Business

Bello Promises Regular Meeting With Market Stakeholders

Published

14 years ago

June 27, 2012

The Acting Director-General of the Securities and Exchange Commission (SEC), Ibrahim Bolaji Bello, has promised to sustain the meeting with stakeholders of the Nigerian Capital market as a strategy to stabilise the market.

According to Bello, regular parley with stakeholders form part of his mandate, adding that his immediate priority is to stabilise the market.

Speaking in Lagos during his maiden meeting with the major operators in the market, Bello said his mandate from the Federal Government was to stabilise the market and put it back on the path of growth.

He also used the opportunity to appeal to stakeholders for support, adding that his intention is to implement his mandate in collaboration with stakeholders.

The SEC boss was quoted in a press statement as saying that other measures to stabilise the market include “immediate restoration of Registration Meetings, where new operators (individuals and firms) would be registered to operate in the market, as well as immediate inspection of existing firms to ensure that they comply with laid down rules and regulation in the market”.

The statement said: “Both tools of regulation (registration and inspection), have been suspended for over one year and they are tools to ensure that only ‘fit and proper’ operators operate in the market”.

Besides, Bello said the commission would immediately embark on investors’ education to ensure that investors know their right and adopt better ways of investing in the market to further protect their investment, pointing out that a well educated investor is a well protected investor.

“Our quick win strategies would include those strategies that would restore investor confidence in the market as well as bring more investors. So, for the first time, we will do registration meeting in Lagos next week. This is the first time the registration meeting is taken outside of Abuja to Lagos. This is to cater for the operators in Lagos and its environs in the south, while others in Abuja and the North will have theirs in Abuja in the following week.

“This will also reduce cost for the operators, many of which have been recording declining income in recent times. However, there is also opportunity for special registration window, especially for operators that would want it outside the normal time we intend to have it, but such operators would have to come to Abuja.

“We shall also embark on inspection of dealing houses to ensure that they comply with laid down rules and regulation in their operations”, said Bello.

Apart from the management of the Nigerian Stock Exchange (NSE) led by its Chief Executive, Oscar Onyeama, others that met with Bello at the weekend in Lagos, included the executive of the Chartered Institute of Stockbrokers (CIS) led by its President, Murtala Ariyo Olusekun, leaders of the Association of Stockbroking Houses Owners of Nigeria (ASHON) led by its President, Emeka Madubuike and the leaders of the National Association of the Securities Dealers (NASD) led by its Chairman, Olutola Mobolurin, who is also a former president of CIS.

Others included Henry Olayemi, Mike Itegbogie, Dipo Aina and Dipo Williams who have also presided over the CIS in the past as well as the Registrar and Chief Executive of CIS, Mr. Oluwatoyin Olorunleke and the first Deputy President of CIS, Emmanuel Ohanwusi.

Also, the various trade groups in the market met with the acting SEC DG in another separate meeting, where Bello re-affirmed his mandate and appealed for their support. The groups included registrars and Institute of Capital Market Registrars led by its President, Bayo Olugbemi, Portfolio Managers, Trustees and Investment Advisers among others.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

3 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

3 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.