NEWS
SEC Set to Improve Framework on Government Borrowings

By Tony Obiechina, Abuja
The Securities and Exchange Commission (SEC) said it was ready to improve the regulatory framework regarding borrowing by governments and corporate entitiesDirector General of the Commission, Dr. Emomotimi Agama who disclosed this during an interview, said this has become important given the critical role borrowing plays in the financial system.
He said, “Improving the framework for borrowing is very important because borrowing is part of the financial system and we can only make much of the move we want to make if there is enough funding. Hence, we want to be sure of sustainability in both government borrowing, municipal and state governments particularly with the new Supreme Court order regarding the 774 local government areas receiving direct subvention from the Federal Government.“It therefore becomes important that we have in the management of such resources via strategic and focused borrowing to help the developments in those sectors”.For corporates, the SEC DG said the Commission is changing the landscape with the new rules on Central Counterparties adding that the new rules on CCPs have become so critical for Nigeria’s development, especially for corporates in raising capital.“As a Commission we have established those new rules and they are going to be functional in 2025. We want to make borrowing a seamless and effortless process for Nigerian companies.“It is very important that as we drive the growth of the Nigerian capital market, we also drive new products and new opportunities for every Nigerian. Nigeria for a long time has been seen as a mono product market, but the Year 2025 will be different because we will continue to drive the process of introducing derivatives into the capital market.“That is not possible without the laws and regulations that will help us do this better. To build confidence in derivatives trading, we hope to provide a clear direction of these transactions. To build confidence in derivatives trading, we aim to provide a clear exemption of these transactions from general insolvency laws, creating a safer and more predictable trading environment,” he stated.Agama said the Commission is creating a safer trading environment, building confidence and attracting more players to the market, hence, it must provide enabling regulations and laws.NEWS
Ukum Elders Back Youths, Give Suswam 7-Day Ultimatum to Tender Apology over Alleged Derogatory Remarks

By David Torough, Abuja
Some elders of Ukum in Benue State have thrown their support behind the actions of the youths by affirming to reinforce the call for apology from Sen. Gabriel Torwua Suswam over his alleged derogatory remarks against the people of the area.
According to a statement from the elders signed by Col.
Edwin Jando (Rtd.) and 15 others said, for the sake of clarity, that it is important to remind Sen. Suswam that the protests that occurred during Governor Hyacinth Alia’s visit to Ukum were as a result of cumulative grievances.The elders maintained that brutal killing of innocent, law-abiding members of the Ukum land, including women and children, over an extended period persisted without any visible concern or intervention from the state government.
They said, it’s so annoying that the governor visited Akpuuna following the incident in which over 34 people were killed, but nothing came of the promises he made.
“When people were killed at Gbagir, the governor’s visit, initially thought to be a condolence visit, turned out to be a rebuff of Senator Udende, demanding an apology from him and the withdrawal of a bill he sponsored at the National Assembly concerning the killings in the state by Fulani herders and the need for an anti-open grazing law.
“At Ayati town, over 100 people were killed by the same Fulani herders/militias, yet the governor did not visit or send a message of condolence. Every family was left to bury their dead.There were several other similar killings in other parts of Ukum that the state government chose to ignore.
“Most of the council wards in Ukum are now displaced, and the government has not deemed it necessary to even create an IDP camp to accommodate the displaced people. The displaced have found refuge in very unpleasant conditions and are undergoing numerous difficulties.
“The killings that prompted the governor’s visit to Ukum on that fateful day, during his ‘mockery visit’, were even more disturbing. The influx of Fulani terrorists was noticed and reported to the appropriate authorities for several days. Nothing was done until they eventually struck, killing over a hundred people after five days of camping and planning at Chito.
“On the day of Governor Alia’s visit, it was disheartening to see that he was not accompanied by prominent Ukum sons or leaders from his government. The highest appointee of Ukum origin in his government, Hon. Paul Biam, the Chief of Staff was conspicuously absent. As elders, we view that as a missing link.
“Our question to ask is: If you were in the position of these youths or any other Ukum person would you have allowed the governor to bring this ‘medicine after death’? We understand and sympathize with the frustration of the youths. Ukum are peaceful and law-abiding people, but as the Tiv saying goes, “Ivo kpa ka wea dzer a i gbem iva nyimau” (even a goat will bite if persistently pestered).
“As elders of Ukum, we are deeply disappointed that Senator Gabriel Torwua Suswam has not spoken out during the numerous attacks, which claimed many lives, only to come afterwards to insult Ukum people over a genuine protest. Such a conduct does not reflect the respect and integrity expected of a leader.
“The blessings that have sustained his political career come from Ukum, his maternal homeland, and the blessings will turn to curses if he fails to publicly apologize within one week of this publication.
“In view of the aforementioned, we stand in full solidarity with Ukum Young Elites and demand that Senator Suswam retract his statements and tender an unreserved apology to the Ukum nation within seven days”, the statement read.
Foreign News
Taraba 2025 Appropriation Provides for Budget Funding Through Loans-Lawmaker

The Taraba House of Assembly has said that it’s approval for the Executive to secure a N350 billion bond from the Capital Market was in line with provisions of the 2025 appropriation law.Mr Jetro Yakubu, Majority Leader of the assembly, made the clarification on Friday while speaking to newsmen in Jalingo.
Yakubu revealed that the request to secure the loan was in tandem with the provisions of the 2025 appropriation bill passed into Law by the assembly. He stressed that Gov. Agbu Kefas of Taraba had already indicated in the budget proposals his intention to fund part of it through loans from financial institutions.According to him, the request could only become abnormal if it is outside the budgetary provision. Yakubu, who represents Wukari I State Constituency also noted that the assembly approved the loan because the governor had carried the it along right from the preparation of the Appropriation. “The governor is a leader that believes in carrying everybody along. He had already carried the assembly along right from when the appropriation was being prepared.“We don’t give approval for any loan that is not in the appropriation.“The governor is a very strategic thinker. The bond which is at N20 lbillion per year would be funded through Internally Generated Revenue (IGR) and not through Federal Accounts Allocation.“The governor is very passionate about stimulating the economy of the state so that the it can be viable to fund the bond,” he said.Daily Asset recalls that Kefas earlier requested an approval from the house of assembly to secure a N350 billion bond from the Capital Market.The legislators had since granted him the approval to borrow the funds. (NAN)NEWS
NDDC Seeks Legal Advocacy to Accelerate Niger Delta Development

The Niger Delta Development Commission (NDDC) has emphasised that legal advocacy on issues affecting the Niger Delta holds the potential to accelerate the region’s development.
Dr Samuel Ogbuku, Managing Director of the NDDC, made this assertion during the 2025 MOOT and Mock Trial Competition, which featured participation from 20 law faculties across universities in the Niger Delta.
This is contained in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on Friday.
Ogbuku, who was represented by Mr Boma Iyaye, NDDC’s Executive Director of Finance and Administration, underscored the role of legal advocacy in addressing the complex challenges facing the region.
“We are passionate about education, and as such, we remain committed to supporting the growth of education in the Niger Delta,” he stated.
He noted that the competition focused on key legal areas relevant to the region which included environmental law, oil and gas, and sustainable development.
Ogbuku also highlighted the commission’s investments in tertiary institutions, including the construction of hostels in various universities and polytechnics across the Niger Delta.
In his remark, Prof. Zaccheus Adangor, a former Attorney-General of Rivers, described the legal profession as noble, honourable, and learned.
He urged the student participants to demonstrate honesty, integrity, and good character throughout their career.
“Students must remain open to new ideas, as the legal profession requires deep and varied knowledge.
“Legal practitioners should also invest in continuous learning, acquiring both hard and digital copies of books, in their role as ministers in the temple of justice,” Adangor advised.
Also speaking, Justice Daketima Kio of the Rivers State High Court commended the NDDC for the initiative, expressing confidence that the programme would foster a more united and developed region.
He expressed optimism that the competition would serve as a springboard for aspiring legal professionals in the region to excel in their careers.
On his part, Mr Victor Arenyeka, NDDC’s Acting Director for Legal Services, explained that the competition was designed to prepare students to confront the specific challenges facing the Niger Delta.
He stated that participants were tested on environmental law, oil and gas, and sustainable development.
Arenyeka encouraged the students to seize the opportunity to broaden their legal knowledge and lay a solid foundation for successful careers in the legal profession. (NAN)