Connect with us

Business

SEC Urges Credit Rating Agencies To Focus On Investor Protection 

Published

on

The Securities & Exchange Commission (SEC) has urged Credit Rating Agencies (CRAs) operating in the country to focus on investors’ protection in all their dealings, services and activities within the capital market.
Director General of the Commission, Mallam Lamido Yuguda, gave the charge in his goodwill message at the inaugural edition of DataPro’s Annual Webinar on Credit Rating Imperatives for Issuers and Investors held in Lagos.
Yuguda was represented by SEC’s Head of Monitoring Department, Mr Adamu Sambo, at the event. 
The webinar, attended by participants from different parts of the world, was hosted by DataPro, a technology-driven Credit Rating Agency and the Association of Issuing Houses of Nigeria (AIHN). 
In his welcome address, the Managing Director and Chief Executive Officer of DataPro, Mr Abimbola Adeseyoju, called for greater socialisation of the crucial role played by Credit Rating Agencies in the efficient allocation of capital and resources within the economy.
According to Mr Adeseyoju, DataPro will henceforth be charting a new course in the CRAs industry in Nigeria and focusing on the way forward as well as on how investors and issuers alike can adapt to the new normal and drive economic growth and development through the various securities, products and services available in the Nigerian Debt Market.
In a keynote address, titled “Galvanising the Capacity of the Nigerian Debt Capital Market”, the Chief Executive Officer of FMDQ Group, Mr Bola Onadele Koko, said that the Covid-19 pandemic negatively affected the new wave of globalisation with massive decline in World Trade, Foreign Direct Investment (FDI) and net travel leading to a 3% traction on Global GDP in 2020.
Goodwill messages were also delivered by the CEO of NGX Regulation, Mrs Tinuade Awe; the Chairman of Nova Merchant Bank Limited, Mr Philip Oduoza, and Managing Director of Lagos Commodities & Futures Exchange (LCFE), Mr Akin Akeredolu-Ale, who all emphasised on the crucial role Credit Rating Agencies play within the Market and praised the initiative of DataPro and AIHN to organise the Webinar.
While speaking on the possibility of SME’s getting an Investment Rating Grade, the Chief Rating Officer of DataPro, Mr Oladele Adeoye, stated that although size is important, other parameters such as diversity of earnings, earning profiles, cash flow and corporate governance are major considerations to focus on by the entities.
Mrs Funke Okoya on her part said that the low-interest rate and capital market diversification are favourable terms for issuers and investors to explore in the market. 
In terms of regulation and supervision in the capital market, she explained that the stance of the new leadership at SEC and globally is the adoption of “Regulation as Service” philosophy.
For Mr Jacques Piekarski, a platform such as the one created by DataPro and AIHN should be upheld so as to enable all stakeholders to get informed and acquainted with trends, patterns and emerging issues.
In bringing the webinar to a close, DataPro unveiled two products offering a rebranded and New Look Rating Report and a Rating Guide Dashboard for Investors.

Continue Reading

Business

TTP Trains Customs Agents, Freight Forwarders On Eto App 

Published

on

In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.

Continue Reading

Business

NECA Holds MSME Fair To Drive Growth 

Published

on

Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.

Continue Reading

Business

Over 2m Passengers Board Blue Rail Train – Commissioner 

Published

on

The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.

Nkpemenyie Mcdominic, Lagos

Continue Reading

Trending