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Shareholders Task SEC’s Acting Boss On Market Integrity

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Shareholders on the Nigerian capital market have urged the newly appointed Director-General of the Securities and Exchange Commission (SEC), Dr Abdul Zubair, to step up measures aimed at safeguarding market integrity.
The shareholders told newsmen in Lagos last Wednesday that safeguarding the integrity of the capital market space should be the director-general’s priority to boost investor confidence.
The immediate past Zonal Secretary, Independent Shareholders Association of Nigeria (ISAN), Mr Bayo Adeleke said that the commission’s boss should pursue policies aimed at strengthening investors’ confidence.
“SEC as a regulatory institution should continue its regulatory functions of safeguarding the integrity of the capital market space’’, Adeleke said.
He said that the director-general should continue its push for electronic dividend and ensure unbiased regulation of the market.
Adeleke urged Zubair to ensure quick completion of the Nigerian Stock Exchange (NSE) demutualisation programme to strength market growth and development.
The President, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie said that all pending cases awaiting the commission’s attention should be treated without delay.
Okezie said that the director-general should ensure quick conclusion of some capital market fraud cases which had been pending with the commission in the past 10 months without any pronouncement.
The shareholder activist also said that there was the need for the director-general to remain focus in order to succeed in his new task.
The Federal Government on December 3, announced the appointment of Zubair as the acting SEC Director-General.
Mrs Efe Ebelo of the commission’s Corporate Communications Unit, said in a statement that the appointment was with immediate effect.
Ebelo stated that the appointment followed the suspension of the commission’s boss Mr Mounir Gwarzo, for alleged corruption.
She assured the investors and other stakeholders, both local and international, of the commission’s commitment to ensuring uninterrupted and orderly operation of the market and regulation.
Until his appointment, Zubair was the Director in charge of External Relations in the commission.
Ebelo stated that the SEC would continue to ensure the stability of the Nigerian capital market as well as sustain the all-time high level of investors’ confidence.
She added that recent developments in the commission would not be allowed to disrupt its regulatory effectiveness and efficiency as statutory regulator of the capital market.
According to her, the market will run smoothly in spite of the development.
Ebelo said the commission patiently awaited the outcome of the assignment of the Administrative Panel of Inquiry set up by the Minister of Finance to investigate the allegations against the former boss.
She said that at no point would the management allow the operational independence of the commission to be compromised.
“This is strictly in line with the objectives and principles of securities regulations as set out by the International Organisation of Securities Commissions (IOSCO), to which Nigeria is a signatory,’’ she said.

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NTVOA Promotes 24hr-Online Operations On Faulty Vehicles

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The National Towing Vehicles Owners Association (NTVOA) has commenced consultation with security agencies and stakeholders in the transport logistics chain system on the best way to respond promptly  to rescue articulated vehicles parked along major roads and highways nationwide through digitalisation .
The Trade Union Congress (TUC) affiliate association said plans are already afoot to introduce an app designed to respond swiftly to brokendown  vehicles in furtherance to ensure free flow of traffic.
NTVOA said it will test-run the app in  Lagos when completed  due to the predominant and peculiar nature of traffic, noting that the technological device would take the form of “Uber”
In a chat with the National Secretary of NTVOA, Comrade Sylvester Afonughe in Ogun State, he noted that the move would be an all inclusive app through which security agencies will also be alerted  in line with the technological innovation .
He said the operation when completed will encourage faster response to vehicles with technical hitches to be evacuated from the roads.
The scribe sad aggressive campaigns and sensitization mechanism would be put in place to enable stakeholders understand how to use the app upon completion.
Afonughe, an engineer and the Business Relationship Manager, Moniepoint, affirmed that: “It looks tasking, no doubt, but that is what we are looking at as a union because we have already commenced consultation for the website which will operate like Uber or O Pay in nature.
He said the union is also resolved to key into the automation system as part of efforts to address human contact and to promote seamless operations in modern day transport technology.
“We are looking at how we can improve on our operations because it is what I single-handedly initiated under the stable of my organization, then the national can take it up from there.
“So many factors are also considered in this project because we are looking at 24 hours online real time operations because we cannot rule out night activities.

“Security is key here so these are the things we are looking at because we need to carry security agencies along because security must not be compromises when we kick start this project.

By; Nkemenyie Mcdominic, Lagos

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NIWA Provides Waterways Ambulance For Search, Rescue

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The National Inland Waterways Authority (NIWA) has introduced a new ambulance boat to serve the Lagos waters.
Disclosing this in a statement made available to our correspondent in lagos, NIWA said “The decision to introduce the new ambulance was in response to critical empowerment of the search and rescue team in Lagos, and as strategic fulfilment to suggestions made by the cream of maritime media at a recent parley with the Managing Director of NIWA, Dr. George Moghalu .
“Dr. Moghalu noted that the new craft fitted with amber lights and two 175 Horse Power engines by Yamaha, with cream colour leather interior, fitted with medical equipment, first aid boxes, communication system and stretchers, will form the fulcrum rapid response to accidents on Lagos waterways.
“Rugged and built to  ferry accident victims and those who require immediate medical attention to the nearest hospital and Medical Hold Bay, the ambulance watercraft can travel at controlled timing without fear or anxieties of being buffeted by high impact waves”, it stated.

By: Nkemenyie Mcdominic, Lagos

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CBN Raises Savings Interest To 4.2%

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Bank customers in the country are now to be paid more interest on their savings after the Central Bank of Nigeria (CBN) reviewed upward minimum interest payable to 30 per cent of the Monetary Policy Rate (MPR).
At its last meeting in July, the Monetary Policy Committee (MPC) of the CBN had raised MPR to 14 per cent due to the persistent rise in inflation rate in the country.
The upward review of interest on savings was stated in a circular signed by the CBN Director, Banking Supervision, Haruna Mustafa, and issued to all banks dated August 15, 2022.
With the new circular, banks are expected to increase interest rate on savings from 10 per cent of MPR to 30 per cent of MPR with effect from August 1, 2022.
Consequently, bank customers can now earn up to 4.2 per cent, which is 30 per cent of the 14 per cent MPR as against 1.4 per cent, which was 10 per cent of the MPR.
According to The Tide’s source, the circular states in part:  “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30 per cent to 10 per cent of the Monetary Policy Rate (MPR).
“This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the pandemic.
“However, following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.
“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30 per cent of MPR. This supersedes our letter dated September 1, 2020, referenced BSD/DIR/GEN/LAB/13/052 on the subject.”

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