Business
SEC Prosecutes Banks, Capital Market Operators
Securities and Exchange Commission (SEC) has commenced hearing in matters involving principal officers of banks and capital market operators who might have breached the Investment and Securities Act (ISA) and the SEC rules and regulations in the ongoing crisis in the banking industry.
Ms. Daisy Ekineh, acting director-general of the commission stated this at a luncheon with journalists in Lagos.
According to Ekineh, having completed the investigations, the commission APC had in November commenced hearing on the matters involving the bank’s principal officer and capital market operators who might have breached the ISA and the SEC rules and regulations.
She added that it is expected that the hearings would be concluded soon.
The acting director-general said the banking crisis of 2009 had impacted not only on the money market but on the financial system as a whole, remarking that it had among others, exposed weaknesses in corporate governance in some banks and capital market entities.
She said the findings had revealed the involvement of capital market operators and participants in the saga.
Ekineh said the commission in 2009 focused its priorities on monitoring and enforcement to ensure a safer more transparent and efficient capital market.
She said in order to achieve this, the commission intensified efforts to improve the efficiency of the market regulation and supervision as laws and rules are as efficient as their enforcement, adding that this included the adoption of zero tolerance on market infractions which has reduced new cases of infractions in the market, implying that operators now conform with the rules than they previously did.
The acting director-general said the commission suspended a number of operators and participants from market activities during the year while a few were referred to the Economic and Financial Crimes Commission (EFCC).
She said in the last 20 months, various enforcement actions including suspension from participating in capital market activities were taken against over 77 operators.
Ekineh said the commission intensified its on and off site inspection of operators, adding that more inspections are now conducted than were previously carried out in order to closely monitor the health and operations of intermediaries.
She noted that following the inspection findings, all operators were directed to make full and immediate provision for their impaired capital to be reflected in the October 2009 management accounts to the commission.
The acting director-general said the operators had largely compiled with the directive which showed large negative shareholders’ funds in some cases.
Ekineh contended that given the findings the commission held a meeting with operators on the imperative of re-opening the recapitalisation and consolidation exercise which was suspended and to sensitise them on the imperative for it under the present circumstance.
The recapitalisation is to be backed by risk based capital adequacy standards and risk based supervision which the commission is migrating to.
Ekineh said the objective is to create stronger institutions which would effectively and efficiently intermediate in the capital market, adding that the World Bank is assisting the commission in the move to risk based supervision and capital standards.
The commission is also formulating rules on the use of custodian for the safe keep of the assets of collective investment schemes while the possibility of same for clients of stock brokers is being examined.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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