NEWS
Banks, Others Raise N2.7trn Via Rights, Public Issuance –SEC
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)
NEWS
FCC partners with media outfit on digital platform
By Laide Akinboade Abuja
Federal Character Commission (FCC), said it has concluded arrangement to collaborate with Keep it Different (KID), Agency
on the development and institutional branding of a new digital platform initiative that would strengthen governance systems, improve operational efficiency, and enhancing transparency across public sector institutions.
This was stated in a statement issued and signed by Head of Programs, KID, Agency, Christopher Odogwu, in Abuja.
The Executive Chairman of the Federal Character Commission, Hon. Hulayat Motunrayo Omidiran, said the initiative reflects the Commission’s commitment to deepening institutional reforms and modernising governance processes across its mandate.
She said, “This digital platform initiative represents a strategic step toward strengthening compliance processes, improving communication between Ministries, Departments and Agencies and the Commission, and building more responsive institutional frameworks that align with the Federal Government’s broader digital transformation objectives.”
Also speaking on the collaboration, Precious Emehelu, Founder and CEO, KID described the initiative as a significant institutional advancement that reflects the growing role of digital innovation in strengthening governance structures and improving efficiency within Nigeria’s public sector.
According to her, the project aligns with the agency’s commitment to supporting forward-thinking institutions through strategic communications, digital transformation, and impactful institutional experiences.
She noted that the platform will significantly enhance operational effectiveness through more responsive digital systems, improved access to institutional data, and data-driven administrative processes.
“Beyond technology, this initiative represents a strategic shift toward smarter governance systems and more efficient institutional operations,” Precious Emehelu said. “We believe this collaboration with FCC is both timely and critical in supporting the Federal Government’s broader digital transformation agenda and the ongoing transition toward digital-first operational systems across public institutions.”
The initiative is expected to strengthen institutional transparency, improve stakeholder engagement, and reinforce the implementation of the Federal Character Principle through modernised digital infrastructure.
The initiative forms part of the Commission’s broader reform agenda focused on institutional modernization, improved service delivery, strengthened compliance mechanisms, and enhanced public engagement through technology-driven governance solutions.
NEWS
Kogi Traditional Rulers Unite to Tackle Insecurity
From Joseph Amedu, Lokoja
Traditional rulers from Oworo land in Lokoja Local Government Area of Kogi State, have resolved to work together to tackle insecurity and strengthen unity for the development of their communities.
The royal fathers made the resolution during stakeholders’ meeting of Oworo Traditional rulers and Title Holders at the weekend in Lokoja.
The meeting was convened in line with traditional law to review pressing issues affecting the area, with security, unity, and socio-economic progress at the center of deliberations.
Addressing journalists after the meeting, the Olu of Oworo and Chairman Oworoland Traditional Council, Mallam Mohammed Adoga Baiyerohi, said periodic meetings were necessary to take stock of the community’s challenges.
“As provided by our traditional law, we are supposed to meet from time to time to take stock of situations affecting our community.
“Key issues include unity among the people, security, and the socio-economic activities of our people, and how these are being disrupted,” Oba Adoga said.
The council expressed deep concern over the rising insecurity in Oworo land.
The Olu oworo noted that the area’s location had made it a target for kidnappers, bandits, and other criminal elements who exploit its proximity to the River Niger as a hideout and escape route.
“Our land provides a very easy route for them to sneak in and out. This is a challenge we are contending with,” the royal father stated.
He commended Gov. Ahmed Ododo for his hands-on approach to tackling insecurity across Kogi State, noting that the governor had personally visited forests and troubled areas, day and night, to curb criminal activities.
“We appreciate him and pray that God continues to assist the governor. We will only rest when our people can live in peace.
“As long as these nefarious activities continue, we will keep engaging with the government. The relationship between us and the governor will continue to grow stronger,” the Olu added.
The traditional ruler urged the people of Oworo land to set aside political and historical differences and prioritize unity as the foundation for development.
“For development to thrive, it must be preceded by unity and peace. Peace and unity are the gateway to development. We must come together to promote peace, unity, and progress in our land,” he said.
Other traditional rulers who contributed at the event included the Olu Apata, HRH Oba Fedrick Balogun JP; Bajana III of Obajana, HRH Oba Idowu Isenibi, HRH Oba Ismaila Zakari, the Ohiribo-Keta of Karara; and HRH Oba Abubakar Alugbere, the Masi of Agbaja.
Other traditional title holders at meeting were: Chief Gabiel Agoyi; the Obajemu of Oworoland; Chief (Dr.) Denja Abdul, the Marafa of Oworoland; Chief Aiyedogbon Berida, the Eleson of Oworoland; and Chief A.G Abdullahi, the Baani of Oworoland, among others.
At the close of the meeting, the council resolved to strengthen collaboration between traditional institutions, the Kogi State Government, and security agencies to improve safety and accelerate development in Oworo land.
The council emphasised the need for traditional rulers to unite and carry their subjects along in efforts to advance Oworo land.
The council further proposed the institution of an Oworo Day cultural festival to foster unity and suggested deploying technology to strengthen security against banditry and other crimes.
Foreign News
Strike over High Fuel Prices Paralyses Transport in Kenya
Thousands of Kenyan commuters have been stranded and businesses paralyzed as public transport operators went on a nationwide strike to protest against recent increases in the cost fuel.
Key roads in the capital Nairobi remained largely empty, forcing some commuters to walk to work, with other parts of the country also affected by the transport crisis.
Businesses in parts of Nairobi remained shut and schools asked students to stay at home.Protesters have been barricading roads and lighting fires on the roads as the protests continue.
The strike comes days after the authorities raised petroleum prices to record levels, with costs increasing by more than 20%.
Kenya, like many other African countries, relies heavily on fuel imports from the Gulf, a supply route disrupted by the US-Israel conflict with Iran that began on 28 February. Even though a ceasefire has been declared, fuel prices have remained high as the Strait of Hormuz, where a fifth of the world’s oil passes through, is still blocked.
In parts of Nairobi and elsewhere across the country, police clashed with protesters, using tear gas to disperse them. This came amid reports of demonstrators stopping and harassing some motorists.
Ahead of the strike, the police assured Kenyans that security measures would be in place and warned against any disruptive conduct.
The association representing transport operators had earlier urged all vehicle users, including private motorists, public transport buses (locally known as matatus) and truckers, to stay off the roads as part of a coordinated shutdown.
“This action is not only for transport operators, but for every Kenyan citizen,” the Transport Sector Alliance (TSA) said in a statement.
The alliance has accused the government of not doing enough to shield Kenyans from the rising fuel prices, amid a broader high cost-of-living crisis.
It has called for the reversal of the price increases announced last week, and for fuel prices to be reduced by about 35%.
The Energy and Petroleum Regulatory Authority (Epra) on Thursday raised prices to a high of 242 shillings ($1.8; £1.4) a litre for diesel and petrol to $1.65.
Treasury Minister John Mbadi told local NTV station on Monday that the increase in fuel prices was “unfortunate” and acknowledged that it was hurting the economy.
He however said the strike was “completely uncalled for” and the government would only make decisions that are “informed and not emotional”.
“Why are we trying to solve a global problem using domestic means?” he asked.
The high cost of fuel is being blamed for increases in the price of food and other basic goods and services, with public service vehicles already raising commuter fares.
Last month, the government cut VAT on fuel from 16% to 8% until July but there have been calls for it to do more.


