Stark Raven
The Central Bank of Nigeria (CBN) has introduced a new regulatory framework containing data localisation requirements, beneficial ownership disclosure obligations, and...
Regulatory Updates: Key Developments Across Banking & Finance, Capital Markets and Energy
CBN Introduces New Payment System Oversight Measures on Data Localisation, Ownership Transparency and Market Structure
The Central Bank of Nigeria (CBN) has introduced a new regulatory framework containing data localisation requirements, beneficial ownership disclosure obligations, and market structure measures for participants within Nigeria’s payments ecosystem.
Under the framework, payment transaction data generated within Nigeria is required to be stored locally, reinforcing the CBN’s objective of strengthening regulatory oversight, operational resilience, and data governance within the financial services sector. The framework also introduces requirements relating to ultimate beneficial ownership disclosure and measures designed to prevent excessive market concentration.
The requirements affect banks, fintech companies, mobile money operators, switching companies, and other participants in the payment services value chain. Affected entities are expected to assess their governance, operational, and compliance structures to ensure alignment with the applicable implementation timelines.
SEC Issues Cease and Desist Directive on Purported Dangote Refinery Securities Offering
The Securities and Exchange Commission (SEC) has issued a cease and desist directive concerning promotional activities, digital campaigns, and investment solicitations relating to a purported securities offering by Dangote Petroleum Refinery & Petrochemicals FZE.
According to the Commission, no application for the registration of an Initial Public Offering (IPO) or public offer of shares by the refinery had been filed with or approved by the SEC. The Commission further cautioned registered capital market operators and members of the investing public against participating in unauthorised pre-marketing or subscription activities.
The directive reflects the SEC’s continued commitment to protecting investors, preserving market integrity, and ensuring that securities offerings comply with the prescribed regulatory approval process.
NERC Advances Consumer Engagement and Electricity Market Reform Initiatives
The Nigerian Electricity Regulatory Commission (NERC) has invited qualified service providers to submit Expressions of Interest for consultancy services supporting national consumer awareness campaigns, metering initiatives, and ongoing electricity market reforms.
The initiative forms part of the Commission’s broader efforts to strengthen consumer engagement and support continued reforms within Nigeria’s electricity supply industry.
The development highlights the continued focus of regulators on improving transparency, consumer participation, and the effective implementation of reforms within Nigeria’s evolving electricity market.