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SEC urges young people to avoid ponzi schemes

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As the Campaign to create awareness among the youths to  further attract them to the capital market gathers momentum, Young Nigerians have been urged to ensure they invest with entities that are registered by the Securities and Exchange Commission (SEC).

The Director, Market Development Department of the SEC, Mr. Nestor Ikeagu stated  recently that celebration of the Global Money week 2023 enlightenment campaign to School for the Gifted, Gwagwalada, Abuja.

Global Money Week (GMW) is an annual global awareness raising campaign on the importance of ensuring that young people from an early age are financially aware, and are gradually acquiring the knowledge, skills, attitudes and behaviors necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.

The SEC Director said that the official theme for Global Money Week 2023 is “Plan your money, plant your future”, adding that this year, GMW focuses on sustainability and raising awareness on the implications of individual financial behavior not only on one’s financial future but also on the environment and the society.

Ikeagu stated that there are various products available in the capital market that could appeal to the youths and urged them to plan, save and invest in the capital market.

According to him, “It is also important to educate these young minds that as they plant their future, they should be mindful of some fraudulent activities such as “Ponzi scheme”, that can mar the growth of that financial future.

“A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. It is a fraudulent investing scam which generates returns for earlier investors with money taken from later investors. It involves paying existing investors in a non-existing enterprise with the funds collected from new investors.”

Ikeagu added that there is a list of registered fund managers on the website of the SEC and urged members of the public to always cross check that entities are registered for the products they are offering to the public.

Senior Manager Financial Inclusion Department of the SEC, Mrs. Ngozi Obi, told the students GMW is an annual event enlightening the youth on saving money to invest for the future via the capital market.

She said,“It is an annual global awareness raising campaign on the importance of ensuring that young people from an early age are financially aware and are gradually acquiring knowledge and skills, attitude, behaviours necessary to make sound financial decisions and ultimately achieve financial well-being and financial resilience.

“The aim of our visit here today is to create awareness to the youth as part of the financial literacy to educate the youth and get them acquainted with the financial culture to enable them make informed decisions before investments,” she stated.

Speaking earlier, Principal of the School, Dr. Rilwan Abubakar expressed appreciation to the SEC for choosing the school for the awareness campaign saying that it is a special day for the students who stand to benefit a lot to enable them learn how to invest.

“We are very excited that the SEC has decided to hold this event in our school. It is a global money week with the aim educating the youth on finances and create awareness to be financially disciplined, and we know our students will benefit greatly from this.”

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IATF2023 records $43.8bn closed deals

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The African Export-Import Bank has disclosed that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.

In the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.

One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.

Mrs Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.

“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.

IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.

The next edition of the IATF will be hosted in 2025 by Algeria.

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Investors record positive gains, as NGXASI advance by 0.43%

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Investors yesterday recorded positive gains on the Nigerian equities market following Monday’s losses.

According to data obtained from the Nigerian Exchange Limited (NGX) website, the NGX Market CAP recorded a gain of N165.99 billion in Naira terms.

The NGX All-Share Index (NGXASI) also advanced by 0.43 percent, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66 percent, which closed at 70,946.83 basis points. With the growth, the NGXASI now stands at 39.02 percent.

The total volume traded also advanced by 20.93 percent to close at N433.57 million, valued at N11.11 billion and traded in 7,016 deals.

The Gate Index closed flat at 183.36, while the Toni index advanced by 0.27 percent to close at 375.28 basis points.

At the close of trading, the market recorded 40 gainers, 15 losers, and 64 unchanged. NSLTECH topped the gainers list, while ABBEYBDS topped the list of losers.

UACN was the most traded stock by volume with N61.71 million, while NIDF was the most traded stock by value with N2.22 billion units traded.

UACN also had the highest volume contribution with 14.23 percent, while UBA and GTCO followed closely.

According to the value chart, NIDF is at the top with a 20.0 percent contribution. AIRTELAFRI and MTNN followed closely behind.

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SEC DG calls for multifaceted approach to enhance capital market growth

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The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has called for a multi-faceted approach to enhance the growth of Nigeria’s capital market.

The SEC DG made this known while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend.

According to Yuguda who was represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, “Effectively harnessing the capital market for national development entails a multi-faceted approach, these include deploying more infrastructure, fostering more public-private partnerships, establishing specialised entities like special purpose vehicles (SPVs), listing state-owned enterprises, issuing green bonds to support sustainable projects, and bolstering small and medium enterprises among others.”

According to him, the revised capital market master plan underscored SEC’s commitment to deepening and. repositioning the financial market as a key driver of sustainable economic growth.

“The master plan which represents collective aspirations of the capital market community is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our dear country in the top 20 economies by the year 2025,” Yuguda said.

The SEC DG added that synergy holds the potential of unleashing capital market prowess and paving the way for a prosperous future.

According to him, achieving the objective necessitates an increased utilisation of market mechanisms and instruments to raise funds and stimulate economic advancement.

He pointed out that the commission would continue to introduce new ideas and policies that would support the development and regulation of a capital market that is dynamic, fair, transparent, and efficient to contribute to the nation’s economic development, noting that investors protection plays a crucial role in the development and integrity of the capital market.

Also speaking at the event, the Deputy Director, SEC Lagos Zonal office, Mr John Briggs, urged the government to create infrastructure financing instruments that would facilitate easy servicing of obligations.

“We have encouraged a lot of infrastructure funds like sukuk, and green bonds and we are even talking about blue bonds to develop the market.”

“The capital market has created the conducive environment to ensure a transparent and dynamic market which would continue to attract investment,” he said.

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