The Securities and Exchange Commission (SEC) is exploring various avenues to bring more companies to list on the capital market and to increase the number of products in the market.
The commission said the initiative would raise the market capitalisation of the Nigerian Stock Exchange (NSE) and contribute to the development of the nation’s national economy.
The Director-General, SEC, Lamido Yuguda, disclosed this during the 2020 Annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) which was held in Lagos at the weekend.
Yuguda who was represented by the Director, Lagos Zonal Office, SEC, Mr Stephen Falomo, said, the commission took some strategic initiatives to boost market activities and crystallize the growth of the Nigerian Capital Market.
He noted that this was done to cushion the negative impact of the global pandemic (COVID-19) on the capital market while adding that its committee on COVID-19 has continued to provide support and equipment towards combating the pandemic and its effect.
According to him, the SEC has continued to leverage on its business continuity plan and those of its operators to ensure that capital market activities are carried out during this period with little or no disruption.
Yuguda assured stakeholders that the commission will be making more deliberate efforts towards attracting retail investors back into the market.
“Currently, investors with multiple accounts are being allowed to consolidate their accounts into a single one and claim their accrued dividends.
“This is in a bid to encourage more domestic participation in the market. In deepening the market, we are exploring various avenues to increase the number of companies and instruments in our market thereby raising the market capitalisation.
“We believe this is necessary for our market to continue to contribute its quota to the development of our nation’s national economy”, he said.
Speaking further, the SEC boss revealed that the commission is set to embark on reduction of time to market to ensure it dislodges bureaucratic bottlenecks encountered in raising funds from the market.
“This key initiative involves the ease of administrative procedures from the point of registration of market instruments with the commission to actualising funds raised from the general investing public in order to create efficiency”, Yuguda said.
According to him, the commission is currently improving its surveillance system to identify any form of malpractice in the market.
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.
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.
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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