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NSE: Listing More Companies Restores Investors’ Confidence

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Following the listing of some new companies on the floor of the Nigerian Stock Exchange (NSE), market operators are of the view that listing of more companies at a bearish period would deepen activities at the market and restore investors’ confidence.

This development, according to them, would lead to investors having variety of choices of equities to diversify their portfolios.

Speaking on the heels of recent listing of some companies on the exchange and the proposed listing of many others, Mr Funmi Abiodun, a broker with Supra Investment Limited, said the development was a good omen for the market.

He added that having many stocks coming to list especially at a bearish period like this would improve investor’s confidence in the market.

Mr Adelaja Emmanuel, a broker with Cordros Capital Limited, noted that “an increase in listed companies would reduce the concentration risk in the nation’s capital”, observing that it would lead to improvement in the variety and depth of securities traded in the market.

He noted that the fear of their shares value being eroded had made most qualified companies to shy away from listing their shares.

Adeija further noted that with confidence gradually returning to the market and with the recent auditing of the banking sector there is hope for an improvement in the market.

He pointed out that the problem with the market is liquidity and he foresees the market going back to the bullish before the end of the first quarter of 2010.

A market analyst said that more listing of companies is a good development to the market. He urge the companies that are ready to list to do so, saying that this would boost the market confidence level, advising them not to wait till the market recovers.

He urged entrepreneurs to always look towards the listing of their companies as such would boost confidence in them and sustain their business.

The NSE of recent listed Honeywell Plc, Beco Petroleum Products Plc, Guaranty Trust Assurance Plc and Aso Savings and Loans Plc, which increased the equities to 214 and with some new applications already approved.

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Senate Rejects Bill Establishing South-South Commission

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Senators yesterday unanimously voted to reject a bill seeking to establish the South-South Development Commission.
The lawmakers, after an extensive deliberation on the bill, stood it down following stiff opposition from Northern Senators.
Senate President, Senator Godswill Akpabio, stepped down the bill when he sensed that the mood in the Senate did not support it.
The bill which was sponsored by Senator Asuquo Ekpenyong (APC, Cross River -South) titled, “A Bill for an Act to Establish the South-South Development Commission charged with the responsibility to receive and manage funds from the Federation Account Allocation and other sources, donations, grants, and for the integration, development, resolution of infrastructural deficit, militancy, communal crises as well as tackle ecological, environmental problems; and for related matters.”
No sooner had the lead to the debate was read by the Senator representing Bayelsa East, Benson Agadaga on behalf of Ekpeyong, the bill was immediately opposed by two senators from the North who spoke after him.
The opposing senators are Adamu Aliero (PDP, Kebbi-Central) and Abdul Ningi (PDP, Bauchi-Central).
They said the proposed commission was a duplication of the existing Niger Delta Development Commission, advising the Senate to drop it.
Aliero, who was a former governor of Kebbi State, said the sponsor appeared to want to play on the intelligence of senators by bringing such a bill to the floor.
Aliero argued that the South-South and the Niger Delta areas already had a fully-funded government agency and a ministry to oversee development in the zone, adding that the proposed SSDC really duplicate their functions.
He recalled how the administration of the late President Umar Yar’Adua in 2007 created the Ministry of Niger Delta Affairs in addition to the already existing NDDC.
“I feel no need to support the second reading of this bill, which will make the Senate a laughing stock. It will amount to duplication,” he added.
Senator Abdul Ningi, who also opposed the bill, expressed his love for the people of the South-South.
Ningi told the session how he frequently visited the region and had always supported any initiative to uplift the zone.
He, however, said he opposed the SSDC bill because the functions spelt out for it were the same as those being handled by the NDDC.
“When you take the NDDC law and this bill and compare them, they are the same. It is important that this bill is stood down for further consultation,” he stated.
Akpabio quickly called for the votes to step down the bill, which was unanimously endorsed by senators.
Recall that the Senate on April 4, passed the North Central Development Commission (NCDC) Bill, while on April 16, it also passed the North-West Development Commission (NWDC) Bill.
While the NCDC Bill, which began its journey in the 9th Senate, was sponsored by Senate Minority Leader, Senator Abba Moro (PDP, Benue -South), the NWDC Bill was sponsored by the Deputy President of the Senate, Senator Barau Jibrin (APC, Kano-North) and a host of other colleagues.
The Red Chamber had earlier in February passed the South East Development Commission Bill.

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Shettima Seeks Urgent Innovation On Nigeria’s Economic, Financial Inclusion

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Vice-President Kashim Shettima yesterday emphasised the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda.
Shettima said that the call is in line with the commitment of the President Bola Tinubu’s administration to bringing over 30 million unbanked Nigerians into the formal financial sector.
The vice-president made the call via a video high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital.
The dialogue brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at the George Washington University.
It aims to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.
The dialogue also focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions.
Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.
The vice-president highlighted Tinubu’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector in line with the administration’s Renewed Hope Agenda.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” he said.
Earlier, the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, sad the Office of the vice president gave priority to economic and financial inclusion.
Hadejia said it was expected that each agency of government would continue to play their statutory role collaboratively to achieve the set objective.
Also, Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, stressed the need for ongoing collaboration among all players to achieve the objectives of the Aso Accord on Economic and Financial Inclusion.
The Director-General, National Information Technology Development Agency (NITDA), Kashifu Abdullahi, proposed “a Digital-first approach and the need to fuse Digital Literacy with Financial literacy as a means to address trust issues affecting the inclusive payment ecosystem.”
The General Manager, Moniepoint, Tosin Eniolorunda, said that addressing trust issues that have slowed down the adoption of innovative Fintech solutions for economic and financial inclusion could be addressed through public-private collaborations.
Dr Nurudeen Zauro, the Technical Advisor to the President on Economic and Financial Inclusion, explained the gathering would eventually evolve into a mechanism that would provide relevant information to the Office of the vice-president.
This, according to him, will facilitate effective decision-making for economic and financial inclusion.
The high-level engagement resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities.
Other speakers at the event included Inspector-General of Police, Mr Kayode Egbetokun; and the Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Prof. Pape Cisse.
Others are the assistant Vice-President at Merrill Lynch Wealth Management, Mr Reginald Emordi; Regional Director for Africa at the Center for International Private Enterprise (CIPE), Mr Lars Benson, among others

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