Business
SEC Remits N1.5bn Into FG’s Coffers In Six Months – DG
The Securities and Exchange Commission (SEC) has disclosed that it remitted the sum of N1.5 billion into the Federal Government’s account despite the global pandemic challenges.
The regulatory agency which came under the scrutiny of the Senate Committee on Public Account last week stated that it had also unveiled plans to reduce its operating cost.
The Director-General of the agency, Mr Lamido Yuguda, who disclosed this in a statement on Sunday, also said that reduction in operating costs would boost profitability of the agency.
According to the statement, the SEC has been paying 25% of gross revenues into the coffers of the Federal Government, adding that the sum of N1.5 billion remitted as at 31st June, 2021 was a pointer to good days to come.
Yuguda assured that in the next two years, the profit of the commission would bounce back to normal, notwithstanding that SEC was superintending the market that was badly affected by the pandemic.
“If we go through the Medium-Term Expenditure Framework which we started last year, if we look at 2022 and 2023, you will see that we have worked on our expenditure so that by 2023, the deficit will actually turn into a surplus of N1.235bn and by 2024 we should have N2.5bn surplus”, Yuguda stated.
He said SEC needed the support that would make it to realise its target, adding that the commission has planned early retirement of staff in order to tackle over bloating welfare.
Explaining the difficulties faced by the commission, Yuguda disclosed that SEC had raised a lot of revenue to keep the commission afloat, insisting that the high overhead cost was being reduced aggressively.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
