BUSINESS
UK Commits to Developing Nigeria’s Capital Market
By David Torough, Abuja
The Government of the United Kingdom has said that it will support Nigeria’s capital market to ensure sustainable development in the country.
This was made known on Wednesday in a press statement released by the Foreign, Commonwealth & Development Office Senior Press & Public Affairs Officer, Ndidiamaka Eze.
The statement said Nigeria needs about USD 10 billion per year to meet the Sustainable Development Goals. The UK government plans to help fill this gap through its MOBILIST initiative (Mobilising Institutional Capital Through Listed Product Structures).
MOBILIST provides investment capital and technical help to list new products that attract large-scale institutional investment for development and climate transition. It also offers research and policy support to identify obstacles and improve conditions for issuers, investors, and intermediaries.
“The UK government is committed to supporting Nigeria in the continued development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions,” said British Deputy High Commissioner Jonny Baxter at two MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC).
“A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities and improved incomes.
“MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives,” Baxter added.
In his goodwill remarks, NGX Chairman Ahonsi Unuigbe emphasized the importance of addressing barriers to public listings through collaborative discussions. He stated:
“The discussions we have today are crucial as we address barriers hindering public listings and explore actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant, such as regulatory challenges, high listing costs, and market volatility.”
He added, “An enhanced and efficient listing process will democratize access to capital, nurturing a vibrant entrepreneurial ecosystem where businesses dedicated to achieving Sustainable Development Goals (SDGs) can flourish.”
Ross Ferguson, MOBILIST Programme Lead at the FCDO, said: “MOBILIST is the expression of the UK’s conviction that public markets have an underutilized but potentially critical role in financing sustainable development at scale by mobilizing private capital to flow where it is needed most – to the firms that are going to contribute most to solving developmental challenges and help deliver a fair and orderly climate transition for Nigeria. We are committed to deepening our relationships in the Nigerian market as we seek to help position Nigeria’s capital markets at the forefront of these efforts.”
While delivering the welcome address, the Acting CEO of NGX, Jude Chiemeka, emphasized the impact of the partnership with MOBILIST. He stated:
“Our partnership with MOBILIST is geared towards advancing market efficiency, sustainability reporting, and integrating Environmental, Social, and Governance (ESG) principles. This event represents a significant milestone in our ongoing efforts to enhance the performance and depth of Nigeria’s capital market by promoting sustainable capital flows and enhancing listing diversity. The discussions today are poised to yield actionable insights on how we can collectively catalyze economic growth through the capital market. By harnessing the potential of our capital market, we can unlock new opportunities for funding businesses, fostering entrepreneurship, and ultimately driving sustainable development across Nigeria.”
“The events in Nigeria’s financial hub brought together stakeholders from across the finance community, including representatives from the Securities and Exchange Commission (SEC) and the pension fund industry, to discuss opportunities to address some of the main barriers to increasing investment in the SDGs via public markets.
“These events follow former UK Foreign Secretary James Cleverly’s visit to Nigeria last year and his participation in the launch of the partnership between MOBILIST and NGX, which aims to catalyze greater investment in the SDGs through new investment structures listed on the exchange, the statement read in part.
NEWS
NSCDC Uncovers Illegal Bunkering Sites in Rivers Cemeteries
The Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama Communities in Asari-Toru Local Government Area of Rivers State.
The security outfit said the feat was achieved by its Marine Anti-vandal Squad after a four hour operational tour on water across the two coastal communities.
Speaking to newsmen after the operation, the NSCDC spokesman, Rivers State Command, Superintendent Olufemi Ayodele, said its operatives successfully uncovered the illegal bunkering sites through credible and sustained intelligence.
Ayodele recalled that the NSCDC Commandant General, Dr Ahmed Abubakar Audi, gave a marching order to all formations in the Niger Delta to step up intelligence and operational efficiency in the fight against oil theft and illegal oil bunkering activities.
He expressed worry about how the miscreants devised a new means of converting cemeteries to illegal bunkering sites, saying they had already loaded several illegally refined crude and refined Automotive Gas Oil also known as diesel was sighted in boats by the riverside.
The state NSCDC image maker however said on sighting its operatives the hoodlums took to their heels though they were giving a hot chase, pointing out that men of the Marine Anti-Vandal Squad are on their trail to ensure they are arrested and prosecuted.
He stated, “Acting on this directive the Rivers State Commandant of the NSCDC, Basil Igwebueze, deployed the Marine Anti-vandal Squad to the crime scene where several boats filled with crude oil and refined Automotive Gas Oil were sighted.
‘This is the Abalama community and behind us is the Oproama community as well where Cemeteries were converted to illegal bunkering sites; Upon our arrival, the suspects took to their heels knowing the squad had superior firepower.
‘The NSCDC as an environmentally friendly agency condemns outright all acts of environmental pollution, degradation of aquatic life and economic sabotage.
“We have contacted some good people in the two communities and they are cooperating with us so that the perpetrators would be apprehended in due course. However, the quantities in litres of the locally refined AGO cannot be ascertained.”
He added, “Consequently, the NSCDC Rivers State Command helmsman has further issued a stern warning against the activities of vandals and illegal bunkers in the state affirming that the fight against oil theft is a relentless war and suspects arrested with their sponsors would be made to face the full wrath of the law.”
Business News
Blue Economy Targets Top Spot in PEBEC – Oyetola
From Anthony Nwachukwu, Lagos
Mindful of the sector’s critical role in economic diversification and sustainable development, the Ministry of Marine and Blue Economy aims to place Nigeria tops in the Presidential Enabling Business Environment Council (PEBEC) by achieving ease of doing business and fostering a conducive environment for trade and investment.
To this end, the Minister, Adegboyega Oyetola, said the ministry plans to elevate Nigeria’s maritime sector to global standards and has prioritised the implementation of the national single window and port community system to automate port processes, in order to enhance operational efficiency and attract investments.
Oyetola, who spoke at the BusinessDay Maritime Conference in Lagos Thursday, disclosed that the ministry has already reported significant progress in revenue generation, driven by innovative strategies to block revenue leakages and explore new sources within the marine and blue economy sector.
Others include ongoing efforts to upgrade infrastructure, such as the development of inland dry ports and modernisation projects at key ports across the country, while public-private partnerships (PPPs) in advancing port modernisation, dredging activities and deploying cutting-edge maritime technologies remain important.
He further announced plans for the development of additional deep-sea ports on a PPP basis to further bolster Nigeria’s maritime capabilities.
Acknowledging the significant contributions of participants in shaping the discourse in Nigeria’s marine and blue economy, Oyetola expressed hope that insights from the conference would drive positive transformations and propel Nigeria towards greater economic prosperity through the harnessing of its vast maritime resources.
He restated his commitment to developing a dynamic national policy framework for the sector by the end of the year, while urging all stakeholders to continue working together towards realising the sector’s full potential, ensuring sustainable growth and inclusive development across coastal communities.
Economy
Nigerian Banking System is Stable, CIBN Assures Nigerians
The Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday reassured Nigerians that the banking system remained “safe, sound and resilient,” dispelling fears of bank liquidations.
Its president, Prof. Pius Olanrewaju, gave the reassurance in a statement in Lagos to correct misinformation and fake news that licence of more banks would be revoked.
Olanrewaju emphasised the importance of clarifying rumours that additional bank licenses would be revoked, following the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3.
“We would like to allay the fears of bank customers and the general public that the assertion is false and misleading.
“The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN, stated.
He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.
“Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Olanrewaju said.
According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound, in collaboration with other stakeholders in the ecosystem. (NAN)