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  •  The Securities and Exchange Commission SEC has indicated its readiness to collaborate with journalists and other relevant stakeholders in its drive to ensure that illegal fund managers do not thrive in the country Mr Mohammed Waziri the Deputy Director and Head External Relations Department of the commission gave the indication on Friday in Lagos during a meeting with Crime Reporters Association of Nigeria CRAN Waziri noted that the menace of Ponzi schemes had been prevalent in recent times especially with the advent of the social media He said that SEC was committed to ensuring that Nigerians do not continue to lose money to these illegal operators There has been an upsurge in the activities of these illegal fund managers and this has led to Nigerians losing their hard earned monies to these schemes We will continue to educate and enlighten Nigerians on the need to patronise only operators that are registered by the commission There are numerous products in the capital market that Nigerians can patronise and get the benefits from their investements he said Waziri disclosed that the list of all registered capital market operators could be found on the SEC website urging members of the public to do business with them He advised that anyone coming to make promises of unreasonable high return on investment and not registered with the commission should be disregarded Ensure that they are registered with the commission and also check that they are registered for that specific function they are marketing to you On our part the SEC will ensure that only fit and proper persons are allowed to operate in the capital market he said The deputy director also said that the Nigerian capital market was still evolving hence the need for all hands to be on deck to educate and guide investors which would in turn aid investor s protection He said that the commission was trying to ensure that people play by the rules in a bid to make the market safe and fit for investment We all know that it is only when investors trust our market that they will bring in their money and this is one of the things we try to do at the SEC he said He commended CRAN on its efforts in educating and enlightening the investing public especially on the danger of Ponzi schemes and added that more still needed to be done Earlier the President of CRAN Mr Olalekan Olabulor expressed the readiness of the association to partner the commission with a view to further developing the economy of the country We are available to provide assistance where necessary to the commission in its quest to rid our financial space of Ponzi schemes We are ready as well to educate Nigerians on the dangers of patronising such schemes he said NewsSourceCredit NAN
    SEC to partner journalists, others against Ponzi schemes
     The Securities and Exchange Commission SEC has indicated its readiness to collaborate with journalists and other relevant stakeholders in its drive to ensure that illegal fund managers do not thrive in the country Mr Mohammed Waziri the Deputy Director and Head External Relations Department of the commission gave the indication on Friday in Lagos during a meeting with Crime Reporters Association of Nigeria CRAN Waziri noted that the menace of Ponzi schemes had been prevalent in recent times especially with the advent of the social media He said that SEC was committed to ensuring that Nigerians do not continue to lose money to these illegal operators There has been an upsurge in the activities of these illegal fund managers and this has led to Nigerians losing their hard earned monies to these schemes We will continue to educate and enlighten Nigerians on the need to patronise only operators that are registered by the commission There are numerous products in the capital market that Nigerians can patronise and get the benefits from their investements he said Waziri disclosed that the list of all registered capital market operators could be found on the SEC website urging members of the public to do business with them He advised that anyone coming to make promises of unreasonable high return on investment and not registered with the commission should be disregarded Ensure that they are registered with the commission and also check that they are registered for that specific function they are marketing to you On our part the SEC will ensure that only fit and proper persons are allowed to operate in the capital market he said The deputy director also said that the Nigerian capital market was still evolving hence the need for all hands to be on deck to educate and guide investors which would in turn aid investor s protection He said that the commission was trying to ensure that people play by the rules in a bid to make the market safe and fit for investment We all know that it is only when investors trust our market that they will bring in their money and this is one of the things we try to do at the SEC he said He commended CRAN on its efforts in educating and enlightening the investing public especially on the danger of Ponzi schemes and added that more still needed to be done Earlier the President of CRAN Mr Olalekan Olabulor expressed the readiness of the association to partner the commission with a view to further developing the economy of the country We are available to provide assistance where necessary to the commission in its quest to rid our financial space of Ponzi schemes We are ready as well to educate Nigerians on the dangers of patronising such schemes he said NewsSourceCredit NAN
    SEC to partner journalists, others against Ponzi schemes
    Economy4 weeks ago

    SEC to partner journalists, others against Ponzi schemes

    The Securities and Exchange Commission (SEC) has indicated its readiness to collaborate with journalists and  other relevant stakeholders in its drive to ensure that illegal fund managers do not thrive in the country.

    Mr Mohammed Waziri,  the Deputy Director and Head, External Relations Department of the commission, gave the indication on Friday in Lagos during a meeting with Crime Reporters Association of Nigeria (CRAN).

    Waziri noted that the menace of Ponzi schemes had been prevalent in recent times, especially,  with the advent of  the social media.

    He said that SEC was committed to ensuring that Nigerians do not continue to lose money to these illegal operators.

    “There has been an upsurge in the activities of these illegal fund managers and this has led to Nigerians losing their hard earned monies to these schemes.

    “We will continue to educate and enlighten Nigerians on the need to patronise only operators that are registered by the commission.

    “There are numerous products in the capital market that Nigerians can patronise and get the benefits from  their investements,” he said.

    Waziri disclosed that the list of all registered capital market operators could be found on the SEC website, urging members of the public to do business with them.

    He advised that anyone coming to make promises of unreasonable high return on investment and not registered with the commission should be disregarded.

    “Ensure that they are registered with the commission and also check that they are registered for that specific function they are marketing to you.

    “On our part, the SEC will ensure that only fit and proper persons are allowed to operate in the capital market,” he said.

    The deputy director also  said that the Nigerian capital market was still evolving, hence,  the need for all hands to be on deck to educate and guide investors which would in turn aid investor’s  protection.

    He said that the commission was trying to ensure that people play by the rules in a bid to make the market safe and fit for investment.

    “We all know that it is only when investors trust our market that they will bring in their money, and this is one of the things we try to do at the SEC,” he said.

    He commended CRAN on its efforts in educating and enlightening the investing public, especially,  on the danger of Ponzi schemes and added that more still needed to be done.

    Earlier,  the President of CRAN, Mr Olalekan Olabulor,   expressed the readiness of the association to partner  the commission with a view to further developing  the economy of the country.

    “We are available to provide assistance where necessary to the commission in its quest to rid our financial space of Ponzi schemes.

    “We are ready as well to educate Nigerians on the dangers of patronising such schemes” he said.


    NewsSourceCredit: NAN

  •  The Gombe State Executive Council SEC has approved N173 72 billion proposed budget for 2023 fiscal year The state Commissioner for Finance Malam Mohammed Magaji stated this at the end of the SEC meeting on Wednesday in Gombe He said the SEC meeting presided over by Gov Inuwa Yahaya approved the draft 2023 budget proposal for presentation to the State House of Assembly He said the N173 72 billion proposed budget for 2023 was higher than N154 61 billion for 2022 representing about 11 per cent increase The council he said approved the Medium Term Expenditure Framework earlier sent to the House of Assembly for legislation adding that the council used it as parameter in preparation for the 2023 Appropriation Bill The News Agency of Nigeria reports that the state government on Tuesday held a town hall meeting with community and religious leaders trade unions Civil Society Organisations CSOs among others as part of people engagement in budget preparations Meanwhile the state government says it has procured 40 buses to enhance transportation services in the state The Commissioner said that 30 of the busses would be supplied to Gombe Line Transport Services while 10 others to be distributed to schools hospitals and government agencies NewsSourceCredit NAN
    Gombe SEC approves N173.72bn 2023 budget proposal
     The Gombe State Executive Council SEC has approved N173 72 billion proposed budget for 2023 fiscal year The state Commissioner for Finance Malam Mohammed Magaji stated this at the end of the SEC meeting on Wednesday in Gombe He said the SEC meeting presided over by Gov Inuwa Yahaya approved the draft 2023 budget proposal for presentation to the State House of Assembly He said the N173 72 billion proposed budget for 2023 was higher than N154 61 billion for 2022 representing about 11 per cent increase The council he said approved the Medium Term Expenditure Framework earlier sent to the House of Assembly for legislation adding that the council used it as parameter in preparation for the 2023 Appropriation Bill The News Agency of Nigeria reports that the state government on Tuesday held a town hall meeting with community and religious leaders trade unions Civil Society Organisations CSOs among others as part of people engagement in budget preparations Meanwhile the state government says it has procured 40 buses to enhance transportation services in the state The Commissioner said that 30 of the busses would be supplied to Gombe Line Transport Services while 10 others to be distributed to schools hospitals and government agencies NewsSourceCredit NAN
    Gombe SEC approves N173.72bn 2023 budget proposal
    Economy4 weeks ago

    Gombe SEC approves N173.72bn 2023 budget proposal

    The Gombe State Executive Council (SEC) has approved N173.72 billion proposed budget for 2023 fiscal year.

    The state Commissioner for Finance, Malam Mohammed Magaji stated this at the end of the SEC meeting on Wednesday in Gombe.

    He said the SEC meeting presided over by Gov. Inuwa Yahaya, approved the draft 2023 budget proposal for presentation to the State House of Assembly.

    He said the N173,72 billion proposed budget for 2023 was higher than N154.61 billion for 2022, representing about 11 per cent increase.

    The council, he said, approved the Medium Term Expenditure Framework earlier sent to the House of Assembly for legislation, adding that the council used it as parameter in preparation for the 2023 Appropriation Bill. The News Agency of Nigeria reports that the state government on Tuesday held a town hall meeting with community and religious leaders, trade unions, Civil Society Organisations (CSOs), among others, as part of people engagement in budget preparations.

    Meanwhile, the state government says it has procured 40 buses to enhance transportation services in the state.

    The Commissioner said that 30 of the busses would be supplied to Gombe Line Transport Services while 10 others to be distributed to schools, hospitals and government agencies.


    NewsSourceCredit: NAN

  •  FSDH Merchant Bank has launched a financial service product Custody Services offering for investors to provide safekeeping of financial assets Mrs Bukola Smith the Managing Director FSDH Merchant Bank said in a statement on Monday in Lagos Smith that the launch was part of the FSDH Group s plan to meet investors needs and cover their end to end transactions She said the launch would further showcase FSDH s years of expertise and experience within the financial services sector Our unique proposition includes the use of technology to provide enhanced service delivery assets servicing and proffer sophisticated solutions to customer s banking and financial service s needs Our competitive pricing model and global reach will also enable us to act as sub custodians to global custodian banks and engage directly with foreign portfolio investors and fund managers in the market and those looking to come into the country This function is performed through FSDH Nominees a nominee vehicle for holding clients assets separate from the bank s proprietary assets With this licence our clients will benefit from our focus on excellent pre and post trading services We can now offer both our local and international clients superior end to end service experience by supporting them at every stage of the investment cycle leveraging the capabilities within the FSDH Group and our excellent track record in the areas of investment banking corporate banking asset management and wealth management Smith said She said FSDH would continue to deepen its business lines strengthen offerings and deliver on its promise to play a key role in the success journey of her clients As we offer a one stop array of financial services to our customers we are now able to deliver efficient end to end of their transaction life cycle and we offer years of experience and expertise within the money market capital market corporate and transaction banking space to do so excellently she said Smith also said that the new phase would provide an additional option of non pension custody services through which bank could provide higher standards of service through experienced personnel across FSDH Group Mr Hakeem Muhammed the Divisional Head Global Markets and Prestige Banking at FSDH Merchant Bank said that the new offering was FSDH s proven decades of expertise in financial services With the launch of our custodial service a banking solution aimed at enhancing the post trading activities of our clients We will ensure an efficient custody management process and safekeeping of assets with the highest assurances of safety efficiency use of technology superior service lower turn around time and a direct settlement process with Euroclear Bank which ensures timely settlement he said He said that it would enable the bank to continue to delight its clients and deliver value added services that would significantly impact the performance and profitability of its existing and future clients With the Global Custody license FSDH Merchant Bank through its nominees service can now serve as a premium investor services solution provider for asset managers institutional investors banks insurance companies brokers private equity firms NGOs foreign portfolio investors and HNIs Other services include provision of fund services administration for SEC regulated collective investment schemes portfolio valuation collateral management escrow agency services securities lending cash management compliance reporting amongst others NewsSourceCredit NAN
    FSDH Merchant Bank launches custody services, secures nominee licence
     FSDH Merchant Bank has launched a financial service product Custody Services offering for investors to provide safekeeping of financial assets Mrs Bukola Smith the Managing Director FSDH Merchant Bank said in a statement on Monday in Lagos Smith that the launch was part of the FSDH Group s plan to meet investors needs and cover their end to end transactions She said the launch would further showcase FSDH s years of expertise and experience within the financial services sector Our unique proposition includes the use of technology to provide enhanced service delivery assets servicing and proffer sophisticated solutions to customer s banking and financial service s needs Our competitive pricing model and global reach will also enable us to act as sub custodians to global custodian banks and engage directly with foreign portfolio investors and fund managers in the market and those looking to come into the country This function is performed through FSDH Nominees a nominee vehicle for holding clients assets separate from the bank s proprietary assets With this licence our clients will benefit from our focus on excellent pre and post trading services We can now offer both our local and international clients superior end to end service experience by supporting them at every stage of the investment cycle leveraging the capabilities within the FSDH Group and our excellent track record in the areas of investment banking corporate banking asset management and wealth management Smith said She said FSDH would continue to deepen its business lines strengthen offerings and deliver on its promise to play a key role in the success journey of her clients As we offer a one stop array of financial services to our customers we are now able to deliver efficient end to end of their transaction life cycle and we offer years of experience and expertise within the money market capital market corporate and transaction banking space to do so excellently she said Smith also said that the new phase would provide an additional option of non pension custody services through which bank could provide higher standards of service through experienced personnel across FSDH Group Mr Hakeem Muhammed the Divisional Head Global Markets and Prestige Banking at FSDH Merchant Bank said that the new offering was FSDH s proven decades of expertise in financial services With the launch of our custodial service a banking solution aimed at enhancing the post trading activities of our clients We will ensure an efficient custody management process and safekeeping of assets with the highest assurances of safety efficiency use of technology superior service lower turn around time and a direct settlement process with Euroclear Bank which ensures timely settlement he said He said that it would enable the bank to continue to delight its clients and deliver value added services that would significantly impact the performance and profitability of its existing and future clients With the Global Custody license FSDH Merchant Bank through its nominees service can now serve as a premium investor services solution provider for asset managers institutional investors banks insurance companies brokers private equity firms NGOs foreign portfolio investors and HNIs Other services include provision of fund services administration for SEC regulated collective investment schemes portfolio valuation collateral management escrow agency services securities lending cash management compliance reporting amongst others NewsSourceCredit NAN
    FSDH Merchant Bank launches custody services, secures nominee licence
    Economy2 months ago

    FSDH Merchant Bank launches custody services, secures nominee licence

    FSDH Merchant Bank has launched a financial service product, Custody Services offering for investors, to provide safekeeping of financial assets.

    Mrs Bukola Smith, the Managing Director, FSDH Merchant Bank, said in a statement on Monday in Lagos.

    Smith that the launch was part of the FSDH Group’s plan to meet investors’ needs and cover their end-to-end transactions.

    She said the launch would further showcase FSDH’s years of expertise and experience within the financial services sector.

    “Our unique proposition includes the use of technology to provide enhanced service delivery, assets servicing, and proffer sophisticated solutions to customer’s banking and financial service’s needs.

    “Our competitive pricing model and global reach will also enable us to act as sub-custodians to global custodian banks and engage directly with foreign portfolio investors and fund managers in the market and those looking to come into the country.

    “This function is performed through FSDH Nominees, a nominee vehicle for holding clients’ assets separate from the bank’s proprietary assets.

    With this licence, our clients will benefit from our focus on excellent pre and post-trading services.

    “We can now offer both our local and international clients superior end-to-end service experience by supporting them at every stage of the investment cycle, leveraging the capabilities within the FSDH Group and our excellent track record in the areas of investment banking, corporate banking, asset management, and wealth management,” Smith said.

    She said FSDH would continue to deepen its business lines, strengthen offerings and deliver on its promise to play a key role in the success journey of her clients.

    ‘’As we offer a one-stop array of financial services to our customers; we are now able to deliver efficient end-to-end of their transaction life cycle and we offer years of experience and expertise within the money market, capital market, corporate and transaction banking space to do so excellently,’’ she said.

    Smith also said that the new phase would provide an additional option of non-pension custody services through which bank could provide higher standards of service through experienced personnel across FSDH Group.

    Mr Hakeem Muhammed, the Divisional Head, Global Markets and Prestige Banking at FSDH Merchant Bank, said that the new offering was FSDH’s proven decades of expertise in financial services.

    ‘’With the launch of our custodial service, a banking solution aimed at enhancing the post-trading activities of our clients.

    “We will ensure an efficient custody management process and safekeeping of assets with the highest assurances of safety, efficiency, use of technology, superior service, lower turn-around-time and a direct settlement process with Euroclear Bank which ensures timely settlement,’’ he said.

    He said that it would enable the bank to continue to delight its clients and deliver value-added services that would significantly impact the performance and profitability of its existing and future clients.

    With the Global Custody license, FSDH Merchant Bank through its nominees service can now serve as a premium investor services solution provider for asset managers, institutional investors, banks, insurance companies, brokers, private equity firms, NGOs, foreign portfolio investors and HNIs. Other services include provision of fund services, administration for SEC-regulated collective investment schemes, portfolio valuation, collateral management, escrow agency services, securities lending, cash management, compliance reporting amongst others.


    NewsSourceCredit: NAN

  •  Gov Atiku Bagudu of Kebbi State has sworn in nine new commissioners as members of the state executive council The News Agency of Nigeria reports that all the appointers were members of the recently dissolved State Executive Council SEC Speaking shortly after the swearing in at the Government House on Friday in Birnin Kebbi Bagudu lauded the Kebbi State House of Assembly for being magnanimous in considering and clearing the nominees for the position He said We thank them for always being magnanimous in considering requests from the State Executive we still look forward for them because we will be presenting another list and other outstanding issues Equally we thank the Chief Judge who is always making himself available personally even at a short notice to support us we appreciate you and thank you for your kind magnanimity Bagudu congratulated the commissioners for their re appointment recalling that all of them were members of the previous SEC with some of them serving as cabinet members numerous times I thank you for offering to serve the state and congratulate you for being reappointed and I want to encourage you especially in the next few months that we will be battling campaign and transition We must not miss sight of our obligation to the people of Kebbi State because that is the primary objectives while at the same time we ensure that we keep records straight so that we will prepare transition document that will assist the next administration Because successes failures and challenges need to be documented so that they can provide ready materials for conceptualisation and quick take off We have seen how the world and our country are battling with a very very challenging economic environment nevertheless a lot have been achieved and most of it is in ministries you have suppretended he said Alhaji Babale Umar Yauri the Secretary to the State Government SSG recalled that the previous SEC was dissolved on Sept 7 while on Oct 7 the State Government nominated 10 persons for reappointment as commissioners He said the reappointment of the new commissioners was based on their previous performance and track records adding that they will be given potfolios after more nominees are cleared by the state assembly Umar Yauri assured that the state government was gender sensitive hence its decision to incorporate women in the subsequent list to ensure gender equality Responding on behalf of other appointees Alhaji Abubakar Chika Ladan appreciated the governor for finding them worthy of the position and promised to justify the confidence reposed in them to move the state to greater heights of development He said We are very much grateful to Almighty God who spared our lives to witness this day We are equally grateful to His Excellency Sen Abubakar Atiku Bagudu who found us worthy to be selected as commissioners and members of the State Executive Council We are assuring him and indeed the good people of Kebbi State that we will do all what it will take individually and collectively to move the state forward We know what is before us is election and we will do our best to ensure that our party APC succeed in the forthcoming elections The News Agency of Nigeria reports that the oath of office was administered by the Chief Judge of the state Justice Suleiman Muhammad Ambursa NewsSourceCredit NAN
    Kebbi State gets 9 new Commissioners 
     Gov Atiku Bagudu of Kebbi State has sworn in nine new commissioners as members of the state executive council The News Agency of Nigeria reports that all the appointers were members of the recently dissolved State Executive Council SEC Speaking shortly after the swearing in at the Government House on Friday in Birnin Kebbi Bagudu lauded the Kebbi State House of Assembly for being magnanimous in considering and clearing the nominees for the position He said We thank them for always being magnanimous in considering requests from the State Executive we still look forward for them because we will be presenting another list and other outstanding issues Equally we thank the Chief Judge who is always making himself available personally even at a short notice to support us we appreciate you and thank you for your kind magnanimity Bagudu congratulated the commissioners for their re appointment recalling that all of them were members of the previous SEC with some of them serving as cabinet members numerous times I thank you for offering to serve the state and congratulate you for being reappointed and I want to encourage you especially in the next few months that we will be battling campaign and transition We must not miss sight of our obligation to the people of Kebbi State because that is the primary objectives while at the same time we ensure that we keep records straight so that we will prepare transition document that will assist the next administration Because successes failures and challenges need to be documented so that they can provide ready materials for conceptualisation and quick take off We have seen how the world and our country are battling with a very very challenging economic environment nevertheless a lot have been achieved and most of it is in ministries you have suppretended he said Alhaji Babale Umar Yauri the Secretary to the State Government SSG recalled that the previous SEC was dissolved on Sept 7 while on Oct 7 the State Government nominated 10 persons for reappointment as commissioners He said the reappointment of the new commissioners was based on their previous performance and track records adding that they will be given potfolios after more nominees are cleared by the state assembly Umar Yauri assured that the state government was gender sensitive hence its decision to incorporate women in the subsequent list to ensure gender equality Responding on behalf of other appointees Alhaji Abubakar Chika Ladan appreciated the governor for finding them worthy of the position and promised to justify the confidence reposed in them to move the state to greater heights of development He said We are very much grateful to Almighty God who spared our lives to witness this day We are equally grateful to His Excellency Sen Abubakar Atiku Bagudu who found us worthy to be selected as commissioners and members of the State Executive Council We are assuring him and indeed the good people of Kebbi State that we will do all what it will take individually and collectively to move the state forward We know what is before us is election and we will do our best to ensure that our party APC succeed in the forthcoming elections The News Agency of Nigeria reports that the oath of office was administered by the Chief Judge of the state Justice Suleiman Muhammad Ambursa NewsSourceCredit NAN
    Kebbi State gets 9 new Commissioners 
    General news2 months ago

    Kebbi State gets 9 new Commissioners 

    Gov. Atiku Bagudu of Kebbi State has sworn-in nine new commissioners as members of the state executive council.

    The News Agency of Nigeria reports that all the appointers were members of the recently dissolved State Executive Council (SEC).

    Speaking shortly after the swearing-in at the Government House on Friday in Birnin Kebbi, Bagudu lauded the Kebbi State House of Assembly for being magnanimous in considering and clearing the nominees for the position.

    He said: “We thank them for always being magnanimous in considering requests from the State Executive, we still look forward for them because we will be presenting another list and other outstanding issues.

    “Equally, we thank the Chief Judge, who is always making himself available personally even at a short notice to support us, we appreciate you and thank you for your kind magnanimity.

    ”Bagudu congratulated the commissioners for their re-appointment, recalling that all of them were members of the previous SEC with some of them serving as cabinet members numerous times.

    “I thank you for offering to serve the state and congratulate you for being reappointed and I want to encourage you, especially in the next few months that we will be battling campaign and transition.

    “We must not miss sight of our obligation to the people of Kebbi State because that is the primary objectives, while at the same time we ensure that we keep records straight so that we will prepare transition document that will assist the next administration.

    “Because successes, failures and challenges need to be documented, so that they can provide ready materials for conceptualisation and quick take-off.

    “We have seen how the world and our country are battling with a very very challenging economic environment, nevertheless, a lot have been achieved and most of it is in ministries you have suppretended,” he said.

    Alhaji Babale Umar-Yauri, the Secretary to the State Government (SSG), recalled that the previous SEC was dissolved on Sept. 7,  while on Oct. 7, the State Government nominated 10 persons for reappointment as commissioners.

    He said the reappointment of the new commissioners was based on their previous performance and track records, adding that they will be given potfolios after more nominees are cleared by the state assembly.

    Umar-Yauri assured that the state government was gender sensitive, hence its decision to incorporate women in the subsequent list to ensure gender equality.

    Responding on behalf of other appointees, Alhaji Abubakar Chika-Ladan appreciated the governor for finding them worthy of the position and promised to justify the confidence reposed in them to move the state to greater heights of development.

    He said: “We are very much grateful to Almighty God who spared our lives to witness this day.

    We are equally grateful to His Excellency, Sen. Abubakar Atiku Bagudu, who found us worthy to be selected as commissioners and members of the State Executive Council.

    “We are assuring him and indeed the good people of Kebbi State that we will do all what it will take individually and collectively to move the state forward.

    We know what is before us is election and we will do our best to ensure that our party, APC, succeed in the forthcoming elections.

    ”The News Agency of Nigeria reports that the oath of office was administered by the Chief Judge of the state, Justice Suleiman Muhammad-Ambursa.


    NewsSourceCredit: NAN

  •  The Securities and Exchange Commission SEC Nigeria and Ghana have signed a renewed Memorandum of Understanding MoU to strengthen cooperation and mutual support in the regulation of the markets This is contained in a statement by the commission in Abuja on Sunday The statement said the revised MoU would encourage market integration and provide better opportunities for economic prosperity of the countries The statement quoted the Director General of the SEC Nigeria Mr Lamido Yuguda as saying that the move would enhance global competitiveness of both markets Yuguda said the move would also enhance the efficiency and transparency of the capital markets in both countries The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub region It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity he said The statement also quoted the Director General of SEC Ghana Rev Daniel Tetteh as saying that both commissions were ready to work together and develop the potential of the capital market Tetteh said this would be achieved by examining issues and exploring ways to resolve them for the capital markets to work better com NewsSourceCredit NAN
    SEC Nigeria, Ghana commit to market development
     The Securities and Exchange Commission SEC Nigeria and Ghana have signed a renewed Memorandum of Understanding MoU to strengthen cooperation and mutual support in the regulation of the markets This is contained in a statement by the commission in Abuja on Sunday The statement said the revised MoU would encourage market integration and provide better opportunities for economic prosperity of the countries The statement quoted the Director General of the SEC Nigeria Mr Lamido Yuguda as saying that the move would enhance global competitiveness of both markets Yuguda said the move would also enhance the efficiency and transparency of the capital markets in both countries The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub region It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity he said The statement also quoted the Director General of SEC Ghana Rev Daniel Tetteh as saying that both commissions were ready to work together and develop the potential of the capital market Tetteh said this would be achieved by examining issues and exploring ways to resolve them for the capital markets to work better com NewsSourceCredit NAN
    SEC Nigeria, Ghana commit to market development
    Economy2 months ago

    SEC Nigeria, Ghana commit to market development

    The Securities and Exchange Commission (SEC) Nigeria and Ghana have signed a renewed Memorandum of Understanding (MoU) to strengthen cooperation and mutual support in the regulation of the markets.

    This is contained in a statement by the commission in Abuja on Sunday.

    The statement said the revised MoU would encourage market integration and provide better opportunities for economic prosperity of the countries.

    The statement quoted the Director-General of the SEC Nigeria, Mr Lamido Yuguda, as saying that the move would enhance global competitiveness of both markets.

    Yuguda said the move would also enhance the efficiency and transparency of the capital markets in both countries.

    ”The enduring relationship between our two jurisdictions is more amplified by the fact that Ghana and Nigeria have the largest markets in the West Africa sub-region.

    ”It will only be good that we use the advantage of our size and peculiarities to explore viable areas of cooperation.

    ”This is even as we continue to work with other stakeholders to integrate our markets and provide greater opportunities for our economic prosperity,” he said.

    The statement also quoted the Director-General of SEC Ghana, Rev. Daniel Tetteh, as saying that both commissions were ready to work together and develop the potential of the capital market.

    Tetteh said this would be achieved by examining issues and exploring ways to resolve them for the capital markets to work better.

    com)
    NewsSourceCredit: NAN

  •  SFS Financial Services Group SFS Group has advised Nigerian youths to build an investment culture by prioritising and setting investment goals to secure their future This is according to a statement signed by Oma Ehiri Head of Communications of SFS Group on Friday The company said the advice became necessary due to the huge population of youths that were characterised as Gen Z who were aware of financial literacy This the company said was evidenced by the adoption of technology and acceptance of digital banking and knowledge of investment platforms like Non Fungible Tokens NFTs cryptocurrencies and stocks by youths It was however noted that despite their financial literacy most of them were not investing because they did not know where to start The company listed tips that could help young Nigerians start their investment journey with ease They include making deliberate efforts to prioritise investing money investing in mutual funds research and adopting technology among others You can start your investment journey by being deliberate and prioritising a fraction of your income Most investment professionals advocate that 20 per cent of your income should be put aside as an investment As you build up an investment culture you can then increase the percentage of your income for investment without any pressure While people tend to associate investments with large sums the SFS Fund Mobile App which is an AA rated fund and licensed by the Securities and Exchange Commission SEC debunks that myth as it allows individuals to begin their investment journeys with as little as N5 000 Investing in mutual fund also presents an easy way to start your investment journey because it is convenient with built in diversification that makes investment less volatile and it is managed by experienced fund managers With Mutual funds investors get to pool their money investing in securities such as stocks treasury bills and money market instruments Interests made are added to your investment daily allowing you to have a steady stream of income the statement read in part The youth were also advised to carry out adequate research into various investment schemes before deciding to invest Nigerians have been hit hard by a lot of fraudulent investment schemes This has made people very weary of investing There are different things to look out for when choosing an investment scheme The company s financials its leadership team competition and its relationship with regulatory bodies are crucial information needed before deciding whether to invest It is good to also ask for the independent ratings SEC approved rating agency and possibly the rating report Ratings are mostly in seven levels CC CCC BB BBB A AA AAA ranging from most risky to least risky We strongly recommend you avoid investments without an independent rating or with a rating less than BBB Therefore consider only BBB A AA and AAA SFS Fund has an AA rating the second highest possible rating Furthermore the company noted that it was important for youths to embrace the use of investment mobile applications for ease as picking the right investment app could help with building a lifetime of a strong wealthy base that secured the future An example of a secure and on the go investment app is the SFS Fund Mobile App which is available for download on Android and iOS devices for free Upon downloading the app you can start your Mutual Fund investment journey on an easy to use dashboard that encourages transactions on the go with seamless and interactive features Investing in the long term is greater for achieving larger success Young people also need to understand that while patient investing may be difficult they must endure long periods of underperformance They need to stick to their investment plan to achieve their investment goals said the statement NewsSourceCredit NAN
    SFS Group charges youths to prioritise investment culture
     SFS Financial Services Group SFS Group has advised Nigerian youths to build an investment culture by prioritising and setting investment goals to secure their future This is according to a statement signed by Oma Ehiri Head of Communications of SFS Group on Friday The company said the advice became necessary due to the huge population of youths that were characterised as Gen Z who were aware of financial literacy This the company said was evidenced by the adoption of technology and acceptance of digital banking and knowledge of investment platforms like Non Fungible Tokens NFTs cryptocurrencies and stocks by youths It was however noted that despite their financial literacy most of them were not investing because they did not know where to start The company listed tips that could help young Nigerians start their investment journey with ease They include making deliberate efforts to prioritise investing money investing in mutual funds research and adopting technology among others You can start your investment journey by being deliberate and prioritising a fraction of your income Most investment professionals advocate that 20 per cent of your income should be put aside as an investment As you build up an investment culture you can then increase the percentage of your income for investment without any pressure While people tend to associate investments with large sums the SFS Fund Mobile App which is an AA rated fund and licensed by the Securities and Exchange Commission SEC debunks that myth as it allows individuals to begin their investment journeys with as little as N5 000 Investing in mutual fund also presents an easy way to start your investment journey because it is convenient with built in diversification that makes investment less volatile and it is managed by experienced fund managers With Mutual funds investors get to pool their money investing in securities such as stocks treasury bills and money market instruments Interests made are added to your investment daily allowing you to have a steady stream of income the statement read in part The youth were also advised to carry out adequate research into various investment schemes before deciding to invest Nigerians have been hit hard by a lot of fraudulent investment schemes This has made people very weary of investing There are different things to look out for when choosing an investment scheme The company s financials its leadership team competition and its relationship with regulatory bodies are crucial information needed before deciding whether to invest It is good to also ask for the independent ratings SEC approved rating agency and possibly the rating report Ratings are mostly in seven levels CC CCC BB BBB A AA AAA ranging from most risky to least risky We strongly recommend you avoid investments without an independent rating or with a rating less than BBB Therefore consider only BBB A AA and AAA SFS Fund has an AA rating the second highest possible rating Furthermore the company noted that it was important for youths to embrace the use of investment mobile applications for ease as picking the right investment app could help with building a lifetime of a strong wealthy base that secured the future An example of a secure and on the go investment app is the SFS Fund Mobile App which is available for download on Android and iOS devices for free Upon downloading the app you can start your Mutual Fund investment journey on an easy to use dashboard that encourages transactions on the go with seamless and interactive features Investing in the long term is greater for achieving larger success Young people also need to understand that while patient investing may be difficult they must endure long periods of underperformance They need to stick to their investment plan to achieve their investment goals said the statement NewsSourceCredit NAN
    SFS Group charges youths to prioritise investment culture
    Economy2 months ago

    SFS Group charges youths to prioritise investment culture

    SFS Financial Services Group (SFS Group) has advised Nigerian youths to build an investment culture by prioritising and setting investment goals to secure their future.

    This is according to a statement signed by Oma Ehiri, Head of Communications of SFS Group on Friday.

    The company said the advice became necessary due to the huge population of youths that were characterised as “Gen Z” who were aware of financial literacy.

    This, the company said, was evidenced by the adoption of technology and acceptance of digital banking and knowledge of investment platforms like Non-Fungible Tokens (NFTs), cryptocurrencies and stocks by youths.

    It was, however, noted that despite their financial literacy, most of them were not investing because they did not know where to start.

    The company listed tips that could help young Nigerians start their investment journey with ease.

    They include making deliberate efforts to prioritise investing money, investing in mutual funds, research and adopting technology, among others.

    “You can start your investment journey by being deliberate and prioritising a fraction of your income.

    Most investment professionals advocate that 20 per cent of your income should be put aside as an investment.

    “As you build up an investment culture, you can then increase the percentage of your income for investment, without any pressure.

    “While people tend to associate investments with large sums, the SFS Fund Mobile App which is an AA-rated fund and licensed by the Securities and Exchange Commission (SEC), debunks that myth as it allows individuals to begin their investment journeys with as little as N5,000. “Investing in mutual fund also presents an easy way to start your investment journey because it is convenient, with built-in diversification that makes investment less volatile and it is managed by experienced fund managers.

    “With Mutual funds, investors get to pool their money, investing in securities such as stocks, treasury bills and money market instruments.

    “Interests made are added to your investment daily allowing you to have a steady stream of income,” the statement read in part.

    The youth were also advised to carry out adequate research into various investment schemes before deciding to invest.

    “Nigerians have been hit hard by a lot of fraudulent investment schemes.

    This has made people very weary of investing.

    “There are different things to look out for when choosing an investment scheme.

    “The company’s financials, its leadership team, competition and its relationship with regulatory bodies are crucial information needed before deciding whether to invest.

    “It is good to also ask for the independent ratings, SEC-approved rating agency and possibly the rating report.

    Ratings are mostly in seven levels; CC, CCC, BB, BBB, A, AA, AAA- ranging from most risky to least risky.

    “We strongly recommend you avoid investments without an independent rating or with a rating less than BBB.

    Therefore, consider only BBB, A, AA and AAA.

    SFS Fund has an AA rating, the second highest possible rating.

    ” Furthermore, the company noted that it was important for youths to embrace the use of investment mobile applications for ease as picking the right investment app could help with building a lifetime of a strong wealthy base that secured the future.

    “An example of a secure and on-the-go investment app is the SFS Fund Mobile App, which is available for download on Android and iOS devices for free.

    “Upon downloading the app, you can start your Mutual Fund investment journey on an easy-to-use dashboard that encourages transactions on the go with seamless and interactive features.

    “Investing in the long term is greater for achieving larger success.

    “Young people also need to understand that while patient investing may be difficult, they must endure long periods of underperformance.

    “They need to stick to their investment plan to achieve their investment goals,” said the statement.


    NewsSourceCredit: NAN

  •  The Securities and Exchange Commission SEC says the passage of the Investments and Securities Bill ISB will facilitate the growth of the economy The SEC Director General Mr Lamido Yuguda said this in a statement on Sunday in Abuja Yuguda said the passage of the bill would also facilitate effective functioning of the capital market to make it more competitive The director general said the passage would also help in the on going economic diversification in the country He appealed for the buy in of key stakeholders to make the passage of the bill a reality Yuguda said the bill expanded the categories of issuers as a key step toward the introduction of new innovations and offerings such as crowd funding Importantly the bill introduces an express prohibition of schemes as well as other illegal investment schemes The bill also prescribes a jail term of not less than 10 years for promoters of such schemes It expands the definition of a Collective Investment Scheme to include schemes offered privately to qualified investors Minor reviews on various sections of the extant law have been carried to provide greater clarity he said Yuguda said that a recommendation was made in the bill for the inclusion of the National Pension Commission PenCom on the SEC Board for increased collaboration between the agencies He said the collaboration would encourage greater investment of pension funds in capital market products and instruments NewsSourceCredit NAN
    ISB key to economic growth – SEC
     The Securities and Exchange Commission SEC says the passage of the Investments and Securities Bill ISB will facilitate the growth of the economy The SEC Director General Mr Lamido Yuguda said this in a statement on Sunday in Abuja Yuguda said the passage of the bill would also facilitate effective functioning of the capital market to make it more competitive The director general said the passage would also help in the on going economic diversification in the country He appealed for the buy in of key stakeholders to make the passage of the bill a reality Yuguda said the bill expanded the categories of issuers as a key step toward the introduction of new innovations and offerings such as crowd funding Importantly the bill introduces an express prohibition of schemes as well as other illegal investment schemes The bill also prescribes a jail term of not less than 10 years for promoters of such schemes It expands the definition of a Collective Investment Scheme to include schemes offered privately to qualified investors Minor reviews on various sections of the extant law have been carried to provide greater clarity he said Yuguda said that a recommendation was made in the bill for the inclusion of the National Pension Commission PenCom on the SEC Board for increased collaboration between the agencies He said the collaboration would encourage greater investment of pension funds in capital market products and instruments NewsSourceCredit NAN
    ISB key to economic growth – SEC
    Economy2 months ago

    ISB key to economic growth – SEC

    The Securities and Exchange Commission (SEC) says the passage of the Investments and Securities Bill (ISB) will facilitate the growth of the economy.

    The SEC Director-General, Mr Lamido Yuguda, said this in a statement on Sunday in Abuja.

    Yuguda said the passage of the bill would also facilitate effective functioning of the capital market to make it more competitive.

    The director-general said the passage would also help in the on-going economic diversification in the country.

    He appealed for the buy-in of key stakeholders to make the passage of the bill, a reality.

    Yuguda said the bill expanded the categories of issuers, as a key step toward the introduction of new innovations and offerings such as crowd-funding.

    ”Importantly, the bill introduces an express prohibition of schemes as well as other illegal investment schemes.

    ”The bill also prescribes a jail-term of not less than 10 years for promoters of such schemes.

    ”It expands the definition of a Collective Investment Scheme to include schemes offered privately to qualified investors.

    ”Minor reviews on various sections of the extant law have been carried to provide greater clarity,” he said.

    Yuguda said that a recommendation was made in the bill for the inclusion of the National Pension Commission (PenCom) on the SEC Board for increased collaboration between the agencies.

    He said the collaboration would encourage greater investment of pension funds in capital market products and instruments.


    NewsSourceCredit: NAN

  •  Some academics have said that capital market offered unique opportunities to sustainably fund universities in the country They said this at a one day webinar symposium on Sustainable Funding for Universities in Nigeria which was organised by the Association of Capital Market Academics of Nigeria ACMAN on Friday The title of the symposium is Any Capital Market Solution to University Funding in Nigeria Dr Suleyman Ndanusa the former Director General of the Securities and Exchange Commission SEC said the country s higher education sub sector had grown from one University College in 1948 to 217 universities as at August He said that universities in the country could only accommodate between 15 per cent and 20 per cent of the 1 5 to 1 7 million candidates who sat for the Unified Tertiary Matriculation Examination UTME Ndanusa said that funding challenges for universities would further exacerbate due to the huge deficit in the national budget He said that creative sources of funding and new value propositions for the traditional sources of funding would be the solution for universities Ndanusa said that funding priorities for universities should revolve around research teaching and entrepreneurship saying that the capital market offered unique and flexible channels of achieving that Universities can raise straight project tight bonds for students accommodation new infrastructure can be funded through impact bonds Alumni bonds projects can be packaged to attract alumni investments Instead of waiting for alumni members to give free money for projects you can entice members with a bond they can invest and get returns but at the same time creating resources for the university to do projects Public Private Partnership PPP can also be adopted in universities he said Prof Muhammad Malnoma the former Vice Chancellor of the Nasarawa State University Keffi said that the government could utilise the capital market to fund public universities Also speaking Prof Magnus Kpakol former Chief Economist in the country said the government could partner with universities on some national projects involving research and designs Kpakol said the partnership would make universities to get funds that would help in their operations and activities Mr Oluwole Adeosun the President Chartered Institute of Stockbrokers stressed the need for the political will to enable universities to explore opportunities in the market Prof Tanko Mohammed former Vice Chancellor Kaduna State University said there was also the need to restructure the university system to bring results Mohammed said the restructuring of the system would help universities to utilise funds channeled to the system from the capital market Prof Solomon Adebola Vice Chancellor of the Adeleke University Osun State said that universities could float bonds after negotiations with the SEC to raise large amounts Adebola said that such funds must be utilised judiciously for expansion of programmes in the universities system Universities can issue bonds to be used to generate funds over a long period of time he said Mr Dayo Obisan the Executive Commissioner Operations of SEC said the market had different instruments that universities could take advantage of According to him some instruments can be securitised to provide long term capital to find solution to universities funding problem I am of a strong belief that the capital market has access to such capital and can help Nigeria to unlock it he said Prof Uche Uwaleke the ACMAN President said the communique from the symposium would be sent to relevant agencies including SEC with a view to implementing the resolutions Uwaleke said that public universities in the country whether federal or state owned were challenged by funding He said the aim of the symposium by ACMAN was to have a conversation around sustainable means of sourcing long term funds for developing universities in the country The president said the capital market was potentially positioned to offer the funds This is the major reason for incessant strikes by university workers in Nigeria as annual government subventions to universities are hardly adequate The situation is made worse by the low internally revenue generating efforts of most public universities nanews NewsSourceCredit NAN
    Capital market offers unique channels to fund varsities —stakeholders
     Some academics have said that capital market offered unique opportunities to sustainably fund universities in the country They said this at a one day webinar symposium on Sustainable Funding for Universities in Nigeria which was organised by the Association of Capital Market Academics of Nigeria ACMAN on Friday The title of the symposium is Any Capital Market Solution to University Funding in Nigeria Dr Suleyman Ndanusa the former Director General of the Securities and Exchange Commission SEC said the country s higher education sub sector had grown from one University College in 1948 to 217 universities as at August He said that universities in the country could only accommodate between 15 per cent and 20 per cent of the 1 5 to 1 7 million candidates who sat for the Unified Tertiary Matriculation Examination UTME Ndanusa said that funding challenges for universities would further exacerbate due to the huge deficit in the national budget He said that creative sources of funding and new value propositions for the traditional sources of funding would be the solution for universities Ndanusa said that funding priorities for universities should revolve around research teaching and entrepreneurship saying that the capital market offered unique and flexible channels of achieving that Universities can raise straight project tight bonds for students accommodation new infrastructure can be funded through impact bonds Alumni bonds projects can be packaged to attract alumni investments Instead of waiting for alumni members to give free money for projects you can entice members with a bond they can invest and get returns but at the same time creating resources for the university to do projects Public Private Partnership PPP can also be adopted in universities he said Prof Muhammad Malnoma the former Vice Chancellor of the Nasarawa State University Keffi said that the government could utilise the capital market to fund public universities Also speaking Prof Magnus Kpakol former Chief Economist in the country said the government could partner with universities on some national projects involving research and designs Kpakol said the partnership would make universities to get funds that would help in their operations and activities Mr Oluwole Adeosun the President Chartered Institute of Stockbrokers stressed the need for the political will to enable universities to explore opportunities in the market Prof Tanko Mohammed former Vice Chancellor Kaduna State University said there was also the need to restructure the university system to bring results Mohammed said the restructuring of the system would help universities to utilise funds channeled to the system from the capital market Prof Solomon Adebola Vice Chancellor of the Adeleke University Osun State said that universities could float bonds after negotiations with the SEC to raise large amounts Adebola said that such funds must be utilised judiciously for expansion of programmes in the universities system Universities can issue bonds to be used to generate funds over a long period of time he said Mr Dayo Obisan the Executive Commissioner Operations of SEC said the market had different instruments that universities could take advantage of According to him some instruments can be securitised to provide long term capital to find solution to universities funding problem I am of a strong belief that the capital market has access to such capital and can help Nigeria to unlock it he said Prof Uche Uwaleke the ACMAN President said the communique from the symposium would be sent to relevant agencies including SEC with a view to implementing the resolutions Uwaleke said that public universities in the country whether federal or state owned were challenged by funding He said the aim of the symposium by ACMAN was to have a conversation around sustainable means of sourcing long term funds for developing universities in the country The president said the capital market was potentially positioned to offer the funds This is the major reason for incessant strikes by university workers in Nigeria as annual government subventions to universities are hardly adequate The situation is made worse by the low internally revenue generating efforts of most public universities nanews NewsSourceCredit NAN
    Capital market offers unique channels to fund varsities —stakeholders
    Economy2 months ago

    Capital market offers unique channels to fund varsities —stakeholders

    Some academics have said that capital market offered unique opportunities to sustainably fund universities in the country.

    They said this at a one-day webinar symposium on “Sustainable Funding for Universities in Nigeria’’, which was organised by the Association of Capital Market Academics of Nigeria (ACMAN) on Friday.

    The title of the symposium is “Any Capital Market Solution to University Funding in Nigeria’’.

    Dr Suleyman Ndanusa, the former Director-General of the Securities and Exchange Commission (SEC), said the country’s higher education sub-sector had grown from one University College in 1948 to 217 universities as at August.

    He said that universities in the country could only accommodate between 15 per cent and 20 per cent of the 1.5 to 1.7 million candidates who sat for the Unified Tertiary Matriculation Examination (UTME).

    Ndanusa said that funding challenges for universities would further exacerbate due to the huge deficit in the national budget.

    He said that creative sources of funding and new value propositions for the traditional sources of funding would be the solution for universities.

    Ndanusa said that funding priorities for universities should revolve around research, teaching and entrepreneurship, saying that the capital market offered unique and flexible channels of achieving that.

    “Universities can raise straight project tight bonds for students’ accommodation, new infrastructure can be funded through impact bonds.

    “Alumni bonds, projects can be packaged to attract alumni investments.

    “Instead of waiting for alumni members to give free money for projects, you can entice members with a bond they can invest and get returns but at the same time, creating resources for the university to do projects.

    “Public Private Partnership (PPP) can also be adopted in universities,’’ he said.

    Prof. Muhammad Malnoma, the former Vice-Chancellor of the Nasarawa State University, Keffi, said that the government could utilise the capital market to fund public universities.

    Also speaking, Prof Magnus Kpakol, former Chief Economist in the country, said the government could partner with universities on some national projects involving research and designs.

    Kpakol said the partnership would make universities to get funds that would help in their operations and activities.

    Mr Oluwole Adeosun, the President, Chartered Institute of Stockbrokers, stressed the need for the political will to enable universities to explore opportunities in the market.

    Prof. Tanko Mohammed, former Vice-Chancellor, Kaduna State University, said there was also the need to restructure the university system to bring results.

    Mohammed said the restructuring of the system would help universities to utilise funds channeled to the system from the capital market.

    Prof. Solomon Adebola, Vice-Chancellor of the Adeleke University, Osun State, said that universities could float bonds after negotiations with the SEC to raise large amounts.

    Adebola said that such funds must be utilised judiciously for expansion of programmes in the universities’ system.

    “Universities can issue bonds to be used to generate funds over a long period of time,’’ he said.

    Mr Dayo Obisan, the Executive Commissioner, Operations of SEC, said the market had different instruments that universities could take advantage of.

    According to him, some instruments can be securitised to provide long term capital to find solution to universities’ funding problem.

    “I am of a strong belief that the capital market has access to such capital and can help Nigeria to unlock it,’’ he said.

    Prof. Uche Uwaleke, the ACMAN President, said the communique from the symposium would be sent to relevant agencies including SEC with a view to implementing the resolutions.

    Uwaleke said that public universities in the country whether federal or state-owned, were challenged by funding.

    He said the aim of the symposium by ACMAN was to have a conversation around sustainable means of sourcing long term funds for developing universities in the country.

    The president said the capital market was potentially positioned to offer the funds.

    “This is the major reason for incessant strikes by university workers in Nigeria as annual government subventions to universities are hardly adequate.

    “The situation is made worse by the low internally revenue generating efforts of most public universities.

    ’’ nanews.


    NewsSourceCredit: NAN

  •  Stakeholders in the stock market have backed a bill to repeal the Investments and Securities Act 2007 and enact the Investments and Securities 2022 and related matters Act The stakeholders gave their support at a public hearing on the bill organised by the House of Representatives Committee on Capital Market and Institutions on Tuesday in Abuja The stakeholders also considered a bill to repeal the Chartered Institute of Stockbrokers Act 2004 and provide for the establishment of Chartered Institute of Securities and Investments 2022 and Related Matters Act In his remarks the Director General of Securities and Exchange Commission SEC Mr Lamido Yuguda said efficient capital market was indispensable to the functioning of a modern economy According to him no economy can achieve any meaningful advancement without the role of the capital market in supplying medium to long term finance There is no doubt that Nigeria needs and in fact deserves an internationally competitive and well functioning capital market to facilitate the on going economic diversification The passage and enactment of the Investments and Securities Bill 2022 will be a pivotal step in this direction The commission therefore enjoins and appeals for the buy in of key stakeholders to make this aspiration a reality he said Yuguda said having operated the current enabling Act since July 2007 the commission had observed areas requiring review in order to strengthen existing provisions He said there was need to remove ambiguities introduce new provisions that would enhance the international competitiveness of the Nigerian capital market and reposition the market to catalyse economic transformation The SEC boss said given the market s evolution since 2007 it was the consensus of the major stakeholders in the capital market community to have a complete overhaul of the Act He said this was necessary in order to achieve the objective of consolidating the efficiency transparency and viability of the market The highlights of the major innovations and changes in the bill include establishment objectives functions and powers of the SEC Inclusion of the National Pension Commission on the Board of the commission and its membership and of Exchanges and Financial Market Infrastructures Management of Systemic Risk Public Offers sale of securities and invitations to the public mergers take overs and corporate restructurings Collective investment schemes Investor Protection Fund IPF Issuance of Securities by Federal State and Local Governments and their agencies Securities Tribunal among others he said In his remarks Mr Tonyi Adenuga Head of Rules and Adjudication Nigerian Exchange Group NGX Regulations Ltd commended the National Assembly for the giant strides made towards the development of the capital market He said the NGX group participated in the process leading to the drafting of the bill and was in full support of the bill as it was geared towards effective positioning of Nigeria s capital market Adenuga said the process was open and receptive to comments and contributions of all stakeholders saying that the NGX group commended the process and was in support of the passage of the bill However the Chairman of Association of Securities Dealing Houses of Nigeria ASHON Mr Sam Onukwe observed that members of the board should not be ten but 11 in case of a tie He said that the bill recommended 10 members saying that it should either be increased to 11 or reduced to nine and should allow more private sector involvement in the composition Onukwe said in the composition of the board the bill placed enormous powers on the supervising minister saying that the clasue be expunged to ensure the independence of SEC He suggested there should be only one regulatory body in the market to ensure proper coordination simplicity and clarity NewsSourceCredit NAN
    Stakeholders back bill to reposition capital market
     Stakeholders in the stock market have backed a bill to repeal the Investments and Securities Act 2007 and enact the Investments and Securities 2022 and related matters Act The stakeholders gave their support at a public hearing on the bill organised by the House of Representatives Committee on Capital Market and Institutions on Tuesday in Abuja The stakeholders also considered a bill to repeal the Chartered Institute of Stockbrokers Act 2004 and provide for the establishment of Chartered Institute of Securities and Investments 2022 and Related Matters Act In his remarks the Director General of Securities and Exchange Commission SEC Mr Lamido Yuguda said efficient capital market was indispensable to the functioning of a modern economy According to him no economy can achieve any meaningful advancement without the role of the capital market in supplying medium to long term finance There is no doubt that Nigeria needs and in fact deserves an internationally competitive and well functioning capital market to facilitate the on going economic diversification The passage and enactment of the Investments and Securities Bill 2022 will be a pivotal step in this direction The commission therefore enjoins and appeals for the buy in of key stakeholders to make this aspiration a reality he said Yuguda said having operated the current enabling Act since July 2007 the commission had observed areas requiring review in order to strengthen existing provisions He said there was need to remove ambiguities introduce new provisions that would enhance the international competitiveness of the Nigerian capital market and reposition the market to catalyse economic transformation The SEC boss said given the market s evolution since 2007 it was the consensus of the major stakeholders in the capital market community to have a complete overhaul of the Act He said this was necessary in order to achieve the objective of consolidating the efficiency transparency and viability of the market The highlights of the major innovations and changes in the bill include establishment objectives functions and powers of the SEC Inclusion of the National Pension Commission on the Board of the commission and its membership and of Exchanges and Financial Market Infrastructures Management of Systemic Risk Public Offers sale of securities and invitations to the public mergers take overs and corporate restructurings Collective investment schemes Investor Protection Fund IPF Issuance of Securities by Federal State and Local Governments and their agencies Securities Tribunal among others he said In his remarks Mr Tonyi Adenuga Head of Rules and Adjudication Nigerian Exchange Group NGX Regulations Ltd commended the National Assembly for the giant strides made towards the development of the capital market He said the NGX group participated in the process leading to the drafting of the bill and was in full support of the bill as it was geared towards effective positioning of Nigeria s capital market Adenuga said the process was open and receptive to comments and contributions of all stakeholders saying that the NGX group commended the process and was in support of the passage of the bill However the Chairman of Association of Securities Dealing Houses of Nigeria ASHON Mr Sam Onukwe observed that members of the board should not be ten but 11 in case of a tie He said that the bill recommended 10 members saying that it should either be increased to 11 or reduced to nine and should allow more private sector involvement in the composition Onukwe said in the composition of the board the bill placed enormous powers on the supervising minister saying that the clasue be expunged to ensure the independence of SEC He suggested there should be only one regulatory body in the market to ensure proper coordination simplicity and clarity NewsSourceCredit NAN
    Stakeholders back bill to reposition capital market
    General news2 months ago

    Stakeholders back bill to reposition capital market

    Stakeholders in the stock market have backed a bill to repeal the Investments and Securities Act (2007) and enact the Investments and Securities (2022) and related matters Act. The stakeholders gave their support at a public hearing on the bill organised by the House of Representatives Committee on Capital Market and Institutions on Tuesday in Abuja.

    The stakeholders also considered a bill to repeal the Chartered Institute of Stockbrokers Act (2004) and provide for the establishment of Chartered Institute of Securities and Investments (2022) and Related Matters Act. In his remarks, the Director-General of Securities and Exchange Commission (SEC), Mr Lamido Yuguda, said efficient capital market was indispensable to the functioning of a modern economy.

    According to him, no economy can achieve any meaningful advancement without the role of the capital market in supplying medium to long term finance.

    “There is no doubt that Nigeria needs and, in fact, deserves an internationally competitive and well-functioning capital market to facilitate the on-going economic diversification.

    “The passage and enactment of the Investments and Securities Bill 2022 will be a pivotal step in this direction.

    “The commission, therefore, enjoins and appeals for the buy-in of key stakeholders to make this aspiration a reality,” he said.

    Yuguda said having operated the current enabling Act since July 2007, the commission had observed areas requiring review in order to strengthen existing provisions.

    He said there was need to remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market and reposition the market to catalyse economic transformation.

    The SEC boss said given the market’s evolution since 2007, it was the consensus of the major stakeholders in the capital market community to have a complete overhaul of the Act. He said this was necessary in order to achieve the objective of consolidating the efficiency, transparency and viability of the market.

    “The highlights of the major innovations and changes in the bill include, establishment, objectives, functions and powers of the SEC.

    “Inclusion of the National Pension Commission on the Board of the commission and its membership and of Exchanges and Financial Market Infrastructures.

    “Management of Systemic Risk, Public Offers, sale of securities and invitations to the public, mergers, take-overs and corporate restructurings.

    “Collective investment schemes, Investor Protection Fund (IPF), Issuance of Securities by Federal, State, and Local Governments and their agencies, Securities Tribunal, among others,” he said.

    In his remarks, Mr Tonyi Adenuga, Head of Rules and Adjudication, Nigerian Exchange Group (NGX) Regulations Ltd., commended the National Assembly for the giant strides made towards the development of the capital market.

    He said the NGX group participated in the process leading to the drafting of the bill and was in full support of the bill as it was geared towards effective positioning of Nigeria’s capital market.

    Adenuga said the process was open and receptive to comments and contributions of all stakeholders, saying that the NGX group commended the process and was in support of the passage of the bill.

    However, the Chairman of Association of Securities Dealing Houses of Nigeria (ASHON) Mr Sam Onukwe, observed that members of the board should not be ten but 11 in case of a tie.

    He said that the bill recommended 10 members, saying that it should either be increased to 11 or reduced to nine, and should allow more private sector involvement in the composition.

    Onukwe said in the composition of the board, the bill placed enormous powers on the supervising minister, saying that the clasue be expunged to ensure the independence of SEC.

    He suggested there should be only one regulatory body in the market to ensure proper coordination, simplicity and clarity.


    NewsSourceCredit: NAN

  •  President Muhammadu Buhari on Tuesday commended the Central Bank of Nigeria CBN for diligently working towards achieving financial system stability in Nigeria Buhari gave the commendation in his adress at the 15th Annual Banking and Finance Conference organised by the Chattered Institute of Bankers of Nigeria CIBN in Abuja The News Agency of Nigeria reports that the theme of the conference is Repositioning the Financial Services Industry for an Evolving Glocal Context The president was represented at the event by the Minister of Finance and National Planning Mrs Zainab Ahmed He said the theme was apt in view of the need to constantly adapt to internationally acceptable best practices to improve the efficiency and effectiveness of the sector He also commended the Nigeria Deposit Insurance Corporation NDIC and the Security Exchange Commission SEC National Insurance Commission NICOM and other stakeholders for their contributions He pledged the government s support to the banking and financial sector of the country Let me seize this opportunity to commend the regulators of the industry CBN NDIC SEC NICOM for their diligent work which has ensured financial system stability in the country over the years I wish to also assure the entire banking and finance community that government will continue to support the industry in all appropriate ways Government will ensure that the sector continues to deliver on its mandates while creating value and innovation for its customers he said The president called on Nigerians to exploit the country s comparative advantages for economic growth and prosperity We need a Nigeria of the future that harnesses her strengths competences and cultural diversity to tackle the challenges that plague her people From climate change to pandemics and insecurity Government will continue to formulate and implement policies that are aimed at promoting self sustenance in critical areas such as energy agriculture health technologies he said The conference was attended by stakeholders from both the public and private sectors including the Speaker of the House of Representatives Mr Femi Gbajabiamila and the Lagos State Governor Mr Babajide Sanwo Olu who were both represented NewsSourceCredit NAN
    Buhari commends CBN, for financial system stability
     President Muhammadu Buhari on Tuesday commended the Central Bank of Nigeria CBN for diligently working towards achieving financial system stability in Nigeria Buhari gave the commendation in his adress at the 15th Annual Banking and Finance Conference organised by the Chattered Institute of Bankers of Nigeria CIBN in Abuja The News Agency of Nigeria reports that the theme of the conference is Repositioning the Financial Services Industry for an Evolving Glocal Context The president was represented at the event by the Minister of Finance and National Planning Mrs Zainab Ahmed He said the theme was apt in view of the need to constantly adapt to internationally acceptable best practices to improve the efficiency and effectiveness of the sector He also commended the Nigeria Deposit Insurance Corporation NDIC and the Security Exchange Commission SEC National Insurance Commission NICOM and other stakeholders for their contributions He pledged the government s support to the banking and financial sector of the country Let me seize this opportunity to commend the regulators of the industry CBN NDIC SEC NICOM for their diligent work which has ensured financial system stability in the country over the years I wish to also assure the entire banking and finance community that government will continue to support the industry in all appropriate ways Government will ensure that the sector continues to deliver on its mandates while creating value and innovation for its customers he said The president called on Nigerians to exploit the country s comparative advantages for economic growth and prosperity We need a Nigeria of the future that harnesses her strengths competences and cultural diversity to tackle the challenges that plague her people From climate change to pandemics and insecurity Government will continue to formulate and implement policies that are aimed at promoting self sustenance in critical areas such as energy agriculture health technologies he said The conference was attended by stakeholders from both the public and private sectors including the Speaker of the House of Representatives Mr Femi Gbajabiamila and the Lagos State Governor Mr Babajide Sanwo Olu who were both represented NewsSourceCredit NAN
    Buhari commends CBN, for financial system stability
    Economy3 months ago

    Buhari commends CBN, for financial system stability

    President Muhammadu Buhari, on Tuesday commended the Central Bank of Nigeria (CBN) for diligently working towards achieving financial system stability in Nigeria.

    Buhari gave the commendation in his adress at the 15th Annual Banking and Finance Conference organised by the Chattered Institute of Bankers of Nigeria (CIBN) in Abuja.

    The News Agency of Nigeria reports that the theme of the conference is “Repositioning the Financial Services Industry for an Evolving Glocal Context.

    ” The president was represented at the event by the Minister of Finance and National Planning, Mrs Zainab Ahmed.

    He said the theme was apt in view of the need to constantly adapt to internationally acceptable best practices to improve the efficiency and effectiveness of the sector.

    He also commended the Nigeria Deposit Insurance Corporation (NDIC) and the Security, Exchange Commission (SEC), National Insurance Commission (NICOM) and other stakeholders for their contributions.

    He pledged the government’s support to the banking and financial sector of the country.

    “Let me seize this opportunity to commend the regulators of the industry, (CBN, NDIC, SEC NICOM) for their diligent work which has ensured financial system stability in the country over the years.

    “I wish to also assure the entire banking and finance community that government will continue to support the industry in all appropriate ways.

    “Government will ensure that the sector continues to deliver on its mandates while creating value and innovation for its customers,” he said.

    The president called on Nigerians to exploit the country’s comparative advantages for economic growth and prosperity.

    “We need a Nigeria of the future that harnesses her strengths, competences and cultural diversity to tackle the challenges that plague her people.

    “From climate change to pandemics, and insecurity.

    “Government will continue to formulate and implement policies that are aimed at promoting self-sustenance in critical areas such as energy, agriculture, health, technologies,” he said.

    The conference was attended by stakeholders from both the public and private sectors, including the Speaker of the House of Representatives, Mr Femi Gbajabiamila and the Lagos State Governor, Mr Babajide Sanwo-Olu, who were both represented.


    NewsSourceCredit: NAN

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