Business

Some crypto applicants may be disqualified – Nigeria’s SEC

Published

1 year ago

December 24, 2024

Some crypto applicants may be disqualified – Nigeria’s SEC

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.

Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.

Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.

At the time, the Commission also noted that there were several other applications under consideration.

While admitting that it would be difficult to assure that all the applicants would be registered, Agama at the meeting said:

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process.”

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SEC committed to transparency

Agama at the meeting assured stakeholders in the crypto space of the SEC’s commitment to ensure transparency and integrity in crypto regulation, adding that the commission had provided a level playing field to all applicants.

Agama noted that SEC understood the anxiety and the need to be regulated, but being careful, even in its desire to be inclusive.
He said that the process of registration was very technical because registration was the hallmark of regulation.

“Registration goes beyond onboarding and registering, it requires monitoring, education, and surveillance, and all of these are continuous,” he said.

Agama stressed the importance of stakeholders’ input, adding that rules would be amended to include all valid points to make it an all-inclusive document.

Nigeria’s role in the crypto space

Emphasizing that the country is ready to lead crypto regulation, the SEC DG said:

“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.”

The SEC DG noted that the commission was not slow in its processes, but must be sure everything was in order to enable fairness in any pronouncements made.

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

According to him, the 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,” he said.

Some crypto applicants may be disqualified – Nigeria’s SEC

Business

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

Published

2 hours ago

March 31, 2026

Trends Admin

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

The Nigerian Naira continued its downward trend yesterday, trading at ₦1,415 per US dollar in the parallel (black) market, up from ₦1,405 per dollar last Friday. This latest depreciation underscores ongoing pressure on the currency amid high demand for foreign exchange and limited supply.

Data from the Central Bank of Nigeria (CBN) showed that the naira also weakened in the Nigerian Foreign Exchange Market (NFEM), trading at ₦1,386.75 per dollar, a drop from ₦1,384.25 recorded last week. This reflects a modest ₦2.50 decline at the official window.

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The gap between the parallel and official rates widened further to ₦28.25 per dollar, compared with ₦20.75 over the weekend, highlighting persistent market distortions between formal and informal forex channels.

Analysts say the naira’s slide is largely driven by rising dollar demand from importers, investors, and corporate traders, while supply remains constrained despite CBN interventions aimed at stabilising the currency. Recent policy adjustments, including allowing oil exporters more flexibility to repatriate proceeds, have yet to significantly ease pressure on the naira.

The depreciation in both the parallel and official markets has direct implications for import costs, inflation, and the purchasing power of Nigerian households and businesses. Market watchers are closely monitoring the CBN’s next moves, with expectations that further policy actions may be needed to curb the naira’s decline.

Naira Slides to ₦1,415 per Dollar in Parallel Market as Official Rate Weakens

Business

NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service

Published

1 day ago

March 30, 2026

Trends Admin

SIM services disruption looms as telcos begin platform migration

NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service

The Nigerian Communications Commission (NCC) has directed major mobile network operators (MNOs), including MTN, Airtel, Glo, and 9mobile, to compensate subscribers affected by poor network quality in areas where performance falls below regulatory standards. The move is part of a broader shift toward a consumer-focused approach aimed at protecting users and strengthening accountability in Nigeria’s telecommunications sector.

In a statement on Sunday, Nnenna Ukoha, Head of Public Affairs at the NCC, emphasized that subscribers should not bear the full burden of service disruptions caused by operators’ failure to meet prescribed benchmarks. She explained that compensation will be provided in the form of airtime credits, calculated based on subscribers’ average spending patterns and the duration of service outages in affected areas.

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“Erring operators will compensate affected users directly for breaches of quality of service key performance indicators within specified time frames,” Ukoha said. She added that while regulatory fines have traditionally served as a deterrent against poor service delivery, the commission is now adopting a more consumer-centric approach that ensures users directly benefit from enforcement actions.

Under the directive, tower companies and network providers are also required to reinvest fines and penalties into infrastructure upgrades, aimed at addressing coverage gaps and improving overall network quality. Subscribers are encouraged to report service interruptions to their operators and the NCC to ensure timely compensation.

Industry observers have welcomed the move, describing it as a significant step toward empowering telecom users, improving quality of service (QoS), and holding operators accountable for network performance failures. The NCC will monitor compliance closely and take further action against any operators that fail to meet the compensation and service standards.

NCC Orders MTN, Other Telcos to Compensate Subscribers for Poor Network Service

Auto

Motoring World marks 30 years, set to rally industry leaders in Lagos

Published

1 day ago

March 30, 2026

Trends Admin

Motoring World marks 30 years, set to rally industry leaders in Lagos

Motoring World, one of Nigeria’s foremost automotive publications, will celebrate its 30th anniversary on June 4, 2026, with a high-profile event at the MUSON Centre.

The milestone gathering is expected to draw policymakers, industry leaders, diplomats and innovators to commemorate three decades of impactful journalism, advocacy and contribution to the growth of Nigeria’s automotive sector.

Founded on June 12, 1996, as a syndicated radio magazine programme, Motoring World pioneered automotive broadcasting in Nigeria before expanding into print in 1998. It has since evolved into a multi-platform brand at the forefront of promoting industry development, modernization and policy reform.

Over the years, the publication has gone beyond news reporting to play an active role in shaping regulatory frameworks, encouraging local content development and promoting industry standards.

Publisher and Chief Executive Officer, Femi Owoeye, said the organisation was driven by a clear vision from inception.

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“Motoring World started with a simple vision: to give voice and structure to Nigeria’s automotive industry. Over the years, we have gone beyond reporting to actively advocate policies that support industry growth, local production and a more structured ecosystem,” he said.

Activities lined up for the anniversary include the unveiling of a special 30th anniversary edition of Motoring World magazine, chronicling the evolution, milestones and future of the industry. Distinguished stakeholders with three decades of contributions to the sector will also be honoured.

A keynote lecture titled, “Reporting the Road Ahead: Automotive Journalism as a Catalyst for Nigeria’s Auto Industry Development,” will underscore the critical role of the media in shaping the nation’s automotive landscape.

Dignitaries expected at the event include the Minister of Industry, Trade and Investment, Jumoke Oduwole; the Director-General of the National Automotive Design and Development Council, Oluwemimo Joseph Osanipin; state governors, transport commissioners and members of the diplomatic corps.

Owoeye noted that the anniversary represents more than a celebration.

“This is a tribute to resilience, strong partnerships and the collective drive that has sustained the industry. As we honour key players and reflect on our journey, we are also setting the tone for the next phase of mobility in Nigeria,” he added.

The event promises a blend of reflection, recognition and renewed commitment to advancing Nigeria’s automotive industry.