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Experts Call For Longer-term NSE, LSEG Pact

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11 years ago

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Some financial experts on Monday called for a longer pact between the Nigerian Stock Exchange (NSE) and the London Stock Exchange Group (LSEG), for it to have a meaningful impact on the Nigerian capital market
They told newsmen in Lagos that the two-year pact was too short, to achieve its desired goals.
The President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said that if the pact had been for a longer period, it would have drawn a pool of funds to the capital market.
Okezie said that a longer pact would enable commercial banks in both countries to benefit because of the access to large pools of funds for other businesses.
According to him, the agreement would have allowed local companies get funds from foreign banks with specialised expertise.
“The initiative would have facilitated the further acquisition of Nigerian businesses by investors, who will put them on a better footing.
“But these benefits may not be achieved if the pact is for just two years,” he said.
The NSE and LSEG on November 18 signed a capital market agreement to strengthen cooperation and promote mutual development between the two exchanges.
The agreement also supports African companies seeking the dual listings of shares in the London and Lagos stock exchanges.
NSE’s Chief Executive Officer (CEO), Oscar Onyema, and LSEG’s Chief of Staff and Head of International Development, Nikhil Rathi, signed the agreement in Lagos.
The agreement was propelled by the Seplat Petroleum Development Company, an oil and gas business outfit, which raised $500 million in an Initial Public Offer through this new mechanism in April.
The agreement is for an initial period of two years.
The Chief Executive Officer, Perfecter Investment Trust, Lagos, Mr Emmanuel Eze, said that the signing of the pact between the NSE and the London Stock Exchange, would be beneficial in the long run.
“Our exchange will benefit from the agreement in the future, considering that the London exchange is very stable and experienced.
“The London exchange had existed for decades before ours. This will bring some level of stability to our exchange,” he said.
A former director of the Central Bank of Nigeria, Mr Chris Nemedia, however, said that although the collaboration was laudable, it alone would not transform the sector.
“Although the pact will enable foreign companies doing business in the country to demand for more local currency, however, it is not the game changer for the sector.
“Further stimulation of the nation’s economy by the government through adequate fiscal policy and driving the economy by the private sector will spill over to the NSE with time,” he added.(NAN)
STA/JI/PIO

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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