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SEC To Make Nigeria Capital Market Electronically Driven

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The Securities and Ex
change Commission (SEC) says it is working assiduously to make the Nigerian Capital Market electronically driven.
Its Director-General, Mr Mounir Gwarzo, said this while speaking to newsmen  in Abuja, saying that the e-system would help the commission realise some of the objectives of the Capital Market Master Plan 2020.
“One of our initiatives in the master plan is to ensure that our market is highly electronically driven.‘The issue of giving certificates should now be a thing of the past.
“And I am happy to report that as at last year, we have been able to dematerialise 97.5 per cent of all the certificates that are with the registrars.
“Before June last year, only 40 per cent were dematerialised, but we insisted that all share certificates that are with registrars must be dematerialised and must be sent to the CSCS (Central Security Clearing System).’’
He explained that with the measure in place, it would no longer take investors a long time to obtain their certificates.
“Some five to ten years ago, it takes you between six months to one year to get your certificate verified and we said this cannot continue to happen.
“That is why we are pushing for dematerialisation; that henceforth, any company that issues shares, the ownership of those shares must be represented in a certificate form.
“We are also having issues with the provisions of CAMA, because the Companies and Allied Matters Act provides that when you buy shares you must be given a certificate.
“Part of the things we are saying is that of enlightening people on the need for them to get their certificates to be dematerialised, so that it is a willing thing you are doing.
“Also, if there is any primary issue, there is usually a proviso that you are now exempting the issuance of certificates so that you will not go against the provision of the law,’’ he said.
The director-general stated that the commission is looking into the cases of some companies that have failed to hold their Annual General Meetings or declare dividends for their shareholders,
“We have directed NSE to look at all these issues and they have looked at them.
“They have invited the companies because there are some companies that have not held AGM for quite a while, which is a violation of the provisions of CAMA and a violation of the listing requirements.
“NSE is going to engage those companies to know why they have not done that.
“Certain actions will certainly be taken,’’ he said.

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NCC Assures Safe, Accessible Digital Space

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The Nigerian Communications Commission (NCC) has assured Nigerians of accessible, resilient and safe digital space in the nation’s digital economy.
The Executive Commissioner, Stakeholders Management, NCC, Rimini Makama, gave the assurance at the NCC’s Digital Economy Sensitisation Forum, with the theme, “Leaving No One Behind: Digital Access, Equity and Empowerment” in Abuja.
Makama said that the commission remained committed to ensuring that Nigeria’s national telecommunications infrastructure remained resilient, accessible and secure.
“Digital empoScientists Advocate Shared Responsibility To Boost Food Securitywerment must be inclusive. Without inclusion and equity, the benefits of the digital economy will remain unevenly distributed.
“The commission, through its Universal Service Provision Fund (USPF) and other initiatives, is actively extending digital opportunities to the unserved, underserved, physically challenged and vulnerable groups through several impactful programmes,” he said.
The Publicity Expert for the Association of Telecommunications Companies of Nigeria (ATCON), Dr Nihinlola Fefa, said that the association had been an advocate of cyber security awareness and sensitisation over the years.
“ATCON has been a very key stakeholder in the ICT and telecom industry. We have always advocated for cybersecurity awareness and sensitisation.
“We have been giving our own input over the years. We interface with all the telecom companies. We do a lot of studies, and we also give our contributions in so many ways,” she said.
She commended the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, for deploying technology into rural communities.
According to her, though Nigeria is doing well in the area of cybersecurity, there is room for improvement.
“We are in a good position right now and we can do better from the government side,” she said.
Also speaking, the Head, IT and Cybersecurity, National Data Protection Commission (NDPC), Olorunisomo Isola, said that the commission had rolled out the necessary framework.

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Expert Tasks Nigerians On AI

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An economist, Dr Chinedu Amadi, has urged Nigerians to leverage the opportunities inherent in Artificial Intelligence (AI) to become competitive in the global business and social spaces.
Amadi, who is also the President, Organisation of Youth in International Trade and Commerce (OY-ITC), gave the urge during an interview with newsmen , in Abuja, Monday.
Amadi noted that humanity has always advanced by expanding its intelligence and capabilities through technology across different eras pointing out that AI now drives economic systems, social interactions and competitive advantage among nations globally.
“The world is entering a phase where humans and intelligent machines will share cognitive functions, so Nigeria should innovate or risk being sidelined in the emerging global digital order.
“The next frontier extends beyond AI tools to a deeper relationship between human consciousness and machine intelligence. This phase has the dawn of shared human machine cognition shaping future innovation and development worldwide,” he said.
Amadi noted that countries like the U.S., Japan and China already integrated AI into national planning, logistics and defence operations.
He warned that a deeper wave of collaboration between humans and intelligent systems is rapidly emerging
urging Nigeria and other African nations not to remain passive observers in this technological transition.
“Nigeria must innovate urgently or risk missing another major industrial revolution. Future global leadership will favour nations that create, regulate and ethically manage advanced technologies,” he added.
He said that the youthful population is viewed as a potential cognitive economy capable of driving digital creativity.
He advised policymakers and institutions to develop indigenous technologies, reflecting national priorities and moral values.
The president, however, noted that energy and agricultural sector can gain efficiency through predictive AI and advanced computation, adding that governance can also benefit from digital systems that strengthen transparency and curb corruption.
While noting that neural interfaces and quantum processing would soon merge human thought with computationAmadi said that the evolution demands ethical guidance, empathy and deeper human conscience in education system.
According to him, nations worldwide are racing to regulate AI and Nigeria also needs to define its strategic position.
“The future beyond AI will favour societies that balance innovation with wisdom and uphold human dignity,” he said.

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NIGCOMSAT Expands Nigeria’s Digital Broadcast Subsector By 35%

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The Nigerian Communications Satellite (NIGCOMSAT) Limited says the country’s digital broadcast subsector  has expanded by 35 per cent to 75 per cent utilisation in two years.
This, it said, represented a milestone in the country’s digital transformation drive.
The Managing Director, NIGCOMSAT, Mrs Jane Egerton-Idehen, made the remark  at a retreat with the theme: ‘Aligning for the Future: Innovation, Collaboration, and Sustainable Growth”, in Abuja, Monday.
According to her the theme reflects NIGCOMSAT’s commitment to driving Nigeria’s digital transformation and positioning itself as a global satellite industry leader.
She said one of the notable achievements in its broadcast segment was the Digital Switch Over (DSO) project, describing it as not just a technical milestone but also a national service.
“This growth is a testament to the organization’s improved service delivery and stronger engagement with partners and clients.
“The DSO project, a collaborative effort with the National Broadcasting Commission (NBC), is a key milestone in Nigeria’s digital transformation.
“NIGCOMSAT’s contribution to the project is enabling digital broadcasting penetration across the federation, cementing the organisation’s position at the centre of Nigeria’s digital transformation,” she said.
Egerton-Idehen said the achievements were expected to drive revenue growth, with target of three billion naira in annual revenue and eight billion naira in revenue within three years adding that the organisation’s expansion of broadband services and private sector partnership was key to achieving the goals.
“We cannot move boldly into the future without addressing the weight of the past. Our debt profile — both financial and operational — is a reality we must confront with strategy, discipline, and creativity.
“These are our headwinds. We acknowledge them openly because honesty is the first step toward transformation.,” Egerton-Idehen said.
She said in spite of challenges such as economic barriers and competition, the organisation remained optimistic about the future.
“We must out-innovate the market, deepen partnerships, and build a culture of solution-focused, profit-driven, and people-centered excellence.”
“The key initiatives include transitioning to software-defined satellites, expanding broadband services, and the NIGCOMSAT Accelerator for the Space Ecosystem.
“The organisation is prioritising public-private partnerships, branding, and communication, as well as investing in its people,” she said.
The Chief Executive Officer, Data Science Nigeria, Olubayo Adekanbi, said satellite-based economy could revolutionise key sectors such as agriculture, health, and education, creating new job opportunities and increasing productivity.
“By providing internet access to remote areas, satellite technology can bridge the digital divide and ensure no one is left behind.

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