The Securities and Exchange Commission has said that the non-interest capital market has so much potential in the country as it has the prospect of attracting a large pool of untapped investments.
Director General of SEC, Mr Lamido Yuguda, stated this at a joint IFSB/SEC Nigeria Virtual Seminar on Investor Protection and Transparency in Islamic Capital Markets held at the weekend,
He said the level of activity in non-interest (Islamic) capital market that is currently being witnessed in the country affirms the overwhelming acceptance of NICM products by the investing public.
He noted that the market recently witnessed the entrance of institutions offering Islamic capital market services/products and also witnessed the issuances of FGN into the Sukuk market with latest issuance of FGN SUKUK oversubscribed by over 400per cent.
This, he said, further buttressed the need to enhance the SEC’s investor protection mechanism in order to ensure transparency in the market.
The SEC boss said that the knowledge gap that often existed between the market players and investors demanded for more transparency, while the risks faced by investors required reasonable level of protection by the regulator in order to build confidence and trust in the market.
According to him, “Capital markets all over the world thrive on trust, it is believed that enhancement of investor protection and increased transparency will have a multiplier effect on investments and sustainable growth of the economy.
“It is worthy to also note that the 10-year strategic Masterplan (2015- 2025) for the capital market includes a section on NICM that recommends various initiatives aimed at developing this sector. While some of these activities and programmes have been implemented, a lot more work is ongoing to unlock the full potential of non-interest capital market.
“It is a well-known fact that the pandemic has brought about a new normal to the global economies, including the Nigerian capital market, hence this seminar couldn’t have come at a better time.
“The need to promote and increase awareness of investor protection mechanism and transparency requirements are considered essential to engendering investor confidence and trust in the financial system, which is crucial for the growth and development of the market”.
Buhari Seeks UK, EU Countries’ Partnership On Green Energy Policy
Buhari, who made the call in an interview with Bloomberg News, said the UK and EU countries should invest in the planned 4000 km pipeline meant to bring Nigerian gas, regarded as the largest reserves in Africa, through Morocco, to Europe.
According to the President, when completed, the gas pipeline project would help to address gas supply crisis in Europe.
“We need long-term partnership, not inconsistency and contradiction on green energy policy from the UK and European Union.
“Investment is hampered by their broad-brush moratorium on overseas gas projects, while at home the same projects are classified as green.
“It does not help their energy security, it does not help Nigeria’s economy, and it does not help the environment. It is hypocrisy that must end.
“To change, the UK and EU countries should invest in our planned 4000 km pipeline to bring Nigerian gas, the largest reserves in Africa, via Morocco, then onto Europe”, he said.
The President explained that the gas pipeline project, connecting Nigeria to Europe, which was conceived four years ago, had since been unveiled.
Recalling that on June 2 the Nigerian National Petroleum Company (NNPC) entered into an agreement with the Economic Community of West African States (ECOWAS) for its construction, he said, “concurrently on July 1, the NNPC will become a Limited Liability Company and be subject to more robust auditing and commercial disclosure obligations.
“It will help stimulate investment and boost transparency, where corruption has deterred the former and stymied the latter.
“My administration is the first to pass this landmark reform in our oil and gas sector, after two decades of predecessors’ failure to do so, no doubt due to vested interests,” he stated.
Buhari, however, noted that criminality and terrorism in Nigeria’s oil-producing regions had continued to hamper oil production.
Consequently, called on the Western allies to sanction all terrorist groups operating in the Niger Delta region and other oil-producing states in the South-East and South-South zones.
“It would help if our western allies designated IPOB as a terrorist group, given their complicity in damage to pipelines and infrastructure,” he said.
Buhari also revealed that the country had invested in the security forces, including the one billion dollar military deal with the U.S. for the acquisition of A-29 Super Tucano aircraft.
Nigerians Collect 3m Passports From 2019-2022 – Aregbesola
He used the opportunity to warn officers and men of the Nigeria Immigration Service (NIS) against extortions and hoarding of passport booklets to create an undue scarcity in the system.
The minister, who disclosed this at the official launching of the Enhanced e-Passport in Benin, Asaba and Warri passport offices, and the commissioning of the passport production centre at the Benin Passport office, Edo State Command, lauded the achievement of the NIS.
“It will interest you to know that between 2019 and now, as difficult as that era was, the Nigerian Immigration Service has issued over three million passports to Nigerians. It is unprecedented in the history of Nigeria.
“Last year alone, 1.3 million passports were issued. Also, last time I checked, over 250,000 passports remained uncollected by applicants”, he said.
He assured that the exploitation of Nigerians seeking to get their passports will no longer be tolerated by him, saying that erring officers will be seriously dealt with.
“Whoever disregard any Nigerian, whoever exploit any Nigerian in their quest to get this document will be dealt with personally by me. This is the last time I am going to warn”, he said.
Aregbesola said President Muhammadu Buhari expressed regrets on hearing that Nigerians are always denied passports, stressing that with the enhanced e-Passport, denial of passports will no longer be experienced.
NDLEA, NAGAFF Collaborate Against Illicit Drug Importation
Speaking at a courtesy visit to the secretariat of the 100 percent Compliance Team in Lagos, Commander, Tin Can Island Port NDLEA, Mr. Aminu Abubakar warned freight forwarders and their importers to desist from Illicit drug clearance from the ports stressing the need for proper sensitisation of importation.
While calling for the support and cooperation of the NAGAFF Compliance Team, Abubakar urged freight forwarders to desist from the spread of hard drugs through the seaports by sticking to their legitimate duties.
He noted that since the NDLEA launched the War Against Drug Abuse (WADA) in Abuja, several seizures have been made during cargo examination at the ports, with freight forwarders arrested and jailed for their involvem in the importation of hard drugs.
The NDLEA boss stated that from January 2022 till date, the agency has intercepted 1500 Kilograms of Tapendatol with a value of over N6million amongst others at the seaports.
According to him, Tapendatol is another type of Tramadol drug which is more potent and dangerous than the usual Tramadol.
“The agency has different units and strategies through which we fight the menace and monster of drug abuse, and trafficking into our country.
“This is the suppression of the supply of drugs, which we do at the seaports. We profile some containers at the seaports, and based on the profile, we target such consignment and ensure we conduct proper examination.
“Sometimes we work with intelligence information or on the basis of profile which informs what we do.
“The agency has some strategies, which include counselling drug abusers and public enlightenment on the effects and prevention of drug abuse. There are also rehabilitation centers”, he said.
It will be recalled that the Chairman of the NDLEA recently launched call centers which would soon be operational, where one can report issues or seek for help.
“We have gotten 1500 kilograms of Tapendatol drug worth over N6million from Apapa and Tin Can ports.
We can only imagine what it will do if it gets to places where it is intended. Nigeria is already in crisis. We have the problem of banditry, kidnappings and youth restiveness and the root cause of these acts emanate from abuse of drugs”, he stated.
On his part, the National Coordinator of the 100 Percent Compliance Team, NAGAFF, Alhaji Ibrahim Tanko, explained that most freight forwarders become liable to the crime of hard drugs importation because 60 percent of freight agents at the ports use their company names to import consignments on behalf of the importers.
While assuring NDLEA of the group’s support, the NAGAFF Compliance boss noted that about eleven members of NAGAFF have been innocently detained in prison due to such acts.
Tanko, however, stressed that freight forwarders should desist from using their company’s name to ship in consignments in favour of the importers to avoid being liable when there are infractions.
By: Nkpemenyie Mcdominic, Lagos
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