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Exchange Boss Okays Public Hearing On Capital Market

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The Director-General of Nigerian Stock Exchange,Mr Oscar Onyema, last Friday endorsed the ongoing public hearing by the House of Representatives Committee on Capital Market.

Onyema stated his position at the Nigeria Economic and Financial Markets Conference 2012, organised by Businessin Africa Events in collaboration with Bloomberg Cooperation in London.

“If the hearing is handled correctly, we can actually get to the bottom of the causes of the market downturn,’’ the Europe Correspondent  quotes Onyema as saying.

He added that there was a need to know “why we’ve seen a sustained downturn and not upturn, especially given that the global economy is beginning to recover.’’

Onyema noted that oil-prices were currently high, adding that there was a direct relationship between the all shares index and oil prices.

“We can find out the root causes and come up with ideas on how to change that trend and begin to drive improvement on the all shares index,’’ he said.

On attracting local investors back to Nigeria, Onyema said in order to allow retail investors to benefit from diversification, NSE had introduced exchange traded funds which would allow it to provide different kinds of assets for local investors.

“We will also allow for trading in our listed branch, that way they can have access to fixed income, commodities,’’ he added.

Commenting on the listing of telecommunication companies, he said there were incentives that they could benefit from if they chose to be listed.

Onyema explained that some of the telecommunication companies had different business plans and projections, including sourcing for funds from the capital market.

“Currently, for most of these companies, the ownership base that is Nigerian is very concentrated so if you are looking to diversify the ownership base, there is a good reason to come to the market,’’ he said.

Mr Suleiman Barau, Deputy Governor, Central Bank of Nigeria and Coordinator, Financial System Strategy (FSS) 2020, said one of the aims of the FSS 2020 was to ensure that Nigeria became the financial hub of Africa.

“‘FSS also aims at ensuring that our financial system propels the Nigerian economy to become one of the largest economies by 2020,’’ Barau added.

Also, Mr Christopher Hartfield-Peel of African Equity Research, suggested that oil shares accrued from the 1.2 barrels per day if listed on the stock market, would impact enormously on the Nigerian market.

“This is would become a dividend paying stock that will further reduce corruption in the sector,’’ he said.

Mr Moin Siddiqi, Senior Consultant to BusinessinAfrica Events said with continuous reforms, Nigeria could be a source of rapid growth for itself and Africa.

He said the country offered strategic investors genuine potential in every sector while remaining a leading force in the developing world.

He said Nigeria’s past debt relief and buyback facilitated by oil windfalls had substantially reduced its external debt to nearly 6 billion dollars at the end of 2011.

Siddiqi quoted the Bank for International Settlements (BIS) as saying that Nigeria was a net “creditor nation’’.

He said that Fitch Ratings, the global debt-ratings agency, recently upgraded Nigeria’s credit rating “to (BB-) stable from negative to be at par with oil rich Venezuela and Angola. ’’

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Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

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Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA). 
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.” 
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

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EFCC Nabs 419 Kingpin Over N250m Fraud

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The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million. 
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge. 
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
 Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million. 
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise. 
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

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Expert Wants Farmers To Grow Plant Produce For Export

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An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter

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