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Save, Invest for Future Endeavors, SEC Charges Youths 

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By Tony Obiechina, Abuja 

Young people have been urged to plan their future by engaging in savings and investments from an early age.

This was stated by Mr. Nestor Ikeagu, Director Market Development Department of the Securities and Exchange Commission (SEC) during the commemoration of the Global Money week by the Commission in Abuja yesterday.

Ikeagu disclosed that the Commission is on a drive to educate and enlighten the youths on money management as well as encourage them on investments opportunities available in the capital market.

“We are proud to be part of this annual financial awareness campaign highlighting the importance of teaching children & youth about financial education & financial literacy.

These sensitisations to Gwagwalada and Nassarawa are aimed to directly speak to the children and youths and highlight how important this is to the SEC.” he stated.

“For today, we have reached out to students in secondary schools with the message on what they can do at this early stage to groom them to better manage their money and also explore avenues of investing. We will continue reaching out to them and mentor them on how to plant their future”.

In her remarks, Divisional Head Financial Inclusion Division of the SEC, Mrs Sa’adatu Faruk stated that the theme this year is on planning and investment, as savings that leads to investment is what brings wealth.

“I enjoin investors to plan more, save more and be able to do much more investments, this will help to ensure a better life for them in the future,” Dakup said.

At Government Day Secondary School, Karu, Abuja, Senior Manager Market Development Department Mr. Musa Dakup told the students to be financially prudent and prioritise their spending. 

“You should not always spend; you need to plan to do meaningful investments with the money you get. You need to have the culture of savings and investments so that you can plan for your future. Don’t waste money, invest your money. Plan for your future and that is why we are here today to enlighten you. The SEC is available to educate and enlighten you to assist you in making sound financial decisions,” he stated. 

Dakup enjoined the students to check very well before investing to avoid patronising illegal fund managers. 

“Be careful of investments that promise you unreasonably high returns, they never end well. Before long they close down and vanish with investors funds. 

“The list of registered fund managers can be found on our website www.sec.gov.ng. Any company that is not listed there do not do any business with them,”. 

Global Money Week (GMW) promotes efforts aimed at improving the financial literacy of young people. The ultimate goal of the campaign is to ensure that all children and young people have access to high-quality financial education, they learn about money matters and are able to take smart financial decisions that can improve their future financial resilience and financial well-being.

The week is the world’s largest money awareness campaign for children and youths to learn about money managing skills through fun events and activities in over 100 countries worldwide adding that the earlier children & youth learn about money, saving, investment and budgeting the better they will manage their personal finances throughout their lives.

NEWS

NSCDC Uncovers Illegal Bunkering Sites in Rivers Cemeteries

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The Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama Communities in Asari-Toru Local Government Area of Rivers State.

The security outfit said the feat was achieved by its Marine Anti-vandal Squad after a four hour operational tour on water across the two coastal communities.

Speaking to newsmen after the operation, the NSCDC spokesman, Rivers State Command, Superintendent Olufemi Ayodele, said its operatives successfully uncovered the illegal bunkering sites through credible and sustained intelligence.

Ayodele recalled that the NSCDC Commandant General, Dr Ahmed Abubakar Audi, gave a marching order to all formations in the Niger Delta to step up intelligence and operational efficiency in the fight against oil theft and illegal oil bunkering activities.

He expressed worry about how the miscreants devised a new means of converting cemeteries to illegal bunkering sites, saying they had already loaded several illegally refined crude and refined Automotive Gas Oil also known as diesel was sighted in boats by the riverside.

The state NSCDC image maker however said on sighting its operatives the hoodlums took to their heels though they were giving a hot chase, pointing out that men of the Marine Anti-Vandal Squad are on their trail to ensure they are arrested and prosecuted.

He stated, “Acting on this directive the Rivers State Commandant of the NSCDC, Basil Igwebueze, deployed the Marine Anti-vandal Squad to the crime scene where several boats filled with crude oil and refined Automotive Gas Oil were sighted.

‘This is the Abalama community and behind us is the Oproama community as well where Cemeteries were converted to illegal bunkering sites; Upon our arrival, the suspects took to their heels knowing the squad had superior firepower.

‘The NSCDC as an environmentally friendly agency condemns outright all acts of environmental pollution, degradation of aquatic life and economic sabotage.

“We have contacted some good people in the two communities and they are cooperating with us so that the perpetrators would be apprehended in due course. However, the quantities in litres of the locally refined AGO cannot be ascertained.”

He added, “Consequently, the NSCDC Rivers State Command helmsman has further issued a stern warning against the activities of vandals and illegal bunkers in the state affirming that the fight against oil theft is a relentless war and suspects arrested with their sponsors would be made to face the full wrath of the law.”

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Business News

Blue Economy Targets Top Spot in PEBEC – Oyetola

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From Anthony Nwachukwu, Lagos

Mindful of the sector’s critical role in economic diversification and sustainable development, the Ministry of Marine and Blue Economy aims to place Nigeria tops in the Presidential Enabling Business Environment Council (PEBEC) by achieving ease of doing business and fostering a conducive environment for trade and investment.

To this end, the Minister, Adegboyega Oyetola, said the ministry plans to elevate Nigeria’s maritime sector to global standards and has prioritised the implementation of the national single window and port community system to automate port processes, in order to enhance operational efficiency and attract investments.

Oyetola, who spoke at the BusinessDay Maritime Conference in Lagos Thursday, disclosed that the ministry has already reported significant progress in revenue generation, driven by innovative strategies to block revenue leakages and explore new sources within the marine and blue economy sector.

Others include ongoing efforts to upgrade infrastructure, such as the development of inland dry ports and modernisation projects at key ports across the country, while public-private partnerships (PPPs) in advancing port modernisation, dredging activities and deploying cutting-edge maritime technologies remain important.

He further announced plans for the development of additional deep-sea ports on a PPP basis to further bolster Nigeria’s maritime capabilities.

Acknowledging the significant contributions of participants in shaping the discourse in Nigeria’s marine and blue economy, Oyetola expressed hope that insights from the conference would drive positive transformations and propel Nigeria towards greater economic prosperity through the harnessing of its vast maritime resources.

He restated his commitment to developing a dynamic national policy framework for the sector by the end of the year, while urging all stakeholders to continue working together towards realising the sector’s full potential, ensuring sustainable growth and inclusive development across coastal communities.

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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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