News Agency of Nigeria
Bank SMS charge increase: Customers opt for e-mails
Business

Bank SMS charge increase: Customers opt for e-mails

SMS
By Ginika Okoye

Some bank customers, especially those of Guaranty Trust Holding Company (GTCO) say they will opt for electronic mail alert from their banks to cut costs and reduce charges on their accounts.

Some of the customers who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said they would deactivate the Short Message Services (SMS) transaction alert linked to their accounts.

Mrs Dorathy Azinge, a customer of GTCO, described the increase in SMS charges as exploitative.

Azinge said that in spite of various transaction charges debited from her bank account on a daily basis, the bank still increased SMS charges.

”This move of increasing SMS charges is very exploitative even though they cited telecommunication charge.

”What about all the numerous unwarranted debits that I get from my account, and they are using telecommunication increase as yardstick to increase theirs.

”GT will remove different charges from my account until they give me minus balance,” she said.

Another GTCO customer, Ms Elizabeth Abu, said she would visit her bank to opt for her transaction alerts to be sent to only her e-mail address.

Abu who complained about the reduction in her capitalised interest on her account, said the numerous debits were becoming frustrating.

”It does not make sense for the bank to charge me for a transaction I did and also charge me for the alert they sent.

”It means that customers are the ones paying heavily for all these services.

” These charges are reflecting on the profits declared by these banks and we are the ones paying for this,” she said.

Mr Clement Arubu, a customer with First HoldCo Plc, said he received various transaction debit alerts from his bank totalling N1, 050 monthly.

Arubu said the debits were huge, especially when calculated between 10,000 customers of the bank.

”Most customers receive these alerts and neglect them because to them, the money is small but when you debit the same money from about 10,000 customers then, you can be sure that the money is huge,” he said.

Mrs Catherine Itoha, a customer of GTCO, said the bank had yet to reverse over N20,000 debited from her account through various failed Point of Sale (PoS) transaction since about 11 months.

Itoha urged some banks and their staff to adopt principles of fair practice in handling their customers.

”Customers are the reason why banks are in existence so, we deserve to be treated fairly.

”GTB debited me in about four different transactions that I did but up till now, they did not reverse any of these monies.

”I visited the bank, filled forms, spoke to their staff personally but still the issue was not resolved since last year.

”If this money did not go to a staff, it means it is part of their profit,” she alleged.

Mrs Esther Arthur, a Fidelity Bank customer alleged that some of the banks were making profits from charges on customers for their transactions.

Arthur described the situation as sad and frustrating

”I withdrew N10,000 from a First Bank Automated Teller Machine (ATM) and the machine showed me that I will be charged N100 because it wasn’t my bank.

”When I finished the transaction, to my greatest surprise an alert came into my phone and when I checked it, it was an alert of N630.00 against the N100 on-site ATM charges that the Central Bank of Nigeria (CBN) instituted.

”This is so sad,” she said.

Mr Augustine Ode, a Zenith Bank customer, appealed to the CBN to check excesses of some banks that were allegedly defrauding customers.

The News Agency of Nigeria (NAN) reports that GTCO had informed its customers of the SMS transaction alert fee increase from N4 to N6 per message.

The bank had said that the adjustment was due to a recent increase in telecom rates.

GTCO also informed its customers who preferred not to receive transaction alerts via SMS, to update their preferences by completing the transaction alert form on the bank’s website and send to gtbankmailsupport@gtbank.com. (NAN)

Edited by Ese E. Eniola Williams

CFG Africa introduces Naira fixed income fund  
Business

CFG Africa introduces Naira fixed income fund  

 

By Olawunmi Ashafa

 

As a response to the growing need for stable and reliable investment opportunities in the nation’s dynamic economic landscape, CFG Africa has introduced the GFG AM Naira Fixed Income Fund.

 

The launch event, which took place in Lagos on Wednesday, gathered key stakeholders, investors, and the CFG Africa leadership team.

 

The CFG AM Naira Fixed Income Fund is a managed open-ended unit trust scheme designed to provide investors with investment liquidity, diversification, and competitive returns through investments in high-quality Naira-denominated fixed income securities.

 

This fund is tailored for individuals, corporates, high net worth investors, and institutions seeking stable and reliable investment growth.

 

Speaking during the launch, Mr Babajide Lawani, the Managing Director of CFG Africa Ltd., emphasised the strategic importance of the Fund.

 

“The introduction of the CFG AM Naira Fixed Income Fund is a deliberate step in expanding our capacity to serve a broader spectrum of investors.

 

“It allows us to channel capital into stable, Naira-denominated assets, contributing to a more resilient and inclusive financial market in Nigeria.

 

“This launch demonstrates our proactive approach to addressing market dynamics and providing solutions that meet the long-term investment goals of our clients.

 

“We believe this fund offers a crucial avenue for Nigerians to participate in stable investment opportunities, contributing to their financial well-being and the broader economic landscape.”

 

Also, Mr Adedoyin Wilson-Diamond, Chief Investment Officer of CFG Africa Ltd., added, “In a dynamic economic environment, preserving capital and achieving consistent returns are paramount.

 

“The CFG AM Naira Fixed Income Fund has been meticulously structured to navigate market fluctuations and deliver competitive yields through prudent investment in quality Naira-denominated assets.

 

“Our active management approach will ensure we capitalise on opportunities while effectively managing risk,” he said.

 

CFG Africa views the current macroeconomic landscape as an opportune moment to introduce such a fund, providing a hedge against volatility while offering consistent returns.

 

The fund’s assets will be held by an independent custodian, Rand Merchant Bank Ltd., with AVA Trustees Ltd. acting as the independent trustee, ensuring the highest standards of security and governance.

 

CFG Africa remains committed to providing innovative and accessible financial solutions that empower individuals and institutions to achieve their financial goals. (NAN)

 

Edited by Folasade Adeniran

NGX honours Pascal Dozie with heartfelt tributes
Business

NGX honours Pascal Dozie with heartfelt tributes

 

 

 

 

 

By Taiye Olayemi

 

The Nigerian Exchange Group (NGX) on Tuesday gathered capital market stakeholders to honour late financial icon, Dr Pascal Dozie, who passed on April 8, aged 85.

 

 

 

Born on April 9, 1939, Dozie was a pioneer in Nigeria’s financial landscape, revered for founding Diamond Bank and chairing Pan-Atlantic University.

 

 

 

Dozie also served as President of the Nigerian Stock Exchange, now NGX Ltd, where he led pivotal reforms and inspired market transformation.

 

 

 

The event, with the theme ‘An Afternoon of Tribute and Closing Gong Ceremony‘, celebrated Dozie’s enduring legacy and visionary leadership.

 

 

 

NGX Group Chairman, Alhaji Umaru Kwairanga, praised Dozie’s impact on Nigeria’s capital market, describing him as a leader of unmatched humility.

 

 

 

“Today, we celebrate a life of integrity, purpose, and service,” said Kwairanga, encouraging others to mirror Dozie’s entrepreneurial spirit.

 

 

 

He recalled Dozie’s presidency of the Exchange as a cornerstone in building a transparent and sustainable financial ecosystem.

 

 

 

Kwairanga added that Dozie’s foresight and institutional reforms extended confidence across Africa’s markets.

 

 

 

Dr Ernest Ndukwe, MTN Nigeria Chairman, hailed Dozie’s strategic leadership, which catalysed innovation and broadened market participation.

 

 

 

He praised Dozie’s economic insight and philanthropy in healthcare, education, and community development.

 

 

 

“His influence at MTN was stabilising and profound. Nigeria must now carry his torch,” Ndukwe urged.

 

 

 

Chairman, Lagos Chamber of Commerce and Industry, Gabriel Idahosa, described Dozie as a steward of institutions whose leadership transcended borders.

 

 

 

Nigerian Economic Summit Group (NESG) Chairman, Mr Olaniyi Yusuf, noted Dozie’s founding role in the Summit Group, driving transformative economic dialogue since 1993.

 

 

 

Mrs Elizabeth Ebi of Futureview Financial Services called Dozie a mentor and praised his groundbreaking Exchange leadership.

 

 

 

She encouraged his children to advance his legacy through their work in the capital market.

 

 

 

“I called him Uncle — his support shaped my career,” Ebi said, recalling his influence before she became Nigeria’s first female stockbroker.

 

 

 

NGX Regulation Ltd. Chairman, Mr Olufemi Akinsanya, remembered Dozie as a humble reformer and trailblazer in digital banking.

 

 

 

“Diamond Bank, under Dozie, pioneered banking digitisation. His quiet leadership changed the financial sector forever,” he said.

 

 

 

Uzoma Dozie, speaking for the family, thanked NGX for the honour and described his father as a servant leader.

 

 

 

“He was a hustler and a servant—always working so others could rise. His story is of resilience and reinvention.

 

 

 

“Pascal Dozie is remembered not just as a banker, but as a builder of futures, economies, and hope,” Uzoma said. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Guinness Nigeria marks 75 years of purpose, innovation
Business

Guinness Nigeria marks 75 years of purpose, innovation

 

 

By Taiye Olayemi

Guinness Nigeria Plc says it is prioritising increased connection, purpose and impact, especially following the recent change in majority shareholding and as it celebrates its 75th anniversary.

 

Its Managing Director, Mr Girish Sharma, who disclosed the focus in a statement on Tuesday in Lagos, said that this promises greater local agility and innovation for the company.

 

On the milestone, Sharma reflected on Guinness Nigeria’s 75-year heritage, dating back to its establishment in 1950 and the opening of its pioneering Lagos brewery in 1962.

 

“Guinness Nigeria has evolved into more than a company. It has become a national treasure, woven into the fabric of Nigerian culture through the generations.

 

“From its iconic brands to its enduring values, the company has become a symbol of resilience, quality and shared celebration.

 

“This milestone is not just a celebration of how far we’ve come, it’s a tribute to the people who have built this legacy with us.

 

“From distributors and farmers to consumers and employees, this company has been shaped by thousands of hands and hearts.

 

“As we step into this new chapter, our focus is clear: we are building for more; more connection, more purpose, more impact.

 

“We remain rooted in our purpose of celebrating life every day, everywhere; and the next 75 years and beyond begin with that same bold spirit.”

 

Sharma reaffirmed the company’s legacy of social impact and community development.

 

According to him, the company’s long-standing Guinness Eye Centres in Lagos and Onitsha sponsor free eye surgeries to restore sight and improve lives.

 

“This initiative builds on Guinness Nigeria’s enduring commitment to healthcare, safe water access, education and uplifting communities across the country.

 

“Guinness Nigeria has consistently championed purposeful progress, investing in people, communities and the future.

 

“Through our Water of Life programme, the company has provided access to clean drinking water for over 500,000 Nigerians.

 

“Its Plan-W initiative has empowered over a thousand women with entrepreneurship and financial literacy skills, while the Guinness Nigeria Undergraduate Scholarship Scheme is helping bright students across the country pursue quality education.

 

“For over 20 years, its partnership with the Federal Road Safety Corps (FRSC) has driven national awareness around responsible drinking and road safety,” he said.

 

The managing Director said that since the 1980s, the company had pioneered the use of locally sourced sorghum in the production of its brands, empowering farmers.

 

According to him, it is also reducing dependence on imports, long before local sourcing became standard practice.

 

Sharma said to commemorate the milestone, the company is rolling out a series of activities.

 

He said the activities included the launch of a commemorative 75th-anniversary documentary, limited-edition bottles, a nationwide consumer promo, and staff-focused celebrations such as an interdepartmental football tournament and parties across its Lagos, Benin, and field locations.

 

He explained that the anniversary also marked a new era for the company following the recent change in majority shareholding.

 

“This transition is already unlocking opportunities for greater local agility, deeper supply chain investment, and accelerated innovation, while reinforcing Guinness Nigeria’s identity as a proudly Nigerian company operating with global standards.

 

“Guinness Nigeria is stronger, more agile, and more ambitious than ever.

 

“We are not just celebrating a legacy; we are preparing for the future. This is a company built on trust, quality, and purpose. And we’re just getting started,” Sharma said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

UBA a pacesetter in innovation, generational ambition – Shettima
Business

UBA a pacesetter in innovation, generational ambition – Shettima

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

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

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

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

NSIA posts net returns of N1.88trn in 2024
Business

NSIA posts net returns of N1.88trn in 2024

By Okeoghene Akubuike

The Nigeria Sovereign Investment Authority (NSIA) says it posted a Net return of N1.88 trillion for Financial Year 2024, up from the N1.18 trillion recorded in 2023.

The Managing Director/CEO of NSIA, Aminu Umar-Sadiq, disclosed this while presenting its 2024 Earnings at a Media Engagement on Wednesday in Abuja.

Umar-Sadiq said the NSIA showed strong financial performance in spite of the volatile global economic landscape.

He said the authority was able to achieve this through a dedicated and committed team that adopted four tactical and change strategies in 2024.

“2024 was special because we found a way to enhance a set of 2023 results that were remarkable.

“We went from Net returns of N1.18 trillion in 2023 to N1.885 trillion in 2024. We will continue to wonder how we will top that in 2025 but with the combination of teams.

“On tactical basis, we have done four things right.

“Firstly, is efficient balance sheet optimisation. We continue to be defensive, particularly on our stabilisation and future generation funds.

“Secondly, we focused on sustainable earning on the infrastructure side; thirdly, we focused on pioneering infrastructure investment; and lastly, cost efficiency.”

Umar-Sadiq said in 2024, the authority inaugurated the Ministry of Health Oncology initiative, aimed at building one world-class oncology centre in each zone on behalf of the Federal Government.

He said the NSIA recorded a 150 per cent increase in returns on Core Total Comprehensive Income(TCI) growth in 2024.

“ We had N165 billion in terms of Core TCI in 2003 and we are at N407.9 billion in 2024.

“ This increase of 150 per cent on core basis, when you strip out the impact of foreign exchange gains and derivative valuation gains, you see core basis increased our returns by 150 per cent.

 

“That goes to show the strength of the institution not only on the operational or infrastructure side but more importantly on the financial performance side.“

The managing director said in 2025, the NSIA would drive three key things, which include driving certain NSIA platforms, augmentation of its capital(growing on a Naira and Dollar basis ) and core income growth.

Victor Sesere, Chief Financial Officer, NSIA, said the operating income of the authority grew by 58 per cent on a year-on-year basis, from N1.176 trillion in 2023 to N1.853 trillion in 2024.

Sesere said the operating income growth was driven by strong performance across major income lines, with both market-sensitive and stable revenue lines achieving above single-digit increases.

He said the authority recorded a 59 per cent increase in its Profit After Tax in 2024 on a year-on-year basis from N1.185 trillion in 2023 to N1.886 trillion in 2024.

“Total assets grew by over 90 per cent, primarily driven by increased investment in securities and the revaluation of foreign currency-denominated assets.

“ In spite of the impact of foreign exchange gains on this year’s TCI, NSIA achieved its strongest performance in Core TCI in 2024, underscoring management’s commitment to generating stable, non-volatile earnings.”

Sesere said the total contribution the NSIA had received from the Federal Government cumulatively was 1.8 billion dollars, while it had retained and further reinvested one billion dollars cumulatively into the business.

“So we have actually made an extra one billion dollars, and if you add that together, that gives you what our total net assets is, which is 2.8 billion dollars.”

Mr Kolawole Owodunni, the Executive Director and Chief Investment Officer, said the NSIA had three core funds which included the Stabilisation Fund, Future Generations Fund and the Nigeria Infrastructure Fund(NIF).

Owodunni said that the NIF was anchored on three pillars which are direct investment, co-investment and creation of institutions.

“ For our investment strategy, we look for projects that have nationwide strategic impact, attract foreign and local capital, attract commercial and social returns, and projects that have a conducive legal and regulatory environment.”

Owodunni listed some key projects under the NIF including the MEDSERVE, which aims to establish 23 diagnostic centres, seven catheterisation labs, and three oncology centres across the six geopolitical zones and the FCT.

Ijeoma Taylaur, the Chief Operating Officer, NSIA, said beyond providing financial returns to stakeholders, the authority was focused on driving value and enhancing performance as well as preserving capital.

“We do this through many strategies which include risk management by minimising losses.”

Taylaur said the authority was driving value creation through subsidiaries.

“For over a decade, NSIA successfully built and nurtured a diverse portfolio of subsidiaries across various sectors that contribute meaningfully to the national economy.

“Our approach is rooted in strong governance, robust risk management, and a strong operational focus. These have enabled us to optimize performance while adhering to our long-term strategic objectives.”

She listed some subsidiaries to include Green Guarantee Company, Development Bank of Nigeria, Nigeria Infrastructure Debt Fund, NSIA Prize for Innovation, Presidential Fertilizer Initiative and Nigeria Mortgage Refinance Company.(NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Foundation to empower 1m entrepreneurs
Business

Foundation to empower 1m entrepreneurs

By Nana Musa

Dr Stephen Akintayo, Chairman of GText Holdings, has announced a major business conference aimed at empowering over one million Nigerian entrepreneurs.

Speaking at a news conference in Abuja on Thursday, Akintayo said the initiative would tackle economic hardship and support government policies on entrepreneurship development.

He explained that the Stephen Akintayo Foundation would empower participants not only with funding but also with essential mentorship and strategic guidance.

“Many small businesses fail not for lack of funds, but due to poor guidance and absence of support,” Akintayo noted.

He stressed that the empowerment programme will include an advisory body to help entrepreneurs sustain and scale their businesses.

“This is not just a talk shop. We’re offering practical insights, expert mentorship, and tools to help businesses grow despite economic challenges,” Akintayo said.

The Business Growth Conference will feature top business experts, investors, and successful entrepreneurs sharing actionable strategies and innovative approaches.

Akintayo reiterated the foundation’s mission to build entrepreneurial capacity among Nigerian youths and promote self-sufficiency through skills and enterprise.

The foundation has already supported thousands with free training, mentorship, and business grants across the country.

“Entrepreneurship is a vital pathway to economic recovery and national development,” Akintayo stated.

He added that empowering resilient business leaders could shift Nigeria’s poverty and unemployment narrative.

The Abuja edition will take place at the Intercontinental Hotel from April 12 to 13, followed by Lagos at Eko Hotel and Suites from April 19 to 20.

Interested participants can register on the Stephen Akintayo Foundation’s official website for free access and further details.

Farouq Usman, MD of GTEXT Homes, highlighted the importance of sustaining new businesses in today’s tough climate.

He said the conference would guide emerging entrepreneurs to scale up and become employers of labour.

Usman confirmed that selected mentors would monitor mentees throughout their growth journey.

Busayo Aderemi, MD of HD Homes and a mentee of Akintayo, shared how mentorship accelerated her business success.

“Having a mentor helps you grow fast. I encourage every entrepreneur to seize this opportunity,” she said. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Ponzi operators risk 10-year jail term, N20m fine – SEC
Business

Ponzi operators risk 10-year jail term, N20m fine – SEC

By Ginika Okoye

Promoters and operators of entities engaged in a prohibited scheme are liable to a penalty of not less than N20 million or imprisonment to a term of 10 years or both.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said it is one of the provisions of the newly signed Investments and Securities Act (ISA) 2025.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu recently assented to the Act.

Agama said the new Act would strengthen the legal framework governing Nigeria’s capital market.

He said the commission previously lacked the legal power to prosecute ponzi scheme operators, which had made it difficult to bring offenders to justice.

He said the Act would help the commission to better protect investors, and introduce reforms that would promote market integrity, transparency, and sustainable growth.

”So, N20 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator.

”It is just part of the penalties and or the sanctions that will be meted against such persons.

”Any profits or gains obtained from defrauding Nigerians will be recovered because it is not about the quantum of the fraud, it is about sanctions that will deter people from even getting into it.

”We recognise that a lot of Nigerians have fallen prey to these schemes and the reason why that is the case is because there were no sanctions.

”Protecting the investors in Nigeria is a cardinal responsibility of SEC and this law has provided the SEC with stronger powers to be able to do that,” he said.

The director-general said the Act had also introduced transformative provisions to further align Nigeria’s market operations with international best practices.

NAN reports that the ISA, 2025, had repealed the Investments and Securities Act No. 29 of 2007.  (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Tinubu congratulates Ovia on Freedom of City of London admission
Business

Tinubu congratulates Ovia on Freedom of City of London admission

By Salif Atojoko

President Bola Tinubu has congratulated Mr Jim Ovia, the founder and chairman of Zenith Bank Plc, on his admission to the prestigious Freedom of the City of London.

President Tinubu described the honour as a fitting recognition of Ovia’s exceptional contributions to business, innovation, and technology.

He also highlighted Ovia’s significant role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.

“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria,” the President said.

Tinubu said Ovia’s visionary leadership would continue to inspire generations.

The President commended Ovia for being a distinguished ambassador of Nigeria’s private sector and wished him continued success in his future endeavours.

Admission to the Freedom of the City of London is a prestigious honour bestowed upon individuals either for their service to the city or for their significant achievements. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

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