Business
Banking Reform Will Boost Investor Confidence – Operators
Despite criticisms from some quarters over the ongoing sanitisation in the banking sector, some dealing members on the floor of Nigerian Stock Exchange have said that the exercise would boost investors’ confidence in the capital market.
They are of the view that not only would confidence return to the market but the credit crunch in the financial system would also ease with the injection of N620 billion into some of the banks.
The Managing Director of Ibaksworth Investment & Securities Limited, Mr Kayode Awotile said the CBN’s clean-up exercise would encourage foreign investors into the banks and the nation’s economy in general, adding that it is a confidence boosting measure. He urged the CBN to carry out strict and periodic checks on the banks after the current exercise as part of measures to strengthen them, adding that the action taken by the apex bank was to ensure quick rescue of the nation’s economic life-wire.
Also speaking recently, Mr Funmi Abiodun, a broker with Supra Commercial Trust Limited said the exercise had turned out to be positive for the market in terms of confidence because investors are now showing more interest in the banking sector, noting that most of the banking stocks have been closing on high bid since the conclusion of the audit.
While observing that the banking sector accounts for 60 percent of the market capitalisation, he said the increasing activities in the banking stocks would definitely rub off on other sectors as well.
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
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