The Nation Newspaper

Tag: New structure

  • Joy as Journalists’ school gets new structure

    IT was with great joy and excitement that the Nigeria Union of Journalists (NUJ) launched a new structure for the Journalists International School in Arepo, Ogun State.

    The school, located within the Journalists’ Estate, Arepo, was inaugurated by the Director General, National Council for Art and Culture (NCAC) Otunba Olusegun Runsewe.

    Runsewe, it was, who envisioned and built a structure for the school in 2007 after creating the Journalists Estate in 2003.

    The school for many years was left unused until the Chairman of the Journalist Estate Resident Development Association (JERDA), Funke Fadugba and her executive council refurbished it with Runsewe’s.

    It started formally in 2014 with about 50 pupils and now has over 100 pupils.

    Speaking at the unveiling of the new structure built by the present JERDA executive council, Runsewe said he conceived the idea of the school to add value to journalists.

    “I believe that journalists deserve the best. It is good we start investing in the people especially journalists. Eleven years ago it was like a joke and today it is a reality.  It was done to add to the social needs of not just for journalists within the estate but for all to benefit from.

    “The democracy we are enjoying today was fought by journalists. Journalists deserve to enjoy the best of life.  But a lot of them retire in poverty which is not right.  We believe education is key to development. It is high time we began to change the narrative of a violence and crisis society,” he said.

    He advised the management of the school to use materials which reflects the culture of Nigeria as choice for the uniform so as to promote local content.

    He also advised that peace and love should be the watchword within the NUJ family and urged other sectors to emulate to contribute positively in the society.

    He commended the effort of Fadugba in making the school a reality.

    Mrs Fadugba noted that the secondary arm of the school will commence in September.  She reminded Runsewe of his promise to support the expansion of the new structure to adequately accommodate the secondary school, which he said he would fulfill.

    She thanked him for his efforts in the lives of journalists.

    “Otunba assisted us in showcasing the estate.  He invested in the estate by building this school even when the beneficiaries were n where to be found at that time.  The building was left unused for many years but he was not discouraged. In 2014 the school was established. And by September, the secondary School will commence”

    The NUJ Chairman, Lagos Chapter, Dr Qasim Akinreti said the school was a dream come true  He explained that it was a project started by Fadugba who was relentless in making it a reality.  He said the school has been provided with a school bus and by extension, the provision of secondary school which was part of his campaign.

    The Journalists International School, Arepo is the first to be established by the NUJ in the country.

  • Stock Exchange begins trading on new structure

    The Nigerian Stock Exchange (NSE) opens today with a new market structure aimed at creating an optimal market design that facilitates improved market depth, liquidity provision and price efficiency.

    The improved market structure, which took effect from today, July 2, 2018, is expected to create a level playing field for all market participants, and allow for the creation of new trading strategies.

    Under the new market structure, market makers and other dealing members will be able to participate across all trading sessions, which will further support competitive pricing, reduced spreads, and best execution.

    Its Chief Executive Officer, Mr Oscar Onyema, said the review of the equities market structure was carried out to support the Exchange’s hybrid market model, which offers the benefits of best execution and tighter spreads to investors.

    “Moreover, it provides potential for cheaper cost of capital to issuers in our market. This market structure is in line with our 2018 to 2021 corporate strategy aimed at boosting retail investor participation,” Onyema said.

    He reiterated Exchange commitment to maintaining a platform that engenders a fair and efficient market in line with global standards.

     

  • Stock Exchange tightens regulation with new structure

    The Nigerian Stock Exchange (NSE) has promoted Ms Tinuade Awe to the  newly created office of Executive Director, Regulation as part of efforts to strengthen regulatory framework and surveillance at the stock market.

    Awe was, prior to her new appointment, the General Manager, Legal and Regulation Division of the Exchange, in which role she had also served as General Counsel of the Exchange. Her new appointment has already been approved by the Securities and Exchange Commission (SEC), Nigeria’s apex capital market regulator. The appointment took effect from January 1.

    As Executive Director, Regulation in the NSE’s revised organisational structure, Awe has oversight functions over broker dealer regulation, listings regulation, market surveillance and investigations and regulatory technology while the rules and interpretation and disciplinary units of the Exchange will also report directly to her.

    Nigerian Stock Exchange (NSE)President, Mr. Abimbola Ogunbanjo, said the Exchange was confident that Awe would continue to exert her influence and leadership  attributes in her new role for the betterment of the market and its stakeholders.

    “I am very proud that the National Council has recognised Tinuade for the exemplary role she has played in transforming the Legal and Regulatory landscape of the Exchange and would like to warmly congratulate her on her elevation as Executive Director, Regulation. Tinuade’s  passion, energy and commitment to driving and executing on the Exchange’s transformation agenda has no doubt been instrumental in  revolutionising the Exchange,” Ogunbanjo said.

    NSE Chief Executive Officer, Mr. Oscar Onyema, noted that as the Exchange restructures and repositions for the fourth industrial revolution, Awe’s well deserved promotion is indicative of the great career advancement opportunities that exist at the NSE.

    “I congratulate her and look forward to working with her in this new function to build a globally competitive self-regulatory organisation,” Onyema said.

    Awe reiterated her commitment to continuing to provide quality service to the Exchange and its ecosystem by engendering an improved compliance culture based on substantial engagement as well as deployment of appropriate enforcement mechanisms.

    She added that she will also continue to promote full embracement and further deployment of technology to serve regulatory purposes while also furthering regulatory remit through key relationships with other regulators.

    Awe is a consummate professional with varied professional experiences garnered across three continents.  She has an LL.B degree from the Obafemi Awolowo University, graduating as the Best Female Student in the Faculty of Law.  She finished at the Nigerian Law School with First Class Honours, graduating as Best Overall Student. She also holds LL.M  from the Harvard Law School, where she was a Landon H. Gammon Fellow, as well as The London School of Economics and Political Science (LSE), where she graduated with merit.  At the LSE, she was a British Council Scholar.  She is admitted to both the Nigerian and New York Bars.

    She had served as Secretary to the Council of the Exchange from January 2011 to October 2015.  Awe became affiliated with the Exchange in a consulting capacity in August 2010 and joined the Exchange in August 2012.  She has been a member of the Executive Committee of the Exchange since August 2012.

  • New structure for govt debt market takes off

    • Raises minimum bid for NTBs,
    non-retail bonds above N50m

    The Federal Government and other financial market stakeholders will today begin the implementation of a new market structure for the government’s domestic debt market.
    The import of the move is to realign government debts to specific segment of the investing public.
    The guidelines on the new market structure obtained by The Nation at the weekend indicated that government will regroup the investing publics in line with the objectives of its three major debt securities – Nigerian Treasury Bills (NTBs), Non-retail sovereign bonds and the forthcoming Federal Government of Nigeria Savings Bond (FGNSB).
    Under the new structure, the government will increase the minimum subscription to the NTBs and non-retail sovereign bonds to N50.001 million, in a deliberate effort to scale up participation in this segment to high networth individual and institutional investors and shift retail and small investors to the forthcoming FGNSB.
    The minimum subscription for the FGNSB has been fixed at N5,000 while the maximum subscription for the new security is fixed at N50 million.
    Several sources at the capital market confirmed that they have received internal circular on the commencement of the new market structure today, apparently in preparation for the first auction of the FGNSB scheduled for Monday March 13, 2017.
    “The implication of the new market structure is that investors will not be able to invest directly in Nigerian Treasury Bills and Federal Government Bonds if they do not have N50,001,000 and above,” a market source stated.
    The Federal Government is launching the FGNSB as part of efforts to widen its investors’base and deepen domestic participation in government securities.
    The savings bond will bear all the regular features of a national bond including the zero default rate of a sovereign issuance, fixed coupon or interest rate, privileges and exemptions from certain taxes and levies, as currently outlined by the Central Bank of Nigeria (CBN), Federal Inland Revenue Services (FIRS) and other government ministries, departments and agencies (MDAs).
    The Debt Management Office (DMO), which oversees issuance of Federal Government bonds, will be issuing the savings bonds on behalf of national government.
    The FGNSB is deliberately targeted at the lower income earners as part of government’s plan to encourage savings and reward the low-income savers with more income from their savings compared with savings accounts with banks.
    The bonds will be issued with a tenor (period) of between two to three years and a minimum size (amount that can be purchased) of investment of N5,000 and maximum of N50 million.
    The interest rate, which will be fixed, will be paid quarterly, enhancing the attraction of the savings bond as grassroots instrument for the public.
    The attractions of the savings bonds also included guaranteed returns, competitive fixed interest rate, tax exemption for the interest incomes and collateral for loans.
    The retail savings bonds will, in addition, encourage financial inclusion among low income households and enable the public to enjoy those benefits which accrue to high net-worth investors in the capital market.
    With the collateralisation of the bond certificate, subscribers can use the bond certificate as guarantee and collaterals where such are required in transactions with the MDAs, financial institutions and private organisations.
    Investors will also be able to purchase the savings bond in small units through physical offices and several online platforms. After the closure of the primary issue for the savings bond, retail investors will be able to buy and sell the bonds through the Nigerian Stock Exchange (NSE).
    Already, DMO had reached a Memorandum of Understanding (MoU) with the stockbroking community on the marketing and distribution of the savings bond.
    The savings bonds will be traded like quoted equities and other securities on the NSE with stockbrokers expected to make two-way quotes for the FGNSB in order to provide secondary market liquidity for the savings bond.
    The stockbrokers will act as agents to the DMO for the marketing and distribution of the FGN Savings Bond to retail investors, including selling the FGN Savings Bond to clients using their retail investor base and attracting new ones in order to deepen the retail market for FGN securities.
    Stockbrokers are also expected to embark on public awareness campaigns to promote the product as well as develop a robust electronic marketing and distribution platform through which the FGN Savings Bond could be made available to retail investors.