal of the fuel subsidy and the unification of the foreign exchange market, as essential measures to address unsustainable macroeconomic conditions.

While acknowledging the short-term hardships the reforms had caused, Selassie emphasised that addressing them was key.

He noted that strengthening the country’s economy required maintaining macroeconomic stability, restoring market confidence, and ensuring well-coordinated monetary and fiscal policies.

The IMF Director also stressed the importance of open communication with the public to build trust and garner support for the ongoing reforms.

He added that with sustained effort and careful policy calibration, Nigeria could achieve more inclusive and sustainable growth.

Selassie further shared that the latest regional economic outlook for Sub-Saharan Africa highlighted both progress and persistent vulnerabilities across the continent.

He observed that while some countries had made strides in addressing macroeconomic imbalances such as declining inflation and narrowing budget deficits, growth remained insufficient to significantly reduce poverty or address developmental challenges. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Business

UBA declares N3.19trn revenue, N767bn profits in 2024

113 total views today

By Kadiri Abdulrahman

The United Bank for Africa (UBA) has posted a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year.

Mr Tony Elumelu, Chairman, Board of Directors of UBA, made this known at the bank’s 63rd Annual General Meeting (AGM) on Friday in Abuja,

Elumelu said that the bank sustained its deposit mobilisation efforts by growing total deposits by 42 per cent to N24.65 trillion from N17.36 trillion in 2023.

He said that its loan book also expanded by 35 per cent to N7.51 trillion from N5.55 trillion.

“The group maintained a well-structured and diversified balance sheet, with total assets and shareholders’ funds closing at N30.32 trillion and N3.52 trillion respectively,” he said.

Elumelu announced an interim dividend of two Naira per share, and a final dividend of three Naira per share to make a cumulative dividend of five Naira per share.

He said that UBA was on course to meet the new minimum capital requirement of N500 billion for international commercial banks as stipulated by the Central Bank of Nigeria (CBN).

The chairman expressed the bank`s commitment to driving Africa’s economic transformation by facilitating cross-border trade and empowering Small and Medium Enterprises (SMEs)

“Through a straight partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, UBA has pledged up to six billion dollars over three years to support SMEs in key sectors.

“The sectors include agro-processing, automotive, pharmaceuticals and transport/logistics, aimed at reducing import dependency and boosting intra-African trade.

“Beyond financing, UBA is focused on de-risking critical sectors, equipping SMEs with essential skills and leveraging technology to enhance trade integration and economic resilience across the continent,” he said.

The Group Managing Director of UBA, Mr Oliver Alawuba, said that in spite of the global uncertainties and economic challenges, the bank delivered outstanding results

He said that it expanded its global presence and reinforced its position as a leading financial institution.

According to Alawuba, these accomplishments are a testament to the bank`s unwavering focus on enterprise, excellence and execution.

He said that the bank’s gross earnings and net interest income reached their highest levels.

“Gross earnings grew year-on-year by 53.6 per cent to N3.19 trillion and our net interest income increased by 116.4 per cent to N1.53 trillion, asserting UBA’s position as a leading financial institution,” he said. (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Joseph Edeh

Economy/Business

Report suspected Ilegal investment schemes to us- SEC

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Report suspected Ilegal investment schemes to us- SEC

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

 

 

The Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investments scheme to the commission for proper investigation and necessary action.

 

 

 

The Commission said this in a notice issued on Thursday to the investing public, warning that ponzi investment schemes posed great danger to the growth of the capital market.

 

The commission warned the public about the growing threats and risks posed by Ponzi schemes, illegal investment operations, and unregistered digital assets platforms.

 

The commission explained that fraudulent entities and individuals had continued to exploit unsuspecting investors through deceptive promises of high returns, often leveraging the allure of digital assets to create an erroneous perception of legitimacy.

 

 

 

The notice read, “The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk.

 

 

 

“These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, without subjecting themselves to the prescribed processes for obtaining the prior approval of the SEC.

 

 

 

“The SEC reiterates in this regard that ‘If it sounds too good to be true, it likely is.”

 

 

 

The commission urged potential investors to conduct thorough due diligence before investing and should verify the registration status of the company or individual offering the investment through the SEC’s website: https://sec.gov.ng/cmos.

 

 

 

It explained that Section 196 (3) of the Investments and Securities Act, 2025 criminalises the promotion and operation of prohibited/unregistered schemes.

 

 

 

The SEC said it is fully committed to identifying and prosecuting offenders to the full extent of the law.

 

 

 

It said “This violation is punishable upon conviction by a fine of not less than N20m or a prison term of 10 years or both”, the commission warned.

 

 

 

“We encourage the public to partner with the SEC to safeguard the integrity of the investment environment in Nigeria by promptly reporting suspected illegal investment schemes to the SEC,” the notice concluded.” (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

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