Connect with us

Business

SEC Empowers Trade Groups For Capital Market Dev

Published

on

The Acting Director-Gen
eral, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, says the commission is empowering trade groups in the capital market to enable it to regulate and strengthen its operations.
This is contained in a statement by the commission’s Head of Corporate Communication, Mr Yakubu Oluleye, in Abuja, recently.
The statement reported that Gwarzo said this when he received members of the Association of Assets Custodians of Nigeria (AACON) in Abuja.
It said that the policy thrust of the current management was the empowerment of the groups for greater and more effective role performance in the market.
The statement quoted Gwarzo as saying, “as long as people come together to form groups, we will support them”.
“That is why we have reviewed our complaints management framework to enable trade groups to handle complaints and resolve them and that is better for the market.
“The management is working to empower Self Regulatory Organisations (SROs) and Trade Organisations to enable them to handle some complaints and deal with them with dispatch.
“This is because the strategy of the management is not to create committees but to focus on prescriptions and ensure that they are executed within reasonable time frames.
“We are leveraging on making it mandatory for every registered operator to belong to a trade group. Some may not want to do so but that is a way of strengthening the trade groups; we are going to come up with that directive,” it said.
The statement said the commission had finalised the rules on complaints management framework which would allow complaints to be managed at the lower levels.
It said the acting DG, therefore, urged the custodians to carry out their responsibilities, to enable them to manage complaints effectively.
According to the statement, the President of the association, Mr Kemi Adewole, underlined the importance of creating environment conducive for foreign direct and portfolio investments, to deepen the Nigerian capital market.
She commended the SEC for its regulatory role, adding that the association would continue to manage foreign investors’ impression of the Nigerian market.
The statement quoted Adewale as saying, “our clients are about 90 per cent of foreign investors that come into the country; so we are the first port of call most times”.
According to her, funds should not be idle and that is why “you need a mutual party which is the role of the custodian”.
The statement said the association was mindful of costs in its transactions in the market, which was why it had tried to bring the costs as low as possible.

Continue Reading

Business

FG To Eradicate Multiple Taxation In Mining Sector – Adegbite

Published

on

The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, says the Federal Government is setting in place various measures to eradicate multiple taxation for miners.
At the flagship Forum last Tuesday in Abuja, Adegbite said the ministry was engaging with the three tiers of government to resolve this issue.
He said that this informed the recent webinars and advocacy engagements by the ministry with all stakeholders in the country involved in the mining industry.
He said that though the constitution vested control of mineral resources in Nigeria in the Federal Government, the fund goes into the Federation Account, of which everybody participates.
He added that all the 774 local governments got money from that account but if they cut corners by disturbing the miners with unnecessary local taxes they get discouraged.
“So, it is double jeopardy when you go and do all these illegal taxes, or you go and disturb the miners, when you will benefit from what is derived in your place, you get a 13 per cent derivation.
“You also get your share of the federal accounts as of course laid down statutorily. So, it is a continuous process, we educate everybody and I think we are getting good results.”
The minister said there was a Mineral Resource Committee (MIRENCO) in every state and the chairman was nominated by the governor of that state, so that he would be in the know about everything going on about mining in that state.
He said that the chairman of that committee was to oversee all the activities between the miners, the community, the state government and the Federal Government.
“So, on that committee, the Federal Government has representatives, the local government has representatives, the governor chooses the chairman and then Ministry of Environment and other stakeholders bring in representatives as well.
“So, through this committee, everybody can participate, and make sure that we work in harmony, bake a bigger pie so everybody can share.
“So, it is continuous advocacy, we let them know what we are doing and of course they can also participate, where they do not understand or where the governor has any problem he can always ask the chairman.”
On the issue of rock blasting, he said cities had expanded to meet quarries.
According to him, quarrying is a necessity, because stones are needed to make concrete when building roads and houses.

Continue Reading

Business

Nigeria Lost N53.26bn To Gas Flaring In Two Months – NNPC

Published

on

Nigeria lost an estimated N53.26billion in the first two months of this year as international oil companies and local players flared a total of 33.04 billion standard cubic feet of natural gas.
The oil companies wasted 17.53 billion scf of gas in February, compared to 15.51 billion scf in January, according to data obtained from the Nigerian National Petroleum Corporation.
With the price of natural gas put at $3.93 per 1,000scf as of Wednesday, the 33.04 billion scf flared translates to an estimated loss of $129.85million or N53.26billion (using the official exchange rate of N410.13/dollar).
The NNPC, in its latest monthly report, said out of the 206.05 billion scf produced in February, a total of 133.06 billion scf was commercialised, consisting of 40.15 billion scf and 92.91 billion scf for the domestic and export market respectively.
It said this implied that 64.48 per cent of the average daily gas produced was commercialised while the balance of 35.52 per cent was re-injected, used as upstream fuel gas or flared.
Gas flare rate was 7.67 per cent in February (i.e. 565.52 million standard cubic feet per day), compared to 7.73 per cent in January (i.e. 554.01 million scfd).
In January, a total of 223.55 billion scf of natural gas was produced, translating to an average daily production of 7,220.22 million scfd.
Out of the total gas output in January, a total of 149.24 billion scf was commercialised, consisting of 44.29 billion scf and 104.95 billion scf for the domestic and export markets respectively.
Firms producing less than 10,000 barrels of oil per day will pay a gas flare penalty of $0.5 per 1,000 scf.
The penalties paid by oil and gas companies for flaring gas in the country will be invested to build midstream gas infrastructure in host communities, according to a new provision introduced into the Petroleum Industry Bill by the National Assembly.
“Moneys received from gas flaring penalties by the commission (Nigerian Upstream Regulatory Commission) pursuant to this subsection, shall be transferred to the Midstream Gas Infrastructure Fund for investment in midstream gas infrastructure within the host communities of the settlor on which the penalties are levied,” the Senate and House of Representatives said in subsection (4) of section 104 of the bill.

Continue Reading

Business

Nigeria To Boost Trade Volume Through ECOWAS TPOs

Published

on

Nigeria is poised to boost its non-oil exports following the official launch of the Economic Community of West African States (ECOWAS) Trade Promotion Organisations (PTOs).
With Executive Director /CEO of the Nigerian Export Promotion Council (NEPC) Segun Awolowo, as the inaugural president of the ECOWAS TPOs, the NEPC is repositioning the nation’s export through the implementation of its N50 billion Export Expansion Facility Programme (EEFP), a part of the Economic Sustainability Plan whose development and implementation is being led by the Vice President.
EEFP is expected to significantly raise the volume of non-oil exports in Nigeria, and it’s a spin-off of the Zero Oil Plan developed by Awolowo and approved by the President.
Besides providing financial support for the average Nigerian exporter, EEFP is also going to see the establishment of top-notch warehouses close to airports where Nigerian goods meant for export would be packaged to globally competitive standards ahead of their exportation.
The EEFP, in line with the FG’sEconomic Sustainability Plan (ESP), is focused on cushioning the effects of the Covid-19 pandemic on non-oil export businesses,thereby safeguarding jobs and creating new ones.
In March, Minister of Industry,Tradeand Investment (MITI), Niyi Adebayo, officially flagged off the EEFP and launched the first online Grant Management Portal (GMP) for non-oil exports.
While the EEFP is being implemented by the NEPC, the Federal Ministry of Industry, Trade and Investment is the supervisory body over the agency and its operations.
It was learnt although the programme anticipated 500 beneficiaries, since the launch, it has received over 3,500 applications for the grant, out of which over 2,000 were verified after meeting the eligibility criteria.
Federal Government officials said further details and plans on disbursement to final successful beneficiaries are being awaited.

Continue Reading

Trending