NEWS
New Investment Act, Game Changer to Stimulate Economic Growth – SEC
By Tony Obiechina, Abuja
The Securities and Exchange Commission (SEC) said the Investments and Securities Act 2025 is a game changer that has the strong potential for stimulating growth for the Nigerian capital market and the economy.
Director General of the SEC, Dr.
Emomotimi Agama who stated this during an interview in Abuja on some of the highlights of the ISA 2025, said the new law is revolutionary in all respects as it provides the SEC the opportunity of retaining its signatory A status with the International Organization of Securities Commission.According to him, this is significant because it allows other countries to benchmark the Nigerian SEC and capital market with other jurisdictions which will drive friendly investments and investors into the Nigerian capital market and also expand the capital market reach in Nigeria.
The SEC DG said another highlight of the new law is the increasing opportunities available for raising capital in the Nigerian capital market as well as the inclusion of the regulation of online forex for which a lot of Nigerians are involved in and the introduction of legislation that speaks to digital assets regulation in Nigeria.
“This is huge because in the Nigerian population, the youths that are involved in this space are many, so providing clarity and providing legal framework and background to this is very essential for our growth. Beyond all of that we also have the Legal Entity Identifier being introduced into the Nigerian law which speaks to derivatives transactions.
“The commodities ecosystem is well featured in this law being able to provide regulation regarding the commodities ecosystem from the spot market onto the derivative market and the secondary market. We have also been able to remove by this law restrictions by states and local governments in their ability to raise capital and bring development to their states and of course municipal areas. So this for us is very important”, Agama noted.
The SEC Boss emphasized that the provisions of this law are so huge and fundamental in creating a dynamic, resilient and strong capital market that will help in the development of the nation’s economy and help in facilitating Mr. President’s agenda for a one trillion dollar economy
Dr. Agama stressed that beyond all of that, the essence of this law is actually to create a dynamic inclusive and resilient capital market for the economy adding that the Commission is committed to moving the capital market and the Nigerian economy forward.
He said, “The capital market is strong enough to provide the much needed funding needs for various sectors of the economy. It is one of the strongest you can think about, our ROI was one of the best in the world for last year. When you look at what the capital market has already done with the bank recapitalization which is still ongoing, you can agree with me that our market is strong.
“Today, the Nigerian capital market has been able to facilitate the raising of capital by banks to the tune of N2.4 trillion and still counting. This has never happened in the history of this country. Our responsibility is to facilitate growth, facilitate exchanges and to facilitate the movement of capital and that we have done successfully with this exercise. Other institutions are also coming to raise capital. The Ministry of Finance Incorporated recently raised N250 billion for housing facilitation in Nigeria.
“This tells you the capital market is resilient and it is showing in the activities that are happening in the capital market. In terms of market recapitalization, it has moved to over N65 trillion and that tells you that the capital market in Nigeria is moving forward” he stated.
The SEC DG also commended President Bola Ahmed Tinubu for his unwavering support and also expressed appreciation to the National Assembly as well as the Minister of Finance and the Minister of State Finance.
By Laide Akinboade, Abuja
For prompt response to health emergencies, the World Health Organisation (WHO) yesterday donated eight surge vehicles (For emergencies) to the Federal Capital Territory Administration (FCTA) in Abuja.WHO Country Representative, Nigeria, Dr Walter Kazadi Mulombo while handing over the eight surge vehicles, said the vehicles were intended to enhance the operational capacity of the FCT Public Health Emergency Response System, adding that in order to boost health emergencies in Abuja, all hands must be on desk.
He stressed that health emergency preparedness is not a luxury; it is a necessity, “Investing in resilient systems today ensures we save lives tomorrow. And we are proud to walk this journey with Nigeria.”These vehicles, procured with the generous support of WHO, are intended to enhance the operational capacity of the FCT Public Health Emergency Response System. This handover is part of the Strengthening and Utilising Response Groups for Emergencies (SURGE) flagship initiative, which aims to bolster health emergency preparedness and response within the FCT. The FCT is one of six states selected to pioneer the SURGE implementation in Nigeria. These vehicles will enhance the FCT’s mobility and rapid deployment capacity for emergency teams, ensuring that critical personnel, supplies, and response efforts reach affected communities swiftly and efficiently”.He therefore reiterated WHO’s continued commitment to working hand-in-hand with the Government of Nigeria to strengthen national and sub-national capacity for health emergency preparedness and response.The SURGE flagship project was designed by WHO Regional Office for Africa (AFRO) to ensure that countries are able to mobilize within 24 hours of a confirmed emergency. The initiative aims to develop a multidisciplinary, trained, and rapidly deployable national workforce, backed by a strong operations and logistics system, all led by the government.Director General and Chief Executive Officer of the Nigeria Centre for Disease Control (NCDC), Olajide Idris in his good will message said Partnering with WHO has been fantastic, although the federal government is trying his best but resources are a bit limited. The gesture of WHO is highly welcome and commended.He said presently NCDC is currently managing 8 emergencies.FCT Mandate Secretary for Health Services & Environment, Dr. Adedolapo Fasawe appreciated WHO for the vehiclesShe said the vehicles will go a long way in improving the surveillance system and reducing the health indices in Abuja. She therefore assured that the vehicles would be used for what is meant for.
From Mike Tayese, Yenagoa
Adaka Football Club (FC) of Kaiama have emerged Champions of the Kolokuma/Opokuma Local Government Area Season 7 Final in Nigeria’s biggest grassroots football fiesta, the Bayelsa Governor’s Football Tournament tagged the Prosperity Cup.Adaka FC of Kaiama humbled Sampou FC of Sampou by three goals to one in an encounter watched by the crème de la crème of Kolokuma/Opokuma Local Government Area at the Odi field.
Victorious Adaka FC smiled home with the sum of one million naira while second-placed Sampou FC got five hundred thousand naira. Chairman of Kolokuma/Opokuma Local Government Area, Hon. Tariye Isaac Lelei in a remark, commended both sides for their doggedness, urging both teams not to rest on their oars till they get to the final of the showpiece, describing both sides as victors.He noted that Adaka FC’s triumph in the local government final was just the beginning of greater success to come, stating that the council would support both teams when the round of 32 commences.According to him, the Prosperity Cup remains the surest way of positively engaging the youths in the state, maintaining that the testimonies from the tournament over the years are testaments to the credibility of the competition.He equally appreciated the organizers of the tournament for ensuring that the competition receives international attention, stressing that the council would continue to collaborate with the tournament organizers to discover more talents.Apart from the prize money from the organizers of the tournament and ALGON, donations equally came from Kolokuma/Opokuma stakeholders and guests who attended the final.The member representing Kolokuma/Opokuma Constituency 1 in the Bayelsa State House of Assembly, Hon. Werinipre Pamoh rewarded the winners with One Hundred Thousand Naira 100,000.00 while Sampou FC received Seventy Thousand Naira 70,000.00.Former Commissioner for Sports Development, Hon Ebikitin Diongoli also rewarded Adaka FC with the sum of One Hundred Thousand Naira (100,000.00) while the runners-up Sampou FC received Fifty Thousand Naira (50,000.00).A guest, David Iruafemi donated the sum of seventy thousand naira (N75,00.00), covering the man of the match who went home with 20,000.00, while the runner-up smiled home with N10,000.00. The Centre Referee received 15,000.00 while the Assistant Referees and fourth official received 10,000.00 each.The Councilor representing Sagbama Ward 8 initially declared Ten Thousand 10,000.00 for the first and second goal scorers then later rewarded every goal scorer with the same amount.Hon Ebikitin Diongoli promised to rally all stakeholders in the LGA to raise the sum of one Million Naira each for both teams that will be participating in the round of 32 of the Prosperity CupThe hat-trick hero in addition to the cash reward also went home with the match ball.From Sylvia Udegbunam, Enugu
The Nigerian Army has pledged to cooperate with the National Agency for Food, Drug Administration and Control (NAFDAC) to rid the entire South-East of fake and unwholesome drugs, food and cosmetics.Maj.-Gen. Oluyemi Olatoye, the General Officer Commanding (GOC) of 82 Division of the Nigerian Army, gave the assurance on Tuesday in Enugu when he received NAFDAC team led by its Director South-East, Dr Martins Iluyomade, in his office on a courtesy call.
Olatoye commended NAFDAC for joining in the security of lives as it pertains to safeguarding the water, food and other consumables Nigerians use daily. “As directed by Nigerian Army Headquarters, we will continue to give you maximum security and even partner to do more. “Whenever you need us, reach out and we will surely be there to see that you carry out your mandate hitch-free and unhindered. “We also solicit that you share confidential security information with us to nip other forms of criminality in the bud since you live among the people and interact with them daily,” he said.The GOC also solicited NAFDAC’s help in sanitising the Mammy Markets in all barracks within the Area of Responsibility of the Division.He said that there was suspicion that some traders within the markets were using the guise of selling in barracks to sell fake, expired and unwholesome products to members of barracks communities. “We want a serious partnership to rid our Mammy Markets of activities of unscrupulous traders and their collaborators. “We are requesting enforcement activities within our barracks and we are ready anytime you are ready for it,” he said.Earlier, Iluyomade said that NAFDAC came to the GOC office to “say thank you to the Nigerian Army for supporting us in the recent enforcement operations in major drug markets in the South-East.”The NAFDAC director noted that fake, expired and unwholesome drugs worth over N1 trillion were seized and destroyed to safe-guard the health of Nigerians especially residents of South-East in that coordinated enforcement. “We are here to say thank you. The success of that coordinated enforcement operations is because the Nigerian Army remained on ground to the last minute of the enforcement operations.“We seek for great cooperation and partnership as we carry out further pursuit of our mandate anywhere and anytime within the South-East,” he said.On the need to sanitise Mammy Markets, the director noted that the agency would first carry out sanitisation workshops for traders in Mammy Markets as well as officers and men in various barracks.“This is to ensure that the people are aware of what constitutes fake, expired and wholesome drugs, water, edibles and cosmetics products and join NAFDAC to monitor activities in their markets, malls and shops within each barrack,” he added.The event witnessed exchange of plaques between the GOC and director as well as the director signing of the Division’s Visitors Note and a group photograph.
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