Connect with us

Business News

SEC Vows to Tackle Illicit Fund Managers

Published

on

Share

By Tony Obiechina, Abuja 

The Securities and Exchange Commission, SEC has restated it’s determination to go after illegal fund managers and ensure they are made to face the full wrath of the law.

Acting Director-General of the SEC, Mary Uduk, who stated this in an interview with journalists in Abuja at the weekend, said what the SEC had done apart from continuing to educate people, is to also go after the promoters of these schemes.

 

She said “we are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many.

We verify ownership and return monies collected by them to the owners. It’s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money. 

Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.

Uduk however advised the investing public to be wary of any investment that is proposing return levels that are unreasonably high and advised investors to ensure that the fund managers and the products they are offering are registered with the commission. 

“So when people come to you and say that you can invest 50,000 naira today and in 2 hours you will get 200,000 naira tomorrow or get 50% in 2 hours know that its is a lie. No legal investment that pays investment that way. So what they must likely be doing is using your money to pay someone else and using someone’s money to pay you. Its is important that we don’t engage in such investments.

“These fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment; they are the ill wind that blows no good and at whose sight you must flee. They are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard-earned money.”

According to Uduk, such ventures have no tangible business model, as returns would be paid from other peoples’ invested funds, making it a fraudulent investing scam.

The SEC boss, who restated the commission’s resolve to make the capital market more user-friendly to boost investors’ participation in the market, said the commission had been doing a lot in terms of education to increase investors’ knowledge of the capital market and enable them make informed investment decisions.

“There are new investible products in the Nigerian capital market. We have a lot of ethical funds. One of the safest areas to invest in is in mutual funds, and collective investment schemes and we encourage Nigerians to be part of these and others.

“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

Besides, Uduk stated that the SEC’s effort to migrate all shareholders to an e-dividend regime is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend.

“Unclaimed dividend is an undesirable feature of the Nigerian capital market, which denies investors/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money that should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy.

“It is a consequence of the bottlenecks that are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors’ addresses, poor fidelity and human fallibility in dividend payment processes, amongst others.

According to her, “there is gain in investing in the capital market and that is why we keep imploring investors to register for e-dividend and regularise their multiple Subscriptions so that they can benefit from their investments”.

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

BUSINESS

NSIA Net Assets Hit N4.35trn in 2024

Published

on

Share

By Tony Obiechina Abuja

The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.

Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.

74 trillion in 2024.

Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.

According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.

Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of

NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.

In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.

Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).

Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”

He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders

“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”

The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.

He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.

He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.

“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.

He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.

The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.

He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.

“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.

Continue Reading

Read Our ePaper

Top Stories

CRIME8 hours ago

Troops Nab Foreign National, Terrorists Logistics Suppliers, Others

ShareBy David Torough, Abuja The Defense Headquarters has disclosed that troops of Operation Hadin Kai have arrested a Chinese national...

General News10 hours ago

Eno Assures Corps Members of Safety, Urges Commitment to Nat’l unity 

Share Gov. Umo Eno of Akwa Ibom has assured members of the National Youth Service Corps (NYSC) in the state of...

General News10 hours ago

Insecurity, Socioeconomic Challenges Driving Voter’s Apathy- Report

ShareA new report on “Addressing Voter Apathy in Nigeria” has identified insecurity and socioeconomic challenges as key drivers of low...

CRIME11 hours ago

3 Docked for Allegedly Breaking into Bank, Stealing Laptops

ShareThree men, Olufemi Faleti, 59, Ayoade Adewale 41 and Idowu Yusuf, 41, on Friday, were brought before an Iyaganku Magistrates’...

Foreign News11 hours ago

Trump Tells Iran to Make Nuclear Deal ‘Before it is too Late’

Share U.S. President Donald Trump has called on Iran to conclude an agreement with Washington on its controversial nuclear programme, amid...

General News12 hours ago

NYSC Remains Cornerstone of National Unity, Adeleke tells Corps Members 

Share Gov. Ademola Adeleke of Osun, on Friday, said that the National Youth Service Corps (NYSC) scheme remained a cornerstone of...

General News12 hours ago

Anambra NYSC Gets 80 Solar Powered Street Lights, Inducts 1,636 Corps Members 

ShareThe National Youth Service Corps(NYSC), has commended a philanthropist, Chief Christopher Ndubisi, for donating 80 solar-powered street lights for its...

CRIME12 hours ago

Ex-convict Bags 2 years Imprisonment for Stealing Speaker, Mobile Phone

Share An Ota Magistrate’s Court in Ogun, on Friday, sentenced a 21-year-old ex-convict, Habeeb Jimoh, to two years imprisonment for stealing...

NEWS19 hours ago

Nigeria Condoles India over Tragic Plane Crash

ShareThe Federal Government on Thursday condoled the Indian government over the tragic crash of Air India Flight-171 in Ahmedabad.The Minister...

NEWS20 hours ago

Benue Speaker Advises Youth to Participate Actively in Politics

ShareThe Speaker, Benue House of Assembly, Mr Hyacinth Dajoh, has advised youths in the state to participate actively in the...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc