Connect with us

Business

14 Banks Audit Report May Halt Market Gains

Published

on

There are fears that recent events pertaining to the 14 other banks where the CBN final report is still being awaited may halt further gains in the market. These fresh fears are hinged on the seizure of the traveling documents of some chief executives of the 14 banks and the state security service (SSS) surveillance of their movements even when the CBN insisted that its final report on their state of health would be released sometime in October.
The way things are now, capital formation and extension of credit have become frozen, with adverse implications for business expansion and national economic growth and development. Indeed, there has been a sustained erosion in the value of investments in the stock market, including investments by Nigerians in the Diaspora and the pension funds.
Market operators opined that continuing downtrend in fueling capital flight from the country as an increasing number of Nigerians – both local and in the Diaspora – are beginning to look beyond our borders for investment options.
They argued that the economy cannot afford further distinction of savings on top of the N6.91 trillion in savings lost in the last eighteen months as a result of the stock market meltdown.
According to analysts at source capital, “the N6.91 trillion in savings lost is equal to 62 per cent of total government expenditure in the last five years. It is equal to 29 per cent of the total Gross Domestic Product (GDP) for 2008”. Nigerian investors, individuals and institutions including their foreign counterpart would like to see an early recovery stability on the stock market.
And in this regard, the Chartered Institute of Stock brokers (CIS) insists that there is an urgent need for further government stabilization initiatives in the economy, especially in view of the wider social implications of a continued downturn in the economy CIS and the Association of Stock broking Houses of Nigeria (ASHON) had commended the injection of N420 billion into the five weakest banks noting that it would go a long way in addressing the lingering confidence problem of the industry.
However, they maintained that the CBN initiative needed to be reinforced and maintain the momentum generated.
The operators posited that it has become necessary to follow-up the CBN action with complimentary programmes to address the other similarly impacted segments of the financial system and the observable slow down in the wider economy. The benefits of further government intervention have been kinted to restoring stability to the economy and the financial markets with a view to facilitate the management of banks’ exposure to the economy.
On the other hand, stabilisation of the stock market will boost investor confidence, re-ignite domestic capital formation and long-term savings and stimulate economic activity by providing financing for business expansion, expanding employment opportunities and boost government revenue through taxation.
It is also believed that the process would also encourage inflow of foreign investment as a supplement to domestic savings and provide financing for government’s infrastructural development programme.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending