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NASS Ready to Collaborate Partners on Corporate Governance, National Devt – Speaker




….NASS Ready to Collaborate Partners on Corporate Governance

Hon. Tajudeen Abbas, the Speaker, Federal House of Representatives, says the 10th National Assembly will work with development partners to drive sound corporate governance for national development.

Abbas said this during the hybrid 2023 Annual Directors Conference dinner with the theme: “Business Meets Government Dinner” by the Chartered Institute of Directors (CIoD) Nigeria in Abuja.

He said the role of corporate governance sits at the heart of national development.

Abbas represented by Engr.

Sani Bala, also stressed the need for adequate human capital or decision makers to galvanise the nation’s resources.

“The Role of Corporate Governance is one that sits at the heart of national development.

“With all of our vast resources, if we do not have adequate human capital or decision makers to galvanise these resources, we shall continue to be seen as a nation with so much resources, yet cursed,” he said.

The Speaker said stressed the need to involve everyone in the efforts to transform Nigeria into a world leading economic destination.

“The talk about diversification has been up for too long and we must therefore do more than mere talk meaning now is the time to actually walk the talk.

“Thus, our role in the legislature is to accept ideas from corporate organisations such as this, so we can use the relevant legislative tool to promote good governance and national development.

“Therefore, I want to assure you that the 10th National Assembly is more than ever, ready to associate itself with development partners for the good of our nation and every Nigerian.

“It is my hope that this gathering shall maintain its objective of enhancing a platform for connectivity and cross-fertilisation of ideas that would turn Nigeria’s economic fortunes for the better,” he said.

Alhaji Tijjani Borodo, President, CIoD Nigeria, quoted the International Monetary Fund (IMF) projection that global economy was expected to slowdown to 2.9 per cent from three per cent in 2023.

Borodo stated that this declaration was a cause for concern, as it can result in reduced job opportunities, decreased consumer spending, and hindered business expansion.

“Coming home to Nigeria, the business environment has been less than favourable and has negatively impacted various sectors and industries.

“Also, insecurity remained a significant concern, with ongoing threats from insurgencies, banditry, and kidnappings in certain regions.

“The many economic challenges of the nation demand comprehensive and coordinated efforts from both the public and private sectors to foster a more conducive and stable business environment in Nigeria,” he said.

The CIoD president said that looking ahead to 2024, these challenges may pose obstacles, but they also present enormous opportunities for innovation and resilience.

He said addressing them through policy reforms, infrastructure investments, access to finance, and above all matchless ethical conduct, Nigeria’s business environment would thrive and contribute to economic growth and development.

Borodo tasked government to provide a supportive and conducive environment to accelerate economic recovery, restore investor confidence, attract new investments, and foster employment.

Dr Fatumata Coker, Chairman, National Organising Committee, ADC, said the event was crucial to forging of crucial alliances and the exploration of innovative strategies to steer Nigeria’s economic landscape toward sustained growth and resilience.

This, Coker said, was in recognition of the critical role that corporate governance plays in shaping the trajectory of our nation’s economy.

“The fusion of business acumen and sound governmental policies is instrumental in propelling Nigeria toward a future characterized by diversity, resilience, and sustainable development.

“Our assembly tonight is a testament to the collaborative spirit that defines the Institute.

“It reflects our collective commitment to effective governance, ethical leadership, and unwavering dedication to steering the ship of Nigeria’s economic destiny towards prosperity,” she said.

Reports says that the event had theme: “Driving Nigeria’s Economic Transformation and Diversification: The Role of Corporate Governance.”(NAN)


SEC Approves Commencement of Access Holdings N351bn Rights Issue 




The Securities and Exchange Commission (SEC) has approved the commencement of the N351 billion rights issue capital raising programme of Access Holdings Plc.

A statement made available by the Holdings to newsmen on Sunday in Lagos confirmed this.

The group said that the approval marked a significant milestone in its previously announced capital raising programme, which aimed to generate up to $1.

5 billion.

It also said that the rights issue was strategically structured to boost Access Holdings’ financial position and support ongoing working capital needs.

According to the holdings, the programme will also provide funding for organic growth across its banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.

“The offer will be issued on the basis of one new ordinary share for every two existing ordinary shares held as of June 7, 2024,” it said.

The lead issuing house for Access Holdings’ rights issue is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will serve as the Registrars to the offer.

The offer will open on July 8 and close on Aug. 14.

It noted that the rights circular would be distributed to shareholders by Atlas Registrars Ltd., and application forms would also be available on its various websites.

The holding company advised its shareholders to contact their stockbrokers for more details about the offer.

Access Holdings said that it remained committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

It noted that the successful execution of the rights Issue would further solidify the group’s position as a leading financial services provider in Africa and beyond.(NAN)

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Nigeria Spends $600m Annually on Palm Oil Importation




The National Palm Produce Association of Nigeria (NPPAN), says Nigeria spends 600 million dollars on palm oil importation annually.

Mr Alphonsus Inyang, National President of the association stated this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

He  described the expenses as unhealthy for national development.

Inyang said the samount could be saved and injected into the economy if the palm oil sub-sector was given due attention by successive governments.

The president said that Nigeria  which was self sufficient in palm oil production in time past,  now spends  huge amount to import same product.

Inyang said in the 60s, Nigeria was number one in palm oil  production and exportation globally, controlling over 60 per cent of world palm oil.

He said that the reverse was the case at the moment as over 50 per cent of what “we consume are imported,”he said.

Inyang said at the moment the country occupies fifth position in the league of palm oil  producing countries after Indonesia, Malaysia,Thailand and Colombia.

According to him, Nigeria may lose the position to smaller countries who are investing heavily in the sector.

He said  Indonesia occupies the first position,  producing 50 million metric tons, Malaysia second with 19 million metric tons, Thailand 3.28 million and Colombia 1.9 million metric tons.

The president attributed the challenge to the negelect of the sector by successive governments.

Inyang said based on the U.S.  Department of Agriculture, Nigeria currently occupy fifth position in the league of palm oil producing countries with 1.5 per cent or 1.4 million metric tons of the world’s total output.

“Nigeria was overthrown as the world’s largest palm oil producer and exporter by Malaysia and Indonesia in 1966.

“Currently Nigeria is the largest consumer of the product in the continent, consuming approximately three million metric tons yearly.

“Domestic production stands at less than 1.4 million metric tons, leaving a deficit of over 1.6 million metric tones,’’ he said.

Inyang urged government, specifically the Federal Ministry of Agriculture and Food Security to support NPPAN members  with seedlings to develop 250,000 hectares per year.

“Our members can plant up to 250,000 hectares per year through the association’s National Oil Palm Strategy Development Plan , all we want are inputs.

“Government does not need to give and develop land for us, we need seedlings, fertilisers, logistics and implements to close this gab within four years.

“We will also create new millionaires in 28 states of the federation, “he said. (NAN)

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Nigerian Banking System is Stable, CIBN Assures Nigerians




The Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday reassured Nigerians that the banking system remained “safe, sound and resilient,” dispelling fears of bank liquidations.

Its president, Prof. Pius Olanrewaju, gave the reassurance in a statement in Lagos to correct misinformation and fake news that licence of more banks would be revoked.

Olanrewaju emphasised the importance of clarifying rumours that additional bank licenses would be revoked, following the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3.

“We would like to allay the fears of bank customers and the general public that the assertion is false and misleading.

“The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN, stated.

He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.

“Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Olanrewaju said.

According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound, in collaboration with other stakeholders in the ecosystem. (NAN)

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