NEWS
Two Men Drown While Swimming In Ogun River
While attending a program at a Cherubim and Seraphim Church in Onikoko located in Ogun State, two young men from Lagos tragically lost their lives by drowning in a river at Itori.
The tragedy reportedly happened on Monday.
Ogun State Police Command Public Relations Officer in Ogun, Omolola Odutola, disclosed that a member of the church, Adebayo Adeosun, had reported at the station at about 6:30 pm, “that some boys numbering seven who came from Lagos on the 27th of August for his church inauguration, left the church premises to swim, and got drowned in the process.”According to Odutola, the two victims were Femi Akinola, 32, of Odo Eran, Itire, and Tunde Falade, 35, of Kola Alagbado, both in Lagos.Their bodies were recovered from the tides and rushed to the health centre in Itori, Ewekoro Local Government Area of Ogun State, “where they were unfortunately confirmed dead by a medical doctor on duty.”The Divisional Police Officer, CSP Olayemi Jacob, had detailed his team to visit the scene upon receipt of the report and ascertained that there were no signs of violence or foul play suspected.“Their remains have since been evacuated to Ifo General Hospital for autopsy reports and later deposited in the same mortuary,” she explained.NEWS
NAFDAC Warns Open-drug Marketers Against Substandard Products
The National Agency for Food and Drug Administration and Control (NAFDAC) has cautioned open-drug marketers against selling substandard drugs.
Prof. Mojisola Adeyeye, Director-General of NAFDAC, issued the warning during an interview at the News Agency of Nigeria (NAN) forum in Abuja.
Adeyeye noted that open-drug markets, located in Kano, Aba, Onitsha, and Lagos, sometimes aided the sale of substandard drugs.
She recalled that in the past, the control of patent medicine dealers was relieved from the Pharmaceutical Council of Nigeria (PCN), leading to an influx of fake drugs into the country.
The NAFDAC boss disclosed that patent medicine dealers and open-drug marketers took PCN to court for nearly 10 years to continue their illegal activities and removed regulations.
She said, however, the matter took a turn with the intervention of a judge who ruled in favour of PCN on February 16.
Adeyeye stated that NAFDAC and PCN have upscaled their activities to protect Nigerians from bad medicine.
She noted that open-drug marketers have been relocated to the Kanawa coordinated centre in Kano, but cautioned them against selling substandard products.
“NAFDAC has implemented a multi-strategic mechanism to control substandard and falsified medicines, including 12 means of control.
“The agency also conducts “Clean Report Inspection Analysis” before approving drugs from countries like India and China.
“Additionally, the Port Inspectorate checks drugs at the port of entry and some are taken to the lab for testing.”
Adeyeye revealed that 180 approved products were stopped at the port from entering the country due to their substandard quality.
The NAFDAC boss warned importers of dangerous chemicals to desist, stating that the agency was working with the Office of the National Security Adviser to prevent such activities.(NAN)
NEWS
CSCS Gets Dual ISO Certifications
The Central Securities Clearing System (CSCS) Plc has been awarded the ISO/IEC 27001:2022 and ISO 22301:2019 certifications by globally renowned Management System Certification Body (MSECB).
Mr Haruna Jalo-Waziri, the Managing Director of CSCS, confirmed this in a statement on Sunday, in Lagos.
ISO 27001 is an internationally recognised benchmark for managing information security, ensuring robust protection against data breaches and IT disruptions.
The ISO 22301 standard is an international standard that establishes the requirements for business continuity management systems.
According to Jalo-Waziri, this recognition underscores CSCS’s steadfast commitment to international best practices in information security management and business continuity.
He noted that the ISO/IEC 27001:2022 certification highlights CSCS’s adherence to stringent information security measures, ensuring robust protection against data breaches and IT disruptions.
Jalo-Waziri said that the ISO 22301:2019 certification also confirms CSCS’s business continuity and readiness to respond to unexpected incidents, minimising disruptions and safeguarding stakeholders’ interests.
“Achieving these certifications is a testament to our deliberate and strategic focus on embedding a culture of excellence, resilience, and trustworthiness in our operations.
“It underscores our commitment to maintaining the highest standards of information security and business continuity in delivering value to our stakeholders.
“These certifications position CSCS alongside leading global organisations that prioritise the confidentiality, integrity, and availability of information systems.
“They further validate the
organisation’s dedication to securing its clients’ trust and ensuring operational resilience,” he said.
Jalo-Waziri added these certifications not only reinforce the trust of its clients, stakeholders, and regulators but also validate the hard work and dedication of its team.
He said, as a Nigeria’s premier financial market infrastructure, the firm remains resolute in its mission to enable market confidence through best-in-class services and practices.
According to him, receiving these certifications from MSECB, strengthens CSCS’s reputation as a reliable partner and a leader in the financial market ecosystem.
He said that the certifications assure stakeholders that CSCS’s processes are periodically monitored to meet and exceed compliance requirements.
This achievement, Jalo-Waziri said, was a significant milestone in CSCS’s journey to consistently deliver secure, resilient, and innovative solutions to the Nigerian capital market and beyond.
CSCS is a public ltd. company with over two decades of operation, serving as the Central Securities Depository for the Nigerian capital market. (NAN)
NEWS
Expert Advocates IT, BVN Deployment to Fast-track Offer Verification
An economist, Mr Johnson Chukwu, has urged the Central Bank of Nigeria (CBN) to leverage existing infrastructure and Bank Verification Numbers (BVN) to address delays in verifying bank transactions.
Chukwu, the Chief Executive Officer of Cowry Asset Management Ltd., raised the concern at the annual workshop of the Capital Market Correspondents Association of Nigeria (CAMAN) in Lagos.
The theme of the workshop is: “Banks’ Recapitalisation: Bridging the Gap Between Investors and Issuers in the Nigerian Capital Market”.
He noted that leverage existing infrastructure and BVN was to ensure speedy conclusion of the verification process.
According to him, the delay in the apex bank’s verification process, four months after the closure of some offers, has continued to raise concerns among investors.
Chukwu said the deployment of high level of IT available at the CBN and the use of the BVN would fastrack the process of accepting or rejecting the offers.
He added that this would enable investors get their allotment or deploy their funds in other profitable economic activities.
He noted that while the apex bank’s role in verifying the source of the capital invested was important, the longer period for completion of the verification process was dampening investor confidence.
Chukwu said that this was particularly worrisome for investors whose funds may be returned where the offers may be oversubscribed, as they would miss reinvestment opportunities.
He also stated that the current CBN requirements for investors investing in banks shares were seen by many as overly stringent and creating barriers for both issuers and investors.
Chukwu cited the provision of three-year audited financial statements, board resolution authoring the investment and tax clearance certificates for the past three years for corporate investors.
He noted that these requirements were disincentive to investment in the capital market.
According to him, while regulation is necessary for maintaining the stability and integrity of the financial system in ensuring that unqualified capital is not invested in the banks.
He added that there was need to leverage on existing customer information in the banking system to avoid imposing onerous conditions on investors.
Chukwu described banks’ recapitalisation as a key strategy for strengthening the Nigerian banking sector and fostering economic growth.
He, however, argued that the success of these efforts would hinges on effectively bridging the gap between investors and issuers in the capital market.
Chukwu said banks capital raise through successful IPOs, rights issues and bonds strengthens investor confidence and sends a positive signal to the broader financial market on the role of the capital market.
He said: “A well-capitalised bank is perceived as financially stable, reducing risk for investors and enhancing market confidence.
” This encourages further investment in the banking sector, which is essential for the sustainable growth of the industry.
He, however, called for concerted efforts from both banks and investors, supported by regulators in ensuring that the Nigerian banking sector remains resilient, competitive, and capable of driving the country’s economic growth for the future.
Chukwu also urged the CBN and other regulatory bodies to work together in creating a more predictable regulatory environment for banks and investors.
“The frequency of regulatory policy changes need to be moderated to allow for better planning for both banks and the investing public, as well as reduce the regulatory and operational risks associated with these frequent changes.
“Banks must commit to improving their transparency and disclosure standards. This includes the publication of detailed and accurate financial statements, risk disclosures, and forward-looking guidance,” he said.(NAN)