COVER
Akpabio: 10th Senate’ll Not be Executive Rubber Stamp
By Eze Okechukwu & Ubong Ukpong, Abuja
Despite his endorsement for Senate presidency by President Tinubu and the All Progressives Congress (APC), Senate President, Godswill Akpabio, yesterday said the red chamber will maintain its independence and will not serve as a rubber stamp to the executive.
Speaking on the independence of the legislature, Akpabio said the 10th assembly is all about Nigeria and Nigerians.
Akpabio said the National Assembly under his leadership will give all necessary legislative backing to the removal of petrol subsidy by President Bola Tinubu.
Akpabio was yesterday elected Senate President after polling 63 votes, with Yari, his challenger, scoring 46 votes.
Speaking during his acceptance speech, Akpabio said the 10th assembly will be “forward-looking” and ensure that legislative backing is given to policies and programmes of the president.
“We shall have a seriously forward-looking senate that will emphasise economic viability, social acceptability, tackle environmental issues and bring about sustainable growth.
“We must provide the required legislative framework and legal environment for President Tinubu to anchor the policies and programmes that he espouses for the country.
“I want to offer special commendation to the president for the bold step he has so far taken, particularly on the issue of petrol subsidy.
“If it requires legislative backing, we shall give. We must begin to produce our own fuel in Nigeria. We must begin to encourage the production of diesel and other products in this country.
“I want to assure the president that no matter when the legislature is called, the senate will be here to do their national duties. This senate is about Nigeria and Nigerians,” he said.
Akpabio was yesterday elected President of the 10th Senate, after defeating Senator Abdul’aziz Yari (APC, Zamfara) 63-46 votes in the election conducted at the Red Chamber.
Meanwhile, Tajudeen Abbas, representing Zaria Constituency of Kaduna State, was elected Speaker of the House of Representatives.
Also in the Senate, Senator Jibrin Barau emerged unopposed as the Deputy President of the Senate, after being nominated by Senator David Umahi (APC, Ebonyi South).
Out of the 109 Senators, who assembled for the inauguration of the 10th Senate, 108 cast their votes properly while one person wrote Akpabio at the back of his ballot paper. That counted for Akpabio though.
The process leading to the inauguration of the 10th Senate commenced at about 8:00 am at the National Assembly Complex, with Godswill Akpabio, standing in contest for the position of the President of the apex legislative Assembly.
Also standing for the same election was the former Governor of Zamfara State, Abdul’aziz Yari, whose nomination met brief opposition from some Senators-elect, who were obviously supporting Akpabio.
Two other major contenders for the number three highest political office in the country – Orji Uzor Kalu and Osita Izunaso were not in the race, as they were not nominated for the election as required by law.
Abbas Becomes Reps Speaker, Kalu Deputy
Newly elected Speaker of the House of Representatives, Rt Hon Tajudeen Abbas, yesterday assured that the House of Representatives under his leadership will champion legislations that will uplift the lives of Nigerians, promote social justice, and drive sustainable development.
Abbas, who stated this in his acceptance speech after his election, said the doors of the House leadership will be open for members of APC, PDP, Labour Party, NNPP, APGA, SDP, ADC and YPP as part of efforts to build a strong and viable nation.
Abbas, from Zaria Federal Constituency of Kaduna State, yesterday emerged winner of the Speakership contest of the 10th House of Representatives.
He polled 353 votes, representing over two third majority votes from the 359 Members-elect on the floor of the House, to defeat 9th House of Representatives Deputy Speaker, Ahmed Idris Wase and Aminu Jaji, who got three votes each.
The processes commenced before 10am as the Deputy Clerk of the National Assembly, joined by the Clerk of the House presided over the session.
The DCNA took the roll call for all 359 Members-elect after which he called for nomination of candidates for the position of Speaker of the 10th House.
First Ado Doguwa nominated Tajudeen Abbas, while another lawmaker from Kwara state nominated Ahmed Idris and Hon Doro nominated Aminu Jaji fort the position of Speaker.
The three contestants accepted the nomination, after which the DCNA closed nomination and proceeded to conduct the election which he said would be open ballot according to the amended House rule.
The House adopted the open ballot system as enshrined in its amended rule, which states that when there are more than two nominations each member-elect shall openly declare his/her candidates of choice for the position of Speaker.
As the Deputy Clerk of the National Assembly, Kamoru Ogunlami, called the Members-elect begining from Abia state, Tajudeen Abbas began to lead.
The states, starting with Abia, Adamawa, Akwa Ibom, Anambra, Bayelsa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Enugu, Ekiti, Gombe, Imo, Jigawa, Katsina, Kaduna, Kebbi, Kano, Kogi, Kwara, Lagos, Nasarawa, Niger, Ondo, Ogun, Osun, Oyo, Plateau, Rivers, Sokoto, Zamfara, states and the Federal Capital Territory all voted Tajudeen Abbas for speaker of the 10th House.
However, four members joined those that dared to go against the party’s choice of Abbas, as they two votes each to Idris Wase and Aminu Jaji respectively, making them the six members that refused to support the APC and Abbas.
In a related development, Hon Benjamin Kalu also emerged as the Deputy Speaker, having been returned unopposed.
Kalu, a Member-elect for Bende federal constituency of Abia State, was nominated by a Lagos lawmaker-elect, Babajimi, and seconded by a female Member-elect from Lagos State.
After accepting his nomination and in the absence of counter nomination, the Clerk to the National Assembly (CNA), Magaji Tambuwal, closed further nomination at exactly 12.06 noon.
Consequently, Kalu was declared Deputy Speaker and thereafter administered oaths of office and that of the membership of the National Assembly.
In his inaugural address, the Speaker, Tajudeen Abbass, said he would not take his mandate for granted.
He appreciated his colleagues for finding him worthy to lead.
“I wish to sincerely thank you all for finding me worthy of being your Speaker, out of the 360 of us, who are all equals. I also thank Almighty Allah for making this journey possible. To the President of the Federal Republic of Nigeria and my party, the APC, I say a big thank you for finding me competent to be nominated to serve in this position for the Nigerian people. I thank every other person who has directly or indirectly contributed to this journey,” Abass said.
He said that the victory is not just about him but about all coming together as a united House to serve the Nigerian people diligently.
“It is about honouring the trust that has been placed on us and working tirelessly to deliver on our promises of good governance and effective representation. It is worthy to note that speakership campaign witnessed in the past few months was democracy at play. But today, all of that has come to pass, and it is time to forge ahead and work together for our people for our common good. I do not take this mandate bestowed on me as the Nigerian Speaker for granted.
“I want to assure you today that I shall be just and fair to every one of you irrespective of our perceived differences. I shall operate a House that you all will be proud of. I shall be guided by the Constitution of the Federal Republic of Nigeria and the House Rules. Our doors will be open for members of APC, PDP, Labour Party, NNPP, APGA, SDP, ADC and YPP as we strongly believe nation building is a Joint Task,” he said.
The Speaker also said that under his watch, the 10th House shall sustain and even surpass the gains of the 9th House.
“That is my prayer. We shall carry out the TASK before us JOINTLY. We shall introduce reforms and innovations for the benefit of Nigerians. In a few weeks, we shall be reeling out the legislative agenda that will shape the 10th House of Representatives. We shall work closely and inter-dependently with the Executive and Judiciary to give Nigerians the good governance they deserve. We stand at a crucial juncture in our nation’s history, where challenges abound, but so do opportunities. We will champion legislations that will uplift the lives of our fellow citizens, promote social justice, and drive sustainable development,” he added.
He noted that the tenth assembly will focus on strengthening the security apparatus, collaborating with relevant stakeholders to combat insurgency, terrorism, and all forms of criminalities.
“We aim to help create a safe and secure environment that fosters economic growth and social stability.
Through legislations, the 10th House will promote entrepreneurship and support small and medium-scale enterprises. We shall diversify our economy and provide sustainable employment opportunities for our youth. We are aware of the challenges in our education, healthcare, and infrastructure sectors amongst other.” The speaker said.
He promised to work in harmony with the executive arm, while upholding principles of checks and balances.
“Our collaboration will be anchored on the principles of transparency, accountability, and respect for the rule of law.. Honourable Colleagues, may I remind all of us that we hold our respective offices in trust for the Nigerian people. We MUST, therefore, justify the confidence reposed in us by our constituents to represent their interests and work committedly for our dear nation” He said.
He stressed that working closely with his deputy, Hon. Benjamin Kalu, they shall provide purposeful leadership in the 10th House of Representatives.
Tinubu Meets Jonathan, Akpabio, Governors
President Bola Tinubu met with former President Goodluck Jonathan yesterday at the presidential villa, Abuja.
The purpose of the meeting was not known as at press time.
After the meeting with Jonathan ended, the president received some government officials, including the newly inaugurated Senate President Godswill Akpabio.
Hope Uzodimma, Imo state governor, was also at the presidential villa to meet with Tinubu.
He was accompanied by Babajide Sanwo-Olu, governor of Lagos state, and Abdullahi Ganduje, former governor of Kano.
The group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, also met with the president.
The president’s meetings took place after elections were held for the presiding offices of the 10th national assembly.
Akpabio, senator representing Akwa Ibom north-west, was elected senate president.
He defeated Abdulaziz Yari, senator representing Zamfara central, to win the poll.
Akpabio secured 63 votes while Yari scored 46 votes.
Senator Barau Jibrin from Kano state was elected deputy senate president.
In the House of Representatives, Tajudeen Abbas won the speakership election while Benjamin Kalu was named his deputy.
PROFILES
AKPABIO:
Godswill Akpabio is the son of Chief Obot Akpabio and Madam Lucy Obot Akpabio (née Inyangetor) of Ukana, Ikot Ntuen in Essien Udim Local Government Area. He was born on 9 December 1962. He lost his father early in life and was raised by his mother.
Akpabio was educated at Methodist Primary School, Ukana, Essien Udim LGA, Akwa Ibom State; the Federal Government College, Port Harcourt, Rivers State; and the University of Calabar, Cross River State, where he obtained a Degree in Law.
While at the Federal Government College, Port Harcourt, he was appointed the Senior Prefect. In the University of Calabar, Akpabio was elected as the speaker of the parliamentary year.
Akpabio’s grandfather, Okuku Udo Akpabio, was the Warrant Chief in Ikot Ekpene province. His uncle, Dr. I. U. Akpabio, was the Minister of Education/Internal Affairs in the then Eastern Nigeria. Justice Nsima Akpabio, his cousin, was a senator in the Second Nigerian Republic.
Akpabio is a Christian of the Catholic faith. Akpabio is married to Ekaette Unoma Akpabio, the founder of Family Life Enhancement Initiative (FLEI), a non-governmental organization providing a platform for redirecting the focus of development efforts on the family as a strategy for achieving the Millennium Development Goals (MDGs).
Akpabio and his wife have four daughters and a son.
Akpabio had a brief stint as a teacher and as an associate partner with Paul Usoro and Co., a law firm in Nigeria.
He also worked with EMIS Telecoms Limited, a wireless telecommunications company in Lagos, Nigeria. In 2002, he rose to the position of the Managing Director/Chief Executive Officer of the company. In this position, he helped in shaping the future of the burgeoning telecoms industry. He had earlier served as the National Publicity Secretary of the Association of Telecommunication Companies in Nigeria, (ATCOM), while a director of EMIS.
In 2002, he was appointed Honourable Commissioner for Petroleum and Natural Resources by the then Governor Obong Victor Attah in Akwa Ibom State. Between 2002 and 2006, he served as a Commissioner in three key ministries: Petroleum and Natural Resources, Local Government and Chieftaincy Affairs, as well as Lands and Housing.
In 2006, he aspired for the governorship of Akwa Ibom State in a contested primary election and defeated 57 other aspirants to emerge the candidate of the Peoples Democratic Party (PDP). His campaign with the slogan, “let God’s will be done” received mass support and was elected Governor in 2007. He was re-elected for a second term in office as Governor of Akwa Ibom State in 2011.
In 2013, he was elected Chairman of the newly formed PDP Governors Forum.
In 2015, he contested and won the Senate seat of the Akwa Ibom North-West Senatorial District (Ikot Ekpene) to represent the district in the Senate of the Federal Republic of Nigeria. Running under the platform of the People’s Democratic Party (PDP), he polled 422,009 of the 439,449 to defeat Chief Inibehe Okorie of the All Progressives Congress (APC) who recorded 15,152 votes to be declared elected by the Independent National Electoral Commission (INEC).
Akpabio was nominated for the position of the Senate Minority Leader by the South-South caucus of the Peoples Democratic Party (PDP), ratified by the caucus of the PDP in the Senate and announced by the Senate President as Senate Minority Leader on 28 July 2015. The PDP lost the majority to the All Progressives Congress (APC), in the 2015 general elections.
In August 2018, he resigned as the Senate Minority Leader, after he had announced his defection to the All Progressives Congress. His defection was marked by Political rally in his hometown at the Ikot Ekpene township stadium, Akwa Ibom State.
In July 2019, he was nominated by President Muhammadu Buhari and screened by the Nigerian Senate for a Ministerial appointment.[33] On 21 August 2019, he was sworn in as Minister for Niger Delta Affairs.
In June 2022, Akpabio resigned from his position as minister for Niger Delta Affairs to contest in the presidential primaries of the ruling All Progressives Congress (APC) but stepped down on the night of the primaries for the eventual winner Bola Tinubu. A few days after the presidential primaries, he emerged as the Senatorial candidate for Akwa Ibom North-West Senatorial District. However, it was fraught with accusations of foul play by stakeholders of the party in the State. He went on to defeat his closest rival Emmanuel Enoidem of the Peoples Democratic Party to become the senator-elect in the 2023 general elections polling 115,401 votes, against Enoidem’s 69,838 votes.[36] He was elected President of the Senate of Nigeria on 13 June 2023.
ABBAS:
Abbas was born three years after Nigeria gained independence on October 1, 1963, into a ruling family in the Zazzau Emirate nestled in the ancient city of Zaria, Zaria LGA of Kaduna state.
He holds the traditional title of Iyan Zazzau. His great-grandfather was an Emir in the Zazzau Emirate. He comes from the Mallawa dynasty of the emirate. Meanwhile, his mother hails from Dutsen Kura in Malumfashi LGA of Katsina State.
By the dictates of the longstanding tradition, Abbas finds himself within the sacred order of succession. He is in line to ascend the illustrious throne as the Emir of Zazzau.
From tender years, little Abbas radiated an aura of exceptional greatness, embodying the rare qualities of a child predestined for the zenith.
Abbas was enrolled at the LEA Primary School, Lemu, Zaria, where he obtained his first school leaving certificate (FSLC). Continuing in his pursuit of knowledge, he went to the Government Secondary School in Makarfi, where he acquired the West African Examination Certificate (WAEC) in 1978.
With an insatiable hunger for academic excellence, he obtained a Grade I certificate at Kaduna Teacher’s College in 1981. Abbas then proceeded to Ahmadu Bello University in Zaria where he studied accounting and bagged a diploma in 1984.
His academic odyssey continued unabated as he obtained a B.Sc in business administration from Ahmadu Bello University in 1988. He bagged an M.Sc in business administration from the same institution in 1993. Abbas went further to get a PhD from Usman Dan Fodio University in Sokoto.
He also obtained another B.Sc in Business Administration Management from Usman Dan Fodio University.
Abbas’ journey is a captivating tale that saw him blossom from the position of a primary school teacher to an esteemed senior lecturer at the university.
Abbas was a primary school teacher from 1981 to 1988. In June 1998, Abbas decided to temporarily veer away from the familiar path of civil service. He delved into the private sector, joining the Nigerian Tobacco Company (NTC) Plc in Jos. For three years and three months, he held the esteemed position of a general manager, navigating through the complexities of the industry.
Abbas later joined the Nuhu Bamalli Polytechnic in September 2001, where he lectured until June 2005.
A month after, Abbas embarked on a new chapter at the Kaduna State University. With determination and dedication, he ascended the ranks, reaching the pinnacle of a senior lecturer, a testament to his profound knowledge and commitment.
Yet, just when his academic career seemed to have reached its zenith, the allure of politics beckoned. In 2010, Abbas made the audacious leap into the unpredictable murky waters of politics, bidding farewell to the halls of academia.
Abbas was first elected to the federal House of Representatives on the platform of the now-defunct Congress for Progressive Change (CPC) in 2011.
In a stunning display of support, he triumphed once again in the 2015 elections, this time on the platform of the All Progressive Congress (APC). Abbas took on multiple roles as a member of various committees within the hallowed green chamber.
He was the deputy chairman of the house committee on legislative compliance between 2011 and 2015. Following the inauguration of the house in 2019, he was appointed to chair the committee on land transport.
Tajudeen was also saddled with other legislative ad hoc assignments in the lower legislative chamber. In 2019, he was appointed as the treasurer of the Commonwealth Parliamentary Association (African chapter).
He was a member of the governing council of the Nigerian Institute of Legislative and Democratic Studies (NILDS) where he represented the north-west geo-political zone from 2019 to 2023.
Abbas was the APC Kaduna caucus leader in the House of Representatives, a position he held since 2019. In 2021, he was appointed the chairman of the House of Representatives sub-committee on the constitutional review conference for the north-central.
Despite the numerous roles he handled, Abbas did not take a back seat in delivering his core constitutional mandate of lawmaking. He sponsored several bills and motions. The lawmaker is described by his colleagues as a “silent achiever”.
During his four years stint in the 9th lower legislative chamber, he sponsored 74 bills; out of this extraordinary tally, over 18 received presidential assent.
Until recently, many Nigerians were oblivious of his remarkable achievements as Abbas humbly shied away from the limelight.
In recognition of his exceptional legislative achievement, OrderPaper Nigeria, a news media organisation dedicated to reporting parliamentary affairs, recently bestowed upon Abbas an award for being among the top performers in the 9th national assembly.
Abbas was the pioneer head of the Department of Accounting and Finance, Nuhu Bamalli Polytechnic, Zaria. He also pioneered the Department of Business Administration at the same institution. He was also the pioneer head of the Department of Accounting at Kaduna State University.
COVER
Yahaya Bello to Spend Christmas, New Year in Kuje Prison
By Mike Odiakose, Abuja
Immediate past governor of Kogi State, Yahaya Bello will spend the 2024 Christmas and 2025 New Year days in Kuje prison, Abuja, following refusal of his bail application by the Federal Capital Territory High Court.
Justice Maryann Anenih yesterday adjourned the case until Jan.
29, Feb. 25, and Feb. 27, 2025 for the continuation of the hearing.The former governor is standing trial, along with two others, in an N110 billion money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Anenih had refused to grant a bail application filed by Bello, saying it was filed prematurely.
The judge admitted Umar Oricha and Abdulsalam Hudu, to bail in the sum of N 300 million each with two sureties.
Justice Anenih, while delivering a ruling said, having been filed when Bello was neither in custody nor before the court, the instant application was incompetent.
“Consequently, the instant application having been filed prematurely is hereby refused,” she said.
Recalling the arguments before the court on the bail application, the judge had said, “before the court is a motion on notice, dated and filed on Nov. 22.
“The 1st Defendant seeks an order of this honourable court admitting him to bail pending the hearing and determination of the charge.
“That he became aware of the instant charge through the public summons. That he is a two-term governor of Kogi State. That if released on bail, he would not interfere with the witnesses and not jump bail.”
She said the Defendant’s Counsel, JB Daudu, SAN, had told the court that he had submitted sufficient facts to grant the bail.
He urged the court to exercise its discretion judicially and judiciously to grant the bail.
Opposing the bail application, the Prosecution Counsel, Kemi Pinheiro, SAN, argued that the instant application was grossly incompetent, having been filed before arraignment.
He said it ought to be filed after arraignment but the 1st Defendant’s Counsel disagreed, saying there was no authority
“That says that an application can only be filed when it is ripe for hearing.”
Justice Anenih held that the instant application for bail showed that it was filed several days after the 1st defendant was taken into custody.”
Citing the ACJA, the judge said the provision provided that an application for bail could be made when a defendant had been arrested, detained, arraigned or brought before the court.
Bello had filed an application for his bail on November 22 but was taken into custody on November 26 and arraigned on Nov. 27.
COVER
Middle Belt Group Tasks FG on Resettlement, Safety of IDPs
From Jude Dangwam, Jos
Conference of Autochthonous Ethnic Nationalities Community Development Association (CONAECDA) has called on the federal government to intensify efforts in the resettlement of displaced persons in their ancestral homes.
The organization made this call at the end of its conference held in Jos, the Plateau State Capital weekend.
Thirty resolutions were passed covering security, economy, politics, governance, culture, languages, human rights and indigenous peoples’ rights among others.
The Conference President, Samuel Achie and Secretary Suleman Sukukum in a communique noted that the conference received and discussed reports from communities based on which resolutions were reached on securing, reconstruction, rehabilitation and returning communities displaced by violence across the Middle Belt.
“After considering the reports from communities displaced by violent conflicts, conference resolved, and called on government to focus on providing security to deter further displacements.
“Call on government to provide security to enable communities to return. Government and donor partners should assist in reconstructing and returning displaced communities,” the communique stated.
The GOC 3 Armoured Division Nigeria Army represented by Lt Col Abdullahi Mohammed said the Nigerian Army is committed to working closely with communities to achieve a crime-free society, urging communities to support them with credible information.
“Security is a collective effort, and we cannot do it alone, the community plays a crucial role in ensuring safety.
“We urge everyone here not to shield or protect individuals involved in criminal activities. Transparency and collaboration, together, with maximum cooperation, we can achieve peace, security, and prosperity for our society,” the GOC stated.
The National Coordinator of CONECDA, Dr. Zuwaghu Bonat in his address at the gathering noted that the theme of this year’s program, Returning, Resettling, and Rehabilitating Displaced Communities, was chosen as a wakeup call on the federal government.
He maintained that the organization is aware that President Bola Tinubu has expressed a commitment to ensuring that displaced communities return to their ancestral lands.
He said similarly, some state governments, including Plateau State, have set up committees to address the lingering matter.
The coordinator however cautioned, “It is critical that we avoid generalizations or profiling. For instance, Not all Muslims are involved in terrorism. The overwhelming majority of Muslims in Nigeria are peaceful and reject extremist ideologies.
“We also know that some terrorists exploit religion to mobilize support or rationalize their actions. However, their atrocities – slaughtering women, cutting open pregnant mothers, and killing children show a profound disregard for humanity and God. Normal human beings would not commit such acts.
“We must also be cautious about lumping banditry with terrorism. While statistics indicate that many bandits and kidnappers may share similar ethnic backgrounds, kidnapping has now evolved into a profit-driven enterprise. This distinction is vital to address the root causes effectively,” he stated.
The Governor of Plateau State, Caleb Mutfwang represented by his Senior Special Assistant (SSA) on Middle Belt Nationalities, Hon Daniel Kwada noted that the conference was apt to addressed the various underlying issues bedeviling the region and its people.
“We in the Middle Belt have long been standing at the crossroads of Nigeria’s complex history. Despite our tireless efforts to stabilize this nation, we have faced immense challenges, including underdevelopment, security issues, and marginalization.
“Often, we are unfairly maligned, but gatherings like this offer a chance to change the narrative.
“Such conferences set the tone for better discussions. They allow us to drive processes that bring development, ensure security, and elevate our people to greater heights,” Mutfwang noted.
COVER
Recapitalisation: SEC Charges Banks to Strengthen Corporate Governance
Securities and Exchange Commission (SEC) has called on banks to reinforce their corporate governance principles and risk management frameworks to boost investor confidence during the ongoing recapitalisation exercise.
Dr Emomotimi Agama, Director-General, SEC, said this at the yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos.
The theme of the workshop is: “Recapitalisation: Bridging the Gap between Investors and Issuers in the Nigerian Capital Market”.
Agama, represented by the Divisional Head of Legal and Enforcement at the SEC, Mr John Achile, stated that the 2024–2026 banking sector recapitalisation framework offers clear guidance for issuers while prioritising the protection of investors’ interests
He restated the commission’s commitment towards ensuring transparency and efficiency in the recapitalisation process.
The director-general stated that the key to bridging the gap between issuers and investors remained the harnessing of innovation for inclusive growth.
In view of this, Agama said, “SEC, through the aid of digital platform, is exploring the integration of blockchain technology for secure and transparent transaction processing to redefine trust in the market.”
He added that the oversubscription of most recapitalisation offers in 2024 reflects strong investor confidence.
To sustain this momentum, the director-general said that SEC had intensified efforts to enhance disclosure standards and corporate governance practices.
According to him, expanding financial literacy campaigns and collaborating with fintech companies to provide low-entry investment options will democratise access to the capital market.
He assured stakeholders of the commission’s steadfastness in achieving its mission of creating an enabling environment for seamless and transparent capital formation.
“Our efforts are anchored on providing issuers with clear guidelines and maintaining open lines of communication with all market stakeholders, reducing bureaucratic bottlenecks through digitalisation.
“We also ensure timely review and approval of applications, and enhancing regulatory oversight to protect investors while promoting market integrity,” he added.
Agama listed constraints to the exercise to include: addressing market volatility, systemic risks, limited retail participation as well as combating skepticism among investors who demand greater transparency and accountability.
He said: “We are equally presented with opportunities which include leveraging technology to deepen financial inclusion and enhance market liquidity.
“It also involves developing innovative financial products, such as green bonds and sukuk, to attract diverse investor segments.
“The success of recapitalisation efforts depends on collaboration among regulators, issuers, and investors.”
Speaking on market infrastructure at the panel session, Achile said SEC provides oversight to every operations in the market, ranging from technology innovations to market.
He stated that the commission is committed to transparency and being mindful of the benefits and risks associated with technology adoption.
Achile noted that SEC does due diligence to all the innovative ideas that comes into the market to ensure adequate compliance with the requirements.
On the rising unclaimed dividend figure, Achile blamed the inability of investors to comply with regulatory requirements and information gap.
He noted that SEC had done everything within its powers to ensure that investors receive their dividend at the appropriate time.
He, however, assured that the commission would continue to strengthen its dual role of market regulation and investor protection to boost confidence in the market.
In her welcome address, the Chairman of CAMCAN, Mrs Chinyere Joel-Nwokeoma, said banks’ recapitalisation is not just a regulatory requirement, but an opportunity to rebuild trust, strengthen the capital market, and drive sustainable growth.
Joel-Nwokeoma stated that the recent recapitalisation in the banking sector had brought to the fore the need for a more robust and inclusive capital market.
She added that as banks seek to strengthen their balance sheets and improve their capital adequacy ratios, it is imperative to create an environment that fosters trust, transparency, and cooperation between investors and issuers.
The chairman called for collaboration to bridge the gap between investors and issuers to create a more inclusive and vibrant Nigerian capital market.She said: “we must work together to strengthen corporate governance and risk management practices in banks, enhance disclosure and transparency requirements for issuers.” NAN