Connect with us

COVER

SEC Seeks Co-operation among African Markets on Development

Published

on

Share

By Tony Obiechina, Abuja

The Securities and Exchange Commission (SEC) is seeking cooperation among African markets in a bid to build a stronger interconnection within the continent and enhance development of new products.Director General of the SEC, Dr.

Emomotimi Agama made the call during a visit of the Board of the Commission to the Autorite Marocaine Du Marche Des Capitaux, AMMC (Moroccan Capital Market Authority) in Rabat Monday.
A statement by the Head External Relations, Efe Ruth Ebelo quoted the DG as saying: “We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans we can have a focus and build a strong interconnection.
The time is now for us to look inwards.“We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.“We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this”.Agama said the capital market is the nerve centre of the economy adding the citizens need to understand how to use it to create wealth to improve their quality of life.According to him, “The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market. We are excited about what the future holds for us and how we can forge a common front.“We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about our experience because there is a lot to gain. Our relationship and Integration will go a long way in building both markets and make life better for our citizens. We encourage governments to use long-term capital for long-term projects.“The capital market is the solution to raising funds for long term infrastructure development. We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”In her remarks, Chairperson and CEO of Moroccan Capital Market Authority, Nezha Hayat, expressed her delight at the relationship between the two regulators saying that the capital market has evolved and people would rather invest in the capital market.She said, “Capital market has now diversified so much, but for us everything goes through mutual funds. We think CIS is very important because people put their money in funds that are regulated and are controlled. People have more access through CIS. It is key to encourage the truth of any market.“I believe in an integrated market so cooperation is better. We are interested in dual listing; we will soon be authorizing funds in foreign currency which means the mutual funds can also be invested in foreign countries. We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent,” she added.Also speaking, Chairman of the SEC Nigeria Board, Mairiga Katuka said the commission is interested in learning from other jurisdictions to make the capital market in Nigeria work better.

Business News

DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report

Published

on

Share

By Tony Obiechina, Abuja

The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.

DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.

He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted  for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.

He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.

He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.

He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.

Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.

On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.

He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.

Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.

He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.

On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.

Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.

The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.

Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.

Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.

The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.

Continue Reading

COVER

NLC Threatens Nationwide Action as Talks With FG Collapse

Published

on

Share

By Tambaya Julius, Abuja 

The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.

The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.

The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.

The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.

In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.

According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.

The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).

The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.

The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.

“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.

It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.

The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.

The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.

“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.

The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.

“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.

The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.

However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.

Continue Reading

COVER

Election Campaigns: FRSC Bars Officers from Politicians’ Escort

Published

on

Share

The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.

Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.

Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.

She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.

The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.

Continue Reading

Advertisement

Top Stories

General News34 minutes ago

NOA,‌‍‍‍⁠⁠‍‌‍⁠‍⁠‌⁠‌ Speaker Mobilise Northwest against Drug Abuse, Domestic Violence

ShareThe National Orientation Agency (NOA) and the Speaker of the House of Representatives, Tajudeen Abbas, have launched a campaign against...

Agriculture49 minutes ago

FG Calls for Stronger Agricultural Value Chains to Boost Food Security

ShareThe Federal Government has called for a stronger agricultural value chains, increased agro-industrialisation and improved market access to boost food...

NEWS3 hours ago

Ododo Donates N35m for Takete-Ide Town Hall Project

ShareFrom Joseph Amedu, Lokoja Kogi State Governor, Ahmed Ododo has donated N35 million for the completion of the ongoing community...

Business News3 hours ago

NELFUND Loan Improves Graduate’s GPA to 3.50

ShareA graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade...

Business News3 hours ago

FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

ShareThe Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing...

Education3 hours ago

‎Ondo SUBEB Charges 637 Newly Absorbed Teachers on Professionalism

ShareThe Ondo State Government has congratulated the 637 newly absorbed teachers and other personnel into the state public teaching service,...

NEWS7 hours ago

NDDC Officials, Journalists Inspect 600-Metre Otuogori Bridge Project in Bayelsa

ShareFrom Mike Tayese, Yenagoa Officials of the Niger Delta Development Commission (NDDC), and journalists on Monday inspected the ongoing construction...

NEWS7 hours ago

WAHO Seeks Uniform Standards for Health Professionals’ Education in ECOWAS

ShareBy David Torough, Abuja The West African Health Organisation (WAHO) has reaffirmed its commitment to harmonising the training, accreditation and...

POLITICS7 hours ago

2027: INEC ‌‍⁠⁠‍‍⁠⁠‍‌‍⁠‌‍⁠‍‍Engages Adamawa PWDs on Electoral Process

ShareThe Independent National Electoral Commission (INEC) in Adamawa has sensitised Persons Living with Disabilities (PWDs) on the electoral process ahead...

NEWS8 hours ago

GAIYD Reaches 49,585 People, Targets 100 Per Cent Growth in Youth Devt Impact

ShareBy David Torough, Abuja The Great Achievers Initiative for Youth and Community Development (GAIYD) says it reached more than 49,585...