This is a good policy as Nigeria needs to do more to deepen the capital market: “The Securities and Exchange Commission (SEC) is pleased to announce that His Excellency, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Act (ISA) 2025, which repeals the Investments and Securities Act No. 29 of 2007”. Today, the stock market of South Africa is more than $1 TRILLION while Nigeria is about $70 billion. So, the status quo makes no sense. I commend the Securities and Exchange Commission (SEC), the National Assembly and the president for making the the Investments and Securities Act (ISA) 2025 the law of the land.

Tekedia Capital congratulates Nigeria as we hope this will bring a new dawn in Nigeria’s broad financial market. Nigeria needs to create new asset classes and innovate in ETP, ETF, derivatives, digital assets, commodities, etc while ensuring investor protection and market resilience.

SEC DG Emomotimi John Agama, you are doing well. Your era has been one of action and transformation. As players in the startup ecosystem, your nuanced playbook on using regulation to drive growth has been superb. We commend the clarity you brought on digital assets after Nigeria wasted a decade with no plan. Keep serving your nation!

Nigeria Securities And Exchange Commission Announces Presidential Assent To Investments And Securities Act 2025

The Securities and Exchange Commission (SEC) is pleased to announce that His Excellency, President Ahmed Bola Tinubu GCFR, has assented to the Investments and Securities Act (ISA) 2025, which repeals the Investments and Securities Act No. 29 of 2007. This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.

The enactment of the ISA 2025 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.

Key highlights of the ISA 2025:

The Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.

Other notable provisions of the ISA 2025 include:

• Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures- The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories. 
• Expansion of the definition and Understanding of Securities – The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview.
• Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.
• Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.
• Expansion of the Category of Issuers to the Public– The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.
• Legal Framework for Commodities Exchanges – The Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.
• Issuance of Securities by Sub-Nationals and their Agencies- Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.
• Transparency in Securities Transactions – The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.
• Enforcement Against Illegal Investment Schemes – The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.
• Strengthening the Investments and Securities Tribunal- The Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate.

Commenting on this milestone, the Director-General of the SEC, Dr. Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market and stated: “The ISA 2025 reflects our commitment to building a dynamic, inclusive, and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments. We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2025 for the benefit of our economy.”

The SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market. The meticulous deliberations, extensive stakeholder engagements, and bi-partisan support demonstrated throughout the legislative process highlight the National Assembly’s resolve to foster economic growth and enhance investor confidence.

We also commend the Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project. Their strategic guidance, policy expertise, and steadfast support have ensured that the ISA 2025 aligns with Nigeria’s broader economic objectives.

The SEC would continue to engage with market operators, investors, and all stakeholders to ensure a seamless transition from the repealed ISA 2007 to the new legal regime established under the ISA 2025.

In his characteristic style of deal-making and economic brinkmanship, President Donald Trump has issued a blunt warning to some of America’s top automakers: do not raise car prices.

According to WSJ, in a recent call with industry leaders, Trump warned them not to raise car prices in response to his newly imposed 25% tariff on imported vehicles and auto parts, which will take effect on April 2.

He said the White House would take a dim view of any price hikes blamed on the tariffs. The president sought to reassure the executives, saying they should be grateful for his decision to roll back what he called Biden’s “electric-vehicle mandate”, which he argued had been an unnecessary burden on the industry.

“The tariffs will be great,” Trump said during the call, according to one of the participants who spoke to WSJ. He pitched the policy as a move that would strengthen American manufacturing and insisted that rather than complain about increased costs, automakers should view his tariffs as a positive development for the industry.

“You’re going to see prices going down, but going to go down specifically because they’re going to buy what we’re doing, incentivizing companies to—and even countries—companies to come into America,” Trump said publicly at an event announcing the tariffs.

But while Trump framed the tariffs as a way to rebuild American industry, the reaction from automakers was far less enthusiastic. Some executives left the call rattled and frustrated, worried about what form of “punishment” the administration might pursue if they increased prices anyway.

Automakers Have No Choice but to Raise Prices

Despite Trump’s warning, the reality is that automakers cannot absorb the costs of the tariffs without passing them on to consumers. Many American-made vehicles still rely heavily on foreign parts and raw materials, meaning that even domestic production will see significant cost increases.

“Tariffs, at any level, cannot be offset or absorbed,” wrote Ray Scott, CEO of Lear, a major auto parts supplier, in an email to employees. “A holistic, industrywide approach will be necessary to mitigate the impact.”

The financial consequences of Trump’s move are already being calculated. Analysts at Morgan Stanley predict that vehicle prices could rise by 11% to 12% to offset the tariffs. Automakers are preparing for this reality, stockpiling a two- to three-month supply of new cars, but industry insiders warn that by May, the impact will be unavoidable.

One auto executive, speaking anonymously, summed up the industry’s reaction saying: “The math would tell you, that’s going to cost us multibillions of dollars. So who pays for that?”

Trump’s insistence that automakers keep prices steady comes at a delicate political moment. Inflation has been a central issue in his administration, with voters increasingly concerned about the rising cost of living. Trump’s economic advisers are privately worried that tariffs will drive up consumer prices, even if Trump himself does not frequently address these concerns publicly.

“It is difficult to see how imposed tariffs over time would not have some impact on prices,” said Matt Blunt, president of the American Automotive Policy Council, which represents GM, Stellantis, and Ford.

Other industries have expressed similar concerns. Oil and gas executives from the American Petroleum Institute have warned Trump that tariffs could push gasoline prices higher, particularly in the Midwest. Although gas prices have slightly declined since Trump took office, according to AAA, analysts say that prolonged trade restrictions could reverse that trend.

The food industry is also bracing for higher costs. White House officials say that food companies have argued that tariffs will drive up prices on products Americans rely on, further complicating Trump’s strategy.

Even some of Trump’s usual allies in the business world are questioning his approach.

“Trump is obviously very fond of tariffs, but the American public dislikes higher prices as the 2024 election results clearly demonstrated,” said Clark Packard, a tariff expert at the Cato Institute.

Auto Industry Pushes Back

Rather than quietly accept Trump’s directives, automakers are mobilizing against the tariffs. Stellantis has already begun encouraging U.S. dealers to pressure lawmakers, warning that the policy favors European and Asian rivals at the expense of American manufacturers.

“We encourage you to contact your federal and state representatives to share your opinion on a matter that threatens to disrupt our business,” read an email Stellantis sent to dealers, which was viewed by The Wall Street Journal.

Many in the industry believe the tariffs could severely disrupt supply chains, making it harder for American automakers to compete globally. And while Trump argues that his policies will bring manufacturing jobs back to the U.S., experts warn that such shifts take years to materialize—far too long for automakers to absorb immediate tariff costs.

With the tariffs set to take effect on April 2, the next few months will determine whether automakers openly defy Trump’s warning. Many companies are already planning price increases, knowing that there is no realistic alternative.

The bigger question is how Trump will react if automakers refuse to comply with his demand. Could the White House use regulatory agencies as leverage against manufacturers who raise prices? Some fear government retaliation, given Trump’s history of targeting law firms, companies, and entire industries that do not align with his economic agenda.

As one industry insider put it, the situation is as much about politics as it is about economics: “Trump is telling us we can’t raise prices. But tariffs are a tax. So who’s going to pay for it? The consumer, or us?”

However, the auto industry appears determined to make its case, even as it braces for potential backlash from the White House. But if Trump’s tariffs lead to significantly higher vehicle prices in the months ahead, it may not just be automakers he finds himself at odds with—it could be the American consumer as well.

Join us today and let us have a conversation on customer validation and how to build what customers really want. In the grand scheme of business growth, any company which begins scaling without first attaining a product-market fit will waste money. Simply, you must have a validation before that growth pedal is pushed at scale.

I will take you to Oriendu Market Ovim to understand that ancestral Igbo proverb of “ahia oma na-ere onwe ya” which means that a great product will sell itself. It is not saying that you do not need to advertise. Rather, the proverb is saying that if the product is great, customers will come, and they will repeat, and they will recruit other customers, because great products create fandom.

Hahaha – that fandom is the validation as you must overcome the inertia customers face, to support your mission, by getting them to pay. Remember: customers are the greatest investors in any market system, and validating a product use-case will remain central in any entrepreneurial playbook. In my lecture, I will explain the mechanics of that validation, and how we can use the perception demand framework to win in markets.

Join us and pick a seat here for our next edition 

Sat, March 29 | 7pm-8.30pm WAT | Customer Validation and Building What Customers Really Want – Ndubuisi Ekekwe | Zoom link

The European Commission has announced a €1.3 billion ($1.4 billion) investment in artificial intelligence (AI), cybersecurity, and digital skills through the Digital Europe Programme for 2025 to 2027.

The move underscores the EU’s growing determination to strengthen its presence in the global AI landscape, where it has so far lagged behind the United States and China.

European Commission digital chief Henna Virkkunen described the initiative as a crucial step toward ensuring European tech sovereignty, emphasizing that investing in advanced technologies and improving digital competencies will be key to securing Europe’s digital future.

“Securing European tech sovereignty starts with investing in advanced technologies and in making it possible for people to improve their digital competences,” Virkkunen said.

The new funding signals a shift in strategy for the bloc, which has long been focused on regulating AI rather than leading its development.

EU Playing Catch-Up in AI Race

This investment is part of a broader effort to position Europe as a serious player in AI development, an area where the EU has struggled to compete with the massive funding and rapid advancements made by the United States and China. While Europe has led the charge in AI regulation with its AI Act, it has fallen behind in innovation and investment.

In contrast, the United States has been aggressively expanding its AI capabilities, pouring billions into cutting-edge AI infrastructure. One of the most notable investments was Stargate, a $500 million AI fund launched by President Donald Trump, which was aimed at strengthening America’s leadership in artificial intelligence. Additionally, the U.S. government has been actively working with private companies, investing in semiconductors, supercomputing, and AI models, all of which have contributed to the dominance of companies like OpenAI, Google DeepMind, and Anthropic.

China, meanwhile, has focused on cost-effective AI breakthroughs to maintain its lead. A prime example is DeepSeek, a powerful AI language model developed in China that rivals OpenAI’s ChatGPT but operates at significantly lower costs. The Chinese government has also ramped up investments in AI chips, computing clusters, and government-backed AI startups. Unlike the U.S., where private sector funding plays a dominant role, China’s AI expansion is heavily state-backed, allowing for aggressive scaling and strategic deployment of AI models across various industries.

EU’s Digital Europe Programme: A Renewed Commitment to AI and Cybersecurity

The €1.3 billion investment under the Digital Europe Programme marks a strategic shift in how the European Union approaches artificial intelligence. The funding suggests that the bloc is no longer content with simply being the global AI regulator—it wants to be a key contributor and competitor in the AI industry. The EU is now seeking to leverage its strengths in research, regulation, and digital infrastructure to carve out a significant share of the rapidly growing AI market.

The funding will be distributed across multiple areas. A significant portion will go toward AI development, supporting AI startups, research institutions, and enterprises working on cutting-edge AI solutions. This will help Europe develop homegrown AI models to rival those of the U.S. and China. Cybersecurity will also receive a boost, as AI systems become more widespread, increasing the risk of cyber threats and digital espionage.

Strengthening cyber defenses will be critical to protecting Europe’s digital economy. Another major focus will be digital skills training, as AI is expected to transform the job market. Investments will support training programs in AI, machine learning, and cybersecurity, ensuring that European workers are equipped to compete in the AI-driven economy.

Will Europe Catch Up?

As AI continues to reshape industries from finance to healthcare and defense, the global AI race is intensifying. The U.S. is leading with its massive tech investments, China is advancing with its cost-effective AI breakthroughs, and now Europe is finally stepping up with a significant funding push.

However, €1.3 billion is still a fraction of what the U.S. and China have poured into AI. To close the gap, tech analysts note that Europe will need more sustained investment, stronger public-private partnerships, and faster commercialization of AI research.

This latest funding move is seen as a step in the right direction, but only time will tell whether it will be enough to establish Europe as a true AI powerhouse.

Tekedia Capital congratulates our portfolio company  Taxo (taxo.ai), a healthtech startup, for raising $5m. Taxo integrates with electronic health records (EHRs) to automate medical billing and coding. Its AI-powered solution reduces the time and cost of claims processing by over 90%, enabling providers to focus on patient care rather than administrative tasks.

The business of medicine is fascinating. Doctors, nurses and broad healthcare professionals are scientific miracle makers. Yet, they do suffer from a poor marginal cost regime, as it is one doctor per one patient, at a time, irrespective of the number of patients. Simply, if there are 30 people waiting for a doctor, a doctor has to deal with each one at a time. In business, that model is not easy to scale efficiently since you cannot easily scale supply to meet expanding demand.

So, how can we help doctors, nurses, etc to serve more and improve broad quality? Use technologies to handle the administrative tasks like billing, claim management , etc, so that those professionals can focus on their core missions.

On that premise, Tekedia Capital invested in Taxo to fix this friction as its technologies, used in Stanford Medicine, Boston Children’s Hospital and other key healthcare centers, accelerate productivity and evidential positive patient health outcome. To learn more about Tekedia Capital and join our next cycle, go here https://capital.tekedia.com/course/fee/

Find below the key dates for the next Tekedia Capital investment cycle.

Duration: April 7 – May 15, 2025

Startups Unveiling in Portal: April 7

Demo Day: April 26, 2025