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Banks, Others Raise N2.7trn Via Rights, Public Issuance –SEC

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The Securities and Exchange Commission (SEC) says more than N2.7trn has been raised in the capital market  by banks and other companies.

The Director-General of SEC, Dr Emomotimi Agama, said this at 2024 Journalists Academy in Abuja on Monday, with the theme: “Fintech: Leveraging Technology to Drive Capital Market Participation.

He said the figure, which included equity capital, excluded the amount raised by funds managers in the capital market.

Agama said that out of the N2.7 trillion, about N1.7 trillion was raised by banks through their recapitalisation exercise.

He said the Commission had made significant progress in registering Capital Market Operators (CMOs), including on-boarding FinTechs under the Commission’s Regulatory Incubation Programmes (RIP).

The director-general said the SEC was working with the Nigerian Financial Intelligence Unit (NFIU) to ensure the country exited the Financial Action Task Force (FATF) grey list, adding that this is crucial for the development of the financial sector.

”As you are aware, we came on board with an important banking recapitalisation exercise which we can declare has been successful.

”This exercise will enhance financial stability and bolster investor confidence and improve the Nigerian economy,” he said.

Agama said the Commission’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to tackle housing deficit in the country by enabling affordable mortgage financing, aligned with the Federal Government’s one million homes initiative.

He reaffirmed the Commission’s commitment to implementing its Revised Capital Market Masterplan (2021-2025) by prioritising stakeholder engagement, awareness creation, capacity building, and developing regulatory frameworks. (NAN)

Education

Tinubu Inaugurates Emeka Anyaoku Institute for International Studies in Anambra, Lauds Legacies

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 President Bola Tinubu has lauded Chief Emeka Anyaoku, a diplomat and former Commonwealth Secretary-General for his contributions to good governance, democracy and world peace.

Tinubu made the commendation while inaugurating the Emeka Anyaoku Institute for International Studies and Diplomacy, located inside the Nnamdi Azikiwe University (NAU), Awka.

He described Anyaoku as a “great Nigerian and a patriotic man with commitment to values and nation building”.

According to him, Anyaoku should be commended for promoting democracy, good governance and world peace in the course of his service.

“We must invest in education as it is the greatest weapon against poverty.

We are doing so believing we have leaders like Emeka Anyaoku.

“Here is a man who helped tremendously to bring about constitutional democracy, freedom and stability.

“His patriotism is boundless. His commitment to values and nation building is invaluable. I’m glad he is alive.

“I’m glad my friend, Gov. Charles Soludo, his team and many of you are here to honor him, immortalise him and ensure he remains a fulcrum of our learning and intellectual development and diplomacy,” he said.

The president urged the management of the institution to ensure adequate maintenance of the building and its facilities.

Tinubu reaffirmed his administration’s dedication to advancing the education sector.

He said that significant resources had consistently been allocated, especially toward tertiary education.

“Let me divert attention to the Governing Council and Management of the university.

“In recent times, we have had cause to intervene in the affairs of this university and a few others, to arrest what could be described as administrative rascalities.

“My government is committing lots of resources to the education sector and shall not allow wrong use of autonomy to derail us,” he said.

Earlier, the Acting Vice-Chancellor of NAU, Prof. Joseph Ikechebelu, expressed gratitude for the President’s visit to the university.

Ikechebelu praised the President for his intervention to what he described as ‘Administrative rascality’ in 2024.

He also expressed gratitude at the decision to establish the world-class institute within the institution.

“This facility is built by contributions from friends of Anyaoku to immortalise and internalise his diplomatic activities.

“We will ensure the efficient operation of the institute to achieve its primary goal of equipping prospective students with globally recognised principles of peace and conflict resolution.

The Emeka Anyaoku Institute for International Studies and Diplomacy was established to offer degree and certificate programmes in International Relations, Diplomacy, and Peace and Conflict Resolution. (NAN)

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Education

Take Charge of Loan Scheme, NELFUND Urges Student Leaders

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The Nigerian Education Loan Fund (NELFUND) has urged student leaders across various tertiary institutions to take full ownership of the new interest-free education loan scheme.

This call was made by the Executive Director of Operations at NELFUND, Iyal Mustapha, during a Stakeholders’ Engagement Session and Technical Workshop on NELFUND System Automation and Loan Application Processes in Abuja.

The fourth day of the stakeholders’ engagement was dedicated to a session with Student Union Presidents of tertiary institutions.

Mustapha cautioned institutions against delays in verifying students’ applications.

He explained that once applications are verified, they are forwarded to the respective institutions for confirmation, a step that has sometimes delayed disbursement due to slow institutional responses.

“We need your schools to respond promptly. If they don’t confirm your status, we cannot release the funds. You must play a role in ensuring your institutions fulfill their responsibilities.

“This is your opportunity. We are the youth, and we are here to support you. This loan is about removing financial barriers so you can focus on your education.

“There is no interest, no guarantor, and no harassment, only a commitment to learning,” he stated.

Mustapha explained that the NELFUND scheme was developed to address dropout rates linked to financial hardship.

According to him, it provides Nigerian students with access to loans that cover institutional charges and include a monthly upkeep allowance.

He emphasised that any student enrolled in a recognised tertiary institution in Nigeria is eligible, regardless of background or geographical location.

“There is no reason for anyone to drop out of school,” he added.

Addressing concerns about loan repayment, Mustapha assured students that repayment would only commence two years after completing the National Youth Service Corps (NYSC), and only if the graduate is employed.

“In the event of death or a medically verified permanent disability, the loan would be written off.

“No one is pursuing you. This is your loan, your government, and your repayment supports the next generation,” he said.

He also advised students who had received upkeep allowances without corresponding institutional fee payments to approach their institutions, noting that upkeep funds cannot be disbursed unless institutional charges are settled.

“One of the issues we have identified is that some institutions are failing to notify students when payments have been made.

“Anyone who has received upkeep should understand that their institutional charges have already been paid to their institution,” he clarified.

The President of the National Association of Nigerian Students (NANS), Olushola Oladoja, warned institutions and individuals allegedly undermining the federal government’s student loan scheme.

Speaking on the allegations of sabotage by some institutions, Oladoja revealed that the association had set up a five-member investigative committee to examine growing concerns about loan disbursement and accountability.

According to him, NANS took swift action following intelligence from the National Orientation Agency (NOA), which reported irregularities in how some institutions handled student loan payments.

“We received information indicating that there are issues within NELFUND, including cases where the Fund claims to have paid institutions, but the schools failed to notify the students.

“This cannot be allowed to persist. Our committee will engage directly with NELFUND, visit the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to verify findings, and get to the root of the matter,” he stated.

Also speaking, Umar Lawal, a final-year student of Bayero University, Kano, commended President Bola Tinubu’s administration for delivering on its promise of a student loan scheme aimed at transforming tertiary education in Nigeria.

While expressing appreciation for the initiative, Lawal also raised concerns about the lack of transparency and accountability in some tertiary institutions, saying it must be addressed. (NAN)

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Foreign News

UN Must Remain Central to Global Governance

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 Russian President Vladimir Putin emphasised on Thursday that the United Nations must continue to play a vital role in global affairs, especially as the organisation marks its 80th anniversary.

“Russia and China share the opinion that the UN and its Security Council should continue to play a central role in world affairs,” Putin told reporters following Russian-Chinese talks held at the Kremlin.

Putin noted that both Russia and China pursued independent and autonomous foreign policies and were committed to promoting a fair, multipolar world order.

He also highlighted the countries’ active cooperation within multilateral platforms such as BRICS and the Shanghai Cooperation Organisation (SCO).

Additionally, the Russian president stated that Moscow and Beijing would continue efforts to align integration initiatives between the Eurasian Economic Union (EAEU) and China’s Belt and Road Initiative. (RIA/NAN)

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