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As a Federal Lawmaker, I’ve achieved a lot for my constituents and still counting —Abiante

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Hon. Awaji-Inombek Abiante (Ph.D) is member representing Andoni-Opobo/Nkoro Federal Constituency, House Of Representatives  at  the National Assembly. In this interview with Barth Ndubuwah and Ijeh Ekpowaji, he bares his mind on a lot of issues, ranging from lawmaking, constituency projects, politics, among others. It will surely make an interesting read. Excerpts:

How long have you been in the House?

I was elected into the  8th Assembly of the House of Representatives in 2015,  but before we could gather momentum,  my election was annulled by the Court of Appeal.  I thank God that my people stood by me throughout my travail. So my people were denied of representation  for a whole one year. I have never seen a charade in the name  of  election like that before.

We got back in December, 2016 after my mandate was restored, but we had to tag along.

But in 2019 my mandate was fully restored and we got back to work.

House of Representatives is a very big House. How have you been coping up as a lawmaker?

I don’t know what you mean by big House. I know that the House of Representatives is a House of 360 members representing different constituencies with several and peculiar challenges across Nigeria.

Even before  I  contested election into the House of Representatives  I already  knew  where I was going and what the environment would look like. So  barely eight weeks of my assumption of office at the House of Representatives as a lawmaker, I  had started addressing  the House about the  problems of my people. For the first time, Nigerians have understood who we are and our peculiarity.

It was through my efforts that for the very first  time  the budget of  oil producing states was reviewed from 1.5% to 8%. It has never happened before. We are hopeful that it will improve.

What are your achievements so far?

My achievements are numerous, ranging from education, power, skills acquisition, sports and what have you.

We also worked on education no matter how small. We are going to inaugurate some of our achievements on 26/12/2020. How I wish this interview had come after the inauguration.

We also attracted  water project to be powered through diesel generator.  The water has been installed and is running. We equally attracted solar power project across my constituency. We have  commenced linking my  constituency to national grid . There  is also  water intervention traversing the Andoni Communities.

We also understand that  the world is driven by  Information Communication Technology(ICT), so we have inaugurated ICT Centres in Andoni, Opobo and Nkoro and  they are running till date.  For the ICT, we paid  for subscription and also paid for instructors  since 2017. We built an ICT Laboratory in Ngo, the  Headquraters of Andoni, as part of the ICT Centre project.

We do not have a bank in Andoni, but First City Monument Bank(FCMB) through our ICT  project has extended  Point Of Service(POS) services to our area.

We have also installed street lights  in Andoni, Nkoro, Opobo and Asarama Communities.

I have also been organizing a football competition annually  in my Constituency for the past six years.

You may be surprised to know that there is no  blackish water in the agricultural  budget of  Nigeria.

That is why we cannot harness the potentials or opportunities that abound in the blackish water or mangrove environment. We pursued that bill to the point of passage by both Houses of the National Assembly, but unfortunately the President did not assent to the law, probably because of his limited information about the mangrove environment. The bill has been resurrected in the 9th Assembly. I am optimistic that with the level of advocacy now  the President will assent to the bill when it comes to his table.

I also sponsored fifteen other bills  and they are in different stages of passage.  Such bills include, South South Development Commission, Moral Accountability Bill,  Code of Conduct  Amendment Bill, among others.

What about the  Niger Delta Development Commission(NDDC)?

I know you will ask this question. The bill is not new, the issue of Niger Delta has been bastardized, so it would have  made more sense if  the Commission was left as Oil Mineral Producing Development Commission(OMPADEC). With NDDC, almost all the states in Nigeria are added, For example, Abia, Imo, Ondo are all in NDDC. Are they in South South? The answer is no. So there is need to establish a Commission for the South South, a region with peculiar problems. There is North East Development Commission that takes care of their peculiar challenges, so why won’t there be South South Development Commission. So the bill is not out of place at all.

My argument is let us go back to the 50% sharing formula  as it was practiced before in Nigeria. Most of the developments  recorded in Nigeria were done during the 50% sharing formula era, the Cocoa industry in the west, groundnut pyramid  in the north, the coal mines in the east, among others.

We have even expanded the argument to include Value Added Tax(VAT),so the more you consume, the more you pay.

How will the Moral Accountability Bill/Law operate?

The Moral Accountability Bill is another important proposed law in the country. It is important that we live an upright moral life, especially as public office holders. It was in this country that people said former President Goodluck Jonathan was training snipers.  Was that a statement of fact? The answer  is no, so why should architect of such news not be punished?

The punishment under this Moral and Accountability Bill when passed into law would be naming and shaming.

What do you intend to achieve with the  Code of Conduct  Amendment Bill?

The intention of the Code of Conduct  Amendment Bill is to remove the control of the Bureau from the President. Again the bill seeks to increase the number of judges of the Bureau  from three to at least seven or nine. The idea is to make sorting or compromise difficult.

What is your message to your constituents and Nigerians at large?

My message to Andoni people is that they should not despair. Let them be patient.

Today people now know where and who Andonis are unlike before. So we are making progress.

For Nigerians, we need a rebirth, by that I mean everybody should do the right thing.

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Interview

How market governance failures stifle wealth creation in agric sector – RBS Consulting MD, Osijo

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Managing Director of RBS Consulting Limited, Aderemi Osijo, based in Ikeja, Lagos, has identified significant market failures hindering wealth creation in Ogun State’s agricultural commodity markets. In this interview with Sodiq Adelakun, Osijo highlighted the need for proper market governance, regulation, and infrastructure to address issues such as informality, cartels, and post-harvest losses. He emphasised the importance of changing mindsets from public sector dominance to market-driven approaches and investing in critical infrastructure like bonded warehouses. See full interview below:

What are the significant market failures hindering wealth creation in Ogun State agricultural commodity markets?

There are several market failures, I can only mention a few. All are strategic. The best approach is to seek an entry point that can give a multiplier effect. The most significant is to look at the governance structure of the state agric industry which I refer to as the market.

There are two structures that govern a market- formal and informal. The formal is led by the government based on policies and supporting legislation. The other is led by the informal sector driven by informality and cultural norms. Unfortunately, the formal governance structure seems to be absent in the agric sector in Ogun State with informal being the dominant market. Where you have informality and norms guiding a sector, there is no uniformity. Transaction is not informed by weight nor by quality standard. Such sectors are usually dominated by powerful informal cartels.

So whether you like it or not, most of the agricultural produce that you have there are governed by what we call traditional norms and discipline. And of course when you have such a market, it ends up like Alaba market and it doesn’t help anybody. It doesn’t help to pull investment. And that is why you don’t have to be trying to… It is disorganised.

In the absence of formal government structures, competition among cartels ensue and this can lead to chaos and conflict over control of interest. That’s why we have farmers-herders clashes across the nation. The cattle industry is driven by cartels, the same thing is seen in all our sot markets. The biggest challenge in agric is that it’s not attracting investments as no investor will want to risk their investment in such a chaotic environment.

To address the problem, there is an urgent need for the government to find a creative way of creating synergy between the informal and formal sector. The government can have an understanding of any given trade, isolate the champions among them and formalise their trade policies, norms and culture. I think this is the starting point for Ogun State. It is one of the quick ways of improving internally generated revenue as all actors are known, certified and licensed to practise their trade and also insured against professional malpractices.

So, what are your thoughts about the current agricultural policies in Ogun State? 

The current policies in Ogun State can be improved upon and sharpened for better impact. I can give one or two examples. The state government invested in agricultural produce airport freight in Iperu – an agric cargo airport. But I’m not aware of the government thinking about having in place policies and strategies that will crowd in investment into the place- things like labelling, packaging and longer-term value preservation for pricing arbitrage.

Without such policies in place, it may be difficult to see the airport function as designed. It’s a good project but it seems largely unsupported by policies – legislation that can help it function as designed. The Ogun government seems to be interested in the traditional push policies at the supply end, encouraging farmers to produce without thinking of how to preserve.

If the push policy is not synchronised with push demand policy, you have significant loss of produce. It’s so sad that  what the farmers produce can’t even be evacuated, talk less of preservation. There is a need for a roundtable conference to draw out effective agric policies that will involve all sectors and stakeholders in the industry.

Farmers are meant to have an act to go and produce, but they will say produce for off takers. But the question is that, these off takers that you want to pick up these produce from these farmers, what is their capacity?

What laws are in place to actually help that objective? Because most often than not, when they want to off take, they are challenged with so many, many things, including the issue  of transportation.

You can load a very good produce in the trucks you have there, and before you get to the destination, it could be spoiled, due to poor handling. They need to do some regulation about what kind of vehicle can be used to transport food items.

We want to work with the government to create an environment that sets up what farmers produce. We can gradually start to build the future. It is not going to happen right away. But if we start to put in those processes whereby we help farmers to create wealth, you know, if the farmer produces today, he has to sell immediately and he doesn’t make money because there is a glut in the market.

But if there is somebody there who can take it from him, preserve it, keep it there and sell it at a time that is favourable to him, that works better.

Government can also help by creating an environment where the school lunch programme takes off from such occasions. At the end of the day, it is the farmer that benefits. But if there is an outlet, there are services that help them to preserve their wealth. Of course, nobody will tell them before they start expanding  their operations.

So there are quite a lot of feelings, you know, market governance failures, service market failure as well as market information failures. You know, the service market is not there. You know, infrastructures are not there. I mean, things are just not alright.

So, the policy environment actually could be a little bit better and that is why we are here to work with the government and to interface with them so that we can have a proper policy environment.

What are the opportunities and challenges in developing agricultural value chains in Ogun State? 

There are several opportunities that agric value chains in Ogun State could respond to. The first opportunity that comes to mind is proximity to large urban central populations such as Ibadan, Lagos, Abeokuta, Ijebu-Ode, Benin and so on. These urban centres’ demand for food items is growing astronomically. The feeding pattern is moving from domestic cooking to outdoor fast food chains. Most of these chains are internationally branded and governed by strict hygiene regulations. Many of them can’t even afford to put  their brand at risk due to concerns of being sued and reputation damages.

Apart from this, the organised retail sector is also growing. Packaged and well-preserved foods are now in high demand. Also of interest is the demand for wholesome food for the airline industry serving Lagos and its environ. Ogun State should position itself to capture those markets and in doing so, it will not only be creating opportunities for farmers, but for all stakeholders within the value chain -packaging, labelling, etc.

The starting point is the creation of an enabling environment that is properly governed to attract private investment particularly in produce evacuating, preservation and value addition. Agricultural sector over the years has been dominated by the public sector and it is a challenge transiting it from a public sector dominated into a market-driven sector. You will always find some resistance but once we can work on this mindset and people start seeing the opportunities in being a provider within an organised market, that is the beginning of wealth creation.

So, the biggest challenge is perhaps the question of clarity particularly among public servants and policy makers about how a functional market system promotes wealth creation. It requires a  shift of mindset that the economic space should be controlled by the public sector. A public sector dominated economy is a disincentive for the private sector.  So, we need to moderate such thinking.

Is there any investment that is needed to develop the bonded warehouses and other critical infrastructure of the business?

Of course. Well, may I talk to you about the strategies? And what basically people do is to have very, very, very large investment in agric commodity value preservation services for price arbitration.  That is, companies that operate commodity-bonded warehouses. So you need major providers like AFEX, Olam, and so on that the government can contract to handle grain storage or food security programmes. Such companies would then issue warehouse receipts systems for the government which the government can then trade.

And basically what you just do is that you contract them to obtain or maintain warehouses at one particular level. And you pay them for that. So they become what they call the market coordinators. They will coordinate the market.They will get the tractors.They will get everything in there. And of course, they keep those produces in there. And they issue government warehouse receipt systems. They are warehouse receipts, just like your normal stock exchange certificate, which are tradable. And the government can continue to sell gradually. And once you start doing that, and there are pockets of these bonded warehouses clustered around industrial areas, what you are just simply going to see is that the market itself gets organised, and everybody continues to make money from commercial relationships.

Changing mindset from what it is to what it should be can be difficult but that is not to say that it can not be surmounted.

How can we enhance last-mile produce evacuation and logistics to reduce post-harvest losses?

There are input distribution chains. Those chains are also used  in aggregating farm produce from the last mile to the centre of consolidation. Last mile produce evacuation, during the era of commodity bus, there are distribution chains all the way to the last mile, they sell all their inputs and services through those chains and many of them sell everything that is agriculture and those same chains can be used to buy from farmers to aggregate until you get to the bonded warehouses.

There is no rocket science about it, it is just for us to study what we have done before and contextualise it within a private sector driven market system.

Before it was being run by the government, this time around, it is an opportunity for investors to go in. All we have to do is to do the figure, do the feasibility, and of course, once people are convinced, they will put their money into it.

It is the beginning, this would help farmers to  move  from subsistence agriculture to commercial agriculture, and this can be done by moving away from one hectare to hectares and start thinking about 10, 20, 50, 100 hectares.

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Interview

How NDPC is changing the narrative in safeguarding personal data

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In this interview with the National Commissioner and Chief Executive Officer of Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji speaks to Matthew Denis on how the regulatory agency is gradually changing the narrative to ensure that all the data controllers and processors undergo proper registration to safeguard their clients privileged information again Fraudulent activities in the country.

Sir, can you give us an overview on your operations since inception?

The whole world is going digital in how we work and interact with people. Sports, Businesses and the medical world are all going digital. If you remove digital technology from people’s lives, a lot of them would not be able to work. This is because of the possibility, potential, breakthrough barriers by Artificial Intelligence (AI) getting things done faster, which is more cost effective and globally competitive. We’re treating this like a foundation of your identity. No matter what you want to do, digital technology is all about service delivery that will be impactful to achieve the aims and objectives of the commission. Also, to be mindful of cost effectiveness and the target which is definitely the people.

So that identity which we give out on regular basis to organisations for official engagement is like leaving our digital footprint behind. The whole world has stood up and said that this footprint, how can we guarantee its security and safety? People have access to your information, to collect and process your data information in terms of your name, telephone number, bio-data, email addresses, bank details, NIN and a lot of other things about you. How are we sure such information that you give out is protected in some many ways? That is why this is attracting global attention.

The whole operation considers how to ensure that the people whose information we collect, their integrity, education and lives are protected. THis is because there are consequences for non protection of personal lives. That’s why all over the world they are putting in place laws to guide the way personal data is being connected and processed. We are now looking at the people in the Ecosystem data controllers and processors who determine how these data are collected to know the purpose why your data is being collected and being used.

When those who collect data on behalf of data controllers and the data subjects (you and I, over 200 million people when you give out your information for telecom, banks, medical service, airport, etc) do their work, the regulator (NDPC) will enforce the law which is embedded in the amended 1999 constitution section 39 on the right to protect our privacy. So in view of what is happening globally, Nigeria put up the agency in 2019 to oversee how personal data is being processed and are protected within the law framework. And also to improve our global competitiveness and businesses, because a lot of multinational companies, countries and organisations will not be willing to do business with you if their personal data is not guaranteed. So looking at that the NDPC established a committee to implement the threshold within one year. Part of what we are to do is to implement government decisions and to develop a principle law for data processing in Nigeria, and now we have a principle law called  Nigeria Data Protection Act 2023 passed by the 9th National Assembly and signed by President Ahmed Tinubu government on June 12th, 2023.

This was among the first set of laws that the President signed when he came onboard because he understands the potentials, powers and possibilities of the Digital Economy, and most importantly, his 8-point agenda is driven by data technology. So what we are out to do at the Commission is to ensure that the rights, freedom and interests of all Nigerians are protected when they share their personal information. When you have your personal information with your bank, telecom, hospital, airport we ensure that these data controllers and processors put in place measures called technical and organisation measures within the provisions of the law.

Your Commission has given a timeframe for Data Controllers and Processors to register between January to ending June 2024. What is the level of compliance?

The ecosystem is just evolving and a lot of people don’t just understand what we’re talking about. Data process, data controller, data subjects are concepts unknown, that is why we have embarked on creating awareness. We are done with the first phase and very soon we will create awareness on the need for them to register, because it speaks on the reputation of their organisation, compliance, and credibility. One thing that this will create is trust and confidence in your data processing activities as an organisation. We have up to the end of June, 2024 for all of them to register and we are starting another level of massive campaign for them to register in the next two weeks. But in terms of compliance the situation is still low. When we started in 2022 we had about 1,777 data controllers and processors and last year it rose to over 2,000, but it’s very low when compared to the number of data controllers and processors we have identified in the country. We have identified about 500,000 and today we’re doing less than 3,000. That means we have not even started at all, which is why we are speaking to stakeholders and bringing everybody onboard. We have released the guidelines strategy telling you who qualifies as Data controllers and processors, and their categories with independent registration. In February 2024, we released a guide for those that qualify to register with us, so we expect in the next few months it will increase

We have discovered through findings that there are a lot of defaults by the financial sectors in terms of personal data protection of their clients. What roles will NDPC play to remedy these lapses?

What we are doing is to create awareness and build capacity. To be fair to them, a lot of the banks (financial sector) in terms of compliance are higher than other sectors of the economy. Because they understand that any bridge in the banking sector can cause them to lose millions of customers. However, we are looking more into the area of technical measures, the level of security that they are putting in place and organisation measures. I have been engaging them largely that is why we are coming out all loud to increase awareness.

Some of them will come to us and sit down with the information Security officer but the work of data information gathering is different from the work of a solicitor. Data Protection officers are the ones to see on the processing of data activities to ensure that whatsoever we are doing is within the confines of the law which the solicitor doesn’t know, and that is the checks and balancing in what they do.  Though the level of their compliance is still low, it is better than other sectors. We are still working and discussing with them to ensure that their level of compliance gets better. Funny enough the cases that we have handled are more from the financial sector because they deal with people everyday even the unbanked in one way or another. So it’s getting better but we can do more and definitely we are on it in the months ahead.

In terms of your operations, what are the challenges and what happens to the Data Centres built like the Galaxy Backbone in Abuja, Kano Centre and others? Based on the capacity, how many of them are efficient?

We have a very good capacity in terms of data centres in the country. For instance, you have just mentioned Galaxy Backbone. We have a Tier three data centre in Abuja and Tier four data centre in Kaduna as a backup, and it’s huge. By government directive, all Ministries Departments and Agencies (MDAs) are supposed to put their data with Galaxy Backbone, however, there are several challenges before in terms of service delivery, support and so on, but I think the narrative is changing now.

They have all the necessary things to place in terms of capacity, support and facilities, costs etc. In addition to that there are a lot of participants in the private sector regarding data delivery in Nigeria who are doing a lot in terms of infrastructures and standards. We can expect the best from them. Security, big time assets but the major problem is cost. Looking at power alone you have to run on diesel or petrol for almost 24 hours daily. Also infrastructures are major issues because we are seeing others that are offering service less than half of some are offering in Nigeria. So definitely, one will want to patronise those ones but all these challenges are being addressed now. However, a lack of proper coordination of data centres in Nigeria has been a major challenge. As part of the globalisation, we want to coordinate good information exchange with other countries but operate within the corridors of the existing laws of the land.

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Interview

Forex speculators are hurting the economy — ASHON Chairman

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In this interview, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) and a Fellow of Chartered Institute of Stockbrokers (CIS), Mr Sam Onukwue, spoke on a range of issues that need to be addressed to boost activities in the Nigerian capital market, including how the government can strengthen the value of the Naira.

Why do you think the issue of leveraging the capital market to fund infrastructure by the government has continued to be a focal point of discussion in the financial market ?

The capital market remains one of the best sources of medium and long term finance for the government to bridge infrastructure gap in Nigeria. We at ASHON have always canvased that government at all tiers should take advantage of the market to float fixed income securities to fund infrastructure projects. The continuous oversubscription of SUKUK Bonds signifies investors’ appetite for safety of their capital in a recessionary period.  The capital market has absorptive capacity to fund most of the infrastructure and this will reduce the government’s dependent on borrowing.

ASHON has just held its Annual General Meeting (AGM), can you provide an insight ?

It was a very successful Annual General Meeting. The Governing Council, through my Statement, informed our Members, the series of ASHON’s engagements with some critical stakeholders as part of our market development functions. The Council and Management, were commended on the prudent management of resources, especially, the downward trend in the budget for transportation, despite the hike in the pump price of petroleum  and allied products. We shall continue to collaborate with other stakeholders to build investor confidence in the market.

What is uppermost in your mind with the current state of economy in Nigeria?

The Federal Government should address the macroeconomic vagaries such as exchange rate volatility and rising inflation rate. These amongst others have   continued  to  affect business decisions. We have limited sources of foreign exchange. The Federal Government has announced its plan to boost the supply side. The implementation should be accorded utmost urgency. The concern is the source of the demand pressure  for forex. Is it from genuine business people and organisations or speculators? Speculators are hurting the economy by buying Dollar to keep as a store of value for speculative purposes. Government can reverse the ugly trend by addressing the supply side. If there is stability in the exchange rate, it will have multiplier effects on other economic activities  and boost the value of the Naira. ASHON has at several times urged the federal government to tap into an array of investment in the commodities space to generate employment opportunities, boost export trade and grow the Gross Domestic Products (GDP). Solid mineral is a cash cow. Government should direct its searchlight  to the sector to take control of the revenue and protect the revenue from going into private pockets.

What is the nexus between the Capital Market and the economy?

At the basic level, the capital market, especially the stock market, is the barometer that gauges the economy. Its array of statistics show the direction of an economy. This is why it is often said that there is a linear relationship between the development of a capital market and the economy. The capital market provides a platform for the government to mobilise long term funds to finance infrastructure. Companies utilise the market to raise funds for a series of projects while retail and institutional investors need the market for capital formation and other benefits. Studies have shown that there is correlation between the development of an economy and its capital market.

What should be the pre-occupation of ASHON in the rapidly changing dynamics in the market?

ASHON has always been at the forefront of ensuring that its members operate professionally while the Association collaborates with the capital market regulators, operators and other stakeholders in the ecosystem. Our members played pivotal roles during banks’ recapitalisation and demutualisation of The Exchange among others.

How would you respond to the new short term measures that the Committee on Tax Reform has announced to make Nigeria a tax-friendly environment ?

The Tax Reform Committee, chaired by Mr Taiwo Oyedele has come up with some laudable quick wins to address the nagging issues of taxation, militating against investments in Nigeria. The fact is that while official taxes in Nigeria are 60, people contend with over 200 different types of taxes. The Committee’s recommendations will go a long way in restoring some level of sanity into taxation in Nigeria and that will enhance the government’s revenue drive from the sector without inflicting pains on the majority of Nigerians. We are all awaiting  the implementation. ASHON had at different fora canvassed the need to take a second look at Capital gain Tax (CGT) to reduce transaction cost and attract all cadres of investors into the capital market. This is consistent with the need for the government to implement market-friendly policies to encourage more companies to seek quotation on the securities markets. A conducive tax environment will make our market more competitive .

Would you encourage investors to take a position in the market at the moment?

Regardless of the state of uncertainties in the global financial markets, investors that take sound investment advice have opportunities for superior return on investment on a consistent basis. Many investors often lose huge amounts of money by relying on their own intuition or consulting unqualified investment advisers. Investment in any asset class requires a lot of variables, including an investor’s investment objective, risk tolerance, sources of funds and time horizon, amongst  others. Investment is a trade-off of risk and return, whereby an investor aspires to post the highest return at the lowest risk. This is achievable if proper analysis is done by certified investment advisers. Our members shall continue to engage investors on the need to work closely with stockbrokers for timely investment advice.

What is your advice to investors on risk management?

There is no asset without a risk element. The government bond is classified as risk-free, yet, it cannot be insulated from inflation risk, exchange rate risk and a host of others. What we are saying is that risk can be mitigated to ensure superior returns. In every risky situation, there are opportunities. The same applies to investment. It is all about understanding and deploying appropriate investment strategies. It’s not a game of one-size-fits-all. Contacting a professional investment adviser is in itself a risk-aversion measure. Investment professionals profile their clients as a precondition for advice on the appropriate investment opportunities.

How would you describe the relationship between the government and the stockbrokers?

We are partners in progress but the government can do a lot more by taking inputs from Stockbrokers whenever policy issues on the financial market are initiated. We expect a more cordial relationship with the appointment of two of our members at the heart of the economy- The Minister of Finance and Co-ordinating Minister of the Economy and Mr Yemi Cardoso, the new Central Bank (CBN) Governor. Stockbrokers play major roles in the capital market and they are the most visible operators. Every stockbroker is certified by the Chartered Institute of Stockbrokers (CIS) while at the corporate level, we have ASHON of which I am the Chairman. ASHON is  a registered Trade Group by the Securities and Exchange Commission (SEC). Market development is at the core of ASHON’s  and CIS’ activities.

Each group provides blueprints to the government annually on how it can utilise the market to grow the economy. The challenge is the failure of the government to utilise our inputs. Worse still, the Federal Government does not take inputs from the market operators on any capital market policy whereas the operators are the bridge between the Government and investors. This is one area that we believe that the new administration would make a difference in order to rejuvenate the economy.

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