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Stakeholders support financial literacy with N78.3m —SEC DG



By Kayode Tokede

In furtherance of the initiative to infuse capital market education into the curriculum of Basic and Secondary schools, the Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda has disclosed that various trade-groups have supported the efforts of the Financial Literacy Technical Committee(FLTC) with the sum of N78.3million, out of which N34.7million had been expended.

The Director-General, SEC said this at the first capital market committee meeting which was attended virtually by over 240 stakeholders in the capital market.

The meeting marked the first interaction between the Lamido Yuguda newly-inaugurated Executive Management team of the Commission and the capital market community.

The SEC Boss said based on report from the FLTC, a stand-alone curriculum on the capital market studies for Basic and Senior Secondary schools has been developed and infused into relevant carrier subjects.

This, according to him, has been ratified by Joint Consultative Committee on Education and the National Council on Education.

He said the next phase of the Committee’s initiative is the development of teacher’s guide, printing of the teacher’s guide and its distribution.

Yuguda, thus, said it would strictly enforce all rules that guide the operations of the capital market so as to restore investors confidence.

At the meeting, the SEC DG assured market participants of the Commission’s collective commitment to continue implementing the ongoing initiatives of the Nigerian Capital Market Master Plan and other related initiatives targeted at developing our capital market.

He further promised to continuously seek ways of improving these initiatives, while efforts are being made to introduce new ones to the benefit of capital market stakeholders.

In order to increase the visibility and attractiveness of the capital market, he said the commission would work towards maintaining an environment that is enabled by the appropriate regulatory framework.

This, he noted, would be implemented through timely and affordable access to the capital market, zero tolerance for infractions, heightened investor confidence and awareness, innovative product development and good governance practices.

According to him, “We need to restore investor confidence and attract the retail and young investor into the market.

“Thus, we will ensure strict enforcement of our rules and regulations, strengthen our enforcement regime and clamp down on illegal operators luring unsuspecting investors with various Ponzi Schemes.”

To support the Federal Government’s fight against the COVID-19 pandemic, he said the Commission set up the Capital Market Support Committee on COVID-19, headed by Mr. Ariyo Olushekun, to raise funds and offer various supports towards combating COVID-19.

With the support of various market participants, the SEC DG explained that the committee, on behalf of the Nigerian capital market, has so far donated five ambulances to various state governments as well as the Federal Capital Territory and the Presidential Task Force on COVID-19.

In addition, he emphasized that the committee has distributed several face masks, infrared thermometers and other medical equipment, including food items.

Going forward, Yuguda said the Committee intends to develop a capital market sponsored Nigerian strategic healthcare infrastructure fund.


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.

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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.

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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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