Connect with us

BUSINESS

SEC Restates Commitment to Proper Regulation of Capital Market

Published

on

Share

By Tony Obiechina, Abuja 

The Securities and Exchange Commission has again stated that it is committed to sound and proper regulation that would engender growth and development in the capital market.

Director General of the Securities and Exchange Commission, Mr.

Lamido Yuguda stated this at a meeting with market stakeholders organised by the Debt Management Office in Lagos, Thursday.

Yuguda assured stakeholders that the current Management of the SEC is working to refocus the Commission to efficiently carry out its regulatory responsibilities.

He said, “You will see a more focused SEC  in terms of the regulator readiness, in terms of what the regulator should do to ensure good conduct and development of the market in all its ramifications .

“We are committed to working together with all to develop an agenda that will strengthen the Nigerian capital market and prepare it to assume the very important role of financing the massive infrastructure deficit that our country today has”. 

In her remarks, Director General of the Debt Management Office, Ms. Patience Oniha said debt is a very topical issue in the country hence the need to regularly meet with critical stakeholders to address some grey areas and be on the same page for the growth of the nation’s economy.

Oniha said government borrows to finance the budget, to finance specific projects as well as refinance maturing debts obligations among others.

According to her, “borrowing enables the success of implementation of the budget, we borrow to finance projects like the on-going rail projects among other projects”.

Oniha therefore commended critical stakeholders for their roles in helping the Federal Government develop the market.

Economy

Customs Zone D Seizes Contraband Worth N110m

Published

on

Share

The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.

The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.

He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.

40 kilogramme of pangolin scales.

Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.

The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.

He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.

The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.

“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.

The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)

Continue Reading

Economy

Trade Tensions: Global Economy Stands at Fragile Turning Point -UN

Published

on

Share

The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties.UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable.

It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth.
The economic slowdown is widespread, affecting both developed and developing economies around the world, according to the report.
For instance, in the United States, growth is projected to slow “significantly”, as higher tariffs and policy uncertainty are expected to weigh on private investment and consumer spending.Several major developing economies, including Brazil and Mexico, are also experiencing downward revisions in their growth forecasts.China’s economy is expected to grow by 4.6 per cent this year, down from 5.0 per cent in 2024. This slowdown reflects a weakening in consumer confidence, disruptions in export-driven manufacturing, and ongoing challenges in the Chinese property sector.By early 2025, inflation had exceeded pre-pandemic averages in two-thirds of countries worldwide, with more than 20 developing economies experiencing double-digit inflation rates.This comes despite global headline inflation easing between 2023 and 2024.Food inflation remained especially high in Africa, and in South and Western Asia, averaging above six per cent. This continues to hit low-income households hardest.Rising trade barriers and climate-related shocks are further driving up inflation, highlighting the urgent need for coordinated policies to stabilise prices and protect the most vulnerable populations.“The tariff shock risks hitting vulnerable developing countries hard,” Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, said in a statement.As central banks try to balance the need to control inflation with efforts to support weakening economies, many governments – particularly in developing countries – have limited fiscal space. This makes it more difficult for them to respond effectively to the economic slowdown.For many developing countries, this challenging economic outlook threatens efforts to create jobs, reduce poverty, and tackle inequality, the report underlines. (NAN)

Continue Reading

Agriculture

NNPC Foundation Reiterates Commitment to Ensuring Food Security 

Published

on

Share

The Nigerian National Petroleum Corporation (NNPC) Foundation has renewed its commitment to ensuring food security in the country.

Mrs Emmanuella Arukwe, Managing Director, NNPC Foundation, said this on Wednesday in her remarks during the training of vulnerable farmers in Akwa Ibom.

Arukwe said that 6, 000 farmers across the country would be trained on modern farming methods and market access strategies to boost food production in the country.

Arukwe, who was represented by Dr Bala David, Executive Director, Programme Development and Coordinator, NNPC Foundation, added that the Foundation was dedicated to implementing impactful programmes that aligned with national priorities.

She said that more than 500 farmers in Akwa Ibom were trained by the NNPC Ltd Agricultural Training Initiative for Vulnerable Farmers on modern methods and strategies to boost food production.

Arukwe added that the farmers were drawn from the state’s 31 local government areas to participate in the training to equip them with techniques and market access strategies to add value to their businesses.

“This programme is a testament to our unwavering commitment to food security, economic empowerment and national development.

“As the corporate social responsibility arm of NNPC Ltd, the Foundation is dedicated to implementing impactful programmes that align with national priorities.

“This initiative is part of our broader efforts to support the Federal Government’s agricultural transformation agenda, which seeks to enhance food security, increase productivity, and improve the livelihoods of smallholder farmers.

“Our goal is to equip every participant with the tools, knowledge, and resources needed to transition from subsistence farming to commercial-scale production,” Arukwe said.

In her remarks, Dr Offiong Offor, Commissioner for Agriculture and Rural Development, Akwa Ibom, thanked NNPC for the initiative to equip farmers with knowledge on modern farming.

Offor, represented by Dr Atim Okoko, Permanent Secretary, Ministry of Agriculture and Rural Development, said that a nation that trained farmers was a nation that would not go hungry.

“I want to express the state government’s appreciation to NNPC for mounting this laudable programme.

“A nation that starts to train farmers, a nation that starts to look at farmers will never go hungry.

“In this season that our President Bola Tinubu has come up with his Renewed Hope Agenda, everything is to end hunger in Nigeria,” Offor said.

The commissioner added that the programme came to complement what the state government was doing to ensure food sufficiency.

Responding on behalf of farmers, Mr Bassey Inwang, State Chairman, All Farmers Association of Nigeria (AFAN) said farmers in the state were so grateful for the training.

Inwang said the training would boost food production in the state, as the farmers would apply the knowledge gained on their farms for increase in yields.

He said, “We want to tell you that we will not take this training for granted, we will apply it properly on our farms.” (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS59 minutes ago

NASC: Senate Confirms Nnanna Uzor Kalu as Commissioner For S/east

ShareThe Senate on Tuesday confirmed the appointment of Dr Nnanna Uzor Kalu as a commissioner in the National Assembly Service...

General News1 hour ago

CBN Retains Headline Lending Rate at 27.50%

ShareFor the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR)...

NEWS1 hour ago

APC Seeks Arrest of Zamfara PDP Women Leader 

ShareThe Zamfara chapter of the All Progressives Congress (APC) has condemned the calls for violence by the State Women Leader...

Foreign News2 hours ago

Thousands Protest in Pakistan After Drone Strike Kills 4 Children

Share Thousands of people in north-west Pakistan on Tuesday blocked a highway by placing the coffins of four children who were...

Nasarawa state Governor Abdullahi Sule Nasarawa state Governor Abdullahi Sule
General News2 hours ago

2027: Gov. Sule Debunks Senatorial Ambition Claim

Share Gov. Abdullahi Sule has debunked reports that he has declared his intention to contest the Nasarawa North senatorial election in...

Health3 hours ago

Group urges Nigerians to embrace healthy habits to prevent diseases 

ShareThe Society of Lifestyle Medicine of Nigeria (SOLONg) has advised Nigerians to embrace healthy preventive lifestyle habits to prevent the...

Economy3 hours ago

Customs Zone D Seizes Contraband Worth N110m

ShareThe Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between...

Foreign News3 hours ago

Man Executed in Indiana For Killing Police Officer

ShareBenjamin Ritchie, 45, had been on Indiana’s death row since 2002, when he was convicted of killing Beech Grove Police...

General News4 hours ago

CBN Donates Fire Fighting Equipment To Federal Fire Service in Bauchi

Share The Central Bank of Nigeria (CBN), has donated a motorized fire vehicle to the Bauchi Command of the Federal Fire...

Foreign News4 hours ago

WHO Member States Adopt New Pandemic Treaty

ShareMember states of the World Health Organisation (WHO) on Tuesday adopted a new pandemic treaty aimed at avoiding the panic...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc