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. 

From Dan Amasingha, Minna

Four days of gridlock experienced along Minna to Suleja, Maje to Jere and Abuja to Kaduna expressways has caused untold hardship to commuters traveling for the Christmas holidays.

Daily Asset gathered that a traffic jam caused mostly by trailers and trucks have engulfed Maje in Suleja to Izom route in Gurara local government area of Niger state.

The incident was said to have been caused by the crash of four trailers.

It was revealed that the holdup extended to Diko junction up to Jere in Kaduna state through Tafa, hindering flow of traffic along Kaduna-Abuja expressway.

Stranded passengers and motorists were sighted on the roads lamenting the time they had spent.

Motorcycle operators were seen taking bread for sale along the road as they made brisk business from the stranded passengers.

A passenger, Musa Yahuza and Hajiya Salmat Ibn Kasim in an interview disclosed that they had to charter motorcycles from Jere in Kaduna State to Lambata in Gurara Local Government Area of Niger State at the cost of N7,500.

Similarly, passengers from Suleja who could afford, took motorcycles from Maje to Lambata at the cost of between N3,000 and N4,000.

Sources revealed that most of the vehicles and their drivers as well as the passengers slept on the road due to the gridlock in the last four days.

Strangely however, from Suleja to Lambata, there was neither the Federal Road Safety Corps (FRSC) nor the Nigerian Police to attend to the crisis at the time of our visit.

The Niger State Command of FRSC and the Niger State Police Command are yet to issue any official statements on the situation.

Motorists plying the Suleja-Minna road are taking alternative routes through Lambata/Gwagwalada to evade the chaos.

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.