- Govt Reconstitutes Investment and Securities Tribunal
The Federal Government has reconstituted the Investment and Securities Tribunal as a practical step towards restoring investors’ confidence in the capital market and repositioning it to contribute positively to the country’s economy.
The tribunal was dissolved in compliance with the Federal Government’s directive on dissolution of boards of parastatals, agencies, institutions and government-owned companies conveyed in circular Ref. No. SGF.19/S:18/XIX/964 dated October 16, 2015.
The reconstitution and inauguration of the IST is expected to enhance its effectiveness and efficiency in handling the daily rising number of new cases in the capital market.
The reconstituted 10-man tribunal, which has Siaka Isaiah Idoko as the chairman, was inaugurated on Tuesday by the Minister of Finance, Mrs. Kemi Adeosun.
Speaking at the inauguration, the minister said the delay in reconstituting the tribunal was to enable the government to carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.
Adeosun expressed confidence that the tribunal would work assiduously to restore the confidence of the capital market operators and the investing public, which might have been dampened by the delay in the dispensation of justice during its absence.
Meanwhile, the Acting Secretary to the Government of the Federation, Mrs. Habiba Lawal, on Tuesday, inaugurated the board members of the National Salaries, Incomes and Wages Commission in Abuja on behalf of President Muhammadu Buhari.
The board members will serve for an initial five-year term, which is renewable at the discretion of the President.
Lawal informed the board members that their appointment was sequel to the dissolution of the boards of Federal Government parastatals, agencies and government-owned companies in 2015.
She stated that the board inauguration was necessary to enable the commission to carry on with its mandate in accordance with Section 2 of the National Salaries, Incomes and Wages Commission Act, 2004, a statement by the Assistant Director, Press, SGF Office, Mohammed Nakorji, explained.
Lawal further said that the role of the commission was vital to a stable polity in view of the agitations in the country over salaries and wages in the public and private sectors.
Oil Prices Decline on Rising COVID-19 Cases
Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally
Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.
Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.
Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.
“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.
Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.
As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.
This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.
In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.
We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos
Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff
The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.
Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.
The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.
Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.
“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.
The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.
Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries
Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations
The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.
Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.
The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”
Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.
“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.
“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”
He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.
Finance6 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex3 days ago
Naira-USD Exchange Rate to Hit N430 – Report
Forex6 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
News1 week ago
Fire Guts Central Bank of Nigeria Office in Gombe
Finance5 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Stock Market6 days ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
Technology1 week ago
Jeff Bezos Sets a New Record as Net Worth Hits $172bn
Economy5 days ago
Nigeria’s Inflation to Average 12.2 Percent in 2020 Says PwC