The one-day seminar, held at the Legend Hotel, Ikeja, Lagos, focused on the theme: “Strengthening Adjudication and Depositor Confidence in the Banking System.”

Legal expert and Senior Advocate of Nigeria, Ahmed Raji, SAN, delivered a keynote presentation titled “The Investments and Securities Tribunal’s Jurisdiction and Depositor Protection: Challenges and Opportunities.” His paper examined the implications of the newly enacted Investment and Securities Act, 2025 (ISA 2025), which replaces the 2007 legislation and introduces major reforms aligned with global financial market practices.

Raji emphasized that the capital market remains a cornerstone of economic development by facilitating medium to long-term investments. According to him, the ISA 2025 significantly enhances the authority of the Securities and Exchange Commission (SEC) and introduces innovative provisions—including the recognition of digital assets, creation of the Investment Protection Fund, and a ban on Ponzi schemes.

He highlighted a crucial addition in the new law: a clearer legal definition of a “depositor” in the capital market context. Under ISA 2025, a depositor includes anyone who stores commodities in accredited warehouses for trading or investment purposes. This differs from the traditional understanding of depositors in banking, who typically place money in deposit money banks.

“Depositor protection is now broader and more urgent,” Raji said. “It’s no longer just about safeguarding money in banks but also securing tangible and digital assets within the capital market system.”

Raji praised the establishment and jurisdiction of the Investments and Securities Tribunal, which now has exclusive powers to hear disputes arising from capital market operations. He described the Tribunal as essential to ensuring market integrity and depositor trust, noting that justice must be prompt to be effective.

The senior lawyer also urged legal practitioners and regulatory authorities to address gaps in implementation and streamline dispute resolution processes in line with the Investment and Securities Tribunal (Procedure) Rules, 2022.

While commending ISA 2025 for modernizing Nigeria’s financial regulatory architecture, Raji warned that the legal reforms must be matched with effective execution to protect investors and promote economic resilience.

The seminar attracted top judicial figures and capital market stakeholders, providing a platform for dialogue on the intersection of law, policy, and financial market stability. It also reaffirmed the NDIC’s commitment to strengthening depositor confidence through stakeholder engagement and legal education.

As Nigeria navigates complex changes in its financial system, the call for judicial responsiveness and investor protection remains more relevant than ever.

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Backed by a renewed vision to reposition Nigeria’s economy on the path to sustainable growth, Tinubu’s administration prioritized market-oriented reforms as a key pillar of its broader economic agenda. The results have been telling.

A Reform-Driven Mandate

One of the early signs of serious intent was the appointment of reform-minded technocrats across financial agencies. Among them was Dr. Emomotimi John Agama, who was named Director General of the Securities and Exchange Commission (SEC). His appointment brought renewed energy to the regulatory ecosystem, with a strong focus on innovation, market deepening, and investor protection.

Under Tinubu’s directive, the SEC and other market operators began pushing policies aimed at broadening participation and improving transparency. The synergy between the fiscal and monetary authorities improved significantly, creating a more predictable environment for investment decision-making.

Reviving Confidence and Capital Flows

Central to the resurgence of the capital market was the administration’s resolve to tackle long-standing investor concerns. The unification of the exchange rate and the removal of fuel subsidies were critical moves that signaled discipline and reform commitment. These tough but necessary decisions sent a clear message: Nigeria was open again for serious investment.

The Nigerian Exchange Group (NGX) began to witness renewed activity, as both domestic and foreign portfolio investors re-entered the market. The market capitalization of listed equities soared, buoyed by improved macroeconomic sentiment and increased listings by high-performing corporates.

Foreign investors, once spooked by currency repatriation risks, slowly began trickling back, drawn by the clarity of policy, a more open FX regime, and improving fundamentals.

Innovation and Access for the Next Generation

Beyond liquidity and listings, the Tinubu administration placed strong emphasis on democratizing access to capital. The SEC advanced its digital agenda, embracing crowdfunding platforms, regulatory sandboxes, and digital asset monitoring, all of which expanded opportunities for startups and SMEs to raise funds through formal channels.

The push to deepen retail investor participation also gained ground, with educational campaigns targeting young Nigerians and informal investors, ushering in a new era of inclusive financial market growth.

Mobilizing Long-Term Capital for Development

Under the renewed guidance of the Tinubu presidency, institutional investors such as pension funds increased their exposure to capital markets, particularly in equities and corporate bonds. This provided long-term, patient capital for enterprises while improving portfolio diversification for the pension industry.

The government also took advantage of capital market instruments like Sukuk and green bonds to raise funds for infrastructure development, a strategic move that not only funded road and energy projects but also widened the investor base.

Capital Market as an Economic Engine

By mid-2025, it had become clear that the capital market was no longer an isolated segment of the economy, it had become a vehicle for job creation, wealth generation, and economic resilience. Analysts point to the sector’s steady performance amidst global headwinds as evidence of the structural progress achieved under the current administration.

The capital market’s revival, though quiet compared to the political headlines, is now recognized as one of the most significant achievements of the Tinubu economic doctrine. It is a story of reform, renewal, and restored confidence, a testimony to what’s possible when policy meets purpose.

As Nigeria charts its path toward a $1 trillion economy, the capital market stands ready, not just as a barometer of investor sentiment, but as a reliable engine of national progress.

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 Global exchanges are lowering the barriers to market participation through cutting-edge cloud infrastructure, according to speakers at a webinar hosted Wednesday by the World Federation of Exchanges (WFE).

The session, titled “How Can Technology Transformation Lower the Barriers to Entry for Exchange Markets?”, brought together technology leaders and market operators to discuss the role of Exchange Cloud®—a managed, high-performance infrastructure platform—as the next evolution in exchange services.

The hour-long webinar was moderated by James Auliffe, Senior Manager, Regulatory Affairs at WFE, and featured insights from Adam Bradley, Head of Sales, APAC at Beeks Group, and Alfred Boudib, Senior Business Development Manager, Technical & Information Services at the Australian Securities Exchange (ASX).

Speaking during the virtual event, Bradley described Exchange Cloud® as a game-changer in modern trading. “We are witnessing a fundamental shift in how exchanges enable market access,” he said. “Colocation-as-a-Service offers scalable, cost-effective, and near-instant access to trading infrastructure, located right next to the exchange’s matching engine.”

Traditionally, market participants required significant capital investments in infrastructure and lengthy onboarding timelines to colocate at exchanges. But with managed services now embedded into exchange ecosystems, those hurdles are rapidly being removed.

Boudib, representing ASX, said the move toward cloud-based environments is helping level the playing field. “This model allows for greater inclusion, particularly for smaller brokers and fintech firms that previously couldn’t afford to compete with larger players,” he said.

Key points from the discussion included:

• Colocation Redefined: Traditional infrastructure is being replaced by virtual, managed solutions that offer faster deployment and lower operational costs.
• Lower Barriers, Broader Access: Exchange Cloud® supports more inclusive participation by minimizing capital and technical requirements.
• Faster Time-to-Market: With pre-configured infrastructure, firms can launch operations more quickly and reduce operational risk.
• Built-in Scalability: Cloud-native environments provide the flexibility for firms to grow and adapt their systems as trading volumes evolve.

The format included a 30-minute panel discussion followed by a live Q&A session, during which participants engaged the speakers on technical deployment, compliance considerations, and potential use cases in emerging markets.

Auliffe closed the session by noting the broader implications of the trend. “Technology isn’t just enabling markets—it’s reshaping who can access them and how they operate,” he said.

The webinar formed part of WFE’s ongoing commitment to fostering innovation and collaboration across global exchanges. With cloud-based solutions now gaining traction, industry leaders say the democratization of market access is no longer theoretical—it is already unfolding in real time.

Registration for replay and resources from the webinar is available via the World Federation of Exchanges.

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On Thursday, May 29, 2025 | London,

The one-hour open webinar, moderated by Victoria Powell, Senior Manager of Sustainability at the WFE, featured industry veterans including Russell Karas (Senior Vice President, Strategic Market Solutions, Xpansiv), Heather Pandich (Director of Energy Products, CME Group), Anelisa Matutu (Head of Commodities, Capital Markets, Johannesburg Stock Exchange), and Julie Brown (Director, Advisory Services, VCM SA).

Exchanges as Architects of Environmental Markets

With climate risks and sustainability mandates reshaping investment decisions, the panel made clear that exchanges are no longer passive facilitators of trades—they are emerging as architects of trusted, data-driven environmental markets.

Xpansiv’s Russell Karas highlighted the critical role of digital registries and audit-grade data in building market confidence. “If we want to scale environmental commodities, we need market infrastructure that ensures integrity and traceability,” he said.

Heather Pandich from CME Group noted that institutional demand for ESG-aligned products is driving innovation in the derivatives space. She cited recent product launches and underscored the balance required between regulatory clarity and product viability.

Data Integrity and Market Confidence

Julie Brown of VCM SA stressed that credible sustainability reporting hinges on high-quality data. “We are at a tipping point—without verified, transparent data, these markets can’t mature,” she said, calling for stronger industry-wide standards and frameworks.

Anelisa Matutu offered a perspective from the African continent, where the Johannesburg Stock Exchange is leading regional efforts to mainstream sustainable finance. She emphasized the importance of collaboration, education, and tailored local solutions to enable emerging markets to participate meaningfully in the global green economy.

Preparing for a Green Finance Future

The conversation also addressed the growing alignment between exchanges and carbon markets, and the need to ensure that emerging environmental products are both investable and scalable. Questions from the audience focused on taxonomy convergence, the potential of digital platforms, and how exchanges can better support corporate sustainability disclosures.

The panel concluded with a strong consensus: as the demand for climate-conscious investments rises, exchanges must deliver the infrastructure, standards, and partnerships that can scale the next generation of environmental assets.

Replay Available
The full session is available for replay through the WFE registration portal: Click here to access.

For more stories on sustainability, commodities markets, and exchange innovation, follow our Markets & ESG section.

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L-R: Independent Non-Executive Director, Mrs. Oyinkan Adewale, FCA; Non-Executive Director, Mr. Grant Earnshaw; Independent Non-Executive Director, Mrs. Adenike Ogunlesi; Group Managing Director/Chief Executive Officer, Mr. Lolu Alade-Akinyemi; Chairman, Mr. Gbenga Oyebode; Legal Director/Company Secretary, Mrs. Adewunmi Alode; Non-Executive Director, Mr. Kaspar Theiler; Independent Non-Executive Director, Mrs. Olusola Oworu; Non-Executive Director, Mrs. Elenda Osima-Dokubo and Non-Executive Director, Mr. Taner Demir, all of Lafarge Africa Plc during the 66th Annual General Meeting of the company held at Civic Centre, Lagos on Friday.

Lafarge Africa Plc, a leading name in Nigeria’s building materials industry, has posted its strongest financial performance yet, celebrating a year of record-breaking growth at its 66th Annual General Meeting (AGM) held in Lagos.

The company reported a revenue surge of 72% to N696.76 billion in 2024, up from N405.50 billion in the previous year. Operating profit climbed to N193 billion, representing an 89% increase from N102 billion in 2023. Profit after tax nearly doubled to N100 billion, marking a 96% growth over the N51 billion recorded last year.

Shareholders Approve N1.20 Dividend

At the AGM, shareholders endorsed a final dividend payout of N1.20 per share, underscoring Lafarge Africa’s focus on creating consistent value. The event also acknowledged Holcim Group’s agreement to divest its 83.81% stake in Lafarge Africa to Huaxin Cement Ltd.—a development expected to shape the company’s next phase of expansion and innovation.

Leadership Reaffirms Commitment to Sustainability

In his address, Chairman Gbenga Oyebode, MFR, hailed the company’s resilient performance:

“Today’s AGM reflects the strength of our shared vision and the trust of our shareholders. Despite economic headwinds, we delivered exceptional results. We are positioned to drive sustainable growth and empower communities while building Nigeria’s infrastructure for future generations.”

Group Managing Director/CEO, Lolu Alade-Akinyemi, also expressed optimism:

“Our 66th AGM celebrates a year of achievement driven by innovation and sustainability. Posting a 76% revenue growth amid economic challenges highlights our strategic clarity and operational discipline. We remain focused on delivering superior value to stakeholders.”

Shareholders Applaud Performance

Shareholder confidence was evident at the AGM. Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders’ Association, remarked:

“This is a remarkable achievement by Lafarge Africa. The leadership’s discipline and professionalism reflect what is possible in Nigeria with the right environment. The future looks bright.”

Green Growth at the Core

Lafarge Africa reiterated its long-term commitment to sustainability. The company continues to invest in carbon-reduction technologies, including the use of calcined clay in cement production, expansion of green logistics systems, and the rollout of eco-friendly products.

These initiatives support its mission to lead the transition to a low-carbon economy while meeting the evolving demands of Nigeria’s construction sector.

About Lafarge Africa Plc
Lafarge Africa Plc, a member of Holcim Limited, is one of Nigeria’s top building materials companies with operations spanning Ogun, Gombe, and Cross River States, and ready-mix facilities in Lagos, Abuja, and Port Harcourt. With a cement production capacity of 10.5Mtpa, the company plays a vital role in urban development and infrastructure delivery across Nigeria.

For more information, visit www.lafarge.com.ng

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 Central Securities Clearing System PLC (CSCS), proudly announces the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on May 8th, 2025. The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users. This service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.

Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service. As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.

The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms. Investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.

Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information. This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.”

“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network. This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.

The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon. This innovative service offers investors streamlined and secure access to critical market information at their fingertips.

Aisha Umar Mumuni, Chief Digital Officer of MTN Nigeria, commented “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users. By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency.”

CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem. This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.

About CSCS

The Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.

CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.

Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.

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When most people think of financial regulation, they picture boardrooms, press briefings, and legal jargon. But on a bright day in Abuja earlier this year, something different happened: the Securities and Exchange Commission (SEC) took the fight against illegal investment schemes directly to the people — and not just through posters or public statements.

Leading the charge was Ms. Frana Chukwuogor, SEC’s Executive Commissioner for Legal and Enforcement, who personally visited Dei-Dei Market, one of the busiest commercial hubs in Nigeria’s capital. There, among the vibrant energy of traders and market stalls, she distributed flyers, held one-on-one conversations, and sounded the alarm about the growing threat of fraudulent investment platforms.

“When you meet someone who lost their life savings to a Ponzi scheme, you realize this isn’t just a legal issue — it’s personal,” Ms. Chukwuogor reflected. “We needed to speak their language, stand in their shoes, and let them know we are on their side.”

The market was selected following an uptick in complaints and reports about illegal financial operators targeting traders with promises of fast returns. Many of these schemes bypass regulatory checks, using word-of-mouth and community trust to lure unsuspecting victims.

The SEC’s response was direct: meet the people where they are.

With flyers printed in multiple Nigerian languages, the outreach focused on raising awareness about common signs of fraud — including unrealistic profit guarantees, pressure to recruit others, and lack of SEC registration. Ms. Chukwuogor and her team moved from shop to shop, urging business owners to verify any investment opportunity with the Commission before getting involved.

The impact of that single campaign was significant. Not only did it lead to several local reports that helped SEC identify unregistered operators, but it also sparked conversations within the market community about financial safety and smart investing.

“The message was simple: if it sounds too good to be true, it probably is,” Ms. Chukwuogor noted.

This isn’t just a one-off. The SEC plans to expand this boots-on-the-ground approach to other markets and informal trade centres across Nigeria. It’s part of a broader push to ensure that financial inclusion doesn’t come with increased exposure to fraud.

For Ms. Chukwuogor, Dei-Dei was a reminder of why enforcement must go beyond legal files and into real-world dialogue.

“People don’t just need rules — they need relationships. They need to know someone is watching their back.”

As more Nigerians explore investment opportunities, especially through digital platforms and community networks, education remains the first line of defence. The SEC’s visit to Dei-Dei stands out as a vivid example of what effective investor protection can look like in action.

Because sometimes, regulation wears a suit — and sometimes, it wears sneakers in the market.

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