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Nigeria, Kenya Partner On Capital Market Growth, Financial Crimes

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14 years ago

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The Securities and Exchange Commission (SEC), Thursday signed a Memorandum of  Understanding (MOU) with the Capital Market Authority of Kenya, under an agenda scripted by the Federal Government to tackle financial crimes.

The MoU, which was signed during the ongoing 28th edition of the International Organisation of Securities Commission- Africa and Middle East Regional Committee (IOSCO-AMERC), is also expected to boost relationship between both countries, especially in the area of information sharing and capacity building.

Director-General of SEC, Arunma Oteh, who signed on behalf of Nigeria, said the partnership would pave way for Nigeria to benefit from the market integration in East Africa.

Already, Oteh said that Nigeria has signed similar MoUs with eight countries, including China, Malaysia, South Africa, Ghana and Uganda.

She explained that Nigeria’s business interest was growing in Kenya in particular, and East Africa in general, adding that the MoU is capable of protecting the integrity of both countries.

“This is a great opportunity for both countries to solidify relationships. It is an opportunity to learn from each other. It is an opportunity to protect our integrity”, said Oteh.

She described capital market as a veritable opportunity to transform economies and societies in general.

Chief Executive Officer, Capital Market Authority of Kenya, Mrs Stella Kilonzo, who signed on behalf of her country, said the partnership is capable of facilitating mutual assistance between both countries.

Earlier, while welcoming delegates to the 28th AMERC meeting, Kilonzo said the forum would address cross-cutting issues among capital markets and financial sector regulators on regulation, market development and more importantly cooperation in promoting financial stability in the region.

She added: “The capital markets remain a critical component of Kenya’s Vision 2030 as we aspire to be a middle-income country in the next 18 years and an international financial centre.

“In this part of Kenya (coastal region), there is a number of huge infrastructure projects that have been initiated such as the Lamu-Southern Sudan – Ethiopia Transport (LAPSSET) Corridor, the Lamu Port, where His Excellency, the President of the Republic of Kenya, will be laying the foundation the coming two weeks.

“Others are the Special Economic Zone (SEZ), the Kenya Ports Authority, and Export Processing Zone Authority (EPZA) projects, that will seek funding through the bonds, rights issues, Asset Backed Securities (ABS) and other capital market instruments.

“We believe that a well functioning capital market will accelerate the development of the Kenyan authority and that a robust harmonised regulatory and policy framework through cooperation amongst AMERC members will attract both issuers and investors beyond our respective geographical borders”.

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Kenyan Runners Dominate Berlin Marathons

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6 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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6 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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6 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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