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Crypto Reigns As Nigeria Sees $50bn Trade Volume, SEC Raises Alarm

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Nigeria’s cryptocurrency market has continued to surge, recording more than $50 billion in transactions between July 2023 and June 2024, according to the Securities and Exchange Commission (SEC).

The Director-General of SEC, Dr. Emomotimi Agama, disclosed this in a statement on Sunday, warning that the country’s growing dependence on digital assets poses challenges for the traditional capital market.

Agama said that despite the massive inflow into cryptocurrency trading, only about four per cent of Nigeria’s adult population currently participates in the capital market.

SEE ALSO: $1bn Crypto Fraud: Court Authorizes EFCC To Arrest Six CBEX Promoters

He described the low participation rate as “a major impediment to economic growth and capital formation.”

“This reveals a paradox — Nigerians have an appetite for risk, but not the trust or access needed to channel that energy into productive investment,” Agama said.

According to him, while fewer than three million Nigerians invest in the capital market, more than 60 million people engage in gambling daily, spending an estimated $5.5 million every day.

He further noted that Nigeria’s market capitalisation-to-GDP ratio remains at 30 per cent, far below that of South Africa (320 per cent), Malaysia (123 per cent), and India (92 per cent) — an indication that the country’s financial system still lacks depth.

Agama warned that Nigeria’s $150 billion annual infrastructure deficit continues to outpace market contributions, with only ₦1.5 trillion approved in Public-Private Partnership (PPP) bonds so far.

“This shows a clear misalignment between financial innovation and national priorities,” he said.

The SEC chief therefore called for a “reimagined SEC” — one that not only regulates the financial sector but also actively enables private-sector-led growth and promotes investor confidence.

Agama also urged Nigerians to see the capital market as a safer, long-term wealth-building avenue rather than relying solely on speculative crypto trades and gambling.

 

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NMDPRA Poised to Curb Under-dispensing at Petrol Stations

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Subsidy Removal: NMDPRA Assures Smooth Fuel Supply

Under-dispensing of petroleum products at retail outlets across Nigeria would no longer be tolerated and identified violations could lead to the revocation of the culprits’ licences.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) handed down the caution in an industry circular, in which it directed all retail outlet operators to immediately calibrate and verify their dispensing pumps and totalisers to ensure accurate measurement to be certain that consumers receive the full quantity of products for which they pay.

READ ALSO: Kenyan Court Halts Dangote Refinery Work

The NMDPRA said it had observed incidents of under-dispensing at retail outlets nationwide, describing the practice as a serious breach of consumer trust.

It stated that it had intensified inspections and enforcement activities across the country and would take action against outlets found to be under-dispensing, operating with improperly calibrated equipment or otherwise compromising dispensing accuracy.

“Persistent or serious violations will be subject to appropriate sanctions, up to and including revocation of the outlet’s licence, in line with NMDPRA’s regulations,” the authority stated.

The regulator urged operators to take immediate corrective measures where discrepancies are identified, stressing the need to maintain the integrity and accuracy of petroleum product transactions.

The NMDPRA also directed the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to promptly communicate the directive to their members and support compliance across the industry.

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Why 2025 Capital Budget Remains Unfinished as Reps Extend Deadline to December

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Senate approves N17.3tr 2022 Revised budget, raises recurrent expenditure by N198.77bn

The House of Representatives has extended the implementation period of the capital component of Nigeria’s 2025 budget from September 30 to December 31, 2026, citing economic difficulties and challenges affecting the execution of capital projects.

The decision was taken on Tuesday during plenary after Majority Leader Julius Ihonvbere moved a motion seeking an amendment to the Appropriation (Repeal and Enactment) Act, 2025.

Ihonvbere told lawmakers that several factors affecting the Nigerian economy had made it difficult to conclude the implementation of the capital component before the existing September 30 deadline.

ALSO READ: Senate Approves Bill to Create Agency for Recovered Assets

He said the extension was necessary to ensure that incomplete implementation would not be attributed simply to the expiration of the deadline previously approved by the National Assembly.

The House subsequently fast-tracked the bill through first, second and third readings before approving the extension.

The Senate also passed the measure, allowing Ministries, Departments and Agencies (MDAs) additional time to complete capital projects for which funds had already been appropriated and released.

Why the projects remain unfinished

Senate Leader Opeyemi Bamidele gave further details on the factors affecting implementation, pointing to procurement, contract execution, mobilisation, certification of completed works and payment processes.

According to Bamidele, these stages can affect the ability of MDAs to complete projects within the existing budget implementation timeframe.

He said the extension was intended to protect ongoing public investments, facilitate the completion of critical projects and prevent the waste of public resources already appropriated and released.

The latest decision therefore gives government agencies another three months to complete eligible projects and utilise funds already provided for the 2025 capital programme.

Fourth extension of 2025 capital budget

Tuesday’s decision marks the fourth extension of the implementation deadline for the 2025 capital budget.

The National Assembly first moved the deadline from December 31, 2025, to March 31, 2026.

It subsequently extended the deadline to June 30 and later to September 30.
The latest extension now moves the deadline to December 31, 2026.

The repeated extensions have kept portions of previous capital allocations in the implementation cycle while the government works through outstanding projects and obligations.

Earlier in June, lawmakers had cited procurement timelines, project implementation challenges and administrative processes as reasons for extending the capital budget deadline to September.

Previous budget pressures

The issue has also been linked to the backlog of capital projects from previous budget years.

A recent analysis reported that about ₦16.8 trillion in capital expenditure from the 2024 and 2025 budgets had been rolled into the 2026 fiscal year, with funding constraints and delays in releases contributing to the backlog.

The report said the 2026 capital budget was partly structured to address outstanding obligations from previous years.

President Bola Tinubu had also acknowledged in his 2026 budget speech that the implementation of the 2025 budget faced competing execution demands and the transition between budget years.

He disclosed that only ₦3.10 trillion, representing about 17.7 per cent of the 2025 capital budget, had been released as of the third quarter of 2025, while priority was given to completing 2024 capital projects.

The new December 31 deadline is therefore expected to provide additional time for MDAs to complete projects already at various stages of execution.

The House adjourned plenary until October 13, 2026, after considering the budget extension.

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Kenyan Court Halts Dangote Refinery Work

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The Malindi Environment and Land Court in Kenya has directed that the construction of the proposed Dangote refinery in Lamu County be placed on hold until further hearing.

The development came after some farmers and local inhabitants of Chandavai, an area in Lamu ​County, opposed the move, citing cases of “forceful eviction” and the destruction of their properties.

According to a Bloomberg report on Monday, Judge Jane Onyango ordered that “the status quo prevailing” be maintained.

The report noted that the court will provide further directions on the case on October 14, according to the order, which was issued on September 25 but made public on Monday.

A lawyer representing the petitioners, George Wakahiu, told Bloomberg that the ruling means no construction of the project should begin until the court meets on October 14.

The Dangote refinery project entails “forceful eviction of the plaintiffs from their lands, damage and destruction of their properties and yet there is no resettlement plan for them,” according to the petitioners. Dangote and the Kenyan authorities have yet to comply with the nation’s environmental code that requires “a mandatory environmental impact assessment be done before the implementation of any major project,” they said.

READ ALSO: Adeleke Hails Osun’s NECO Performance

The refinery also fails to comply with Kenya’s constitution, “which requires that the necessary public participation” be conducted, according to the court filings, the report stated.

However, in a report by Reuters on Tuesday, the business conglomerate of Africa’s richest man, Dangote Group, said in ​a statement that the court was yet to stop the refinery’s groundbreaking ceremony.

It noted that activities at the proposed refinery site would be affected pending the October 14 court hearing.

“The court has not halted the groundbreaking ceremony of the ​refinery at this stage. However, activities at the site may be affected by ‌the ⁠ruling, as both parties are required not to carry out activities until the case is heard on 14th October,” the statement read.

The PUNCH reports that Kenyan President William Ruto said his government was fast-tracking administrative processes for the proposed Dangote refinery in Lamu. This is as Africa’s richest man, Aliko Dangote, said the planned facility would be bigger than the existing Nigerian plant.

Ruto spoke on Friday during a tour of the Dangote Petroleum Refinery in Lekki, Lagos, ahead of the September 30 groundbreaking ceremony for the proposed 700,000-barrel-per-day refinery in Lamu, Kenya.

The Kenyan President said his government had already secured the land for the project and is working on other requirements to eliminate bureaucratic bottlenecks and ensure that construction and subsequent operations are not delayed.

He described the proposed refinery as a regional project that would expand industrial activities in East Africa, create employment opportunities and improve the technical skills of the region’s workforce.
Courtesy – The PUNCH

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