The Nigerian fintech, which provides access to dollar-denominated assets, obtained the licence through its subsidiary, RV Fund Management Limited. With this approval, the company now operates fully within Nigeria’s capital market framework.

“This approval reflects months of rigorous review and engagement,” Eke Urum, Risevest’s co-founder, wrote in a message to users on Wednesday.

“We’re grateful to the Securities and Exchange Commission for the critical work they do in safeguarding Nigeria’s financial system and maintaining standards that protect investors. Strong regulation builds strong markets and strong markets build lasting wealth.”

The development follows a difficult period for the firm. In January 2025, the SEC warned Nigerians against investing through Risevest, saying the company did not hold the required licence to operate in the capital market. That warning triggered concerns among users and industry watchers.

At the time, Risevest said its Nigerian investment activities were protected through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed trustee. It also relied on partnerships to provide services legally.

In September 2023, the company acquired Chaka, a licensed digital trading startup. That deal allowed Risevest to use Chaka’s regulatory status to offer Nigerians access to global securities.

However, the new SEC licence gives Risevest its own standing under Nigerian law, rather than operating through cover arrangements.

The Fund and Portfolio Manager licence is one of the strictest categories under SEC rules. Firms must show strong corporate governance, sufficient capital and effective compliance systems before approval.

The licence also comes after the Investments and Securities Act 2025, signed into law by President Bola Tinubu, which updated the country’s capital market laws and tightened oversight of investment service providers, including fintechs.

Risevest now joins other digital investment platforms that have secured regulatory backing. These include Bamboo and Trove, which earlier acquired an SEC-licensed broker-dealer as part of its compliance process.

The transition reveals a move towards formal regulation of fintech platforms that once operated in grey areas.

Retail participation in Nigeria’s capital market has also increased sharply. In July 2025, trades by retail investors rose by 88.07% month-on-month to ₦516.50 billion, equivalent to $384 million.

That growth reveals the growing demand for structured and regulated digital investment platforms.

Founded in 2019 by Eke Urum, Bosun Olanrewaju and Tony Odiba, Risevest builds curated portfolios of US stocks and global fixed-income assets. Users decide how much to invest, with returns tied to foreign markets.

In 2024, the company expanded beyond Nigeria by acquiring Hisa, a Kenyan investment startup, marking its entry into East Africa.

With the new licence in place, Risevest can now manage funds directly under Nigeria’s capital market law, ending months of suspense over its regulatory position.

Nine women-led startups gained direct exposure to global investors, policymakers, and industry leaders.

The three-day event, hosted in both Abuja and Lagos, attracted over 3,000 participants, more than 100 exhibitors, and leading voices from across the global technology ecosystem. 

For Alami Capital, the focus was on ensuring that women are not left behind in building Africa’s innovation story.

Olu Olufemi-White, CEO of Alami Capital, stressed the urgency of the mission. “The success of The Launchpad at GITEX NIGERIA 2025 demonstrates the urgency and promise of investing in African women founders. Who gets funded determines what gets built and what gets built will shape Africa’s economic future. 

“Launchpad exists to ensure women are not left out of that equation. By anchoring their creativity and leadership within the continent’s new economic architecture, we are reshaping systems of innovation, governance, and growth for generations to come.”

Olufemi-White also featured on a high-level panel with NITDA Director General Kashifu Inuwa Abdullahi and Future Africa’s Iyin Aboyeji, where discussions centred on practical ways technologies such as big data, AI, and real-time analytics could drive inclusive innovation and smarter governance.

On the final day, the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, hosted an honorary breakfast for the female founders supported by The LaunchPad.

Her keynote revealed the importance of strengthening women’s role in technology, creative, and impact-driven sectors, stressing that Nigeria’s economic growth depends on inclusivity.

In her address at GITEX, Olufemi-White captured the vision of what the platform seeks to achieve:
“I believe that great things happen when visionary leaders create space today, right here at home, that belief finds fresh expression, real expression.

“GITEX, a global stage for technology, diplomacy, innovation has landed on our soil, a meeting of ideas opportunity, a launch pad where a nation forges ties. Entrepreneurs ignite innovation, and a new generation shapes the digital frontier… The future is here, and that future is us.”

Her statement drew attention to the determination of Nigerian entrepreneurs to build solutions rooted in local realities, backed by patient capital and strengthened by collaboration between the public and private sectors.

In spotlighting women innovators and their startups, The LaunchPad at GITEX NIGERIA 2025 has marked an important shift in how the country places itself in the global tech space, one where women’s contributions are both welcomed and seen as indispensable to building a sustainable and resilient economy for Africa.

The initiative, which will have a dedicated zone within the GITEX Nigeria showcase, is a structural market intervention aimed at addressing the chronic under-capitalisation of women-owned enterprises. 

While women own 27% of businesses in Africa and contribute 13% of GDP, they secure only 7% of total venture capital funding.

“Who gets funded determines what gets built, and what gets built will define the economic future of Africa,” said Kashifu Inuwa Abdullahi, Director General of NITDA. “The LaunchPad ensures women founders are not just part of the conversation but central to Africa’s innovation economy. Closing this funding gap for women is not charity, it’s one of the smartest bets we can make for Africa’s future.”

The LaunchPad will channel $250,000 in catalytic capital into five ventures selected after GITEX Nigeria. Each startup will receive between $25,000 and $50,000, coupled with equity investment, regulatory guidance, and mentorship designed to prepare them for long-term growth.

What distinguishes The LaunchPad is its design. Unlike grant-only models such as the Cartier Women’s Initiative, or accelerators with limited follow-up, this platform integrates equity investment, regulatory de-risking, and structured pathways to scale.

At GITEX Nigeria 2025, The LaunchPad by NITDA and Alami zone will feature multiple touchpoints. These include a Funding Pavilion showcasing high-potential women-led ventures, Capital Readiness Clinics where founders engage directly with investors, and a Fireside for Scale, a dialogue on market expansion and IPO readiness. 

The event will also host the ‘To the Stars’ Bell Activation, a symbolic ringing of the bell with the SEC and women founders to mark the rise of women in Africa’s capital markets.

“As an investor, I witness the economics of exclusion every day. This is about building a vetted, investable pipeline of women-led ventures grounded in institutional rigour,” said Olu Olufemi-White, CEO of Alami Capital.

“Our mission is to shift capital flows, transform investment behaviour, and unlock Africa’s full innovation potential.”

How to Apply

To be among innovators who will see business scale via The LaunchPad, apply via the link.

This follows a Federal High Court decision in Abuja to reject his bail application yet again.

Michael is facing seven criminal charges bordering on illegal financial operations, money laundering, and fraud, offences that prosecutors say led to investor losses amounting to $844,416.36, $10,000, and ₦590 million. 

These transactions, according to court filings, were allegedly conducted without regulatory approval or appropriate financial licences.

The Economic and Financial Crimes Commission (EFCC), which is prosecuting the case, alleges that between September 2022 and June 2023, Michael promoted and managed an investment scheme that operated outside the framework of Nigerian financial law. 

He allegedly ran Afriq Arbitrage System as a digital platform offering arbitrage investment opportunities, falsely guaranteeing high daily returns to unsuspecting investors.

Court documents say Michael and his company were neither licensed by the Central Bank of Nigeria (CBN) nor registered with the Securities and Exchange Commission (SEC). However, they received vast deposits from individuals lured through aggressive online campaigns.

In one charge, Afriq Arbitrage CEO is accused of laundering ₦590 million, part of which was traced to proceeds from the sale of properties linked to another suspect. The EFCC claims that the money originated from unlawful activity.

The Commission also alleges that Michael induced an individual named Ladi Musa Audu to invest $844,416.36 USDT into the platform in 2022, promising safety and ease of withdrawal. 

Another investor, Sir Augustine E. Ibolo, reportedly lost $10,000 under the same scheme in February 2023. Both representations, prosecutors insist, were knowingly false.

Quote from Charge Sheet:

“That you, JESAM MICHAEL UBI, and AFRIQ ARBITRAGE SYSTEM LIMITED, sometime in 2022 in Abuja, with intent to defraud, induced Ladi Musa Audu to deposit the sum of $844,416.36 USDT into the Afriq Arbitrage System investment scheme, under the false representation that the investment was safe and refundable upon request. You knew this representation to be false, thereby committing an offence contrary to Section 1(2) of the Advance Fee Fraud and Other Related Offences Act No. 14 of 2006 and punishable under Section 1(3) of the same Act.”

Court Rejects Bail Again

On Tuesday, before Justice Obiora Egwuatu, the charges were formally read out. Michael entered a not-guilty plea. His counsel, Uchenna Njoku SAN, argued that his client was previously granted administrative bail by the EFCC, had no criminal record, and should be granted bail on “liberal terms.”

He claimed the issue originated from a former staff member who allegedly siphoned investors’ funds by gaining access to the company’s crypto wallet. That matter, he said, is already before a different court.

EFCC’s counsel, Martha Babatunde, opposed the bail request. She revealed that more victims continue to file petitions and warned the court that Michael had attempted to flee the country before his arrest.

“That further to paragraph 3 (1), the Commission is still receiving other petitions against the Applicant and investigation has revealed that there are over 50,000 investors into the Applicant’s failed investment scheme,” her affidavit stated.

Justice Egwuatu ruled that although the constitution guarantees the right to bail, the magnitude of the case and its potential impact on public confidence in financial investments outweighed Michael’s plea.

“It is in the best interest of the country and affected investors to refuse the defendant bail,” the judge ruled.

The court scheduled the trial to begin on 20 June 2025 and ordered that Afriq Arbitrage CEO be held in Kuje Correctional Centre in the meantime. This decision reiterates an earlier ruling by Justice Emeka Nwite, who denied bail in May, stating that the arraignment must come before any consideration for release.

With the EFCC receiving petitions from new victims, the agency is preparing to call witnesses from CBN, SEC, and several banks to establish that Michael was operating an unlicensed financial business.

The case, in both its scale and implications, stands out as one of Nigeria’s largest crypto-related fraud cases.

According to a statement on the commission’s website, this initiative reiterates SEC’s commitment to ensuring compliance with the Nigeria Capital market rules and regulations. The statement read:

“In furtherance of the commission’s unwavering commitment to the maintenance of a zero tolerance for infractions in the Nigeria Capital Market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed henceforth, the names of Capital Market Operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.”

In addition to public exposure, offenders will face appropriate sanctions and penalties as prescribed under the Investment and Securities Act (ISA) 2007 and SEC Rules and Regulations.

In recent times, the commission has intensified enforcement actions to protect market integrity. It has shut down unauthorized investment schemes promising unrealistic returns to investors, flagged illegal market operators, and tightened oversight on registered capital market operators (CMOs).

The commission stressed that this measure is essential to safeguarding the Nigerian Capital Market, protecting investors, and ensuring absolute adherence to the established rules and regulations.

Dr. Emomotimi Agama, the director general, Securities and Exchange Commission (SEC) Nigeria, made the remark during his keynote address at the recent ‘Tokenised Economy 2024 Conference’ themed: Digital Asset Tokenisation – The Way Forward.

He said that regulators can provide the necessary oversight to ensure compliance and protect consumers, while financial institutions can leverage their expertise to integrate digital assets into the broader financial system.

Speaking at the event organized by Cyberchain at Baze University in Abuja, Dr. Agama noted that the tech community, with innovative solutions, can drive the development of secure and efficient tokenisation technologies.

“This collaborative approach will pave the way for a robust and sustainable digital asset ecosystem. The innovation that we expect from you cuts across every asset where solutions can be provided. There are opportunities in real estate, hard and soft commodities, traditional financial assets, art and many more. There are solutions to many problems in developing countries such as Nigeria and I encourage you to think of how you can achieve this”.

“SEC has positioned Nigeria as a regional leader in digital asset regulation and innovation by developing forward-thinking regulatory frameworks and fostering a supportive environment for digital asset businesses”.

He said that SEC Nigeria, on its part as the primary regulator of the capital market, and one also mandated to develop same market, recognises the potential of blockchain and digital assets to revolutionise the capital markets.

“Wehaveintroducedseveralmeasurestoensurethattheseinnovationsareharnessedresponsibly:a.Accelerated Regulatory Incubation Programme (ARIP) and Regulatory Incubation(RI) Programme: The ARIP and RI Programmes were designed to on-board firms operating in the digital asset space and provide a controlled environment to test newmodels, products, and services. These programmes foster innovation while ensuring that robust consumer safeguards are in place.

“The recent approval-in-principle granted to two digital asset exchanges participating in this programme is testament to our commitment to enabling innovation.

“Our regulatory stance is clear, digital assets such as cryptocurrencies and other tokenised assets are classified as securities unless proven otherwise. We have established a registration framework that requires issuers and sponsors to prove that their assets do not qualify as securities.

“This ensures that investor protection and market integrity are upheld while providing a level playing field for legitimate market participants.

“SEC took commendable steps to establish a regulatory framework that governs the issuance of digital assets, recognising their potential to transform our economy while ensuring the protection of investors.

“To promote transparency and safeguard investor interests, we mandated that issuers of digital securities must register their offerings. This process includes the submission of a detailed prospectus outlining the offering’s characteristics, the business operations involved, potential risks, and the intended use of proceeds. Such disclosures are crucial in fostering informed decision-making among investors and ensuring they understand the opportunities and risks associated with their investments.

“In addition to registration and disclosure requirements, SEC emphasises the importance of consumer protection within the digital assets space. Issuers are encouraged to implement robust measures to prevent fraud and ensure transparency in all transactions.

“Furthermore, the regulatory framework mandates that digital asset service providers, including exchanges and wallet services, obtain registration with SEC and adhere to applicable regulations. This establishes a level of accountability and builds trust in our developing digital asset ecosystem.

The SEC boss further said that to combat illicit activities and promote a secure trading environment, the Commission requires all digital asset service providers to implement comprehensive anti-money laundering measures.

“By fostering a regulatory landscape that prioritises investor protection and accountability, we are paving the way for innovation in the digital asset space while ensuring that we uphold the principles of integrity and transparency that are fundamental to our financial system.

He concluded by saying, “digital assets offer an opportunity to transform our economies and societies, and we commit to this journey with a shared vision, a spirit of collaboration, and an unwavering focus on building a prosperous and inclusive Africa”.