Business
Stockbroker Expresses Optimism On Capital Market Rebound
The Managing Director of Compass Investments and Securities Ltd, Mr Emeka Madubuike, has expressed optimism on the full recovery of the Nigerian capital market.
Madubuike told newsmen that the market would experience full rebound with the take-off of the Assets Management Corporation of Nigeria (AMCON) and the new management team of the Nigerian Stock Exchange (NSE).
The stockbroker made the comment in Lagos, on Wednesday, while reacting to the challenges witnessed in the market in 2010 and suggesting the way forward.
He said 20 I 0 was a time of recovery for the capital market in spite of” some hiccups” experienced.
“Last year was a year of recovery for the market, though all did not go as expected because of the hiccups experienced”.
“But with the AMCON coming on board and the new management for the NSE, we are looking forward to greater stability in the market that will boost investors’ confidence,” he said.
Madubuike suggested that the exchange should be run by a technically competent person who had passion for the market and good public relations so as to boost investors’ confidence.
“Whoever will take over the management of the exchange should see his tenure as a rebuilding time and time to rebuild confidence in the investors,” the managing director said.
It was reported that last week, Mr Oscar Onyeama, the Chief Administrative Officer, American Stock Exchange (AMEX) was appointed as the new NSE Managing Director/Chief Executive.
If his appointment is ratified by the Securities and Exchange Commission, Onyeama will replace Prof. Ndi Okereke-Onyiuke, who was removed on August 4, 2010 as the Director General of the NSE.
The capital market has yet to find its footing since the 2008 global economic meltdown that rocked the financial sector, observers note.
He said that with the bill, AMCON would stabilise the financial sector and stimulate the nation’s economic recovery.
“I sign this bill today in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” Jonathan had said.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
-
Oil & Energy4 days ago
NNPCL Lists Transparency, Accountability, Others, As Transformation Drivers
-
News3 days ago
Trafficking: Beware Of Fake $900 Jobs, NAPTIP Warns Nigerians
-
Focus3 days ago
Reminisces On Tributes To Mrs Adeline Ndalu Jaja
-
Nation1 day ago
Ododo Applauds Security Agencies Over Rescue Of 43 Bus Passengers
-
Education4 days ago
Bill To Increase UBEC Funding Passes Second Reading
-
News3 days ago
Food Prices Rise In February 2024 -NBS
-
Niger Delta2 days ago
Bayelsa Community Set For Youth Election, Inaugurates Eleco
-
News1 day ago
Deputy Gov Urges Rivers Youths To Read Impactful Books