Connect with us

Business News

SEC Seeks More Investments in Commodities Sector

Published

on

Share

By Tony Obiechina, Abuja

The Securities and Exchange Commission has advocated the need for more investments especially by the private sector in the commodities trading ecosystem.

Director General of the Securities and Exchange Commission, Mr.

Lamido Yuguda stated this during an interview on the sidelines of the recently commissioned 32 metric tonnes per hour Lagos Rice Mill in Imota, Ikorodu, Lagos State.

Yuguda stated that the capital market expects to see more private sector investments in areas that need to support the commodities ecosystem like storage facilities and also increased investment in mechanised farming in commodities like rice, hibiscus flowers and others that are in high demand in other parts of the world.

“This is a game changing investment in Lagos state and I hope we will see more of these kinds of investments not only in rice but in other areas of the food chain that we are currently producing. This is the place that produces them as we have the climate for these commodities, if we get the necessary investments, we will be able to make our mark around the world.

“This is a demonstration that Nigeria has what it takes in the agricultural sector to drive investment. This rice mill is already collaborating with one of our commodities exchanges as they are going to be trading the electronic receipts of this rice mill on the floor of the Lagos Commodities and Futures Exchange. This is a very important development in the commodities ecosystem,” Yuguda stated.

The SEC DG said the Commission expects to see more standards concluded between the Standards Organisation of Nigeria and SEC, adding that the adoption of these standards by commodities exchanges and other players in the commodities trading ecosystem would greatly boost activities in the sector.

“This is a very significant event, the size of this mill is very large, we are expecting that by the time it is completed and starts production fully, over 250,000 jobs will be created. That’s a massive addition to the job creation in this country and the rice is going to be sourced from local producers. That means a lot of foreign exchange that was previously being expended on importing rice from other countries will be saved.

“We expect this to be replicated in some of the other areas. Rice is very important because it’s a staple food in Nigeria and we have been importing a lot of rice. This is going to make a strong mark in the commodities system and we are making a lot of efforts with the Standards Organisation of Nigeria to create standards for our commodities so that we can compete in the export market. Nigeria is an exporting country for food. What we are seeing today is that if Nigeria really wants, we can feed ourselves and still export to other countries”.

The SEC as part of its implementation of the 10-year Capital Market Master Plan, constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a Roadmap for a vibrant ecosystem.

A committee comprising of various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified the development of grading and standardisation system in line with international best practice.

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Business News

Tinubu Congratulates Dangote on World Bank Appointment

Published

on

Share

By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

Continue Reading

Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

Published

on

Share

By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

Continue Reading

Advertisement

Top Stories

CRIME8 hours ago

11-year-old Girl Found Dead in Suleja Well, Church Guard Arrested

ShareFrom Dan Amasingha, Minna The disappearance of 11-year-old Christabel Albert after she left home for a birthday celebration has ended...

POLITICS10 hours ago

Jonathan Receives Bayelsa East APC Candidates

ShareFrom Mike Tayese, Yenagoa Former President of Nigeria, His Excellency, Dr. Goodluck Ebele Jonathan, has commended the quality, experience and...

POLITICS10 hours ago

2027: Delta APC Inaugurates Support Groups for Tinubu, Oborevwori

ShareFrom Francis Sadhere, Delta The Delta State chapter of the All Progressives Congress (APC) has inaugurated two political support groups...

POLITICS10 hours ago

‘Transformative Agenda to Critical Sectors are My Rescue Mission’ – Dauda

ShareFrom Ifeanyichukwu Nwannah, Gusau. Governor Dauda Lawal of Zamfara State, Dauda Lawal has declared that his administration’s rescue mission is...

POLITICS10 hours ago

Yari Urges Northerners to Honour Power Rotation, Back Tinubu’s Eight-Years Presidency

ShareFrom Rabiu Sanusi Kano Former Zamfara State Governor and Director-General of the All Progressives Congress (APC) Presidential Campaign Council, Senator...

POLITICS11 hours ago

Otu Reinstates 3,000 Sacked LG Workers

ShareFrom Ene Asuquo, Calabar Cross River State Governor, Senator Prince Bassey Edet Otu, has approved the restoration of about 3,000...

POLITICS11 hours ago

First Lady Mobilises Women for Tinubu’s Re-election

ShareNigeria’s First Lady, Sen. Oluremi Tinubu, is set to host more than 20,000 women stakeholders in Abuja today as part...

Metro11 hours ago

NAFDAC Seeks International Support to Revive Vaccine Manufacturing in Nigeria

ShareThe National Agency for Food and Drug Administration and Control (NAFDAC) has solicited international partners’ support for establishing vaccine manufacturing...

Metro11 hours ago

IOM Empowers IDPs with Skills, Cash in Zamfara

ShareFrom Ifeanyichukwu Nwannah, Gusau Over one hundred residents, persons with disabilities, Internally Displaced Persons (IDPs), and other vulnerable groups in...

NEWS11 hours ago

Diagnosis at 66: Nigeria’s Healthcare Landscape

ShareBy Racheal Abujah When Nigeria gained independence on Oct. 1, 1960, it held immense promise. Sixty-six years later, healthcare delivery...