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FMDQ’s Transition To Full Exchange’ll Create Competition – SEC

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The Securities and Exchange Commission (SEC) said the transition of FMDQ Securities Exchange Plc to a full exchange would depeen the nation’s capital market and make it more competitive.
SEC’s Acting Director-General, Ms Mary Uduk, stated this at the second quarter Post Capital Market Committee (CMC) news briefing in Lagos.
Speaking on the implications of the new exchange, Uduk said the emergence of FMDQ as a second exchange in the country would bring about competition in the nation’s capital market.
“What other implication will it bring other than competition; competition is good for any environment.
“It will help strengthen the market, it will help people to sit up and give people choice of exchanges.
“If you cannot do it in this exchange, you can go to the other exchange and we are expecting that others will come up as well,” Uduk said.
She noted that competition would bring down cost and as well improve efficiency in the market.
Uduk said the transition of FMDQ to a full exchange would position the Nigerian market in line with international standard with two exchanges.
On the plans by state governments to access the market for capital, she said the commission had not received any application from any state government.
Uduk, however, said that the commission would welcome any state government to raise bonds for developmental projects from the market.
“It will be good for transparency because it will help their financial obligations. For you to be able to access the capital market, you must have transparent accounts as well as governance,” she said.
Uduk noted that any state government approaching the capital market to raise bond must comply with the commission’s rules before their applications would scale through.
“One fundamental issue we look at is total debt of a state including the proposed debt compared with revenue,” she stated.
According to her, proposed debt will not be more than 50 per cent of the preceding revenue to avoid over borrowing.
Commenting on the commisison’s annual reports that have been pending for four years, Uduk said the outstanding accounts had been signed and would be in the public domain by next week.
“In the last four years, accounts of SEC were not signed because of lack of board. As we speak, the accounts have all been signed and they will be on our website before the end of next week,” Uduk said.
She added that the commission carried out enforcement action against Dantata Success and Profitable Company, an illegal investment scheme operating in Kano State its and environs within the quarter.
Uduk said the commission also signed a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU) to combat money laundering, terrorists financing and fraud in the capital market.

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FG Launches Blueprint For Africa’s Digital Trade

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The Federal Government of Nigeria has launched a comprehensive strategy to spearhead Africa’s digital trade revolution, aligning with the African Continental Free Trade Agreement (AfCFTA) framework.
The initiative, a key component of President Bola Tinubu’s Renewed Hope Agenda, is aimed at leveraging trade as a driver of economic growth and continental unity in accordance with AfCFTA’s objectives.
According to Vice President Kashim Shettima, in his X handle (formerly twitter), “Nigeria is in a unique position to spearhead the continent’s technological transformation”.
He said the strategy includes implementing AfCFTA’s Digital Trade Protocol, developing technical talent hubs, enhancing digital infrastructure investments, and promoting innovation and entrepreneurship.
Shettima stated this while delivering a keynote address during a stakeholders’ summit with the theme, “Digital Trade in Africa: The Renewed Hope Strategy”, at the Presidential Villa, Abuja.
The Vice President emphasised the need for public-private sector synergy and assured continued government investment in digital infrastructure and human capital development.
On his part, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijjani, highlighted the Tinubu administration’s substantial investments in all aspects of the digital trade protocol, aiming at harnessing opportunities both in Nigeria and across the continent.
He stated that innovative policies and programmes, such as the Three Million Technical Talent programme, the data protection policy, and increased investments in digital infrastructure, were equipping Nigeria’s young population for current and future opportunities.
Tijjani stressed the critical role of technology in facilitating trade across Africa, noting that the unprecedented opportunities within the single market area could be best leveraged through effective collaboration and networking enabled by digital technology.

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Oil Bearing Communities Okay Exploration In Ogoni Adopt Indigenous Company

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A body under the auspices of Ogoni Oil Bearing Communities has resolved that oil exploration should commence in Ogoni.
The body also adopted an indigenous company, Ogoni Royal Resources and Energy Limited, to operate the Ogoni oil fields located within the Oil Mining Lease (OML) 11.
The adoption followed a motion moved by a prominent community leader in the area, Chief Sylvester Kogbara, during a meeting of Ogoni oil producing communities, at Kpite, in Tai Local Government Area of the State.
The decision of the body to adopt an Ogoni indigenous company to explore oil in Ogoni was  taken by the stakeholders after a motion by Chief Sylvester Kogbara from Bodo Community, based on the provisions of the Local Content Act which empowers indigenous firms to participate in oil exploration activities.
Kogbara said: “That the Ogoni Royal Resources and Energy Limited has been adopted as the only indigenous company to mine, process, export and extract oil and gas from Ogoniland. I so move”.
In his address at the meeting, President of Ogoni Oil Bearing Communities (OOBC), Chief Donald Gberesuu, described as unfortunate, the plights and act of marginalisation of the oil bearing communities in the area in the scheme of things perpetrated by certain Ogonis he described as “greedy”, and the Nigerian government.
Gberesuu said: “The plights and act of marginalisation of the Ogoni Oil Bearing Communities in the scheme of things by certain greedy Ogonis and the Nigerian State, is quite unfortunate.
“The oil bearing communities are not subservient and shall not relegate our responsibilities to middlemen and interrupters who are fronting greed and usurpation of common opportunities.
“The Ogoni oil bearing communities hold title to our lands as individuals and as community who should decide the usage of their land, in respect of the oil beneat”.
The body cautioned against division in the rank and file of Ogoni and called for unity of purpose among the people to actualise the objectives of the Ogoni struggle.
Earlier in his remark, the host of the meeting, HRM, King  Samuel Nnee, had declared that the meeting was for the Oil bearing communities to deliberate on issues of development concern, especially on oil exploration resumption in Ogoni.

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Customs Alerts Nigerians On Online Auction, Recruitment Fraudsters 

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The Nigeria Customs Service (NCS) has warned the public to be wary of  fraudsters using the name of the Service to perpetrate illegal activities on the social media.
Speaking against the background of advertorials on the social media by some unknown persons indicating that the NCS is currently auctioning some seized items, including vehicles and essential items.
In a statement by the National Public Relations Officer, Abdullahi Maiwada, the NCS said the fraudsters have been exploiting public trust and ignorance to promote fictitious auctions and sham recruitment exercises supposedly endorsed by the Service.
It stated that, “The attention of the Nigeria Customs Service, NCS, has been brought to the escalating activities of fraudulent entities preying on unsuspecting individuals through social media platforms, falsely claiming association with the Service for purposes of auctions and recruitment.
“These individuals exploit public trust and ignorance, promoting fictitious auctions and sham recruitment drives supposedly endorsed by the our service.
“The Service wishes to clarify that auctions of seized/overtime goods are never conducted via social media platforms.
“Any such claims on social media should be treated as fraudulent and promptly reported. All seized/overtime goods have a laid-down Standard Operating Procedure, SOP, for disposal in line with the Nigeria Customs Service Act  2023.
“It is pertinent to state that the only portal for e-auction in NCS is http://auction.nigeriatradehub.gov.ng.
“For authentic updates about the operations of NCS, we strongly encourage the public to verify information exclusively through the NCS website, www.customs.gov.ng.
“Our commitment remains unwavering in protecting the public from fraudulent activities. We implore all Nigerians to exercise vigilance and prudence when approached with unverified offers or announcements as  regards NCS auctions or recruitment”.

“Any suspicious activities should be reported to any nearby customs formations”.

Nkpemenyie Mcdominic, Lagos

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