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SEC DG Pushes for Capital Market Integration to Unlock West Africa’s Growth

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By Tony Obiechina Abuja

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has urged West African countries to accelerate the integration of their capital markets, describing it as the only way to mobilise the scale of investment needed to drive the region’s development.

Speaking at the Experts Meeting on Validation of the WASRA Charter and Recognition of WASRA as the Regulatory Body for Cross-Border Securities Market in ECOWAS, held Thursday in Abuja, Agama who is also the WASRA Chairman, said the initiative represents “a watershed moment” in the region’s financial history.
According to him, West Africa faces urgent developmental challenges ranging from infrastructure deficits and climate adaptation to digital transformation and job creation.
He said: “To meet these challenges, we require capital at scale, and the truth is simple: no single national market can provide it alone. An integrated regional capital market is no longer a luxury; it is a necessity”.The SEC boss lamented the slow pace of regional integration, warning that “each year of delay is a lost opportunity to mobilise resources for critical projects that can transform our economies.”He pointed to Africa’s annual infrastructure financing gap of over $100 billion, stressing that West Africa alone requires tens of billions of dollars to modernise transport corridors, upgrade energy systems, and build resilient digital infrastructure.“Without integrated markets that pool liquidity and broaden investor participation, our governments and private sector will remain constrained, relying on limited fiscal space and expensive borrowing,” Agama said.Drawing lessons from global models, he noted that the European Union and ASEAN achieved significant economic transformation by harmonising rules, fostering investor confidence, and facilitating seamless cross-border funding.“The creation of a single market enabled European firms to access funding seamlessly across borders, boosting innovation and competitiveness. Closer to home, ASEAN coordinated standards and deepened financial cooperation, strengthening its resilience as a regional bloc.”He emphasised that West Africa, with its population of more than 400 million and a combined GDP of about $800 billion, has even greater potential, cautioning that “potential means little without decisive action,” he cautioned.Agama outlined how integration would bring benefits beyond infrastructure, noting that “In agriculture, integrated markets can mobilise capital for value-chain development, agro-processing, and food security, which are critical priorities for our region”.He added: “In the digital economy, regional capital can support innovation hubs, fintech scale-ups, and broadband expansion, ensuring that West Africa fully participates in the fourth industrial revolution.”He further stressed that cross-border pools of capital, backed by harmonised regulation, could deliver “transformative impact” across multiple sectors, including youth empowerment and job creation.Presenting the objectives of the West Africa Securities Regulators Association (WASRA), Agama said the body was established with a clear mandate to anchor market integration.“First, to contribute to the establishment of appropriate mechanisms for the regulation of capital markets; ensuring their proper functioning and the protection of investors. This speaks directly to the heart of investor confidence, without which no market can thrive,” he said.He added that WASRA would foster integration through joint programmes and common projects, promote mutual assistance across the region, and set common standards for effective regulation. “Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results for our markets and our people,” he stressed.Agama called on policymakers, especially finance ministers within ECOWAS, to champion the WASRA initiative, stating that “The political will of our leaders is the single most important factor in moving from aspiration to reality”.“WASRA stands ready, in partnership with ECOWAS, WACMIC, and WAMI, to provide the technical leadership required.”Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun noted that the gathering marked a significant step in the collective “journey toward a harmonized regulatory framework, one that reflects the shared aspirations of ECOWAS member states to deepen capital market integration, enhance cross-border investments, and promote financial stability.”Edun, represented by Mr. Hassan Adamu Jibrin Principal Economist Federal Ministry Of Finance, pointed out that validation of the draft WASRA Charter is not merely a procedural formality, but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across our sub-region.On his part while speaking on behalf of ECOWAS Commission, Mr. Peter Oluonye Acting Director Private Sector noted that for capital markets integration to gain traction in ECOWAS, there need to be need concerted efforts of all stakeholders at harmonizing rules, practices and regulations, to the standards acceptable to all jurisdictions.”We are well aware that our member states depend much on external capital flows and direct investment to sustain and deliver on economic development programmes of our governments. The region is in dire need to develop critical economic infrastructure projects, requiring huge capital investment and facilitating gross capital formation. The capital market is a major vehicle that should support this aspiration”The need to drive our capital markets integration initiative to break down barriers to movement of capital within the region by ensuring a harmonized regulatory space, common market information platforms, interlinked trading systems, cross-border trade and payments settlement, harmonized accounting standards and internationally acceptable governance standards and institutions cannot be over-emphasized at this juncture in our economic integration initiatives”, he added.

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Troops Arrest Two Suspected Terrorist Logistics Suppliers in Yobe, Recover Motorcycle Spare Parts

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By David Torough, Abuja

Troops of the Joint Task Force (North East), Operation HADIN KAI (OPHK), have arrested two suspected terrorist logistics suppliers and recovered a large consignment of motorcycle spare parts allegedly destined for Boko Haram and ISWAP fighters operating in the Yunusari-Mobbar axis of Yobe State.

The suspects were arrested on Tuesday, September 8, 2026, following credible intelligence on the movement of logistics supplies believed to be intended for terrorist elements in the area.

According to a statement by the Acting Military Information Officer, Headquarters Joint Task Force (North East), Capt.

Mohammed Goni, troops of 159 Battalion under Sector 2 OPHK, working with other security personnel, mobilised a fighting patrol and intercepted the consignment at Gumsa Bridge in Geidam Local Government Area.

The recovered items included large quantities of motorcycle tyres, crankshafts, oil seals, traffic indicators, acceleration and clutch cables, bearings, brake components, gaskets, piston kits, chains and sprockets, speedometers, clutch plates, rocker arms, CDI units, coils, rectifiers and fuel-related components, among other spare parts.

Security forces also recovered 145 pairs of footwear and two Tecno Android phones, among other items.

The suspects and recovered materials have been handed over to the 27 Military Intelligence Regiment for further investigation and necessary action.

The military said the interception was part of ongoing efforts to disrupt terrorist logistics networks and prevent Boko Haram and ISWAP fighters from accessing supplies needed to sustain their operations.

Operation HADIN KAI urged members of the public to continue providing credible and timely information to security agencies to support counter-terrorism operations across the North East.

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NCDC Urges Early Preparedness as Lassa Fever Dry-season Peak Approaches

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The Director-General, Nigeria Centre for Disease Control and Prevention (NCDC), Dr. Jide Idris, has urged Nigerians to begin preparations against Lassa fever before infections rise during the approaching dry season.

Idris gave the advice in Abuja on Wednesday at a news conference, emphasising that early action by government, health workers, communities and households was essential to reducing infections and preventing avoidable deaths.

He said Lassa fever occurred throughout the year, but cases tended to increase during the dry season, particularly between November and April, making early preparedness crucial to controlling transmission.

According to him, the period before the seasonal peak provided an important opportunity to strengthen prevention measures, improve preparedness and ensure health facilities can respond effectively.

He said lessons from the 2026 Lassa fever response showed that several challenges needed urgent attention before transmission increased, particularly delays in seeking care and healthcare worker infections.

Idris said persistent environmental and household risks, including poor sanitation, unsafe food storage and exposure to rodents, continued to contribute significantly to Lassa fever transmission.

He also identified limited state ownership, over-reliance on national resources and delays in releasing funds required for preparedness activities as major challenges affecting effective response efforts.

The NCDC boss said there was also a gap between healthcare capacity available on paper and what was actually functional when facilities were needed to manage Lassa fever patients.

According to him, dialysis machines provided to some high-burden states were not always being used for Lassa fever patients, with some facilities deploying them for other medical conditions.

He said the experience reinforced the need to strengthen the entire healthcare pathway, from prevention and early detection through diagnosis, referral and treatment.

Idris said the agency’s accelerated readiness plan would focus on actions required between now and the expected peak of Lassa fever transmission across the country.

He said one priority was to detect cases earlier, ensure suspected infections were reported promptly and address laboratory requirements needed for effective diagnosis and response.

According to him, environmental health officers, agriculture officials and livestock personnel had important roles to play in preventing and controlling Lassa fever transmission.

He urged healthcare providers to recognise suspected Lassa fever cases early, protect themselves from infection, report cases promptly and ensure patients were appropriately referred for further management.

Idris added that healthcare workers should take appropriate precautions from the first point of contact.

Idris urged states to investigate every healthcare worker infection, follow up exposed workers and promptly address gaps identified during investigations to prevent further transmission within health facilities.

He called on healthcare workers to remember the message, “Think Lassa, protect, report and refer,” while maintaining a high index of suspicion when managing patients with compatible symptoms.

According to him, research is also needed to understand changing patterns in Lassa fever transmission, including the possible involvement of rodents other than Mastomys natalensis.

He said genomic sequencing capabilities were being used to better understand the virus and determine whether different strains contributed to observed epidemiological patterns across affected areas.

Idris said the agency would continue supporting research into candidate Lassa fever vaccines and rapid diagnostic tests to improve early detection, treatment and outbreak response.

For households, he urged Nigerians to protect food by storing rice, gari, beans, maize and other food items in properly covered containers inaccessible to rodents at all times.

He advised residents to block openings through which rodents could enter homes, reduce clutter and eliminate conditions that provided rodents with hiding places or attract them.

Idris also urged Nigerians to keep homes, markets and other surroundings clean, dispose of refuse properly and avoid direct contact with rodents, their urine, faeces and body fluids.

He advised people who developed fever or felt unwell, particularly those living in or travelling from areas where Lassa fever occurred, to seek appropriate medical care promptly.

The agency boss warned against prolonged self-treatment for presumed malaria, stressing that persistent symptoms required medical evaluation because not every fever was caused by malaria.

He further called on state and local governments to strengthen environmental sanitation, waste management, surveillance, laboratory referral pathways and treatment facilities before Lassa fever cases increased.

Also speaking, Sanitarian Collins, Assistant Chief Scientific Officer, Ministry of Environment, said the ministry was collaborating with NCDC to prevent Lassa fever through improved sanitation and rodent control.

Collins urged Nigerians to clear surrounding bushes, maintain clean environments and adopt preventive measures before the peak transmission period to reduce conditions that encouraged rodents to thrive.

According to him, prevention was more effective and less costly than waiting until cases increased, emphasising that late presentation often meant patients arrived at treatment centres with serious complications.(NAN)

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NAICOM Begins NICON Insurance Liquidation Process, Appoints Receiver

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By Tony Obiechina, Abuja

Following the failure of NICON Insurance Limited’s management to raise the minimum capital requirement for the risk underwriting entity’s licence category, the National Insurance Commission (NAICOM), the insurance industry regulator, has commenced the formal winding-up of the firm.

Consequently, the commission has appointed Chukwuma-Machukwu Ume, as Receiver/Provisional Liquidator to take control of the company’s assets, manage its outstanding obligations and oversee the transfer of its life insurance portfolio to another insurer.

Specifically, the industry regulator had cancelled NICON Insurance’s certificate of registration with effect from 3 August, 2026, after the company failed to comply with the prescribed minimum capital requirement within the period allowed by the regulator.

NAICOM’s decision followed its 3 August communication to the company’s board, in which it cited NICON’s failure to satisfy the minimum capital requirement applicable to its category of insurance licence to justify its decision as provided for in the NIIRA 2025 and other applicable regulatory provisions.

The Receiver/Provisional Liquidator hinted about his appointment in a public notice dated 4 August, confirming that the industry regulatory commission engaged him under the provisions of the Nigerian Insurance Industry Reform Act, 2025, to commence the winding-up process.

Based on the provisions of the law, as Receiver/Provisional Liquidator is mandated to identify, recover, secure, take possession of NICON Insurance’s assets and facilitate the transfer of NICON’s life insurance portfolio to another licensed life insurer, subject to the approval of NAICOM.

In addition, the Receiver/Provisional Liquidator will also undertake the verification and settlement of the company’s legitimate liabilities in accordance with the provisions of the law.

In line with his mandate, Ume has directed individuals, policyholders, businesses and other entities with claims against NICON Insurance to provide documentary evidence and details supporting their claims, adding that the verification exercise will help establish the company’s outstanding obligations and determine legitimate claims for settlement under the applicable liquidation framework.

This is even as he disclosed that steps were being taken to address the interests and entitlements of NICON Insurance employees in line with the relevant laws and procedures governing the liquidation.

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