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Securities Issuers Forum will aid Market Development – SEC

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The Director-General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has expressed optimism that the Securities Issuers Forum (SIF) will aid development of the capital market and the economy.

Yuguda made the assertion in his opening address during the virtual inauguration of  the SIF by SEC in collaboration with Nigeria Employers Consultative Association, on Wednesday, in Lagos.

He said the SIF had the potential to act as a bridge between the SEC and issuers of securities and as well create a platform for issuers to engage the commission for more listings.

Yuguda also said the SIF would improve contributions of issuers to the development of the capital market, as key stakeholders deepen and broaden the market and ultimately contribute to Nigeria’s economic development.

According to him, SEC will be better positioned to engage issuers on capital raising opportunities to facilitate increased participation in the capital market with the establishment of the SIF.

He added that development of new products to meet funding needs and addressing issues relating to compliance with regulatory requirements would be achieved as well.

“The idea of a forum for issuers of securities is not novel as such fora exist in other parts of the world to cater to the interests of issuers of securities in the capital market.

“In Europe, the European issuers acts as the voice of issuers of securities, representing over 8,000 companies and national associations of issuers of securities.

“In the United States of America and South Africa, the American Securities Association, and the Debt Issuers Association, respectively serve as the associations for issuers of securities.

“In Nigeria, the Nigeria Employers Consultative Association (NECA), the umbrella body for over 3,000 members, seeks to protect interests and rights of businesses and ultimately influence policy making.

“By encouraging the establishment of the SIF in collaboration with NECA, SEC hopes to bridge the gap that exists between the expectations of issuers and the requirements of the regulator.

“While forums for issuers are not very common in the African region , they have proven to be veritable tools for capital market advancement in the UK, Europe and Asia.

“The inauguration of the SIF today, thus marks an important move by Nigeria to reap the benefits associated with its establishment,” he said.

Yuguda added that itv would benefit members and promote sound corporate governance and ethical conducts among members.

“It will also promote healthy competitiveness among members and maintain an enabling business environment, “he said.

He said the commission had encouraged the creation of associations and trade groups for other capital market stakeholders, such as shareholders and capital market operators.

“Therefore, the SIF is expected to function seamlessly and attract members in line with precedence already established,” he said.

In his remarks, the Director-General of NECA, Dr Timothy Olawale, expressed appreciation to SEC for inaugurating the forum.

He said that the event was important to the business community, especially coming during the current economic constraints being faced globally.

Olawale said that regulators were expected to be business facilitators and expressed excitement that the SEC was working hard at facilitating the ease of doing business and bridge the gaps and aid companies to meet expectations of compliance.

He said: “This Forum is a good one by SEC, as it will help us to do what is needful and right.

“We are very excited about it. It is commendable and we recommend this form of partnership to others.

“The forum will serve as a medium of regular engagement between SEC and issuers of securities to address challenges, improve the business environment and enhance contribution of the capital market to the growth of the Nigerian economy.

“We might not achieve all we set out to do at once but gradually we will get there,” he said. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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