NEWS
ADB, ASEA Ink $600,000 Network Expansion Agreement
The African Securities Exchanges Association (ASEA) has received the backing of the African Development Bank Group (ADB) in the form of a $600,000 grant to expand the number of linked African exchanges from seven to 15.
Biztellers reports that the grant would be for the second phase of the African Exchanges Linkage Project (AELP), while the agreement was singned by the parties on 28 June, 2023, in Gaborone, Botswana.
It was gathered that the funds would flow from the Korea African Economic Cooperation Fund (KOAFEC) Trust Fund, which is being managed by the ADB.
Recall that the AELP is a flagship project of the ASEA and the ADB to link African capital markets, with the objective of promoting cross-border securities trading, increasing liquidity and diversifying investment opportunities for investors.
Biztellers reports that AELP’s second phase will provide investors access to over 2,000 securities listed on up to 15 capital markets through a cross-border securities trading platform tailored to the needs of regulators, central depositories, policymakers, and stockbrokers.
Participating stock exchanges include the Botswana Stock Exchange, where the grant signing took place; the Ghana Stock Exchange and six other stock exchanges. The grant will also support capacity building of institutional investors and capital market operators.
President, ASEA and CEO, Botswana Stock Exchange, Thapelo Tsheole, signed on behalf of the association.
He said, “We express our gratitude to the African Development Bank for their invaluable support and dedication to the development of African Capital Markets.
“With the generous grant funding, we are poised to expand technical connectivity and linkage among African stock exchanges, creating a broader Pan-African network.
“Together, we are working towards a fully integrated Africa for the benefit of investors, businesses and governments across the continent.”
In the same vein, Vice President for Private Sector, Infrastructure and Industrialization, ADB, Solomon Quaynor, signed on its behalf.
“The Bank is pleased to extend its partnership with ASEA through the follow-on support for Phase 2 of the African Exchanges Linkage Project.
“The AELP is facilitating regional integration through African stock exchanges linkage amounting to up to $1.3 trillion in combined market capitalization.
“The collaboration between the Bank and ASEA through the AELP aligns with our objective of leveraging institutional investor groups and capital markets financing into infrastructure and the real sector in regional member countries,” he said.
The objectives of the AELP align with the African Union’s Agenda 2063 and the African Continental Free Trade Agreement’s goal of establishing a liberalized market to ease the movement of capital and investments and deepen the continent’s economic integration. The project also advances the Bank Group’s High 5 strategic priority to integrate Africa.
Recall that the ADB supported the first phase of the AELP, which was also funded with a KOAFEC grant.
Phase one supported the setup of an infrastructure interconnectivity platform involving seven stock exchanges and 31 stockbrokers. It also offered training for over 1,000 capital market operators.
NEWS
Kano Bans Mobile Movie Downloads, Distribution as Statewide Enforcement Begins
The Kano State Hisbah Board has announced a ban on the downloading and distribution of movies through mobile phones across the state, saying the move is aimed at protecting public morality and promoting Islamic values.
The directive, which applies to all 44 local government areas of Kano State, was announced on Thursday by the Deputy Commander General of the board, Dr. Mujahid Aminuddeen.
SEE ALSO: Drama in Kebbi as Hisbah Finds Man Hidden Inside ‘Ghana Must-Go’ Bag at Married Woman’s Home
According to Aminuddeen, the decision followed complaints that some operators involved in the business were distributing pornographic films and other video materials considered offensive to Islamic teachings and the cultural values of the state.
“The Hisbah board has banned downloading and distribution of movies through mobile phones across the 44 local government areas in the state,” he said.
The Deputy Commander General disclosed that Hisbah personnel have already been deployed across the state to ensure compliance with the directive through routine patrols and enforcement operations.
“The board has deployed its personnel to monitor compliance through routine patrols and enforcement operations across the state. Anyone found violating the directive will face legal action in accordance with the laws of Kano State,” Aminuddeen warned.
He urged those whose livelihoods are affected by the ban to seek alternative lawful means of earning a living, stressing that the measure is intended to protect young people from harmful content and preserve the state’s moral values.
Aminuddeen further linked the growing rate of moral decadence among youths to the increasing consumption of indecent films and videos, insisting that stronger measures were necessary to curb the trend.
The Kano State Hisbah Board, which enforces Sharia-related regulations in the state, has in recent years introduced several policies aimed at promoting Islamic values and restricting activities and content it considers contrary to the state’s religious and cultural norms.
NEWS
100,000 Nigerian Companies Face Deregistration as CAC Issues Final 90-Day Deadline
The Corporate Affairs Commission (CAC) has launched a fresh nationwide compliance exercise that could see 100,000 Nigerian companies removed from the country’s corporate register for failing to file annual returns and other mandatory statutory documents.
In a public notice issued on Wednesday, the commission announced that the exercise, tagged Batch 6, is being conducted in line with Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
SEE MORE: CAC Extends Deadline For POS Operator Registration
According to the CAC, the names of all affected companies have been published on its official website, with the defaulting firms given a 90-day deadline to regularise their records or face deregistration.
The commission stated, “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
It urged the affected companies to immediately file all outstanding annual returns, including Persons with Significant Control (PSC)/Beneficial Ownership information, within the stipulated period.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
The CAC also directed companies that comply with the directive to submit proof of compliance via its designated email address.
“Evidence of compliance should be sent to the designated [email protected],” the notice added.
The commission warned that companies that fail to act before the expiration of the 90-day window would be removed from the register without any additional notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the CAC warned.
Reaffirming its commitment to improving corporate compliance and service delivery, the commission said, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
The latest exercise is part of the CAC’s ongoing efforts to maintain an accurate and up-to-date register of active companies while ensuring compliance with Nigeria’s corporate regulations.
NEWS
OPEC Sees Borrowing Dragging Down Nigeria’s Higher Oil Output
Nigeria’s economic growth is at the risk of headwinds from elevated borrowing costs and persistently high inflation despite stronger oil production, improved macroeconomic stability and ongoing economic reforms.
The Organisation of the Petroleum Exporting Countries (OPEC) expressed the view in its July Monthly Oil Market Report.
According to the OPEC Nigeria’s near-term economic outlook remained positive, supported by improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reform momentum.
According to the report, the country’s economy expanded 3.9 percent year-on-year in the first quarter of 2026, only slightly below the 4.0 percent growth recorded in the fourth quarter of 2025, indicating that growth remained close to recent highs.
ALSO READ: Lokpobiri Lures Investors with PIA
The oil cartel, however, warned that rising inflation, high borrowing costs and the need to maintain exchange-rate stability remained significant risks to the country’s economic outlook.
The OPEC stated, “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges”.
The report noted that the non-oil sector continued to drive economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance providing the main support for growth.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the organisation noted, adding that increased oil production had strengthened government revenues, foreign exchange inflows and external reserves.
The OPEC also cited business survey data showing sustained private-sector expansion, noting that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased marginally to 53.4 in June from 54.1 in May but remained above the 50-point threshold that signals expansion.
According to the report, the improvement was driven by higher output, stronger new orders and resilient customer demand, although manufacturing activity softened slightly during the period.
The organisation also said increased domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to enhance energy availability and reduce import-related pressures on the economy.
It stated, “At the same time, manufacturing activity was slightly softer. Higher domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to support energy availability and reduce some import-related pressures.”
On inflation, the OPEC noted that consumer prices continued to rise, with the inflation rate increasing to 15.9 percent year-on-year in May from 15.7 percent in April, as food prices continued to erode household purchasing power.
It said the inflationary trend meant monetary policy was likely to remain cautious despite improved exchange-rate stability and stronger oil-related inflows.
“Inflation rose further to 15.9 percent y-o-y in May, up from 15.7 percent, y-o-y in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report noted.





