NEWS
Nigeria Records $96bn Crypto Transactions, Says SEC
The Director-General of the Securities and Exchange Commission, Emomotimi Agama, has said that the Nigeria digital finance ecosystem has recorded about $96bn in cryptocurrency and other virtual asset transactions.
Speaking during a Citizens and Stakeholders Engagement Session organised by the Federal Ministry of Finance in Abuja on Monday, Agama noted that the scale of activity in the digital asset market makes it necessary for regulators to place the sector under stronger oversight.
“As we speak today, it is a known fact from research and statistics that the virtual asset service providers and indeed the digital space, cryptocurrency operation is within the range of $96bn in transaction flow in Nigeria, and that is important for us to manage,” he said.
According to him, the regulatory framework governing the space has been reinforced with the enactment of the Investment and Securities Act 2025, which gives the commission powers to regulate digital assets and other emerging financial technologies.
He explained that the legislation also reaffirmed the SEC as the apex regulator of the Nigerian capital market while introducing provisions aimed at monitoring systemic risks and aligning the country’s market operations with global standards.
Agama stated that the capital market has continued to support investment across key sectors of the economy, noting that the commission approved about N3.68tn worth of new capital market issues in 2024, covering both equity and fixed income instruments.
He added that the market also played a major role in strengthening the banking sector during the recent recapitalization exercise, with more than 31 banks raising funds through the capital market to meet new capital requirements.
The SEC boss noted that the overall performance of the market has improved significantly in recent years, with total market capitalization rising from about N55tn in 2024 to roughly N127tn currently.
He further stated that the capital market’s contribution to the economy has increased, as the ratio of market capitalization to gross domestic product rose from about 13 per cent to roughly 33 per cent.
Agama said the commission has also intensified efforts to strengthen investor protection and sustain confidence in the market. He disclosed that the SEC had issued more than 90 advisory notices warning Nigerians about suspicious investment schemes and risky financial offers.
According to him, the regulator has also stepped up its crackdown on fraudulent investment operations, including Ponzi schemes, while working with the Nigeria Police Force to investigate and prosecute offenders.
He warned that many victims of such schemes often invest through unregistered platforms promising unrealistic returns, advising investors to verify whether any investment opportunity has been approved by the SEC.
The SEC Director-General also noted that the capital market has helped support infrastructure development through bond issuances by state governments. He explained that several public projects, including markets, stadiums, and other infrastructure, have been financed through subnational bonds raised in the capital market.
Agama added that investors in state bonds are protected through the Irrevocable Standing Payment Order system, which allows repayments to be deducted directly from states’ allocations from the Federation Account.
He disclosed that the commission has established an Office of Municipal Fund Development to assist state and local governments in accessing capital market funding for development projects at the grassroots level.
Agama also said the SEC supported the launch of the Mortgage Refinancing and Infrastructure Fund to help address Nigeria’s housing deficit by providing long-term funding that enables Nigerians to obtain mortgages at single-digit interest rates.
Looking ahead, he said the commission plans to deepen the capital market by increasing the market capitalization-to-GDP ratio from about 30 per cent towards levels seen in emerging markets such as India, where the ratio stands at about 92 per cent.
Also speaking at the session, the Permanent Secretary of the Federal Ministry of Finance addressed concerns about the implementation of the federal budget.
He explained that several factors have affected budget performance, including Nigeria’s difficulty meeting its oil production benchmark of about 2.1 million barrels per day and fluctuations in global crude oil prices.
According to him, the budget benchmark was set at $75 per barrel, but oil prices at some point dropped below $60 per barrel, reducing government revenue. He added that rising debt servicing obligations and increased salary commitments have also placed pressure on available funds.
The Permanent Secretary said the government is taking steps to address the situation through closer monitoring of revenue and expenditure. He disclosed that the ministry now holds weekly cash
Management meetings every Monday to review government finances and identify measures to improve revenue performance.
He added that budget implementation is expected to improve once Nigeria returns to operating a single budget cycle, noting that efforts are underway to collapse overlapping budgets so that the country will run only one national budget from 2026 onward.
NEWS
CPPE Rejects World Bank Import Push, Urges Industrial Focus
The Centre for the Promotion of Private Enterprise (CPPE) has faulted a World Bank recommendation advocating increased importation of petroleum products and food.
CPPE founder, Dr. Muda Yusuf, in a statement on Sunday, said the advice was misaligned with Nigeria’s reform path and threatened long-term development goals.
He maintained that industrialisation remained the most viable pathway to Nigeria’s economic transformation.
The World Bank projected about 4.2 per cent economic growth for Nigeria in 2026.
It also urged authorities to save oil windfalls, tighten monetary policy and avoid blanket subsidies to curb inflation.
Yusuf said that, as macroeconomic stability improves, priorities should consolidate gains through domestic production and value addition rather than import dependence.
He stressed that sustainable transformation was anchored on strong industrial capability.
According to him, increased importation to address supply constraints would undermine local production and weaken the real sector.
“What the Nigerian economy urgently requires is a coherent industrial strategy that expands domestic production capacity and strengthens manufacturing competitiveness,” he said.
Yusuf warned that import-driven solutions could accelerate de-industrialisation, limit job creation and expose the economy to external shocks.
He noted that domestic producers faced constraints including poor infrastructure, high energy costs, elevated lending rates and multiple taxation.
He said presenting import liberalisation as a competition tool ignored business realities and disadvantaged local investors.
Yusuf added that industrialisation required deliberate policies to reduce costs, improve logistics and strengthen industrial ecosystems.
He emphasised that Nigeria’s transition toward self-sufficiency in petroleum refining should be protected through supportive policies.
He warned that increased petroleum imports could weaken refining investments, heighten foreign exchange pressures and reverse sectoral gains.
On agriculture, Yusuf cautioned that excessive food imports could discourage local production, depress rural incomes and undermine food security.
He said Nigeria’s food system must be strengthened through improved productivity, value chain development and better market access.
Yusuf highlighted risks of import dependence, including pressure on reserves, exchange rate volatility and weakened industrial linkages.
He noted that many advanced economies now prioritise domestic production and supply chain resilience through strategic protectionism.
Yusuf urged the World Bank to refocus its advisory toward industrialisation-driven reforms supporting local refining, manufacturing and agriculture.
He listed priorities including reducing production costs, strengthening industrial clusters, promoting backward integration and addressing structural bottlenecks.
“Import liberalisation is not a sustainable solution. The focus should be on building a resilient, self-reliant and industrialised economy,” he said.
NEWS
Ode-Omi Kingdom Petitions Reps, Claims Historical Ownership of Oil-Rich Eba Island
By David Torough, Abuja
A fresh territorial dispute has emerged in Nigeria’s coastal region as the Ode-Omi Kingdom in Ogun State formally petitioned the House of Representatives, copied to Sen. Gbenga Daniel, who represents Ogun East and Hon. Adegbesan who represents Ogun waterside local government, seeking official recognition as the rightful owner of Eba Island, a location recently approved for crude oil exploration.
The petition, submitted by Oba Folailu Adekunle Hassan and the people of Ode-Omi through their legal representatives, urges the National Assembly to affirm that Eba Island, also known as Eba Ebute Olokun, falls within the jurisdiction of Ogun State’s Ogun Waterside Local Government Area.
The move follows a motion by Joseph Adegbesan, which prompted an ongoing investigation into the ownership and territorial status of the island. The issue gained urgency after Bola Ahmed Tinubu approved crude oil exploration activities in the area, triggering competing claims from neighboring communities.
In the petition, the Ode-Omi Kingdom insists that Eba Island has, “from time immemorial,” been under its control, citing ancestral settlements, traditional authority, and administrative history as evidence.
The kingdom argued that several ruling houses from Ode-Omi have long-standing roots on the island and that past and present traditional rulers exercised authority over the area, including appointing local chiefs.
The petition also referenced a 2017 report by the Ijebu Traditional Council, which allegedly affirmed the authority of the Lenuwa of Ode-Omi over Eba settlements, including the disputed island.
According to the petitioners, colonial records, scholarly research and government recognitions, such as those tied to the Olokola Free Trade Zone—further support their claim.
However, the claim is being challenged by the Atijere Community in Ondo State’s Ilaje Local Government Area, whose traditional leadership has asserted host community status over the island.
The Ode-Omi petition dismisses this as “false and misleading,” arguing that the claim lacks historical, legal, and geographical backing.
The petitioners are asking the House to declare Eba Island part of Ode-Omi Kingdom, recognize the Lenuwa as the prescribed traditional authority and direct all relevant agencies to treat Ode-Omi as the host community for oil operations.
They warned that failure to resolve the dispute in line with historical and legal evidence could lead to avoidable conflict, stressing that the matter is a “test of respect for history and adherence to law.”
“Ogun State Government recognised Ode-Omi as host community in the Olokola Free Trade Zone project (OKFTZ) situate along the coastal area which also covers Eba Ebute Olokun (aka Eba island) and Ode-Omi only shares boundary with Irokun Community along that coastal line in Ogun Waterside Local Government Area and Ibeju-Lekki in Lagos State. Ode-Omi also shares a boundary with Imakun Omi, Ogun Waterside Local Government Area of Ogun State along the Alape River about seven (7) miles to Eba Ebute Olokun (aka Eba Island).
“The Ogun State Government during the tenure of His Otunba Gbenga Daniel requested that the then Awujale of Ijebu Ode late Alayeluwa oba (DR.) S. K. Adetona constitutes a panel on the development at Ode Omi and the role of late Oba Adenuga Okuniyi, Lenuwa of Ode-Omi (as he then was) which was held on 1st of September, 2009 at the Heritage Hall, Aafin, Ijebu Ode with a Report confirming Ode-Omi as the host community for the Olokola Free Trade Zone project (OKFTZ).
“Survey plan of Ebute Olokun, Okuniyi, Ojafoyewa family land at Ebute Olokun Village, Ogun Waterside Local Government Area, Ogun State with plan NO. JOO/06/22/2000 prepared by Jonas Okeke Registered Surveyor is the substantive survey plan of Eba Ebute Olokun popularly known as Eba Island.
“This constitutes modern administrative acknowledgment of ownership,” the petition aptly captured.
The House Committees on Petroleum Resources (Upstream) and Special Duties are expected to review the petition as part of the broader investigation.
NEWS
Children registration will give children legal identity – Mandate Secretary
By Laide Akinboade, Abuja
The Federal Capital Territory (FCT), Mandate Secretary, of women Affairs secretariat, Dr Adedayo Benjamins-Laniyi, on Monday, said the registration of every child born in Abuja would give them the important legal identity they deserve.
The Mandate Secretary Women Affairs Secretariats stated this at the , mobilisation of residents for birth registration, through the traditional rulers in Abuja Municipal Area Council, (AMAC).
At the Palace of Sapeyi (Chief) of Garki, Alh. Usman Nga-Kupi, in Abuja, she said the exercise is meant for all children from Zero to five years.
Benjamins-Laniyi, said the social mobilisation was to ensure all children between the ages of zero to five years were registered and issued a birth certificate as a legal means of identification.
She stressed that, the move is to ensure that no child is left behind in the efforts to ensure absolute protection of all children.
She said that the birth registration campaign was being coordinated by First Lady Oluremi Tinubu across the country.
She said that the mobilisation of the traditional leaders and community members began on March 28 in Abaji Area Council and extended to the remaining five area councils of the FCT.
The mandate secretary said that the women affairs secretariat and its partners had received the blessing and cooperation of the royal fathers in the 17 Chiefdoms of the FCT.
According to her, “Through this partnership, we have taken the message of birth registration into palaces, homes, and communities across the FCT.
“Together, under the watch of our royal fathers, we are restoring the dignity of our children by ensuring that every child in the FCT is seen, counted, registered and protected.
“When a child is registered, the child is recognised; and when a child is recognised, the child can thrive,” she said.
She said that the mobilisation was being implemented with support from the United Nations Children’s Fund (UNICEF) in collaboration with the National Population Commission (NPC) and National Orientation Agency.
She identified other partners as the National Identity Management Commission, FCT Primary Healthcare Board, FCT Area Council Secretariat and the Association of Local Government Employees of Nigeria.
The Director, Child Development in the secretariat, Dr Idris Attah, explained that the mobilisation was to scale up birth registration in all the nukes and crannies of the FCT.
Attah added that the move was to ensure immediate issuance of the new digital birth certificates to children between ages zero to one year and ages between ages one to five years.
According to him, the registration is free to all children under five years in the FCT.
Mr Charlse Awuna, Child Protection Officer, UNICEF, said that the social mobilization for the birth registration would ensure that every child in the FCT has a legal identity.
According to Awuna, without a birth certificate, the child is not counted as a member of the community and as a citizen of the country.
“This is in line with the Renewed Hope Initiative of the First Lady Oluremi Tinubu, and this is why we are partnering with FCT women affairs secretariat to ensure that all children are captured in the population database.”
Also, Alh. Sulaiman Gada, NPC Director, FCT, noted that FCT was left behind in the birth registration of children under five years and commended FCT Administration for the efforts.
Gada stressed the need to effectively use traditional structures in every community “to ensure that every child is reached, registered and issued with a birth certificate.
He advised caregivers against laminating the certificate to prevent loss of data when uploading the document but preserve and protect the legal document.
Giving his royal blessings, Nga-Kupi welcomed the development and promised to mobilise all ward, village and district heads to ensure that all children in their domain were registered.
The success of the mobilization was highlighted by the immediate registration of King David Agazor, a three-month-old infant. His mother, Uchechukwu Ikechukwu, expressed her delight at the ease of the process.
”I’ve been trying since the first day that I gave birth… but my husband has been procrastinating about it.
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“When my neighbor told me that they are giving it for free, I rushed here—even without bathing the baby—and it was just easy. I’m very happy”, she shared

