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Civil Groups Dismissed Attacks On FIRS Chairman To Step Aside

Two prominent civic organisations have sharply condemned what they describe as an orchestrated, politically motivated campaign to force the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacchaeus Adedeji, to step aside.

The Campaign for Democracy (CD) and the Southwest Unity Forum, in separate statements issued yesterday, accused unnamed power brokers of fueling a smear operation aimed at derailing ongoing tax reforms and undermining Nigeria’s economic stability.

In a statement signed by its National Secretary, Comrade Olufemi Lawson, the Campaign for Democracy dismissed the demands for Adedeji’s removal as “baseless, malicious and politically sponsored.”

The group said the coalition calling for the FIRS chairman to step aside was “faceless” and unrepresentative of any credible national constituency, insisting that its claims were “fraudulent, deceptive and orchestrated by economic saboteurs violently opposed” to the agency’s reforms.

CD argued that Adedeji’s tenure has brought professionalism, modernisation and transparency to Nigeria’s tax administration, earning broad public support. The organisation warned that those attacking the FIRS chief are individuals threatened by rising efficiency and integrity in revenue collection.

It urged Nigerians to reject what it called a “reckless campaign of calumny” and pledged continued vigilance over all public office holders to ensure accountability and good governance.

Echoing the CD’s concerns, the Southwest Unity Forum issued an equally forceful statement warning against what it described as a “coordinated political witch-hunt” targeting the FIRS chairman.

Signed by Hon. (Dr.) Matthew Oyedokun, the Forum’s statement said the calls for Adedeji’s removal were “unfounded” and driven by persons threatened by reforms that are blocking leakages, reducing wastage and expanding the non-oil tax base.

The Forum described the allegations circulating in the media as a “classic smear tactic devoid of facts and engineered to intimidate a performing public servant.”

It noted that some groups that previously accused Adedeji of wrongdoing later retracted their claims and issued public apologies, demonstrating what it said was a pattern of fabricated scandals designed to erode public trust in reform-minded leaders.

According to the Forum, the push to oust the FIRS chairman at a time when reforms are gaining momentum amounts to “sabotage, pure and simple.”

Such destabilisation, it argued, threatens investor confidence and signals that Nigeria punishes performance while rewarding conspiracy.

Youth groups and civic organisations, it added, have similarly dismissed the attacks as “futile blackmail” orchestrated by “faceless opportunists.”

Both organisations warned that efforts to undermine the FIRS leadership risk dragging Nigeria backward at a critical moment for economic repositioning.

They urged the Federal Government to remain resolute, insisting that accountability must be based on verifiable evidence rather than “fabricated petitions, sponsored protests or media hysteria.”

Reaffirming support for Adedeji, the Southwest Unity Forum praised him as a “courageous reformist” working for national interest rather than for political godfathers.

CD similarly emphasised that Nigeria’s economic transformation must not be derailed by those who profit from systemic decay.

Despite the escalating controversy, both groups said their commitment to monitoring public institutions remains firm, stressing that while reformers must be protected from politically driven attacks, transparency and good governance remain paramount.

Airtel Africa Foundation Celebrates International Volunteer Day

By Winifred Bosa
Airtel Africa Foundation, through Airtel Nigeria, has marked International Volunteer Day 2025 by celebrating the impact of the Employee Volunteer Programme (EVP), a flagship initiative by which employees volunteer their time, expertise, and personal resources to advancing the Foundation’s mission across 14 African markets.
The celebration brought together volunteers at the Airtel Nigeria Headquarters in Lagos for moments of team bonding activities, testimonials, and volunteer spotlights.
 The event also served as a call to action, encouraging more employees to register for EVP activities and join the volunteer community.
The EVP has become a cornerstone of Airtel Africa Foundation’s community impact, empowering employees to drive local CSR initiatives and champion causes that promote education, digital skills, environmental responsibility, and youth empowerment.
 Through the programme, volunteers have contributed significantly to initiatives such as the International Day of Education Essay Competition, Teacher-for-a-Day sessions, beach clean-ups, market sensitisation exercises to reduce plastic waste, and the Airtel-3MTT NextGen Fellowship for young Nigerians.
Speaking about the celebration, Dinesh Balsingh, Airtel Nigeria Chief Executive Officer, said, “International Volunteer Day reminds us that real impact begins with people who are willing to show up and serve.
Today we honour the incredible dedication of Airtel employees, whose selfless commitment of time and talent is the engine behind our progress. Their contribution is the backbone of our work and the reason we continue to transform communities across Africa.”
Over the years, the EVP in Nigeria has delivered tangible outcomes through numerous impactful initiatives such as financial donations to the Lagos State Government COVID-19 control efforts.
In 2025 alone, volunteers have contributed more than 200 hours of service, reaching over 100,000 beneficiaries.
Commenting on the commitment of Airtel Nigeria’s employees, Femi Adeniran, Director, Corporate Communications & CSR, said, “Volunteering is at the heart of who we are.
 Behind every empowered learner, every restored environment, and every connected community is an individual who believed in making a difference, and we are thankful for your participation.
Our mission remains clear: to use technology, resources, and our collective humanity to build a digitally inclusive, socially responsible, and sustainable Africa.”
International Volunteer Day provides a global moment to honour volunteers whose contributions often go unseen but deliver lasting impact.
 As its EVP continues to grow, Airtel Africa Foundation remains committed to expanding access to education, digital literacy, environmental care, and opportunities for underserved communities across the continent.
NAFDAC Becomes Full-Fledged ICH Member

By Winifred Bosa
The National Agency for Food and Drug Administration and Control (NAFDAC) has announced a historic milestone in Nigerias regulatory space: NAFDAC has officially been admitted into full membership  of the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) from an Observer status.
The International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) is a select body comprising leading regulatory authorities and the pharmaceutical industry.
 It is dedicated to advancing the scientific and technical principles of pharmaceutical development.
Through the development of harmonised technical guidelines, the ICH safeguards public health by ensuring the availability of safe, effective, and high-quality medicines worldwide.
Below is the press statement from NAFDAC.
NAFDACs journey toward full ICH membership commenced in the last quarter of 2022, when the Director General was advised to apply for Observership status.
 Following the submission and approval of the application, NAFDAC was invited to participate in the 2023 ICH meeting in Vancouver, Canada, where the Agency delivered a formal presentation as part of the evaluation process. NAFDAC was subsequently granted Observership and provided with a set of membership requirements.
Over the next two years, the Agency undertook a series of capacity-building activities, including training on multiple ICH guidelines to demonstrate effective implementation, as well as active participation in Expert Working Groups.
 These steps formed the foundation of the rigorous membership pathway.
The Agency fulfilled the necessary requirements in April 2025 following the successful international workshop on ICH M13A (Bioequivalence), during which NAFDAC convened stakeholders in Lagosincluding manufacturersand engaged virtually with Heads of regional regulatory agencies.
Our methodical and structured approach to meeting the criteria was central to this achievement. In addition, the support received from Northeastern University, Boston, USA, and the Bill & Melinda Gates Foundation for the training programs significantly contributed to the Agencys attainment of ICH membership status.
This pronouncement was made by the Assembly of the International Council for Harmonisation t at the in- person meeting which took place on 18-19 November 2025 in Singapore.
The official announcement was later made through a Press Release by the ICH on 26th November 2025 on their website – https://ich.org/.
This achievement places Nigeria among global leaders committed to the highest standards of quality, safety, and efficacy of medicines. For our citizens, it means better access to high-quality medical products.
 For our pharmaceutical manufacturers, it opens the door to improved competitiveness and greater confidence in Nigerian-made products at home and abroad.
There are 194 regulatory agencies globally, and Nigeria is now the 24th among the select group of 25 national regulatory authorities (NRAs) worldwide currently committed to implementing globally harmonised, science-based regulatory standards through ICH membership.
 To be part of the 25 NRAs is significant and for our country, it represents a major step forward in strengthening the quality, safety, and efficacy of medicines available to our population.
The good news was shared with our H.E. Omayuli Francisca Kemi, the Ambassador of Nigeria to Singapore who warmly welcomed the NAFDAC Team to Singapore.
What This Means for Nigeria
1. Regulation of Medicines using Global Standards
Full membership empowers NAFDAC to actively shape and implement harmonised technical guidelines that match international best practices, leading to better regulatory decisions and improved public health outcomes.
2. Improved Access to High-Quality Medicines
Patients in Nigeria will benefit from faster access to innovative, life-saving therapies, as alignment with ICH standards enhances regulatory efficiency and builds international confidence in our systems.
3. Enhanced Capacity and Technical Expertise
Membership provides Nigeria with access to cutting-edge scientific knowledge, training, and collaboration opportunities, strengthening NAFDACs technical workforce and institutional capacity.
4. Increased Confidence in Nigerian Pharmaceutical Products and Attraction for Foreign Investment
Our local manufacturers stand to benefit significantly from this development. Adoption of ICH guidelines improves product quality, boosts competitiveness, and facilitates partnership with multi-national companies and entry into regional and global markets.
5. Stronger Global Partnerships
Full membership reinforces Nigerias position as a strategic regulatory partner within Africa, contributing to stronger regional collaboration and supporting the African Medicines Agency (AMA) vision.
Acknowledgment of Contributions 
This achievement did not happen overnight. It is the result of years of sustained commitment, leadership under the Director General, Prof Moji Adeyeye, and technical excellence across the Agency.
We proudly acknowledge the dedicated NAFDAC staff who have served and continue to serve as members of the ICH Expert Working Groups (EWGs).
 Their rigorous scientific input, countless hours of document review, expert contributions, and unwavering professionalism helped demonstrate that Nigeria possesses the competence and systems required of an ICH member.
 Planning of the international trainings was facilitated by the current Director of Veterinary Medicine and Allied Products who was previously in Drug Evaluation and Research Directorate.
The efforts of the staff have brought prestige not only to NAFDAC but also to the Federal Republic of Nigeria who in its wisdom extended the tenure of the Director General for sustainability of the achievements during her first term as part of the Renewed Hope Agenda.
 This shows that Nigerian regulatory scientists can stand shoulder-to-shoulder with global experts, influencing standards that protect billions of people.
A Commitment to Continued Excellence
As a full ICH member, NAFDAC remains committed to:
The full and consistent implementation of ICH guidelines.
Strengthening Nigerias regulatory ecosystem.
Supporting local pharmaceutical innovation and manufacturing.
Maintaining the highest levels of transparency, integrity, and science-based decision making.
Demonstrating that NAFDAC is commited to Safeguarding the Health of the Nation.
This is a proud moment for NAFDAC, for Nigeria under the Renewed Hope Agenda of the President, and for Africa.
 It signals our countrys commitment to global standards and marks another important step in ensuring that Nigerians have access to safe, high-quality, and effective medicines.
We extend our gratitude to President Bola Ahmed Tinubu, GCFR, Honourable Minister of Health and Social Welfare, our local and international partners, and the Nigerian people for their continued support.
NAFDAC will continue to safeguard public healthnow reinforced with the full strength and collaboration of the ICH global community.
SanlamAllianz Nigeria Named Amongst Top 50 Good To Great Companies

L-R: Chris Ekwonwa, Group Head Strategy, Marketing and Customer Relations; Tunde Mimiko, MD/CEO and Bankole Banjo, Marketing and Corporate Communications Manager all of SanlamAllianz Nigeria pose with the awards.
  
..As MImiko Wins Life Insurance Leader Of The Year
In another affirmation of its leading status in the comity of insurers in Nigeria, SanlamAllianz Nigeria was named amongst the top 50 Good to Great Companies (Certified) by Business Times, a growing business and finance publication based in Lagos.
The honour recognises forward-looking companies operating in Nigeria with sound corporate governance, visible community impact, financial stability and employee confidence.
The firm’s Managing Director and Chief Executive Officer, Tunde Mimiko, was also named the Life Insurance Personality of the Year at the African Prize for Leadership Excellence. The prize brings together prominent business leaders, entrepreneurs, high ranking government officials from various walks of life.
Organised by The African Institute for Leadership Excellence in collaboration with African Leadership Review Media Ltd supported by the New Partnership for African Development (NEPAD) for the fifth year running, the prize rewards winners who have made “outstanding contributions to the development of the continent…while displaying high standards of good corporate citizenship, social and environmental responsibilities.”
“It is one thing to do great work in your little corner, but it is an honour to be so recognised. This shows that the much we do as a business and as individuals get the right attention and we are delighted to be so honoured,” Tunde Mimiko said in his response to the awards. “I want to dedicate this award and prize to the entire team at SanlamAllianz Nigeria, for their commitment to our corporate goals and unyielding drive to ensuring we remain on top. Without the team, the leader is just another individual,” he concluded.
Chris Ekwonwa , the Group Head, Strategy, Marketing and Customer Relations, applauded these milestones while affirming their commitment to increasing customer confidence and insurance penetration in Nigeria. “We aim to sustain our momentum while contributing to the Nigerian insurance market’s growth,” he said.
These latest gongs complete a quintet of awards and honours that have come to the recently rebranded company within the past one month: FiBOP honoured the firm as Most Visible Insurance Company, Netcore/Infytel recognised the company as Insight-Driven Innovators,  NiRA recognised their less-than-a-year-old website, www.sanlamallianz.com.ng as the .NG Insurance Website of the year, and now the top 50 Good to Great Company as well as the Leadership Prize for their MD/CEO, Mr Tunde Mimiko.
Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recogniseable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has  become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate. Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign which saw it dominate headlines to the delight of industry watchers.
Nigeria Moves Toward T+1 Settlement As SEC Unveils Broad Market Reforms

Nigeria Moves Toward T+1 Settlement As SEC Unveils Broad Market Reforms –  The Whistler Newspaper


The Securities and Exchange Commission (SEC) has announced a series of wide-ranging reforms aimed at strengthening market efficiency, deepening investor confidence, and accelerating the digital transformation of Nigeria’s capital market.

SEC Director-General, Dr. Emomotimi Agama, unveiled the initiatives during the second Capital Market Committee (CMC) meeting for 2025, where he also confirmed Nigeria’s move toward a T+1, and eventually T+0 settlement cycle.


In his address, Agama noted that the transition from T+3 to T+2 settlement for equities, implemented on November 28, marked a major milestone for the Nigerian capital market and aligned it more closely with global best practice.

He explained that shorter settlement cycles will enhance liquidity, reduce counterparty risk, and accelerate capital reinvestment.

The reform now applies across the Nigerian Exchange, NASD OTC Securities Exchange, and Lagos Commodities and Futures Exchange.

The SEC DG outlined broader market developments since the last CMC meeting in May, including the upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list. He said these achievements have boosted investor confidence and improved prospects for capital inflows. Inflation has also moderated, with the headline rate easing to 16.05 per cent year-on-year in October, the lowest level since March 2025.

Agama reported strong capital-raising activities between April and October, with significant transactions approved across debt, equity, and commercial paper markets.

Notable programmes include the N500bn Climate Funding SPV and the N200bn  Elektron Finance bond, reflecting growing investor interest in infrastructure and sustainable finance.


The commercial paper market remained active, with over N753bn issued across sectors such as manufacturing, energy, and agriculture.

He said these figures demonstrate sustained confidence in the market’s regulatory framework.

Despite these positives, the market faced headwinds in November when the Nigerian Exchange recorded its steepest monthly decline on record. Market capitalization fell by N6.54trn, while the All-Share Index dropped nearly 7 per cent. The downturn was driven by profit-taking ahead of the planned 30 per cent Capital Gains Tax, weakened sentiment in banking stocks, and broader policy and global uncertainties.

However, Agama noted that the market has since shown resilience, with modest recovery following government reassurances on fiscal and tax policy, and remains significantly positive year-to-date.

The SEC is intensifying its market development and financial inclusion efforts through education-based initiatives, including the integration of capital market studies into the national secondary school curriculum in collaboration with the Nigerian Educational Research and Development Council.

At the tertiary level, the Commission partnered with Nnamdi Azikiwe University for a conference focused on leveraging capital market opportunities for SME growth.

Regionally, the SEC continues to reinforce Nigeria’s leadership in non-interest finance.

The Commission recently engaged a Bank of Ghana delegation on regulatory frameworks for non-interest capital markets, highlighting Nigeria’s N1.4trn  sovereign Sukuk issuances and the growth of Islamic mutual funds. Planning is also underway for a Municipal Bond and Sukuk Summit scheduled for the first quarter of 2026.

Agama emphasized ongoing efforts to deepen the commodities and derivatives ecosystem.

The SEC is collaborating with the Standards Organisation of Nigeria to update commodity standards, working with insurance brokers to enhance risk mitigation, and partnering with the Ministry of Solid Minerals to unlock funding for mining companies. It is also engaging the Central Bank of Nigeria to secure liquidity status for warehouse receipts while strengthening oversight of commodity exchanges through inspections and financial reviews.

The Commission is advancing new rules under the Investments and Securities Act (ISA) 2025 to support commodity exchanges, collateral managers, warehouse operators, and warehouse receipt issuers. Study tours of exchanges and clearing agencies are informing updated regulatory frameworks, while work continues on harmonizing rules to align with ISA mandates. Engagements with commodity exchanges such as Gezawa and NCX have also helped revive their operations.

In the derivatives market, the SEC is collaborating with stakeholders to deploy a real-time surveillance system to reinforce market integrity. Updated rules on central counterparties, derivatives trading, online forex, and NG Clearing operations have been submitted to the Rules Committee. A draft systemic risk management rule is also being developed to require stronger risk governance frameworks across regulated entities.

Agama highlighted the Commission’s technology-driven regulatory reforms, including automation through the Digital Transformation Portal, which now allows capital market operators to submit applications, upload documents, and track approvals online. A commercial paper issuance module has been launched, with automation of quarterly and annual returns underway. The SEC is upgrading IT infrastructure and strengthening cybersecurity to support these reforms.

He also presented findings from the Technology Adoption Survey conducted in May 2025, which revealed that while cloud computing and cybersecurity tools are gaining traction, adoption of advanced technologies such as artificial intelligence and big data remains below 10 percent. Yet more than 70 percent of firms plan to adopt AI, blockchain, and regulatory technology within three years. Challenges include high implementation costs, skill shortages, and legacy system integration.

Agama stressed that innovation must go hand-in-hand with ethical and responsible deployment. He reminded operators that safeguarding investor data, preventing market abuse, and maintaining operational resilience are essential to building trust—the foundation of any capital market.

He also announced that the SEC will implement a Harmonized Corporate Governance Reporting Template for public companies to streamline disclosures, eliminate duplication, and reduce compliance burdens. The template will unify reporting across SEC regulations, the Nigerian Code of Corporate Governance 2018, and the Business Facilitation Act 2022.

Looking ahead, the renewal of registration for capital market operators will take place from January 1 to 31, 2026, while electronic receipt and processing of registration applications will commence in the first quarter of 2026.

Agama concluded by reaffirming the SEC’s commitment to building a resilient, transparent, and innovation-driven capital market that can serve as a catalyst for sustainable economic growth. He said the Commission remains guided by the principle that “a strong capital market is not built in a day; it is shaped by vision, collaboration, and resilience.”

Shell Nigeria Gas Limited(SNG) Expands Operations As New Customer Connects In Ogun State

Shell Nigeria Gas Expands Operations To Ogun • Channels Television

 

Nigeria’s premier gas distribution company, Shell Nigeria Gas Limited (SNG)  is expanding its operations in Ogun State with an agreement to provide gas to SG Industrial FZE, a leading steel company in the Guandong industrial zone in the State.

 

The agreement adds to a growing list of clients for SNG which has developed as a dependable supplier of gas through distribution pipelines of some 150km, serving over 150 clients in Abia, Bayelsa, Ogun, and Rivers states.

 

The company recorded the achievements working in close collaboration with NNPC Gas Marketing Limited (NGML).

 

“Our commitment is clear — to build, operate, and maintain a gas distribution system that is not only reliable, but resilient, transparent, and designed to fuel growth,” Managing Director, SNG Managing Director, Ralph Gbobo said at the signing ceremony. “The agreement reflects our commitment to expanding access to cleaner and more reliable energy to support Nigeria’s growth agenda.”

 

Vice General Manager SG Industrial FZE, Moya Shua said: “We are thrilled to partner with SNG on this transformative journey. This collaboration marks a major step forward in securing reliable energy that will power our growth and long-term ambitions.”

 

SNG was incorporated in 1998 as a fully Shell-owned company. It had also increased access to its natural gas pipeline network, connecting new customers like Reliance Chemical Products Limited II, Ultimum Limited, Nigeria Distilleries Limited III and Rumbu Industries Nigeria Limited, reinforcing its commitment to boosting domestic gas utilization across Nigeria.

 

The milestones support the Federal Government’s Decade of Gas initiative and the broader gas development agenda.

 

Nigeria’s $1tr Target Hinges On Strategic Rollout Of ISA 2025 – Expert

Nigeria’s ambition of becoming a $1trn economy by 2030 can only be realised through the strategic, disciplined, and collaborative implementation of the Investments and Securities Act (ISA) 2025, a capital market expert has said.

 

Speaking at the 2025 yearly conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, Group Managing Director of GTI Capital, Abubakar Lawal, stated that the ISA 2025 must transition from a policy document into a practical instrument for driving national economic growth.

 

He was represented at the event by the Managing Director of GTI Capital, Mr. Kehinde Hassan.

 

Lawal stressed that clarity, consistency and synergy among regulators, operators and market stakeholders are vital if the Act is to serve as the bedrock of Nigeria’s trillion-dollar ambition.

 

According to him, the country has reached a critical phase where fragmented efforts and isolated initiatives can no longer be accommodated.

 

He noted that the implementation of ISA 2025 must be aligned with the Revised Capital Market Master Plan to prevent policy dissonance and institutional overlap.

 

“What Nigeria requires now is a unified roadmap, one that integrates ISA 2025 into the broader architecture of the nation’s economic vision,” he said.

 

Lawal maintained that with disciplined execution, cross-institutional cooperation, sustained public education, and responsible innovation, Nigeria could not only meet but surpass its $1trn economic target while achieving long-term socio-economic benefits.

 

He added that coordinated action would position the country as a continental and global model for innovation-driven and inclusive growth.

 

Describing ISA 2025 as a transformational reform, he said the legislation offers more than regulatory rules, providing structure, tools, and opportunities for national development. However, he cautioned that even the best-crafted laws remain ineffective without intentional follow-through.

 

He urged regulators to apply fairness and foresight, while operators embrace innovation anchored on responsibility.

 

Lawal also underscored the need for widespread investor education to unlock the Act’s transformative potential. Awareness efforts, he said, must reach all regions to ensure that investors understand their rights, entrepreneurs recognise new opportunities, and the general public is aware of protections embedded in the new regulatory regime.

 

Highlighting key reforms within ISA 2025, he noted the recognition of digital and virtual assets, classification of investment contracts as securities, expansion of eligible issuers, establishment of specialised exchanges, broadening of non-interest instruments including sukuk, strengthening of commodities exchanges, and enhancement of the Securities and Exchange Commission’s regulatory powers.

 

He said these reforms collectively support the $1 trillion economic agenda and significantly enhance youth inclusion, especially through digital asset recognition.

 

With over 60 percent of the population comprising young people, Lawal described Nigerian youths as digital natives whose creativity and technological fluency can drive the next phase of economic growth.

 

ISA 2025, he said, gives this demographic legitimacy and meaningful engagement within the financial system.

 

He concluded that if Nigeria executes the reform era with unity and determination, the nation would not only reinvent its economy but inspire the African continent, demonstrating what is possible when national ambition is matched with decisive action.

SEC, NGX Group Harp On ISA 2025 To Drive Economic Growth, Boost Capital Formation

 

 

The Securities and Exchange Commission (SEC) and Nigerian Exchange Group, yesterday expressed that the newly signed Investments and Securities Act (ISA) 2025 signed into law by President Bola Tinubu is expected to drive the nation’s economic growth and further enhance capital formation in the capital market.

Both capital market regulating bodies stated this in Lagos during the Capital Market Correspondents Association of Nigeria (CAMCAN) workshop 2025 held in Lagos with theme : “Regulatory Reforms: ISA 2025 and Nigeria’s Investment Climate”

Giving his keynote address, the Director-General, SEC, Mr. Emomotimi Agama, stated that the ISA 2025 is not only a replacement for the 2007 Act as it represents a comprehensive reform agenda designed to modernise regulatory environment, strengthen governance, attract investment, and reposition Nigeria’s capital market to meet the demands of a dynamic global economy.

Agama, who was represented by Lagos Head of the Commission, John Briggs noted that CAMCAN workshop theme suggests regulatory reforms play a defining role in shaping the nation’s investment climate, and ISA 2025 is central to that transformation.

According to him, operating under the ISA 2025 is aimed to align with International Organization of Securities Commissions (IOSCO) standards with the imperative to strengthen Nigeria’s investment climate by building a deeper, more resilient capital market.

“One of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission.

“For the first time, the Act explicitly sets out the regulatory objectives, functions, and powers of the Commission including acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risks, and supporting capital formation,” he said.

He noted that the major conceptual shift introduced by ISA 2025 is the transition from regulating only “Capital Market Operators” to supervising a wider class of “regulated entities.”

Part of which include: digital asset and virtual asset exchanges, warehouse operators and warehouse receipt systems, derivatives and commodities platforms and market infrastructure operators.

He maintained that for the first time, the SEC is empowered to: identify market-wide vulnerabilities; collaborate with other regulators during periods of financial stress; take pre-emptive action to prevent contagion; and ensure the stability of systemically important institutions.

For investors, he explained that the ISA 2025 signals a more resilient and predictable market environment, one that is better able to withstand shocks.

 

According to him, the ISA 2025 addresses Ponzi schemes more decisively by giving the SEC power to seal prohibited schemes and impose criminal sanctions.

“These reforms protect retail investors, deepen the fund-management industry, and encourage genuine collective investment vehicles that can mobilise long-term capital.

“This is a strong boost to investor confidence and contributes meaningfully to improving Nigeria’s investment climate,” Agama added.

He, however, called on collective responsibility of stakeolders to bring the framework to life

through collaboration, capacity building, and faithful implementation.

“The ISA 2025 will become the cornerstone of the capital market Nigeria needs and deserves, and a catalyst for a stronger and more competitive investment climate,” he added.

While giving his speech, the Chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga, stated that the recent reforms encapsulated in the IS) 2025, has entered a pivotal phase in strengthening market governance, boosting investor protection, and enhancing overall market competitiveness.

He noted that, “These reforms are not merely regulatory updates; they are foundational shifts designed to modernize our capital market architecture, attract deeper pools of capital, and position Nigeria as a top-tier investment destination within Africa and globally.

“As we navigate the complexities and opportunities presented by these reforms, your role as market media stakeholders becomes even more critical.”

He called on participants at the conference to maximize opportunities offered by ISA 2025 as regulators, operators, investors, and the media work in alignment.

He commend CAMCAN for its unwavering commitment to enriching capital market literacy and

facilitating meaningful engagement among stakeholders.

“I am confident that the insights shared today will contribute significantly to strengthening Nigeria’s capital market and supporting sustainable economic growth,”Kwairanga added.

FG, SEC, NGX Group Forge Unified Direction On Capital Gains Tax Reform

 

 

Tax Reform: FG unveils new personal income tax calculator - Businessday NG

The Federal Government has inaugurated the National Tax Policy Implementation Committee (NTPIC), marking a deliberate shift toward a more predictable and market-aligned rollout of the newly enacted capital-gains-tax (CGT) provisions. The move follows extensive technical engagements with key capital-market institutions, including the Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX Group), reflecting policymakers’ recognition of the market’s role in sustaining liquidity, price discovery and long-term capital formation.

 

Chaired by leading tax and fiscal-policy expert Joseph Tegbe, the committee has been tasked with steering the implementation process toward clarity, investor protection and policy coherence. Its mandate includes ensuring transparent guidelines, broad stakeholder consultation and an execution framework that minimizes market disruption while reinforcing confidence among domestic and foreign investors.

 

Tegbe said the government would avoid policies that risk disrupting market activity or business investment. “Implementation of the new tax laws will be fair, transparent and humane. We will not roll out these policies in a way that cripples businesses or investors. Stakeholder engagement will be central to this process,” he said at the inauguration.

 

The shift follows sustained engagements by NGX Group and the SEC, during which market operators outlined the potential implications of a rapid CGT rollout on liquidity, investor sentiment and the market’s competitiveness at a time when Nigeria is seeking deeper pools of domestic and foreign capital.

 

 

Temi Popoola, GMD and CEO of NGX Group, commended the government’s approach, noting that the group, in collaboration with the SEC, has consistently advocated for a data driven approach that balances fiscal objectives with the need to preserve market depth. “We support the modernisation of Nigeria’s tax system, but reforms of this scale must be carefully calibrated to protect liquidity, sustain participation and maintain competitiveness,” he said. “Our engagements with government have focused on ensuring that implementation supports the capital market’s role in long-term investment and economic growth”. Popoola added that global competitiveness hinges not only on policy intent but also on the precision of execution, particularly for emerging markets seeking cross-border flows.

 

The government’s consultations intensified after the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group, where market operators outlined the potential unintended consequences of an abrupt CGT rollout.

 

 

Analysts view the inauguration of the NTPIC as a constructive signal to investors, indicating that authorities intend to anchor fiscal reforms in evidence and consultation, rather than speed alone.

 

 

Both SEC and NGX Group have pledged continued collaboration with the committee to ensure that the eventual CGT implementation supports confidence, broadens participation and aligns with long-term capital-market development objectives.

FIRS Chief Remain Focused, Overlooks Distraction Calls For His Sack

By Fidelia Okafor 

Dr. Zacch Adedeji, Chairman, FIRS Chairman 

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, remains focused on delivering the benefits of Nigeria’s new tax reforms, particularly broad reliefs for citizens and the elimination of multiple taxation for businesses, despite recent calls for his removal.

This assurance was given by the Guardian of Truth, a civic advocacy group, in a statement issued on Saturday by its spokesperson, Mr. Clement Kolawole.

According to Kolawole, the demand by a federal lawmaker, supported by some civil society organisations, for the dismissal of the Minister of Finance and the FIRS Chairman over alleged unpaid obligations to contractors was not only “misguided” but also demonstrated a fundamental misunderstanding of FIRS’ mandate.

He explained that the revenue agency is neither responsible for processing nor paying contractors, stressing that its statutory role is limited to assessing, collecting, and accounting for tax revenue accruing to the federation.

Kolawole noted that FIRS’ consistently strong revenue performance under Adedeji should not be misconstrued as the agency keeping custody of funds.

“About 70 per cent of what is shared monthly at the Federation Account Allocation Committee (FAAC) meetings by the federal, state, and local governments comes from FIRS collections,” he said, adding that monthly FAAC allocations have continued to rise since President Bola Ahmed Tinubu assumed office in May 2023.

He highlighted that the improved revenue inflow has been widely acknowledged across the political spectrum, with even opposition figures praising the administration for restoring fiscal stability nationally and at the subnational level.

“The FIRS Chairman is not distracted by such calls,” Kolawole stressed. “He remains committed to ensuring that Nigerians and businesses fully benefit from the new tax laws taking effect in January, through transparent, fair, and efficient tax administration.”

The statement underscores ongoing national concerns about fiscal discipline, tax reform implementation, and the persistent confusion surrounding institutional mandates in Nigeria’s public finance sector.