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ASHON to Engage Govt on Economic Development



Kanawa Economic City
  • ASHON to Engage Govt on Economic Development

The Association of Stockbroking Houses of Nigeria has said it will engage the Federal government on the utilisation of the Nigeria’s capital market for effective implementation of the Economic Recovery Growth Plan and the 2017 budget.

The association said it was looking at doing the engagement during its Capital Market Summit.

Addressing newsmen in Lagos, the ASHON’S Chairman, Chief Patrick Ezeagu, explained that the body would create a platform to identify means by which the Federal Government could salvage the economy.

Ezeagu noted that the theme for the summit, ‘The Road to Nigeria’s Economic Recovery – The Capital Market Route,’ was born out of the desire to sensitise the Federal Government and other tiers of government as well as private sector players/investors to the critical roles the capital market could play towards the achievement of the objectives of the ERGP and successful implementation of the 2017 budget.

According to him, the capital market primarily helps to mobilise funds from the surplus economic units and channels them to the deficit ones.

Ezeagu said, “This underscores the fact that government’s budget deficit gap and critical infrastructure development can be financed through the instrumentality of the capital market.

“Indeed, the history of our capital market in Nigeria is robust with several times in the past when government at various tiers took advantage of the market to raise funds to execute infrastructural projects.”

The topics for the summit, ‘Financing Infrastructure and Industrialisation: The Capital Market Way and Economic Recovery, Government Policies, Quick Wins and Head Wins, according to him, will be addressed by former Governor of Anambra State, Dr. Peter Obi and the Chairman, Association of Issuing Houses of Nigeria, Mr. Sunny Ayere, respectively, while panel members have been constituted to discuss the topics from different perspectives.

The Capital Market Submit is scheduled to hold in Lagos by May 25 this year, and ASHON said it has also concluded arrangements to grant awards for a few individuals for their sustained contributions to the growth and development of the capital market.

Responding to media enquires, ASHON’S Vice-President, Mr. Akin Akeredolu-Ale, explained that the relative stability in the foreign exchange market and good corporate earnings were part of the factors driving the stock market currently, saying they were sustainable.

Speaking on the profile of the participants, ASHON’s Public Relations Officer, Mrs. Ify Ejezie, stated that “the special guest of honour is our illustrious member, the Executive Governor of Edo State, Mr. Godwin Obaseki, who shall open the summit and receive award at the Gala Night Dinner for his contributions to the growth and development of the capital market in Nigeria.

“The roll-call of guests also scheduled for distinguished awards are: the Founder, Dangote Group, Alhaji Aliko Dangote; Founder, Honeywell Group, Oba Otudeko, and the Founder, Diamond Bank, Mr. Pascal Dozie, and some top-level government officials are expected to grace the occasion.”

The summit, according to her, is expected to come up with recommendations on how to turn around the economy and the capital market in particular.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Banking Sector

Unity Bank MD Advocates Policy Actions to Stem Gender-Based Violence in Nigeria



The Managing Director of Unity Bank Plc, Mrs. Tomi Somefun has called for comprehensive policy actions that will dismantle the structures that enable gender-based violence in Nigeria.

At the Ebony Life Cinema, the venue of the film screening in Lagos, Unity Bank supported the BECKMA movie premiere by ARDA Development Commuications Inc. which was held to highlight issues of Gender-Based violence and driving positive change in society.

Making the call, Somefun stated that the Bank committed to partnering with the movie premiere and putting the power of the brand behind BECKMA as the event brings sustainability and gender equality to the front burner.

Represented by Unity Bank’s Group Head of Compliance, Mrs. Patricia Ahunanya, Somefun noted that “9 percent of women aged 15 to 49 had suffered sexual assault at least once in their lifetime and 31% had experienced physical violence,” citing a recent study by UNDP in Nigeria.

Speaking further, Somefun said “Gender-based violence is not just a women’s issue, but a societal ill that demands our collective attention. It is high time for us to step forward and advocate for comprehensive policy actions that will dismantle the structures allowing such atrocities to persist”.

She added, “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit.”

While commending the ARDA Development Communications Inc. for their initiatives to promote gender equality and empowerment in line with SDG5, Somefun assured of the Bank’s commitment to sustainable initiatives and further collaborative initiatives and advocacy programmes for the elimination of gender-based violence.

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Banking Sector

Nigeria’s NIBSS Directs Banks to Disconnect Non-Deposit Financial Institutions from NIP System



Central Bank headquarters

Banks in Nigeria have received a directive from the Nigeria Inter-Bank Settlement System (NIBSS) to disconnect Switches, Payment Solution Service Providers (PSSPs), and Super Agents from the NIBSS Instant Payment Outwards System.

The circular, dated December 5, 2023, highlighted that including these non-deposit-taking financial institutions as beneficiaries on the NIP funds transfer channels violates the Central Bank of Nigeria (CBN) guideline on electronic payments.

The NIBSS emphasized that while Switches, PSSPs, and Super Agents might process outward transfers as inflows to banks, their licenses do not permit them to hold customers’ funds.

The circular referred to the CBN’s guidelines on electronic payment of salaries, pensions, suppliers, and taxes, dated February 2014, as the basis for this regulatory stance.

The directive also pointed to a circular dated May 11, 2018, titled “Permissible Services and Products of PSSP Operation in Nigeria,” reinforcing the need for compliance.

As a result, banks were urged to delist all Switches, PSSPs, and Super Agents from the NIP Outward Transfer channels while allowing their participation in inward transfers.

In Nigeria’s payment ecosystem, operators are required to obtain licenses such as Switching and Processing, Mobile Money Operations, Payment Solution Services, or Regulatory Sandbox from the CBN.

Only Mobile Money Operators (MMOs) have the authority to hold customer funds, according to the CBN’s regulatory framework.

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Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt



BOC Gases Nigeria Plc - Investors King

Falcon Corporation Limited, a prominent player in Nigeria’s energy sector, has successfully secured a N19.41 billion debt facility from the Chapel Hill Denham Nigeria-managed Infrastructure Debt Fund (NIDF).

The financing will be used for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State.

The Managing Director of Falcon Corporation, Prof. Joe Ezigbo, emphasized the company’s commitment to national service through investments in the gas industry.

He highlighted the strategic positioning of the LPG facility in proximity to major gas sources and navigable water routes, anticipating economic gains, job creation, income growth, health improvements, and environmental sustainability.

“We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs,” said Prof. Joe Ezigbo.

The project has achieved significant milestones, reaching a completion rate of 65% as of October 2023. Various phases of development, including the completion of the jetty, shoreline protection, and engineering activities, have contributed to this progress.

The entire project is expected to be completed and commissioned by Q4 2024.

Falcon’s General Manager, Finance, Nelson Walter, expressed satisfaction with the partnership with NIDF, highlighting their reputation for providing reasonable terms for impactful infrastructure projects.

The flexible long-term loan repayment structure aligns with Falcon’s goals, making the collaboration instrumental in realizing this groundbreaking project.

Financial advisers Vetiva Capital Management Limited and Chapel Hill Denham Advisory, along with legal counsel Detail Commercial Solicitors, played crucial roles in facilitating this strategic debt facility for Falcon Corporation’s ambitious LPG infrastructure development in Rivers State.

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