By Tony Obiechina, Abuja

Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space that the commission was committed to ensuring transparency and integrity in the regulation of the space.

The commission said it has provided a level playing field to all applicants.

The Director General of the SEC, Dr.

Emomotimi Agama stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants in Abuja yesterday.

The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that the Commission has to be very careful even in its desire to be inclusive.

According to him, “The process of registration is a very technical process because registration is the hallmark of regulation.

“It goes beyond onboarding and registering, it requires monitoring, education, surveillance, and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges which we need to solve because every challenge is solvable.

“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this.

“The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it.

“In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.

“We have not only done that, we have also issued new regulations to the public, which we call an exposure document.

“If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”

Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.

He disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.

“We are trying to ensure that at the end of the day, as a country we will stand out in the regulation of this space. Beyond any doubt, this space is the future and for us as Nigerians we have embraced it.

“With the population we have with over 70 percent interested in this space, we must live up to the billing but we must do it intellectually and that is why we are engaging you,” he added.

The SEC DG emphasized that the commission is not slow in its processes but that it has to be sure everything is in order to enable fairness in any pronouncements made.

He admitted that it is difficult to say all that have applied will be registered because certainly not all will meet the requirements but Agama assured that the commission will keep providing clarity to knotty areas to assist in the process.

 “We are all on this journey together and we all must succeed in the journey. I have always encouraged participants to come together and collaborate so that the result will be what we are all proud of.

“As an ecosystem, we all have a responsibility of building an ecosystem that we all will remain proud of.

“We remain excited about the boundless opportunities that exist. International partners can only come into the local space if we get this right.

“In the coming year, we will move faster in delivery and announcements haven learnt from this process. A new law has been passed and is in the process of obtaining the Presidential assent.

“That law is replete with all of the ingredients legally required to properly regulate this space and give guidance to operators.

“All of these are efforts by the SEC to be as friendly as possible, protect the interest of the ecosystem and the interest of investors.

“As we try to build this system, we are building a new economy that will be beneficial to all and we cannot toil with that opportunity.

“If we miss it, international partners will not come, but if we make it, we will be a darling of the world,” he said.

The SEC Boss assured that every application sent to the SEC has been reviewed or being reviewed to ensure that at the end of the day whatever decision is taken meets international best practice as well as in the interest of Nigeria.

He solicited the co-operation and understanding of all stakeholders in the Commission’s drive to create a formidable ecosystem as well as protect the nation’s sovereignty. 

By David Torough, Abuja

President Bola Ahmed Tinubu last night listed achievements in office in his first media chat that took place in his Bourdillon residence in Ikoyi, Lagos.

According to him, he has no regrets removing the petrol subsidy in May 2023, saying Nigeria cannot continue to be Father Christmas to neighbouring countries.

“I don’t have any regrets whatsoever in removing petrol subsidy.

We are spending our future, we were just deceiving ourselves, that reform was necessary,” he told reporters.

According Tinubu, his administration has tackled insecurity.

He said, “Two decades of wanton killings have been addressed. Today, you can travel the roads.

Before now, it was impossible.”

On fiscal management, the president highlighted the administration’s efforts in exiting the previous “ways and means” model, asserting that the government now operates under financial control and fiscal discipline.

He added, “We have more revenue being generated and distributed.”

Tinubu described the autonomy granted local governments as a milestone.

He linked this development to his long-standing advocacy for grassroots empowerment, referencing his tenure as Lagos State Governor and his clashes with the Obasanjo administration over the creation of additional local councils.

Tinubu acknowledged ongoing challenges but expressed optimism about the Nigeria’s progress.

He responded to critics who described his cabinet as “bloated” by saying he is unprepared to reduce the size of his 48-man cabinet.

“I’m not ready to shrink” the size of my cabinet, Tinubu said during. I’m not prepared to bring down the size of my cabinet,” arguing that “efficiency” has been at the core of his selection of ministers.

“Regardless of critics, Nigeria is on the path of recovery. We can’t finish the job in one calendar year, and I’m not giving myself an excuse—it’s only been 18 months,” he stated.

On the contentious tax reforms, the president said he is ready to make concessions to address the controversies surrounding the tax bills before the National Assembly.

He was asked if he was willing to make concessions to address some concerns, particularly over the VAT component of the bills.

He said tax amendments require negotiations and concessions and he was open to such.

Many Nigerians listened to the media engagement, which is expected to spark widespread discussions on the administration’s policies and future plans.

By David Torough, Abuja

In what appears like a marketing war, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the petrol pump price from N1,020 to N899 per litre.

This pricing competition emerged in the downstream sector emerged on Saturday after NNPCL reduced its depot price of petrol.

This just few days after the Dangote Refinery reduced its price to N899.

The new price indicates a reduction of N141 or 13.

56 percent, from N1,040 per litre it sold to customers living in the Federal Capital Territory (FCT).

According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the price reduction was based on regional pricing scheme.

The association said under the arrangement, it would sell for N970 per litre in parts of the South South region.

A statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department, said marketers could offtake products based on the regional pricing scheme.

The document indicated that marketers would buy the product at N899 per litre in Lagos State, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing from its Warri, Oghara, Port Harcourt, and Calabar depots would pay N970 per litre to offtake products.

The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”

However, the NNPC spokesperson, Olufemi Soneye, declined to speak when contacted.

But Obele noted that the price reduction by the national oil firm was a response to the competitive impact of deregulation, which had led to increased competition in the downstream sector.

He expressed optimism that PMS prices would drop further before the end of January 2025 given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Obele described the trend as a price war and emphasised that the price reduction by the Dangote refinery and the NNPCL demonstrated the benefits of competition. He advocated the immediate privatisation of government-owned refineries.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

In his reaction, National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said Nigerians would get fuel at cheaper rates once the marketers start taking the product at the reduced rate from NNPCL.

“The two most critical stakeholders in the sector have already reduced the rate, which is a very good development for us.

“So once we start taking fuel at the reduced rate, we are going to reduce our price too. We will also apply the price reduction percentage of the NNPCL,” he stated.

Also, the National Publicity Secretary of IPMAN, Mr Chinedu Ukadike, expressed satisfaction with the price reduction.

According to him, the price adjustment underscores the benefits of healthy competition brought about by the deregulation of the downstream sector.

“It’s a welcome development. And that is the duty of deregulation. Once the competition is held, there will be constant reduction in price of fuel,” Ukadike said.

He attributed the price drop not only to NNPCL’s readiness for the deregulated pricing regime but also to a reduction in the foreign exchange rate.

“As we continue to have multiple choices, we will also have multiple chances of continuous reduction. So IPMAN is very happy, and as we are buying the product cheaper, we will also see it cheaper to the consumers,” he added.