Connect with us

Business News

Capital Market Positions to Aid 2023 Budget Realization – Yuguda

Published

on

Share

By Tony Obiechina, Abuja

The Securities and Exchange Commission has expressed belief that the Nigerian Capital Market is well positioned for the realization of the objectives of the 2023 Budget of Fiscal consolidation and Transition.

Director General of the Securities and Exchange Commission (SEC), Mr.

Lamido Yuguda, who stated this in an interview Abuja weekend, noted that the capital market is an organized and specialized financial sector that drives capital mobilization through domestic savings and foreign capital inflows.

Yuguda disclosed that the Nigerian equities market ended the year on a positive note as the NGX All-Share Index (ASI) which started at 42,716.

40 points, ended the year 2022 at 51,251.06 points, indicating a 19.98% growth. While the FMDQ, despite the headwinds in the economy, recorded a total market turnover of ₦199.88 trillion by year-end, which was an increase of half percentage point compared to ₦198.93 trillion in 2021.

While stating that the Year 2022 was a turbulent one that brought with it increased inflationary pressure and consequent increase in interest rates for the global economy, he however expressed optimism that inflationary pressures would be managed in the not too distant future.

He noted that the global stock market posted its biggest annual drop since the 2008 financial crisis, with the MSCI World Index of stocks losing about a fifth of its value during 2022, the worst performance in 14 years.

“Last year, the Nigerian economy faced several challenges, including worsening inflation, rising unemployment, huge fiscal deficit, insecurity, and floods. Additionally, oil theft and volatility in oil prices led to difficulties in foreign exchange management. In an attempt to tame inflation, the CBN raised the monetary policy rate four (4) times during the year, increasing the cost of financing for businesses and dampening corporate activity and performance;

“Despite these challenges, the Nigerian economy grew by 3.52% (year-on-year) in real terms, driven mainly by the services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP”, Yuguda said.

The SEC Boss disclosed that for the safety and security of the capital market, and to address the deficiencies in the Nigeria’s Mutual Evaluation Report (MER), the Commission has issued new AML/CFT regulations and guidelines, which mandate CMOs to comply with stringent reporting obligations, such as, application of RBS by reporting entities, screening of clients against United Nation’s Sanction List before on boarding, and continuous monitoring of clients among others.

He therefore vowed that the SEC will apply zero tolerance to money laundering, terrorism and proliferation financing violations.

“We must all ensure that we continue with the implementation of the revised Capital Market Master Plan (CMMP), alongside the implementation of other initiatives. Over the years, we have relied on the support of CAMMIC, Technical Committees and Working Groups in the implementation of the Master Plan.

“In line with the RCMMP, we will review and align the structure and scope of work of the various technical committees and working groups to ensure seamless implementation of the plan and continue to rely on the stakeholders”.

The SEC Boss assured that in protecting investors and creating an enabling environment for fit-and-proper capital market operators to thrive, the Commission will prioritize its planned increase of on-site inspections and improved collaboration with Trade Groups and other relevant stakeholders.

He commended the capital market community, for their unwavering commitment, which has played a crucial role in the Commission’s efforts to build a robust capital market adding that, their contributions and support have been instrumental to driving progress in the capital market and the country.

Business News

NELFUND Loan Improves Graduate’s GPA to 3.50

Published

on

Share

A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

Continue Reading

Business News

FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

Published

on

Share

The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

Continue Reading

Business News

OPay Provides Update on Planned NYSE IPO, Reaffirms Normal Business Operations

Published

on

Share

From Tony Nwachukwu, Lagos

Fintech company OPay has announced the postponement of its planned public offering on the New York Stock Exchange (NYSE), following careful consideration of an ongoing inquiry by a regulatory authority.

The company said the decision to postpone the offering was taken in the best interests of the business and its customers.

In a statement shared with DAILY ASSET, OPay explained that the ongoing inquiry does not affect the services it provides to customers or how it operates in Nigeria and its other business markets.

The company also reassured customers, merchants, agents and other business partners that its operations would continue as usual, with all services remaining fully available.

“Customers can continue sending and receiving money, making payments and saving without interruption,” the statement noted.

OPay expressed appreciation to its customers, merchants, agents, business partners, employees and other stakeholders for their continued trust and support.

The company also reiterated its commitment to making financial services more inclusive through technology

Continue Reading

Advertisement

Top Stories

General News3 hours 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...

Agriculture3 hours 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...

NEWS5 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 News5 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 News6 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...

Education6 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,...

NEWS10 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...

NEWS10 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...

POLITICS10 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...

NEWS10 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...