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Business

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ICT

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Capital Market

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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Insurance

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SEC, NGX Group Reinforce Commitment to Capital Market Digital Transformation

The Securities and Exchange Commission (SEC) and Nigerian Exchange Group Plc (NGX Group) have reaffirmed their dedication to the comprehensive digitisation of the capital market, aligning with the transformation strategy outlined in the revised Capital Market Masterplan.

The announcement came during a press briefing and stakeholder engagement session held at the Nigerian Exchange Group House in Lagos on Wednesday, 26 June 2024. Both organisations detailed their collaborative efforts to develop a digital solution aimed at transforming the primary market equity capital-raising process, with a focus on public offers and rights issues.

Subject to SEC approval, this innovative platform represents a significant advancement in digitising the capital raising process for Issuers. Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features.

Dr. Emomotimi Agama, Director-General of SEC, addressed stakeholders, stating: “I would like to commend NGX Group and all partners on this development. This digital transformation initiative is a testament to our shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in the Capital Market Masterplan. By leveraging technology, we can attract the younger generation of investors, enhance regulatory oversight and create a world-class market. This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market support the achievement of the US$1 trillion economy target of the current administration.”

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasised the platform’s significance, stating, “This platform marks a pivotal moment in the evolution of the Nigerian capital market. With the support of the regulator and our stakeholders, we have developed an end-to-end digitised market infrastructure platform for distributing financial products, in this case public offers and rights issues. I can assure the investing public that robust payment systems, comprehensive Know Your Customer protocols, and strong fraud and risk management measures are fully integrated, also ensuring standard capital market intermediation is upheld without compromise.”

The digital platform aims to boost retail participation in the capital market, promote financial inclusion, and further deepen the pool of available capital. As banks seek to meet their updated minimum capital requirements through the primary markets, SEC and NGX Group have pledged to ensure an end-to-end streamlined process to assist banks and other issuers in achieving their business goals.

The collaborative effort between SEC and NGX Group marks a significant step forward in the modernisation of Nigeria’s capital market infrastructure, promising to enhance efficiency, transparency, and accessibility for all market participants.

 

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Intercontinental Bank Plc: Death so Painful

The banking entity was officially proclaimed DEAD by the Central Bank of Nigeria (CBN) in 2009. It was a mysterious and painful demise. But the soul of the bank has refused to Rest-in-Peace. Today, the living dead skeleton of the bank are rumbling in the belly of Access Bank Plc, fueling ghostly imaginations of resurrection or reincarnation. The Early Years Intercontinental Bank Plc was born in 1989 to the family of Dr. Erastus Akingbola. Early in life, the young bank exhibited elements of excellence, profitability and leadership in the banking sector. And when the whistle was blown on Banking Consolidation in 2005, the bank merged seamlessly with three other banking institutions: Equity Bank of Nigeria, Gateway Bank and Global Bank in October of that year. Naturally, the merging process made it bigger in terms of size, branch network, customer base and profitability.

Exploring Trust, Authenticity, Engagement in a Saturated Digital Space 

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