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NASS Canvasses Stronger Capital Market Regulation

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The Chairman, House Committee on Capital Markets and institutions, Hon. Babangida Ibrahim, has called for strengthening of the regulatory framework of the capital market to attract more investments.

Ibrahim made the remarks during a stakeholders meeting on Investments and Securities Bill held on Monday in Lagos.

He said due to the vital role that capital markets played in the growth and development of the economy, there was need for investments to be conducted under a secured and transparent environment.

“This meeting is to review the current developments in the Nigerian Capital Market and also dissect the content of the Investments and Securities Bill, 2021 and make appropriate contributions.

 “SEC, with our determined commitment for the passage of the Bill, which has already passed the second reading, I believe at the end of this retreat a clearer focus would be charted to ensure the success of the passage of the Bill,” he said.

Ibrahim said he hoped that contributions at stakeholders’ meeting would strengthen the operational framework of the capital market.

“We as Stakeholders must offer our valued ideas and bring in our expertise and professionalism to this piece of legislation.

“We should note that for this bill to pass through the legislative activities successfully in the National Assembly, it must be holistic and comprehensive.

“Therefore, I urge the management of the commission and the entire stakeholders gathered here to bring out our best towards this course,” he added.

He also assured stakeholders of the National Assembly’s support in any area of legislation necessary to actualise the vision of SEC to make the investment and securities businesses in Nigeria better.

The Director-General of the SEC, Mr. Lamido Yuguda, expressed the need for a legislation that would address the current realities and prepare the Nigerian capital market for the prospective changes in the future.

Yuguda said the significance of the capital markets could not be over emphasised as governments needed the capital market to deliver the goods and services that the nation needed.

“I hereby wish to register my profound appreciation for the support from the two committees of the National Assembly to us in our various interactions over the last one and half years.

“This has helped the leadership of the Commission in doing things differently and I can say confidently that we are in a better state than we were two years ago.

“With this kind of support we are going to get the capital market of our dreams,” he stated.

Also speaking, the Chief Executive Officer, Nigerian Exchange Ltd., Mr Temi Popoola, emphasised that most of the developmental challenges the country faced could be solved through the capital market.

He said: “The capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance.

“It is, therefore, crucial that the market becomes more innovative in product development to attract a more diversified array of market players both in the listing and trading segments.

“Undoubtedly, if we are able to deepen our market and make it stronger, there will be inflows and our nation will grow and become healthier,” he noted.

The Chairman Senate Committee on Capital Markets, Senator Ibikunle Amosun, in his goodwill message said a lot of changes had happened in the global stock market, hence the need for Nigeria to move with the tide.

Represented by Senator Kashim Shettima, Amosun said: “It is interesting to note that the last time the Act was enacted was in 2007. There are lots of changes in the global stock market and we need to move with the tide.

“There is, therefore, the need for a review of the ISA to conform with current realities. This is a good forum for us to come up with robust solutions to the challenges,” he said. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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