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Private Sector, Key Drivers of Economy – SEC DG

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By Tony Obiechina, Abuja

Acting Director General of the Securities and Exchange Commission, SEC, Ms Mary Uduk has described the Organized Private Sector (OPS) as key drivers for economic growth and development 

Speaking at the inauguration of the SEC Private Equity Committee in Abuja at the weekend, the Acting DG noted that the private sector create jobs and pay the taxes that finance services and investments.

 

 Uduk who was represented by Acting Executive Commissioner Corporate Services of the SEC, Mr.

Henry Rowlands, said the inauguration of the SEC Private Equity Committee is ahead of the planned National Private Equity Summit.

She said the event is an epoch making one for the country as it underscores one of its objectives of facilitating proper understanding and appreciation by government of the importance of private sector activities as key drivers of private sector led economic growth. 

According to her, the Nigerian government recognises the importance of private sector-led economic growth, hence it has put in place several partnerships and initiatives between the private sector and the government with a view to achieving optimal economic growth. 

 “The private sector remains the key driver of economic growth with the federal government providing enabling framework to galvanise and support private sector investors and participants through such vehicle as private equity funds. 

“A McKinsey report highlights this fact by its data that reveals that private equity net assets grew as much as 70% from 2002 till 2018 and twice as fast as public equities. This underscores the high growth rate of private sector investment through private equity funds operations” she stated.

The Acting DG said that with a provision for allocation of $250 million of the pension assets under management of private equity investment, there lies huge potential for the sector to drive economic growth potentials of the Nigerian economy.

“I seize this opportunity to sincerely appreciate Henshaw Capital and Partners for this initiative and all the institutions and agencies that have accepted to participate in this working committee” she added. 

In his remarks, Mr. Efiok Ekpenyong Efiok, Head, Investment Management Department, SEC said the SEC Private Equity Committee is a SEC driven Committee based on Private sector initiative led by Henshaw Capital Partners in collaboration with key financial sector stakeholders, Federal Government and private sector Institutions. 

Efiok said the institutions include Central Bank of Nigeria, Nigerian Sovereign Wealth Fund, National Pensions Commission, Infrastructure Concession Regulatory Commission (ICRC), the Nigerian Stock Exchange (NSE), and Nigerian Association of Securities Dealers.

According to him, the work of the Committee is geared towards organizing the Nigerian Private Equity summit with the objective of galvanizing the private equity ecosystem in Nigeria to proactively articulate, expand and harness the private equity opportunity in Nigeria.

“In line with this principal objective as articulated in the proposal document, the Summit aims among others to raise awareness of the private equity opportunity to meet a significant portion of the financing needs of Nigeria’s exponential growth Companies” he added. 


Economy

SEC Approves Commencement of Access Holdings N351bn Rights Issue 

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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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Business News

Nigeria Spends $600m Annually on Palm Oil Importation

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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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Economy

Nigerian Banking System is Stable, CIBN Assures Nigerians

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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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