Business
SEC DG reiterates zero tolerance for sharp practices in capital market
Director-General of the Securities and Exchange Commission (SEC) Mr. Lamido Yuguda has reiterated zero tolerance for sharp practices in the capital market, urging stakeholders to ensure that they operate according to laid down rules and regulations.
According to him, “We will not condone sharp practices in the market, we will ensure that everyone plays by the rules as that is one of the ways we can attract these investors. Investors need to be protected, once we can do that, we will be able to take our market to greater heights.”
He pledged the determination of the current management of the Commission to make the capital market more accessible to Nigerians in a bid to attract more investors.
Yuguda who spoke during an interview in Abuja weekend, said this would help attract more retail investors to the capital market and ensure steady growth.
According to him, “We need to make operations in the capital market as easy as possible, that way we can attract investments.
“we are aware that some investors have left their money due to the Herculean procedures involved in getting them, hence our desire to ensure that people are able to benefit from investments, with that, we can increase investor confidence.
“We will look at the processes involved and streamline them to ensure that investors are able to get their money without much difficulties.
“When that happens people can be motivated to come back to the market. Unless we are able to attract people back, we cannot get the capital market that we can be proud of. We should make our local individual investors the key to succeed in our quest to rebound the market. Local investors don’t have anywhere to go to, and as long as they trust us, they will remain.”
He further stated that investor protection would be at the centre of the initiatives of the new management warning that any operator that short-changes investors would not go Scott free.
“Retail investors are key to the development of the capital market in Nigeria and we want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing”
”We have robust rules and regulations guiding conduct in the capital market. We therefore urge operators to obey these rules, but for those that want to defraud investors, there would be no respite because we are ready to fight market manipulation and sharp practices, anyone that flouts our rules will be made to face the consequences of their actions” he stated.
Yuguda further urged investors to key into the various initiatives already rolled out by the Commission including e-dividend, regularisation of multiple accounts, Direct Cash Settlement among others in other to have the benefit of their investments.
The SEC Boss stated that the Commission introduced a forbearance window to enable investors that bought shares with different names to regularise their accounts in order to reduce the quantum of unclaimed dividends in the capital market.
“We have told them that there is no penalty for doing so, as the SEC is not prosecuting anybody. All we want is for them to be able to get the benefits of their investments. However, many people have still not been able to claim their dividends because some of them have forgotten the names they used while others have not been able to prove to their stockbrokers that they are the owners of the shares.
“The SEC has given such shareholders amnesty to go and claim their shares and as people are claiming those shares, unclaimed dividends number will go down. On our part, we will continue to persuade investors to regularise their accounts in order to curb the problem of unclaimed dividends”.
Business
NIMASA DG calls for contributory pension for dockworkers


…As agency hosts maiden ‘day of the dockworker’ event
By Seun Ibiyemi
It was a milestone event for the local maritime industry as the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted the maiden edition of the ‘Day of the Dockworker’ in Lagos recently.
With the theme of the event being “Healthy Dockworker, Better Productivity,” it was an opportunity for stakeholders gathered to not just appreciate the efforts of Nigerian dockworkers at the center of the nation’s import-dependent economy, but also to focus on ways of improving their health and general well-being.
Delivering his welcome address at the event, the NIMASA Director General, Dr. Bashir Jamoh OFR, charged employers of labor to ensure all dockworkers are enrolled on contributory pension schemes, while also emphasising the need for operators of Oil and Gas Terminals to allow only approved stevedores aboard their installations, to ensure compliance with relevant international guidelines and conventions.
According to Dr. Jamoh, “As we celebrate today, it is important to put in perspective the plight of dockworkers who spend the greater part of their working life at the ports, with little or nothing to show for it. As employers of labour, you must endeavour to put in place a Contributory Pension Scheme for dockworkers and ensure prompt remittances of both Employers and Employees contributions at the end of each month.”
Speaking on compliance with stevedore inspections, he stated, “This occasion presents me with an opportunity to express the need for operators in the private jetties and Oil & Gas Terminals to grant operational access to the Stevedoring Contractors appointed by the Honorable Minister of Transport, to carry out stevedoring activities in assigned operational areas.”
On his part, the President General of the Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in his address, thanked the NIMASA Management for organising the event to celebrate Nigerian dockworkers in recognition of the important role played by them.
In attendance at the event were representatives from the Federal Ministry of Labour and Productivity; Nigerian Ports Authority; Seaport Terminal Operators Association and the National Association of Stevedoring Operators (NASA).
Internationally, July 7th is marked as ‘The Global Day of Action’ and is organized by the International Dockworkers’ Council (IDC) and International Transport Workers’ Federation (ITF). It aims to raise awareness of port working conditions and emphasize the importance of collective bargaining rights.
Business
LCCI tasks govt on transparent FX regime, multinationals’ engagement


The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.
Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.
Recall that the Chief Financial Officer of Procter & Gamble, Andre Schulten, had said this move would effectively dissolve its on-ground presence in the country.
Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.
She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses in the country.
She recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.
“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.
”The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.
Business
Tinubu appoints Omatsola Ogbe as new ES of NCDMB


President Bola Tinubu has approved the appointment of Engr. Felix Omatsola Ogbe as Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB).
The President in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale appointed new board members for the NCDMB.
According to the Spokesperson to the President, the President in conformity with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010) approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).
The newly appointed board members include:Sen. Heineken Lokpobiri — Chairman / HMS, Petroleum Resources, Engr. Felix Omatsola Ogbe — Executive Secretary, Oritsemyiwa Eyesan — Member / EVP Upstream, NNPC Ltd, Gbenga Komolafe — Member / CEO, NUPRC, Bekearedebo Augusta Warrens — Member, Nicolas Odinuwe — Member, Rapheal Samuel — Member, Sadiq Abubakar — Member, Olorundare Sunday Thomas — Member.
Ajuri noted that the President expects the new appointees to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 percent indigenous content and participation in the nation’s energy industry during the lifespan of this administration.
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