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Finance Minister Inaugurates MOFI Board, Charges Members to Deliver on Mandate 

By Tony Obiechina, Abuja 

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday inaugurated the Board of Directors of the Ministry of Finance Incorporated (MOFI) with a charge to members to deliver on their mandate.

 

It could be recalled that President Bola Ahmed Tinubu approved membership of the Board last month.

In a speech at the ceremony, the Minister said a high performance culture, reputation, integrity as well as productivity were expected from the board members to enable them deliver on their mandate.

According to him, MOFI was set up to become a national and world class organisation amongst other holders of sovereign assets that should uphold transparency, accountability in the management of government funds, adding that the board members were carefully selected to  develop MOFI in line with  world class standards.

Edun said, “Their mandate as holders and husbandry of Nigerian assets is to optimize those assets and do the best they can firstly to enumerate those assets, so that we are sure of what Nigeria owns, physical and other assets that have been built up over time and also to maximize  returns on those assets. 

“These are what the country owns apart from what it earns from export revenue, oil revenue and other government revenues. These assets can also earn returns on investments  to add to the budget and foreign exchange reserve under the care of the Ministry of Finance Incorporated (MOFI).”

While responding to a question on how to meet up with the 100 Trillion Naira target in the nation’s economy, Edun explained that the figure should be interrogated with rigorous and robust analysis to ascertain the evaluation of the assets owned by Nigeria, adding that the figures were even bigger than the current estimate.

The Minister highlighted the priority areas of MOFI to include: diversifying MOFI’s investments across different industries, sectors and assets classes as well as making the company more resilient, leveraging technology, artificial intelligence, improve portfolio monitoring, risk management, transparency, diligent oversight to maximize returns on investments.

He congratulated the new  Board members and stressed the need to collaborate with other National and World funds bodies so as to function more effectively

Dr. Shamsudeen Usman, who spoke on behalf of other  members appreciated President Bola Ahmed Tinubu and the Minister for the opportunity given to them to serve, noting that they were aware of the huge expectations about MOFI. “We will do our work with the greatest level of transparency, firstly the enumeration and maximization of value because we are expected to actually extract as much values from those assets as possible for Nigerians, issues of diversification and leveraging technology,  diligent oversight as well as productivity. We will set up the highest level of corporate governance, so that we become an example to other companies we are managing.”

Usman, pledged their commitment to make  significant contributions to the board.

in a statement by the Director of Press and Public Relations of the ministry,  Stephen Kilebi, the  MOFI Board of Directors include: The Chairman, Dr. Shamsudeen Usman, MD/CEO, Dr. Armstrong Takang  and eight other  members including Tajudeen Datti Ahmed, Femi Ogunseinde, Mrs.Oluwakemi Owonubi, Hajia Fatima Nana Mede, Ike Chioke, Ms Chantelle Abdul, Alheri Nyako and Bolaji Rafiu-Elelu.

Economy

FOREX Code, Cardoso’s Approach to Stabilizing the Naira

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By Ibrahim Modibbo

Within hours after the launch of foreign exchange code by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on January 28, 2025, in Abuja, the positives from this move by the apex bank emerged as the naira appreciated against the US dollar.

 

Following the launch of the FX code on Tuesday, the naira appreciated by 0.

97 percent, gaining N16 against the dollar in the parallel market, by trading at an average rate of N1, 634 compared to N1, 650 it traded on Monday.
In the official window, data from the CBN revealed that the naira was quoted at N1, 533.50 to the dollar at the Nigerian Foreign Exchange Market (NFEM).

Cardoso’s newly introduced FX code is aimed at improving market liquidity, enhancing transparency, and providing guidance for all those participating in the country’s foreign exchange sector.

The code represents a set of principles that are not only encouraged, but accepted as best practices in the global foreign exchange market. The CBN as the regulator of Nigeria’s turbulent forex market drafted the FX code to address risks associated with the emerging financial landscape in the nation, while also strengthening the integrity and functionality of the foreign exchange market.

The CBN in developing the FX code is responding to Nigeria’s financial transformation in recent years and the attendant risks associated with such a growth, in spite of significant progress recorded. The code seeks to establish standards that ensure the efficient functioning of the wholesale FX market, further reinforcing the country’s flexible exchange rate system. It will further promote a robust market that’s characterised by fairness, openness, and adequate transparency, enabling a diverse group of participants to engage effectively at competitive rates that reflect accurate market information. It outlines behavioral standards and best practices that align with global expectations.

Addressing industry players at the launch and alluding to the deep insights and interactions with them, Cardoso said that the acceptance of the FX code reflects the collective vision of everyone for a foreign exchange market built on integrity, fairness, transparency and efficiency, based on its critical nature for Nigeria’s economic growth and stability.

Making reference to the words of the late Nelson Mandela, on the need for leaders to be great listeners, the CBN governor admitted that the apex bank through its interactions with industry players, better understands the perspectives, concerns, and recommendations they expressed. He said the ideas shared reaffirmed the collective commitment to shaping a more resilient and transparent FX market.

He declared that the FX code represents a decisive step forward by the CBN, to set a clear and enforceable standards for ethical conduct, transparency, and good governance in Nigeria’s foreign exchange market. The code, Cardoso added is a firm signal that business-as-usual in the forex market has ended because the code is a blueprint for the future, that is grounded in the hard lessons of the past.

“We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely undermined market integrity. As an example, the $7billion of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation,” he disclosed.

The CBN governor further stated that the period of unprecedented ways-and-means-financing that inflicted significant damage on Nigeria’s economy, contributing to rising inflation, currency depreciation, and eroded public confidence in government’s ability to deal with adverse economic issues is over.

“These practices must never return. The FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust and market-driven principles. Let us be clear: the system itself played a key role in the challenges of the past.

“Unethical behaviours and systemic abuses – whether by those with privileged access or by complicit participants – eroded public trust and harmed our economy. We will not tolerate any attempts to revert to those practices. Any individual or institution that violates the FX Code will face swift and decisive sanctions,” Cardoso warned.

Predicting the future, he expressed confidence that the nation’s journey towards market reforms is already yielding positive results. According to him, 2024 was marked by structural reforms which sought to return the naira to a freely determined market price and ease volatility.

Such reforms include the discontinuation of quasi-fiscal interventions, unifying the exchange rate windows, clearing a backlog of foreign exchange commitments, and recalibrating monetary policy tools to redirect the course of Nigeria’s economy, restore order and credibility to our FX market, and refocus the CBN on discharging its core mandates.

Cardoso used the opportunity of the FX code to reel out some notable achievements of his stewardship, pointing to the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2024 that has improved market transparency and efficiency. Since its launch, the naira has appreciated significantly—from ₦1, 663.90 on December 2,

2024, to ₦1, 536.72 as of January 28, 2025. Also worthy of mention is the country’s external reserves that have grown by 12.74 percent, reaching $40.68 billion at the end of 2024.

He emphasized the importance of exchange rate stability, describing it as the cornerstone of macro-economic health for an economy like Nigeria’s. The apex bank governor said that beyond daily market rates, the exchange rate influences critical indicators such as the balance of payments, external reserves, international trade, inflation, economic growth, and foreign investment. These factors collectively, he submitted shape the economic welfare of the nation and that of Nigerians.

To Cardoso, tackling rising inflation remains a major challenge of the CBN under his watch, as in his view, rising prices erode the purchasing power of Nigerians and increases the cost of living. However, he believes strongly too that by fostering an exchange rate stability, the problem of inflation can be tackled head-on.

The FX code, the CBN chief asserted marks a new era of compliance and accountability. The code, he declared is not just a set of recommendations, but an enforceable framework, warning industry players that under the CBN Act, 2007 and BOFIA Act, 2020, violations will be met with penalties and administrative actions. He told stakeholders who attended the launch that they must recognize that adherence to the code is not merely about compliance but about restoring public trust in Nigeria’s financial system.

“Beyond the foreign exchange market, the FX code forms part of our renewed focus on compliance across the financial services industry and I am particularly pleased that we have the leadership of the industry to reinforce a collective commitment to the journey ahead. Self-regulation and conduct are at the core of the changes in culture we expect to see at play in the industry, and I expect the principles of the FX code to be applied across other business areas.

“The FX code is built on six core principles—ethics, governance, execution, information sharing, risk management and compliance, and confirmation and settlement processes. These principles align with international standards, while addressing Nigeria’s unique challenges. Together, they provide the foundation for a resilient and transparent market that inspires confidence among both domestic and international participants.

“Today, as we formally launch the FX code, I call on all market participants to embrace its principles wholeheartedly. The six guiding principles and 52 sub-principles must become the standard for conduct across all participating institutions. Leaders in this room – board chairs, managing directors, and chief compliance officers – must lead from the front. Embedding these standards within your organizations is not optional,” Cardosa stated.

He reiterated that the eras of opaque practices is over because the CBN will not hesitate to deal with any institution or individual that undermines the integrity of the financial markets. The code, he added, serves as a collective pledge to transparency, ethical conduct, and fairness in the forex market, and that most importantly, through strict adherence to the code, Nigeria can build a financial ecosystem that embodies resilience, global competitiveness, and economic prosperity.

Dr Modibbo is an Abuja based Development communication analyst.

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Economy

Publisher Wants Companies Executing Infrastructure Projects Listed on NGX

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The Chief Executive Officer of Nairametrics, Mr Ugodre Obi-Chukwu, has proposed that  companies executing infrastructure projects,  such as Lagos-Calabar Coastal Highway, must be listed in the Nigerian Exchange Ltd.

(NGX).

Obi-Chukwu made the suggestion at a seminar organised by the Finance Correspondents Association of Nigeria (FICAN) on Tuesday in Lagos.

The forum had the theme, “Outlook for the Nigerian Economy in 2025″.

According to Obi-Chukwu, listing of the companies on NGX will boost capital formation for critical infrastructure development and promote wider wealth distribution among Nigerians.

He said,” For a lot of the projects going on in Nigeria now, such as the Lagos-Calabar Coastal Highway and other government infrastructure projects, the companies executing those projects for the government should be made to list on the Nigerian Exchange Ltd.

, because when they list, capital flows across the country.”

Obi-Chukwu also said that such listing would allow the public to invest in the projects and open a new avenue for funding their development.

He said it would also enhance transparency and accountability in project execution.

He said,” Then a lot of these investments can be better accounted for, and  the dividends of some of the investment can also accrue to all Nigerians as well.”

He said that private companies’ undertaking of a large proportion of infrastructure projects without significant public participation could lead to  concentration of wealth within a small group.

He added that it would limit the economic benefits for the broader population.

“If the companies are listed, and Nigerians own part of the companies, then we all share in the collective wealth,” he said.

He emphasised that a robust capital market was crucial for economic growth, saying that in some developed economies, capital market’s value exceeded the Gross Domestic Product (GDP).

“Let us  remember that our capital market is just valued at N60 trillion; so compared that to our GDP of over 200 trillion, it is still small.

“For most developed economies, their capital market is even larger than their GDPs, and that is because a lot of the companies that actually drive economic growth in those countries are listed.

“That is why you need to have a lot of companies that are drivers of infrastructure growth in Nigeria, all listed.

“Once you do that, you will see a change in how the economy is growing, and you will see how wealth flows around the country,” Obi-Chukwu said. (NAN)

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SEC to Intensify Crackdown on Ponzi Schemes

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The Securities and Exchange Commission (SEC) says it will intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

Dr Emomotimi Agama, the Director General of SEC, said this in his New Year message to the capital market community on Sunday.

He said that protecting investors remained a cornerstone of the commission’s mission.

Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence
and driving economic growth.

According to him, SEC is positioned with a dual mandate in regulating and developing the capital market in Nigeria.

“Naturally, our top priority in 2025 will cut across the dual mandate. For us, mainstreaming the Nigerian Capital Market into the economy is very vital.

“Enforcement is the backbone of effective regulation. We are revamping our investigative processes to enhance efficiency and hold bad actors accountable more decisively.

“Insider trading undermines activities and dampens market fairness. By revising our regulatory framework, we aim to strengthen detection, prevention, and accountability mechanisms.

“Transparency is at the heart of investors confidence and capital markets. We will introduce measures to ensure greater visibility and trust in securities transactions,” he said.

The director-general added that to resolve market disputes efficiently and fairly, the commission was focusing on enhancing the operations of the Investments and Securities Tribunal (IST).

He noted that these efforts aim to make the tribunal more effective in delivering timely resolutions, thereby improving overall efficiency in the process.

Agama stated that key focus for the commission in 2025 is strengthening the legal framework of the commodities market to enable it attain its full potential of aiding economic development.

He said the commodities market is a major area of interest for SEC, adding that Nigeria is purely an agrarian nation.

The director-general said that taking that comparative advantage to the next level, is something that the commission is proud to be part of.

Agama said this year, SEC would focus on reinforcing the legal and regulatory structures that support growth to create a solid foundation for the vibrant commodities ecosystem, be it soft or hard commodity.

“More so, when we have a plethora of commodities all over Nigeria. SEC as a partner in development will make sure that we make the difference,” he said.

Agama said that these initiatives reflect the commission’s vision for a stronger and more inclusive capital market in 2025, adding that SEC is committed to building wealth, instilling confidence and making  impacts.

The SEC boss said: “As we embark on this journey, I invite all stakeholders to work with us in achieving these goals.

“Together, we can unlock the potentials of the Nigerian capital market and make this a defining year for our economy.

“What we intend to do, is to steer the capital market towards a direction that ensures that development gets to the doorstep of every Nigerian.”(NAN)

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