Victor Ndukuba, Deputy Managing Director, Afrinvest West Africa, a leading investment banking and wealth management firm based in Lagos, Nigeria, has underscored the importance of investor education, technological innovation, and regulatory reforms in deepening participation in Nigeria’s capital market.
Speaking during an interactive session with stakeholders in Lagos recently, Victor revealed how the company is navigating the challenges of operating in a highly regulated financial ecosystem. He noted that the resurgence of interest in the Nigerian stock market has made investor education more critical than ever, especially as a new generation of investors enters the market.
According to him, the current market rally bears similarities to the period leading up to the 2008 stock market crash, making it imperative for investors to understand the risks and opportunities inherent in equity investments.
“The market has recovered strongly over the past few years, and many people are returning. But investing is not just about chasing returns. People need to understand concepts like inflation, budgeting, risk management and long-term wealth creation,” he said.
To bridge knowledge gaps, Victor disclosed that Afrinvest has significantly expanded its investor education efforts through Frequently Asked Questions (FAQs), digital content, animations, and educational videos.
“We have developed more than 70 educational videos covering topics such as what money is, budgeting, investing, inflation, and the golden rules of investing. Our goal is to explain financial concepts in simple everyday language so that more Nigerians can make informed financial decisions,” he said.
The Deputy MD, also highlighted the impact of regulatory processes on innovation within Nigeria’s financial services industry. Using a product launched in partnership with a fintech company as an example, he explained that a proposal submitted to the Securities and Exchange Commission (SEC) in January 2018 only received approval in January 2020.
“I am a regulated operator, and I cannot launch products without approval. But when it takes two years to approve a solution intended for a fast-moving digital market, the reality is that the market may have already moved on by the time approval arrives,” he said.
He explained that Afrinvest’s technology platform was deliberately structured to leverage existing regulated entities within the group, enabling the company to innovate while remaining compliant with regulatory requirements.
According to him, Afrinvest’s stockbroking and asset management subsidiaries already possess the necessary licences required to provide investment services, while the technology platform functions as a distribution and service layer.
“We have licensed businesses that provide the regulated services. The technology platform simply enables customers to access those services more efficiently,” he explained.
Addressing concerns raised by some users over trading issues experienced earlier in the year, Ndukuba revealed that an industry-wide technology disruption affected thousands of investors.
He explained that the incident stemmed from a communication failure between market infrastructure systems responsible for routing trade orders.
Victor said extensive investigations involving brokers, infrastructure providers, and market operators were conducted to identify the root cause of the problem and implement corrective measures.
The securities enthusiast stressed that building trust remains central to the future of digital investing in Nigeria.
He expressed confidence that continued collaboration among regulators, technology providers, brokers, and investors would help strengthen Nigeria’s capital market and encourage broader participation.
Dr. Ike Chioke, the firm’s Group Managing Director/ Chief Executive Officer, stated, “As an industry, we must continue to improve. Technology will evolve, regulations will evolve, and customer expectations will evolve. Our responsibility is to keep building solutions that make investing easier, safer, and more transparent for everyone.”
