NEWS
NASS Transmits ISB 2024 to Tinubu for Assent

By Tony Obiechina, Abuja
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso has announced that the National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.
Speaking during the Securities and Exchange Commission’s budget defense on Tuesday in Abuja, Sen.
Izunaso stated that lawmakers expect the President to sign the bill into law within the next 30 days.According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent. We have 30 days for that to happen and we expect that the President will assent to it”.
Senator Izunaso also told the meeting that the Committee has followed up with a written directive to the Minister of Finance to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
In his remarks, Senator Anthony Yaro commended the Commission for the approach taken in 2024 adding that with the positive happenings like the ISB and the reduction in deductions, the SEC is expected to perform better.
“I believe these developments will boost your performance in 2025. We know your capacity and what you can do, but you need to do more”, he stated.
In his presentation, Director General of the SEC, Dr. Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved the market forward in 2024.
Dr. Agama noted that in 2024 Nigeria was one of the best performing markets in the world.
“Your support has gingered the market, there is a new spirit and that support has assisted us to achieve what we achieved together.
“Last year, we wished that the Federal Government’s 50% deduction would be reduced to 20% but we could not achieve that in 2024.
“We are glad to say that with the intervention of the committee and the Chairman, the Minister has signed the reduction of the deduction from 50% to 20%. We are hopeful that the implementation will take effect from March 1”, he stated.
Agama pointed out that the 2024 budget was properly administered; stressing that while projected income was N22.4 billion, gross income received was N26.9 billion with a surplus of 20.34%.
“We achieved 100% and went above it by 20%. Expenditures for the period was N20.8 billion while N12.68 billion went to deductions. Our net surplus was then N2.5 billion”.
On the reductions in penalties collected in 2024, Agama stated that the role of the Commission is to encourage market participants to comply with laid down rules and regulations.
The SEC DG stated that penalties are charged when participants do not comply adding that the reduction is due to high level of compliance in the market.
“If you prepare participants and they comply, penalties will certainly be reduced. That reduction means the market is beginning to comply which increases efficiency”.
Agama explained that the capital market operates a disclosure regime rather than a merit regime adding that “every company and director has a responsibility for figures that disclose to the public. It is our responsibility to monitor the same to ensure that documents provided to members of the public are accurate. If they do not meet standards, such institutions will be penalised”.
Contributing to the 2024 budget performance, Senator Victor Umeh expressed worry about false information being put out to the public by companies in a bid to defraud Nigerians.
“I am worried about regulation and enforcement so that companies would not just bring up cooked figures to defraud Nigerians. Let your eyes be on those that use the market to defraud Nigerians” he added.
NEWS
PDP Member Retracts Protest Against Matawalle, Alleges State-Sponsored Plot

By David Torough, Abuja
A member of Nigeria’s opposition People’s Democratic Party (PDP) has publicly disavowed his role in a recent protest targeting Bello Matawalle, the country’s Minister of State for Defence, claiming the demonstration was a politically motivated scheme orchestrated by the Zamfara State Government.
Kamilu Ibrahim, who identified himself as an active PDP member and one of the protest’s organisers, issued a statement on Saturday retracting his involvement and apologising to Matawalle. “It’s important to note that I am not an indigene of Zamfara State, and none of the participants come from Zamfara State.”He alleged that the protest was not driven by genuine grievances but was instead sponsored by Zamfara’s PDP-led government under Governor Dauda Lawal Dare to discredit Matawalle, a prominent figure in the rival All Progressives Congress (APC).Ibrahim said Dauda promised us $100 to each protester, and we have over 330 members. He has not kept his promise.”The reason we are begging Matawalle to forgive us is that we found out we were fooled and misled by false information to deceive the public. “We are sorry for any damage we have caused you, Ibrahim told Matawalle.“I believed at the time that our actions were justified,” Ibrahim said. “However, after reviewing the facts and listening to credible reports, I now realise that the allegations against Matawalle are unfounded and politically motivated.”Ibrahim further claimed that the organisers of the protest were not APC members, as reported in some media outlets, but PDP loyalists acting on instructions from the Zamfara State Government. He accused Governor Lawal of orchestrating the campaign to undermine Matawalle for political gain. Ibrahim suggested that Governor Lawal has been avoiding a summons by Nigeria’s National Assembly, fearing that a federal inquiry could expose administrative failures and potentially lead to the declaration of a state of emergency in the state.“Governor Lawal is deliberately avoiding the National Assembly’s invitation,” Ibrahim alleged, citing concerns that an investigation could reveal “the truth” about the state’s security and governance challenges.Ibrahim’s statement casts fresh doubt on the credibility of the allegations against him, framing them as part of a broader political vendetta.In his statement, Ibrahim expressed regret for his role in the protest and sought Matawalle’s forgiveness. “I sincerely apologise to Honourable Bello Matawalle for the role I played,” he said, vowing not to participate in “such deceitful agendas” in the future.NEWS
SON Urges Business Owners to Seek Assistance on Product’s Quality

The Head of Mechanical department of the Standards Organisation of Nigeria (SON), Mr Ijacha Ego, has urged stakeholders, especially, manufacturers to always seek its assistance in the area of quality control for their products.Delivering a lecture titled: “The Impact of SON Activities on the Nation’s Economy Development” at its sensitisation workshop in Asaba on Friday, Mr Ego noted that the main task of SON is to ensure quality of products in the country.
Giving an overview of activities of SON, Ego disclosed the organisation has multiple testing laboratories tor products and urged the stakeholders to get closer to the organisation for quality control of their products and goods. ”Get close to SON, SON is available and willing to support your businesses, ” he emphasised.In his presentation titled: ”Promoting Quality and Standards Culture via Self- Regulation And Ethic Codes”, The Head of Department, Science Laboratory Technology, Delta State Polytechnic, Ogwashi-ukwu, Mr Timothy Oni, emphasised the need for owners of businesses to establish clear policy and procedures to ensure better compliance.Oni, a guest speaker, advised them to always ensure they educated their employees through regular training as well as regular auditing.Also, the Director of SON in charge of the South South Zone, Mrs Patience Kussy-Wanza, in her presentation, urged the participants to prioritise promotion of quality standards through self-regulation and observations of ethics to increase their organisation’s profit.“It will earn you tremendous respect, unquantifiable goodwill and global recognition, all of which significantly ensure globally competitiveness.”She emphasised that apart from being a regulatory agency, “we are indeed your partner in this critical imperative.”We are willing and available to support you to embrace standards and qualify assurance in your operations with just a visit or a call for necessary support or information”.(NAN)NEWS
Lagos Pays N978.6m Insurance to Families of Deceased Workers

The Lagos State Government, in collaboration with LASACO Assurance Plc, on Friday presented cheques worth N978.62 million to 510 beneficiaries as insurance death benefits for the dependents of deceased public servants in the state.The Commissioner for Finance, Mr Abayomi Oluyomi, who led the presentations, said that N978.
62 million was presented to provide relief for families of the deceased workers. He commiserated with the families of the deceased and explained the role of government in ensuring the welfare, safety, and wellbeing of citizens. Oluyomi asked for forgiveness from beneficiaries who had anticipated the payments earlier than they came, while acknowledging their difficulties after losing their beloved ones who were in active service of the state.According to him, all the staff of Lagos State know that the government is taking care of them, whether they are alive or not.“So, today, in consideration of what this particular government has been doing, we are going to be giving out cheques to over 510 people, totaling close to one billion Naira,” he said.He called for financial prudence from beneficiaries and patience on the part of those not captured in the current phase, adding that another batch will come up in three months.The commissioner, who earlier called for a minute’s silence to honour the departed, prayed for the repose of their souls and the wellbeing of those they left behind.He commended Gov. Babajide Sanwo-Olu of Lqgis State for huge investments in the workforce and assets for the overall wellbeing of Lagos residents.“This year alone, we paid a premium of over N3 billion to LASACO Assurance Plc for people and assets insurance,” he said.The Permanent Secretary, Ministry of Finance, Mr Mahmud Alao, called for financial diligence, urging the beneficiaries to shun the temptation of lavish spending that may jeopardise the intent of the funds as succor.He said the 510 beneficiaries received N978.62 million in this first batch of the exercise for 2025, adding that other phases would follow in quick succession.Mr Femi Saheed, the Chairman of the House Committee on Finance in the Lagos State House of Assembly, explained the lawmakers’ oversight function in ensuring the government’s compliance with its insurance obligations.Saheed praised the executive arm for its diligence while urging civil servants to take out insurance policies to complement the government’s efforts for their welfare.The Managing Director, LASACO Assurance Plc, Mr Rasaq Abiodun, commended the state government for its consistency in the payment of insurance premiums on its workforce.He advised beneficiaries to invest wisely while assuring that the company will continue to support the course of the state government and workers.The Chairman, Association of Senior Civil Servants of Nigeria (ASCSN), Mr Segun Balogun, also thanked the state government for its commitment and consistency regarding workers’ welfare, while also demanding financial intelligence from beneficiaries.Mrs Constance Ajayi, who spoke on behalf of other beneficiaries, thanked the state government for coming to their aid while explaining the difficulties arising from the demise of her husband. (NAN)