- Akeredolu Calls for Investment in Capital Market in Ondo
The Ondo State Governor, Mr Rotimi Akeredolu, said he would provide an enabling environment for capital market to thrive in the state, with a view to developing the nation’s capital market sector.
Akeredolu said an enabling environment was necessary in the state to encourage people to invest “when there is economic growth in the land.”
Akeredolu stated this in Akure, Ondo State, while declaring open a one-day enlightenment programme organised by the Securities and Exchange Commission.
The programme was themed ‘E-dividend and investment initiative at developing the Nigeria capital market.’
The participants were drawn from major stakeholders in the capital market comprising civil servants, representatives of investment companies, representatives of the Ondo State Chamber of Commerce and Industry and representatives of Ondo State Cooperative Thrifts.
The governor, who was represented at the event by the Secretary to the State Government, Mr Ifedayo Abegunde, said the political climate would remain stable enough in the state to enable stakeholders recover their investment within a reasonable period.
He said, “As we are all aware, investors’ interests are being centred on three broad objectives, ― income, growth and safety. We will ensure these three objectives are not missing in our state.
“The objective of this enlightenment programme is to give alternate economic condition to civil servants and other stakeholders to decide the best time to buy or sell shares/securities.”
He explained that the enlightenment campaign would also provide an opportunity to prospective investors to be acquainted with the general principle and policy of “buy low and sell high.”
“I will like to appeal to you all to give this short enlightenment campaign the serious attention it deserves so that we will have an improved, effective and quality investment initiatives in the state.
“It will also give us the opportunity to put in our best to make sure that state derives maximum benefits from investment opportunities in Nigeria,” Akeredolu added.
The Zonal Director, SEC, Mr Edward Okolo, explained that the essence of the programme was to enlighten the people of Ondo State on e-dividend processes and the opportunities in the capital market.
According to him, the e-dividend will afford people of the state the opportunity to bring their moribund companies into the market and revive it, which will then provide employment for the teeming population of unemployed youths in the state.
He noted that the programme would not only afford participants the opportunity to be well informed about investment in shares and stocks, but would also help individuals to do the needful whenever opportunity opened for investment.
Federal Government Clears $120m Debt to Gas Companies Amid Nigeria’s Power Crisis
Amidst Nigeria’s persistent power crisis, the Federal Government has taken a pivotal step forward by clearing a significant portion of its debt to gas companies.
A sum of $120 million has been paid out of the country’s $1.3 billion indebtedness to gas suppliers, offering a glimmer of hope for improved energy stability across the nation.
The Minister of Power, Chief Adebayo Adelabu, underscored the critical role of gas in power generation and highlighted how the mounting debts had severely hampered gas supply to electricity-generating companies, exacerbating the country’s electricity shortfall.
Nigeria heavily relies on thermal power plants fueled by gas for over 70% of its electricity needs, making the timely settlement of gas debts paramount for enhancing power generation capacity and addressing the nation’s energy deficit.
Addressing delegates at the 7th Nigeria International Energy Summit in Abuja, the Director of the Decade of Gas Secretariat, Ed Ubong, expressed optimism about the government’s progress in offsetting its financial obligations to gas producers.
He emphasized the importance of aligning gas and power sectors to foster sustainable energy solutions.
As Nigeria grapples with the multifaceted challenges plaguing its energy landscape, the government’s commitment to settling outstanding gas debts marks a pivotal stride towards revitalizing the country’s power infrastructure and ensuring reliable electricity access for its citizens.
Nigeria Insurance Corporation Reimburses Depositors of 179 Closed Microfinance and Four Mortgage Banks
The Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of depositors affected by the closure of 179 microfinance banks and four mortgage banks across the country.
The reassuring news came during the 45th Kaduna International Trade Fair, where NDIC’s Managing Director, Dr. Bello Hassan, explained the corporation’s unwavering commitment to safeguarding depositors’ funds amidst financial uncertainties.
Dr. Hassan, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, highlighted the corporation’s proactive measures in protecting the interests of depositors.
The introduction of the Single Customer View framework has expedited the process of reimbursing depositors of liquidated banks, ensuring swift and transparent transactions.
The corporation’s collaboration with the judiciary has yielded positive results, facilitating the speedy prosecution of failed insured banks and resolving long-standing cases of bank liquidations like Fortune and Triumph Banks.
This concerted effort has significantly enhanced the debt recovery rate, enabling NDIC to declare full liquidation dividends to uninsured depositors of over 20 deposit money banks.
Furthermore, NDIC has embraced digital remote payment strategies, streamlining electronic funds transfers to verified depositors’ alternate bank accounts.
The introduction of the ‘Deposit Tracer’ initiative in partnership with mobile operators aims to address apathy among depositors with small balances, providing accessible avenues for claiming funds trapped in closed banks.
The initiatives underscore NDIC’s proactive stance in safeguarding depositors’ interests and ensuring financial stability in Nigeria’s banking sector.
85.51 Million Nigerian Bank Customers Face Withdrawal Freeze Over NIN, BVN Deadline
As the March 1 deadline looms, an estimated 85.51 million Nigerian bank customers are facing the possibility of frozen accounts due to their failure to link their National Identification Numbers (NINs) and/or Bank Verification Numbers (BVNs) to their accounts.
Recent findings reveal the potential scale of the impending banking crisis.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that Nigeria had approximately 146 million active individual bank customers as of December 2022.
However, by January 26, 2024, only 60.49 million BVNs were recorded on the NIBSS portal, leaving a significant portion unlinked.
Meanwhile, about 104 million NINs had been issued by December 2023, highlighting the disparity between NIN issuance and BVN linkage.
The Central Bank of Nigeria (CBN) had earlier issued directives to banks, mandating them to restrict transactions on accounts lacking linked NINs and BVNs, with effect from March 1, 2024.
Any accounts found non-compliant risk being designated as ‘Post no Debit,’ rendering them unable to process further transactions.
Responding to the impending crisis, the Director-General of the National Identification Management Commission (NIMC), Abisoye Coker-Odusote, emphasized the need for the revalidation of Front-End Partners (FEPs) to ensure the integrity of the identity database.
She underscored the importance of NIN registration and urged collaboration with various stakeholders to expedite the process.
The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, reiterated the significance of linking NINs to SIM cards to enhance national security.
Telecom subscribers were urged to comply with the NIN-SIM linkage directive to avoid service disruptions.
Meanwhile, financial service providers like Opay have issued reminders of the impending restrictions, urging customers to comply with the linkage requirements.
Amidst concerns, some customers contemplate transferring funds to compliant accounts to avoid potential financial setbacks.
As the deadline approaches, stakeholders are intensifying efforts to mitigate the impact of the impending banking crisis on millions of Nigerians.
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