The Nation Newspaper

Tag: CAPITAL MARKET

  • Nigeria hosts regional parley on capital market

    Nigeria hosts regional parley on capital market

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), is set to host the the 3rd biennial West Africa Capital Market Conference (WACMaC) in Lagos.

    The 2023 conference, scheduled for Eko Hotel & Suites from October 25 to 26, 2023, has the theme: Infrastructural Deficit and Sustainable Financing in an Integrated West Africa Capital Market.

    At the conference, experts across private and public sectors will examine how to tackle infrastructure deficit in the West African sub-region as well as imperatives for sustainable finance, in a bid to promote regional economic development.

    Read Also: ‘Legacies of Akintola Williams in capital market’

     Director General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who is also Chairman of the West Africa Securities Regulators Association (WASRA), said the conference was being jointly hosted by WASRA, Economic Community of West African States (ECOWAS), West Africa Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI).

    He noted that this year’s conference was particularly significant as over 300 stakeholders will convene in Lagos to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of the regional capital markets.

    According to him, thee organisers have brought together a distinguished array of experts, regulators, policymakers, and industry leaders who will share their knowledge, experiences, and strategies to proffer solutions to the region’s infrastructure deficit.

    Yuguda added that the deficit posed a significant challenge to the region’s sustainable development adding that to address this gap, there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilize the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals.

  • Capital market optimistic reforms’ll rejuvenate economy ‘

    Capital market optimistic reforms’ll rejuvenate economy ‘

    Stakeholders in the capital market are optimistic ongoing reforms will rejuvenate the economy and lead to a brighter future for the country.

    This was part of the highpoints of the meeting of the Capital Market Committee (CMC), a consultative assembly of stakeholders in the  capital market.

    Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, who presented the outcome of the second meeting of CMC at the weekend, said there was a shared sense of optimism that the rigorous reforms would retoll the nation’s economy.

    Not fewwr than 277 stakeholders attended the CMC meeting. They included management and senior staff of SEC, capital market operators (CMOs), representatives of relevant government agencies such as the Central Bank of Nigeria (CBN), Debt Management Office (DMO), Federal Inland Revenue Service (FIRS), Investments and Securities Tribunal (IST), National Insurance Commission (NAICOM), National Pension Commission (PENCOM), and Financial System Strategy 2020 (FSS2020).

    Read Also: Senate Committee appoints adviser on capital market

    According to Yuguda, despite the prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs, stakeholders were positive on the outlook for the economy.

    He emphasised the need for a resolute support of the capital market to the federal government in navigating these challenges for the country’s brighter future.

    He noted that while the road ahead is, undeniably, challenging, the capital market must step forward in whatever way to lend its helping hand to the economic reforms.

    He said that capital market stakeholders must be ready to make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.

    He pointed out that the President Bola Tinubu’s administration has ushered in a sense of optimism on market reforms, noting that the peaceful national elections and the inauguration of Tinubu have had positive impact on the capital market.

    Citing the 5.23 per cent gain recorded by the stock market on the inauguration day, Yuguda assured that the capital market would play supportive roles to ensure the success of the new government’s agenda.

    “The meeting underscored the Capital Market Committee’s dedication to propelling Nigeria’s economic growth, fostering collaboration, and embracing innovation to build a thriving future for Nigeria. It once again offered the capital market as a viable source of infrastructure financing for development,” Yuguda said.

    He added that a round table discussion had gathered valuable inputs from market participants which would be put together for the new administration, underscoring the commitment to reposition the capital market as a driver of economic growth in line with the vision of the new government.

    He also noted various efforts to strengthen the market’s attractiveness, including streamlining listing processes, advocating smoother issuances, and encouraging private equity involvement in the infrastructure sector.

    According to him, to discourage the trend of companies delisting from the capital market, SEC is actively collaborating with the Exchanges to enhance approval procedures, aiming to render listing processes more streamlined, more efficient, and economically viable.

    He said advocacy initiatives were underway to address hurdles related to issuances and to motivate prospective issuers to consider market-based funding options.

    He, however, warned the investing public to shun unregistered platforms purporting to be offering investment opportunities, reiterating the Commission’s circulars warning the public on the activities of Binance, Luno, PaxFul, Coinbase, and other unregistered platforms, as investing in crypto-assets carries a high level of risk and may result in total loss of investments.

  • ‘Tinubu’s suspension will bring sanity on NSE’

    Operators on the nation bourse on Friday said that suspension of two directors of Oando Plc from public companies for five years would bring sanity to the capital market.

    They spoke with the News Agency of Nigeria (NAN) in Lagos in  reaction to the outcome of the Securities and Exchange Commission (SEC) forensic audit of Oando Plc.

    NAN reports that SEC on Friday barred Mr Wale Tinubu, the company’s Group Chief Executive Officer, and Mr Omamofe Boyo, the Deputy Group Chief Executive Officer, from being directors of a public company for five years

    The commission conveyed the decision in a statement signed  by Mrs Efe Ebelo, its Head of Corporate Communications,

    NAN reports that SEC in March 2018 announced the commencement of audit of Oando Plc’s account.

    Read also: SEC bars Wale Tinubu from being public company director 5 years

    It said it had appointed Deloite Nigeria to proceed with the forensic audit.

    The commission in the statement also directed resignation of the affected board members, and called on the company to convene an extra-ordinary general meeting on or before July 1, to appoint new directors.

    Commenting on the development, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the suspension would send a signal to other managing  directors and executives in the market.

    Omordion said that the outcome of the forensic audit showed that SEC could bite and not only bark.

    He said that the investing public had been calling for change in the company’s management for a long time.

    According to Omordion,. there will be santiy in the company when the new management takes over in July.

    “Other companies and their directors will sit up, seeing how Oando management and its directors ended up.

    “SEC decision will further boost corporate governance and transparency in qouted companies and  increase investors’ confidence,” Omordion told NAN.

    Malam Shehu Mikail, National President, Constance Shareholders Association of Nigeria, also expressed  satisfaction at the commission’s decision.

    Mikali said that the ban would instill transparency and corporate governance in the nation’s capital market.

    The shareholder activist said that the outcome showed that nobody was above the law in the market.

    He said that some companies had collapsed due to lack of  transparency and corporate governance. (NAN)

  • Capital market’s chiefs call for overhaul of financial system

    Capital market leaders have called on the government to urgently undertake a comprehensive overhaul of the financial system to engender a virile financial sector that can sustain stable economic growth.

    Experts said the government needs to address gaps within the system while also calling on operators to embrace synergistic cooperation to achieve the necessary scale and expertise to play meaningful roles in the financial system.

    At a dinner organised for past presidents of the Chartered Institute of Stockbrokers (CIS), capital market leaders said resolving the current challenges militating against the market should be a major concern to government and other stakeholders.

    NASD OTC Securities Exchange Plc Chairman Mr Tola Mobolurin said the government should overhaul the entire financial system without further delay in order to reposition the financial system as a linchpin for national development.

    According to him, government needs to take urgent actions to boost domestic savings base, drive investments and unleash the creativity of the financial system.

    “We must create savings institutions immediately. We are in dire need of private equity fund and hedge fund in Naira in the national interest. We need institutions that have deep pockets. There should be an end to dichotomy between banks with capital market operations and banks with non-capital market operations. We must reactivate the bond market which we pushed away because of lack of interest. Thriving capital market is needed to build the economy, “ Mobolurin said.

    He noted that the crash of Nigerian stock market from 2007-2008 was largely due to complacency of the government, capital market regulators, stockbrokers and investors.

    Mobolurin, who is also the Vice Chairman of Capital Bancorp Plc, noted that if each stakeholder had played by the rules of the game, there would not have been laxity that led to regulatory failures with attendant market crash in the past.

    Securities and Exchange Commission (SEC) Acting Director-General, Ms Mary Uduk said stockbrokers need to engage the government on policies that would revive the market through advocacy.

    She noted that SEC had enjoyed the support of many stockbrokers who had served on various committees of the institution.

    Chapel Hill Denham Chief Executive Officer Mr Bolaji Balogun urged stockbroking firms to consider the option of business combinations as a strategy to remain in business.

    According to him, such a step would bring about synergy and enormous benefits as against the current situation where many houses are inactive.

    Chartered Institute of Stockbrokers (CIS) President, Mr Adedapo Adekoje emphasised the need for unity of purpose among stockbrokers in order to strengthen their advocacy role.

    He pointed out that the pending Chartered Institute of Securities and Investment (CISI) bill would reflect the enormous functions of stockbrokers and urged members at various levels, including other trade groups to co-operate in making the bill a reality.

    “I would like to remind us that we still have the Chartered Institute of Securities and Investment (CISI) bill pending with the National Assembly, and this also requires substantial resources to push through. Our plan therefore is to urge all of us to support, both financial and otherwise, to pursue this noble cause of our institute,” Adekoje said.

  • Experts seek reforms in capital market

    Financial and policy experts have called for concerted efforts to encourage Nigerians’ greater participation in the domestic capital market. They called for reforms to enhance the global competitiveness of the Nigerian market to attract more investors.

    The experts, who spoke at the 2019 Capital Market Summit, hosted by the Association of Securities Dealing Houses of Nigeria (ASHON) in Lagos, brainstormed challenges militating against the growth and development of Nigerian capital market and proffered workable solutions to re-position the market for the benefit of all stakeholders. ASHON also used the summit to announce its name change from Association of Stockbroking Houses of Nigeria to Association of Securities Dealing Houses of Nigeria.

    The keynote speaker, Chairman and Chief Executive Officer, Susman and Associates (S and A), Dr Shamsusdden Usman, in his paper titled: “Driving Financial Inclusion through the Capital Market “, explained that unlike other markets that had fully recovered from the global financial crises of 2007-2008, Nigeria’s capital market continue to suffer from investors’ apathy and other sundry issues.

    Usman, a two- term Minister of Finance and National Planning, advocated a complete review of the market in line with the current realities in the global financial market in order to re-address the issue of investors’ confidence and leverage the market for financial inclusion. He advocated a one-stop financial centre in line with some foreign markets.

    “In China, Interbank bond markets offer special financial bonds for the purpose of increasing size of loans to the SMEs. Capital Market Business Hubs (CMBH) are established in small cities to expand outreach of capital market institutions. In Mexico, the farmer mutual insurance funds provide insurance to their members by pooling together resources to pay for future indemnities and reinsures itself from major systemic risks that could hurt simultaneously all their members,” Usman said.

    He stated that he instituted a project called Voice and Voting Power(VPP) in which major stakeholders are involved with the aim of finding lasting solutions to the challenges facing the capital market.

    Usman identified some of VPP’s recommendations as development of the commodities exchange ecosystem, encouraging more trading through tax incentives, deepening of Islamic finance and other non-interest products,  development of bond market, reduction of the average costs of issuing equity and debt securities, relaxation of complex legal, regulatory and listing requirements and greater use of simple and innovative technology, among others.

    ASHON Chairman,  Chief Patrick Ezeagu said the association was committed to activities aimed at ensuring that every citizen participates in the financial industry and enjoys its benefits.

    “The Association has been engaging in various advocacy initiatives in line with our objectives. We recognise that the world is fast undergoing some evolution, especially in the way of doing things, which is being propelled by the fast pace of technological innovations. The recognition of the retail investor and expansion of the scope of our business to the hinterlands are key to stimulation and sustainable growth of the capital market. We believe that we should work in tandem with all regulatory institutions to promote financial inclusion,” Ezeagu said.

    According to him, ASHON decided to make a slight change in its nomenclature to Association of Securities Dealing Houses of Nigeria, with a new logo as brand identity, to reflect the expanded scope of the members’ operations.

    He also noted that some eminent Nigerians presented with awards were those recognised for outstanding contributions to the growth and development of the market.

    The panelists, who spoke on the perspective of the capital market on financial inclusion, underscored the need for financial literacy for all categories of investors, strong advocacy for the market in the government institutions, introduction of simple and affordable market products and deployment of simple technologies.

    They included Nigerian Stock Exchange’s (NSE) Chief Executive Officer, Mr Oscar Onyema; NASD Plc Chief Executive Officer, Mr Bola Ajomale; Director-General, Debt Management Office, Mrs Patience Oniha; Central Securities Clearing System (CSCS) Limited Managing Director and Chief Executive Officer, Mr Haruna Jalo-Waziri and former Chairman, Nigerian Economic Summit Group (NESG), Alhaji Bukar Kyari, while the Vice Chairman, Capital Bancorp Plc, Mr Tola Mobolurin was the Moderator.

     

  • ‘Govt should make capital market pivot for national budget’

    THE government should make capital market the pivotal point for the development and implementation of national budget and development plans.

    Capital market regulators, operators, financial experts and other stakeholders yesterday agreed that the Nigerian capital market has important roles to play in the industrialisation and economic development of the country.

    They spoke at the third budget seminar organised by the Securities and Exchange Commission (SEC).

    SEC Acting Director-General, Ms Mary Uduk said there is a mutually revolving relationship between government policies and economic development and the capital market, noting that government  budget affects the economy and the economy  in turn affects the capital market.

    She pointed out that both local and foreign stakeholders are interested in the budget and try to analyse how it affects them.

    According to her, investors also sit down and analyse the budget and that is why the capital market is looking at the impact of the budget and how the market can aid its implementation.

    “The capital market is very important in funding a lot of projects in the economy. The capital market is important in raising these money to fund the budget. We want to be in the driver seat and contribute to the budget if the Federal Government,” Uduk said.

    She added that capital market stakeholders are interested in driving and contributing to the economy as there are a lot of opportunities for the capital market in the 2019 budget.

    In his Lead presentation, Head Economic Research, Securities and Exchange Commission ( SEC), Dr. Afolabi Olowookere said that opportunities exist for equities and sub- national issuances and urged state governments to explore the capital market for funding of their project.

    Olowookere said that opportunities exist for equities and sub- national issuances as a means to fund the budget while urging a lower domestic borrowing by the federal government to make room for private issuances.

    He listed some of the ways the budget can be funded to include creation of money market-based instruments and trading, commodity trading and derivatives, investing in eligible companies under tax credit scheme as well as attracting restructured oil assets to list.

    Discussants on the panel opined that infrastructure development is of optimal importance for the achievement of development of sustainable prosperity adding that all sectors are dependent on infrastructure to attract investment and ensure the active participation of the private sector.

    Experts noted that in the areas of infrastructure, housing sector, and issuance of mortgages, the capital market may participate through securitisation.

    They said there were great potential for pension fund administrators to invest in the real estate sector.

    The seminar suggested that increase in allocation to the health and education sectors is necessary for development. This is because, people, and not just infrastructure, build and develop a nation.

    According to them, the nation requires that the government should come up with policies that improve access to capital for small and medium scale enterprises (SMEs). SMEs  employ a large proportion of the  workforce, thus they should be empowered through access to capital.

    They urged governments to look towards the capital market as commercially viable infrastructure projects exist adding that enabling legal framework should be developed to enable the private sector participate.

    The seminar also urged the government to enforce executive order No. 2, which aims to promote local content in public procurement as this would be beneficial for listed companies.

    The moderator at the event was Mr. Mobolaji Balogun of Chapel Hill Denham.The panelists include Hajara Adeola of Lotus Capital Limited, Toyin Sanni of Emerging Africa Capital Group, Prof. Olu Ajakaiye of Africa Centre for Shared Capacity Development Building, Prof. Uche Uwaleke of Nasarawa State University and Johnson Chukwu of Cowry Assets Management Limited.

  • Electronic offerings to use USSD, mobile devices

    The Securities and Exchange Commission (SEC) has released draft guidelines for transition to electronic offering of shares and other securities in the  capital market.

    Electronic offering (e-O) is the use of internet or other electronic means, including mobile or Unstructured Supplementary Service Data (USSD) platforms to provide access to prospectuses, offering memoranda, subscription forms and other documentation for the subscription to securities and related documentation as well as payment for such subscription.

    Electronic offering will be done on a platform purposely established by an eligible service provider registered with SEC.

    In a circular, SEC said the electronic offering platform will translate the current paper-based process of securities offerings into electronic form through electronic display of offer documents, subscription and payment through a combination of web portals, mobile applications, USSD and other electronic means.

    Under the electronic initial public offering (e-IPO) and other electronic public offers, investors will be able to get allotment and value for their subscriptions within few days as against the current cycle of nearly four months.

    The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers. With this, investors will be able to subscribe and make payment for IPOs and public offers online with such orders being matched and allotted electronically and directly to the investment accounts of the investors at the Central Securities and Clearing System (CSCS) and any other designated clearing centre.

    The full automation will enable the primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle being operated at the secondary market.

    According to the draft guideline, the e-Offering platform shall give subscribers access to general information regarding the offer, the application input screen, download, view and print the offer documents, provide for electronic online payment options, which shall be seamlessly integrated with the e-offering platform, allow integration with identity management systems such as Bank Verification Number (BVN) database for the purpose of Know Your Customer verification and integrate with the depositor to enable electronic crediting of approved allotments to subscribers’ depository accounts.

    The platform shall also permit subscribers to select a broker of their choice for the purpose of the electronic crediting of the approved allotment, while providing mandatory information fields for subscribers to supply surname and other names, full company name and registration number, BVN or any other SEC-approved biometric numbering system, bank name and account numbers of subscribers and mobile telephone number and email address.

    The platform is also expected to provide for the upload of provisional rights allocation for rights issues by the relevant registrar to the issue.

    In order to strengthen investors’ protection, the e-O platform must mandatorily require subscribers and end-users to confirm that the subscriber has been provided with sufficient opportunity to access the offer documents and the information disclosed therein and that the information provided by the subscriber is to the best of the applicant’s knowledge, true and accurate in all material respects before submitting the application.

    The e-O platform will also permit subscribers to print a copy of the relevant application screen or page containing the details of information submitted by the subscriber.

    The e-O platform is also expected to provide instructions and information for subscribers outlining the procedures and any requirements subscribers shall comply with in order to use the platform as well as the process and procedure a subscriber shall follow to make a valid application.

     

  • Capital market sets agenda for Buhari’s second term

    Capital market leaders and experts at the weekend were unanimous on the agenda for the Buhari administration. The government, they said, should focus on infrastructural development, the anti-corruption campaign and effective balancing of fiscal and monetary policies to hasten economic growth.

    In reactions to the re-election of President Muhammadu Buhari for a second and final term of four years, capital market regulators, operators, investors and analysts said the political stability indicated by the re-election should translate into greater economic development through re-evaluation and consolidation of existing policies and programmes.

    Chartered Institute of Stockbrokers (CIS) President, Mr. Adedapo Adekoje, said Buhari should consolidate on the developmental programmes he started in his first term in office with more emphasis on bridging the infrastructural deficit.

    According to him, the new government should have a clear focus on fiscal policy that will result in double-digit growth in the economy.

    He said the government should build efficiency into its policy implementation by appointing technocrats into the new cabinet while priority should be given to job creation through favourable policies for the development of small and medium enterprises.

    “Capital market practitioners should be involved in policy formulation, knowing that the capital market is the barometer of the economy. There should also be a balance between monetary and fiscal policies; government should also encourage multinational companies and some government companies to embrace the capital market for long-term funds,” Adekoje said.

    Registrar/Chief Executive Officer, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi, said the government should make concerted effort to foster unity and run an inclusive government that draws on Nigeria’s best hands locally and internationally develop the country.

    He pointed out that various strategies to drive faster economic growth, increased employment and reduced poverty must be activated urgently, noting that with unity of purpose and support from all Nigerians, the country will achieve better results over the next four years.

    “Government must continue on the path of infrastructural development, fight against corruption and improved security. Power and roads are particularly critical to any developmental efforts,” Ajadi said.

    President, Association of Stockbroking Houses of Nigeria (ASHON), Chief Patrick Ezeagu, emphasised the need for collective approach by the government, urging the President to immediately commence efforts to unify Nigerians around the common objectives of the government.

    “This is the only way the government can engender peace, unity and cohesion needed to pull the nation together for meaningful ‘next level’ progress,” Ezeagu said.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, said the President should put more effort at improving power supply, which will reduce industries’ reliance on fuel oil and diesel and make them to be more productive and profitable.

    He said the government should sustain its foreign exchange management that has given investors confidence in the Nigerian market.

    “The President needs to list companies like Nigerian National Petroleum Corporation (NNPC), the refineries, and so on, to prevent somebody from selling them to individuals or foreign investors in the future . The government can retain 90 per cent and sell 10 per cent to Nigerian investors across the 36 states of the federation,” Umar said.

    According to him, there should be more concerted efforts to promote the usage of made-in-Nigeria products by Nigerians by stopping the importation of certain products that Nigeria has sufficient capacity to produce.

    “The government needs to expedite action on the reconstitution of the board of Securities and Exchange Commission (SEC). This will give confidence to foreign and local investors. The government should also be commended for its fight against corruption, this is giving foreign investors a lot of confidence, but a lot needs to be done. Finally, the issue of multiple taxations should seriously be looked into, as this is one factor discouraging foreign investment in the country,” Umar said.

    Chief Executive Officer, Sofunix Investment and Communications Limited, Mr. Sola Oni, called on the new government to review all outstanding projects and plug the gaps, noting that some policies are ineffectual because of lack of proper engagement on the actual challenges of different sectors.

    According to him, macro-economic uncertainty remains the elephant in the house and it should be a major concern to the government at this juncture. “There are laudable programmes that can reinvigorate the economy, but Nigerians are yearning for traction,” he said.

    The government, he said, should privatise and list moribund companies on the stock market to generate revenue, deepen the capital market and enhance the companies’ ability to create employment.

    “The government should embark on deliberate and consistent investment in infrastructure as there are still gaps to be addressed. I will also urge the government to intervene in attracting new listings of multinational companies and the local ones to the capital market through effective incentives. They need to come up with equitable tax regime and restore confidence into SEC by constituting its board and appointing substantive director general,” Oni said.

    He added that government should review pension law and guidelines to increase the percentage of funds that pension fund managers can invest in the stock market as part of the strategies to deepen the market.

  • Pension reform impacts capital market, insurance, others

    • Insurance gets N304b annuity premium

    The pension reform has positively impacted on other sectors of the Nigerian economy, Acting Directing-General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar has said.

    Mrs Dahir-Umar in a status report by the commission, said notably among the sectors that have benefitted from the reform are the insurance sector, the Capital Market, Corporate Bond Market and Rating Agencies.

    According to her, the reform facilitated the growth of Group Life Insurance and development of Life Annuity in the insurance industry.

    She stated that a total premium of N304.09 billion was paid to insurance companies  for the monthly Life Annuity as at December, 2018.

    She added that the monthly pension payment under the Life Annuity Scheme averaged N3.15 billion in December last year .

    She noted that this has significantly assisted the growth of the insurance industry in Nigeria, which is a special focus area under the Federal Government’s Economic Recovery and Growth Plan (ERGP).

    She stressed that the reform has also facilitated the development of the corporate bond market, deepened the Nigerian capital market and the development of rating agencies.

    She said: “Consistent with its track record of performance, the commission was able to record many feats from April 2017 to date. The number of registered contributors increased from 7.6 million as at the end of the second quarter of 2017 to 8.41 Retirement Savings Account (RSA) holders as at December 2018.

    “The size of the pension assets has grown from N6.42 trillion in March 2017 to N8.63 trillion as at December 2018. During the period, the number of Pension Fund Administrations (PFAs) increased from 21 to 22 with the licensing of NUPEMCO PFA, while the number of Closed Pension Fund Administrator (CPFAs) decreased from seven  to six with the exit of UNICO CPFA.

    “The Commission successfully defended the pension reform and neutralised four private Bills that attempted to undermine the Contributory Pension Scheme (CPS) and reverse the reform. We have also been able to introduce the Multi-Fund Structure of Investment of pension fund assets; approved a structured reduction of fees on net asset value of pension fund assets and concluded arrangements for the introduction of the micro pension plan for the participation of informal sector in the CPS”, she added.

  • We need to attract, retain investments – Uduk

    Stakeholders in the Capital Market have been urged to continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for the country’s development.

    Ag. Director General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk stated this at the launch of the book ‘Riding the Eagle’ written by Mrs. Toyin Sanni in Lagos, Monday.

    Uduk explained that during the decision-making process, investors want to be sure of the rational basis of their investment decisions before transferring resources, and this is why quality information is needed.

    According to her, “Providing information to investors will enhance transparency in the Nigerian markets and improve our global reputation in the investment community.

    “Riding the Eagle meets this imperative by providing comprehensive and up-to-date information on investing in the Nigerian markets via a roadmap and guide for foreign, domestic, institutional and individual investors alike. It also examines the challenges faced by the Nigerian economy across sectors, past and recent success stories and solutions to some of the nation’s economic and development challenges.”

    She said the Book goes into details on the key sectors that drive the performance of the Nigerian economy and what investment opportunities are available for interested investors and motivated entrepreneurs.

    The SEC DG therefore commended the author, for putting at the disposal of the industry, the value of over one decade in the money market and another two decades in the capital market.

    Read Also: Technology to drive processes in the Capital Market, says Uduk

    “The book serves investor interests through this comprehensive and authoritative work on investment opportunities in the Nigerian economy.

    “It is imperative therefore that we all as stakeholders continue to take positive steps to attract and retain both local and foreign investments to stimulate economic growth and develop critical infrastructure necessary for our country’s development,” she added.

    In her remarks, Vice Chairman FAMFA Oil Limited, Mrs. Folorunsho Alakija described the book as truly a most appropriate and timely information guide for all stakeholders in the investment sector in africa’s most populous and resource rich country (Nigeria).

    Author of the book, Mrs Sanni said the book is to help make Nigeria a sustainable preferred destination by providing detailed and concise information for investors.