FTSE Russell review not a setback for Nigeria, says CIS
via Punch Nigeria10 min read
The Chartered Institute of Stockbrokers stated that FTSE Russell's decision to defer Nigeria's reclassification to Frontier Market status is a temporary review, not a reversal of capital market reforms. The institute highlighted Nigeria's new T+1 settlement cycle, implemented on June 1, 2026, as a landmark achievement, making it the first African capital market to adopt this shortened settlement period. This reform aligns Nigeria with global markets, improving efficiency, reducing settlement risk, and enhancing liquidity. FTSE Russell's concerns reportedly center on whether the T+1 cycle could create a prefunded market for international investors. However, the CIS clarified that Nigeria's migration to T+1 has not altered its Delivery versus Payment settlement model, meaning foreign portfolio investors are not required to prefund transactions. The institute emphasized that the review period offers an opportunity for stakeholders to engage with FTSE Russell and demonstrate the efficiency of Nigeria's settlement infrastructure. They cited Pakistan's experience, which adopted T+1 settlement while retaining its Frontier Market status, as evidence of compatibility. The CIS urged Nigerian capital market stakeholders to continue reforms, including strengthening foreign exchange accessibility and improving cross-border settlement coordination, to address outstanding concerns and secure Nigeria's return to Frontier Market status.
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The Economic and Financial Crimes Commission is preparing to arraign Jimoh Yisawu, former Managing Director of Warri Refining and Petrochemical Company Ltd, and Ahmed Dikko, former Managing Director of Port Harcourt Refining Company Ltd, on separate money laundering charges. Both cases are before Justice Inyang Ekwo of the Federal High Court, Abuja. Yisawu faces eight charges, including alleged conversions of $789,950 and $122,600, and receiving N25,563,000 from a contractor. He is also accused of making cash payments exceeding N5,000,000 without using a financial institution, transferring N65,860,000 to purchase treasury bills, and retaining N15,000,000 and N3,000,000 from a contractor. Dikko faces 12 counts, including allegations of indirectly making a cash payment of the dollar equivalent of N218,375,000 for property purchase without a financial institution, retaining N100,000,000 and N90,000,000 from a contractor, and disguising the origin of N90,000,000 through an account operated by Aisha Ahmed Dikko. He is also accused of disguising the origin of N328,710,337.50 from transactions involving NNPC Limited allocation of Vacuum Gas Oil for export, taking possession of N59,200,000, procuring Ebenezar Oluwagbemiga to take possession of N356,412,500 on his behalf, converting $77,080, and using his son鈥檚 account to control N20,000,000. The alleged offenses contravene various sections of the Money Laundering Prevention and Prohibition Act, 2022, and the Money Laundering Prohibit
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