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Capital Market Lenders: SEC Appoints UBA, Stanbic IBTC

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13 years ago

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The Securities and Exchange Commission has appointed United
Bank of Africa Plc and Stanbic IBTC Plc as securities lending agents for
equities and bond transactions at the Nigerian Stock Exchange.

Securities lending is the act of loaning a stock, derivative
or other security to an investor or firm. It requires the borrower to put up
collateral, either in cash, security or a letter of credit.

An investigation by the News Agency of Nigeria showed that
the two banks emerged tops from the five banks that submitted applications for
the scheduled market making activities.

Top management sources at SEC and NSE, who confirmed the
appointments to NAN, said other banks would soon be licensed.

The sources said that the commission had requested
interested companies and firms to forward their operating credentials and
formal applications for SEC’s evaluation and subsequent approval.

On market making, one of the sources said that the
commission was scrutinising the rules submitted by the NSE for regulatory due
diligence and wide acceptance.

Confirming the licensing of UBA and Stanbic IBTC, another
management source at the NSE said that the two banks would quicken the take-off
of the market making activities.

According to the source, the 10 appointed market markers
have concluded arrangements for a workshop for capital market stakeholders.

The source said the workshop, coming on the heels of two
securities lending agents, was aimed at ensuring proper understanding and
acceptability of market making before its take-off.

Earlier, the Chief Executive Officer, NSE, Mr. Oscar Onyema,
had said the Exchange was ready for the take-off of the market making
initiative.

Onyema said the Exchange was in the interim working closely
with selected market regulators to ensure general market readiness.

He said it was anticipated that outstanding issues such as
the approval process for securities lending agents would soon be addressed by
the regulators.

10 stockbroking firms were in April unveiled as the NSE
market makers.

The firms include Stanbic IBTC, Renaissance Capital, Future
View Securities, Vetiva Capital and ESS/DunnLoren Merrifield.

Others selected from the 20 firms that applied include WSTC,
Capital Bancorp, FBN Securities, Greenwich Securities and CSL Stockbrokers.

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Kenyan Runners Dominate Berlin Marathons

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2 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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2 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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2 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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