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Tag: Regulations

  • ‘No anti-creativity provision in regulations on smoking, rituals’

    ‘No anti-creativity provision in regulations on smoking, rituals’

    The National Film and Video Censors Board (NFVCB) has said the new regulations on smoking, tobacco products and money rituals and ritual killings in movies will not stifle artistic creativity in the entertainment industry.

    NFVCB’s Executive Director/CEO, Dr. Shaibu Husseini stated this in Lagos on Sunday at a parley with editors and other senior journalists.

    Husseini explained that the regulations permit producers to, where absolutely necessary, depict smoking scenes in movies, music videos and skits, especially for reasons of artistic expression and historical accuracy.

    However, such scenes must neither glamourise tobacco or tobacco products nor have been sponsored by the tobacco industry.

    On Tuesday, May 21, 2024, the NFVCB disclosed that the Minister of Arts, Culture and the Creative Economy, Hannatu Musawa, had approved the “Prohibition of Money Ritual, Ritual Killing, Tobacco, Tobacco Product, Nicotine Product Promotion, Glamorization, Display in Movies, Musical Videos and Skits” Regulations 2024.

    The event was at a National Stakeholders’ Engagement on the “Smoke-Free Nollywood” campaign organised in collaboration with Corporate Accountability and Public Participation Africa (CAPPA). The Regulations 2024 is now awaiting gazetting by the Federal Government.

    He said: “I really need us to understand this. I did not ban smoking scenes. I did not ban ritual scenes. There are aspects of our culture that you need to display. But, what we are saying is that if you have to display these necessary scenes, for historical accuracy, for educational purposes and, of course, to correct a negative lifestyle, you must warn people that these things are not real, that it is not a lifestyle to emulate.

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    “I’m telling you today that the regulation is not self-serving. I’m also telling you today that there is nothing anti-creativity about that Regulation, there is nothing about suppression of creativity in that Regulation.”

    Husseini noted that he was, himself, a performing artiste, adding that he “cannot be on the Censors Board as an artiste and also suppress creativity.”

    The Executive Director disclosed that work was in progress to change the National Film and Video Censors Board to a National Film and Video “Classification” Board.

    He added: “I commit to a Censors Board that will move completely from censorship to classification. I commit to a Censors Board that will move from the present analogue stage of classification to a digitised stage. I commit to a Censors Board that will commit itself to be responsive to society and responsive to stakeholders and, of course, the Federal Government that set it up.”

    He commended CAPPA for supporting the NFVCB.

    CAPPA’s Executive Director Akinbode Oluwafemi emphasised the importance of the National Stakeholders Engagement in Enugu, referencing the unveiling of the Regulations 2024 and the Code of Practice, voluntarily signed by no fewer than 51 Nollywood stakeholders.

  • Sustainable future through regulations: When state governments lead the charge

    Sustainable future through regulations: When state governments lead the charge

    • Ebaide Omiunu

    According to a 2019 report by the World Bank, Lagos generates about 10,000 metric tons of waste per day, of which 12% is plastic. Much of this plastic waste ends up in landfills, waterways, and the ocean, where it poses a threat to wildlife and ecosystems. A 2018 study by the University of Lagos estimated that Lagos Lagoon alone contains about 1.5 million tons of plastic debris. Moreover, the production and incineration of single-use plastics contribute to climate change by emitting greenhouse gases such as carbon dioxide and methane.

    In a ground-breaking move towards environmental sustainability, the Lagos State Government recently implemented a comprehensive ban on the usage and distribution of Styrofoam and other single-use plastics. The decision, effective immediately, stems from the environmental havoc caused by non-biodegradable Styrofoam and other single-use plastics. Notably, this extends beyond usage restrictions, as the state has also banned the production and distribution of these harmful materials, emphasizing a commitment to a greener future.

    Styrofoam, or polystyrene foam, is a pervasive material in our society, particularly in the food and beverage industry. However, its impact on both human health and the environment is alarming. According to the Green Dining Alliance, Styrofoam contains styrene, a known hazardous substance that can leach into food and drinks, especially when exposed to heat. This leaching process not only contaminates our food, causing all kinds of terrible terminal illnesses, but also releases toxic pollutants into the air. It fills up about 30 percent of landfills globally, and due to its non-biodegradable nature, it takes over 500 years to decompose. During this lengthy decomposition process, Styrofoam continues to leach harmful chemicals into the environment. Also, according to research, Styrofoam poses a significant threat to wildlife. Animals scavenging for food from landfills can choke on small pieces of Styrofoam.

    Lagos State’s ban on single-use plastics is in line with global efforts to combat climate change and achieve sustainable development. By phasing out single-use plastics, Lagos State aims to reduce its greenhouse gas emissions, protect its biodiversity, and improve its waste management. The ban also supports the implementation of the Paris Agreement, which calls for limiting the global temperature rise to well below 2°C. The ban could also create new opportunities for green jobs and innovation in the circular economy, where resources are reused and recycled rather than discarded. To curb a possible challenge to the implementation of the new directive, the Lagos State government has confirmed two agencies of the state to be in charge of enforcing compliance with the new directive.

     In a similar vein, the Abia State government has also implemented a ban on the use of Styrofoam. This decision was announced by the Commissioner for Environment, Philemon Ogbonna. The ban is effective immediately and is part of the state’s efforts to mitigate the environmental and health hazards associated with Styrofoam.

     Furthermore, the federal government has expressed support for these bans on Styrofoam and other single-use plastics. The Minister of State for Environment, Iziaq Salako, hinted at a possible nationwide ban on some plastic products.

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     These actions by Lagos and Abia serve as a beacon for other states in Nigeria. They highlight the importance of government regulations in driving environmental sustainability and public health. It is a clear indication that the fight against environmental pollution requires collective action and commitment at all levels of government. Thus, other state governments can learn from and emulate Lagos and Abia State examples by developing and implementing regulations that curb the use of single-use plastics and other environmental flaws within their states and promote the adoption of cleaner and eco-friendly alternatives.

    Some of the possible actions they can take include: setting targets and timelines for reducing single-use plastic consumption and production; imposing bans or taxes on single-use plastics; providing incentives and subsidies for alternative materials; investing in recycling infrastructure and technology; and launching public awareness and education campaigns. These actions require strong political will, public support, and international cooperation to overcome the challenges and barriers that may arise. Some of the factors that can facilitate or hinder such learning and emulation include the level of environmental awareness and concern among the citizens, the degree of influence, the availability and accessibility of data and information on the impacts and alternatives of single-use plastics, and the extent and quality of coordination and collaboration among different levels and sectors of government and society.

    I urge all state governments to learn from and emulate the Lagos and Abia States examples and to adopt and implement regulations that prioritize sustainability over short-term profits and convenience. I also recommend further research and action on the impacts and alternatives of single-use plastics and other environmental flaws peculiar to other states and on the best practices to curb these flaws from other jurisdictions that have taken similar measures.

    •Omiunu is a lawyer and a Sustainable Development Advocate based in Abuja.

  • Building collapse: Lagos Assembly to address menace with laws, regulations

    The Lagos State House of Assembly during the week held a stakeholders meeting on three bills and regulations designed to address incessant building collapse in the state.

    The bills and regulations are Urban and Regional Planning and Development Amendment Bill, 2015, Lagos State Building Control Regulations, 2018 and Building Construction and Development Regulation 2018.

    Present at the Public Hearing were members of the Nigerian Institute of Town Planners, Nigerian Institute of Engineers, builders, academics, consultants, civil servants and concerned individuals.

    In his overview, Majority Leader of the House, Hon. Sanai Agunbiade, said that the amendments intended in the law and the regulations would standardise and enhance building and planning in the state “to make all ugly incidents of building collapse a thing of the past.”

    Agunbiade said that the stakeholder’s meeting was in respect of the Building Control Regulations, 2018 and Planning Permit Regulations to awaken consciousness of everybody as regards building development.

    While the speaker, Rt. Hon. Mudashiru Obasa who was represented by his deputy, Hon. Wasiu Eshinlokun-Sanni said that the amendment to the existing regulations were important, adding that the recent cases of building collapse in Lagos Island, where school children lost their lives is a tragedy that was  preventable if every stakeholder had been careful.

    In his contribution, the Vice Chairman, Nigerian Institute of Town Planners, NITP Mr Lukman Oshodi, said that the ranking of Lagos as city is relatively low with respect to building regulations.

    Professor Martins Dada, a building expert, called for adequate planning and proper supervision of buildings in the state.

    The state Commissioner for Physical Planning and Urban Development, Mr. Rotimi Ogunleye said that the executive bill was transmitted to the House in 2017, adding that “when we have a substantive law, there must be regulations to implement it.

     

  • NCC, MTN collaborate on regulations

    The Nigerian Copyright Commission (NCC) and MTN Nigeria Communications Limited are collaborating to strengthen copyright regulations to ensure adequate reward for copyright owners and users across the country.

    The commission made this known after a consultative meeting with NCC’s Director-General (DG), Mr John Asein and a delegation of MTN, led by its General Manager, Commercial, Legal Corporate Services Division, Mrs Ifeoma Utah.

    Accompanied by MTN’s Manager, Regulatory Government, Mr Anas Galadima, and Legal Advisor, Mr Chukwukaelo Ajuluchukwu, Utah stated that MTN was interested in exploring a deal aimed at ensuring that the commission achieves its statutory mandates, especially in the implementation of regulations that would protect all stakeholders in the copyright system.

    While congratulating the DG on his appointment, she underscored that the collaboration of MTN with the commission would be on a long-term basis. She stressed the need for periodic Intellectual Property (IP) updates and awareness training for critical sectors, including the Bar and the Bench, assuring the commission of the firms collaboration in achieving results.

    According to a statement, signed by NCC Director, Public Affairs Department, Vincent Oyefeso, the DC underscored the commission’s commitment to promoting the policy of the Federal Government on the ease of doing business, especially to ensure sustainable growth and development of the creative industries.

    He added that the commission would create an environment conducive for all players in the copyright space to grow their business profitably within the ambit of the copyright law and regulations.

    To this end, he hinted that the commission was developing an institutional framework to provide alternative disputes resolution (ADR) services to stakeholders to engender a win-win situation for copyright owners and users.

    Asein informed that the Copyright Amendment Bill was drafted to bring about a more functional copyright regime, adding that the Bill has been sent to the National Assembly while the Commission is engaging with stakeholders to facilitate its passage.

    He stressed that the Commission was committed to midwifing a copyright system that empowers right owners and users, and called for dialogue and more opportunities to create awareness amongst right owners who must remain the primary beneficiaries in the copyright ecosystem.

    The DG noted that MTN as a  major player in the communications, social and creative sectors needed to expand its corporate social responsibility in order to promote and sustain the creative sector.

    He invited MTN to key into the programmes and activities of the commission, including its forthcoming 30th Anniversary.

  • Comply with regulations or face sanctions, NCC warns operators

    The Nigerian Communications Commission (NCC) on Tuesday called on all telecom companies to embrace full and uncompromising compliance with all regulatory instruments, especially in the areas of quality of service, consumer protection and fair competition in the market.

    Its Executive Commissioner, Stakeholders Management, Sunday Dare, made the appeal during the “Meet the regulator forum” at NCC Headquarters, Abuja.

    He said the call has become imperative to avoid sanctions and create a healthy relationship between the operator and the regulator.

    He said NCC is working on streamlining its processes to address concerns of operators on turnaround speed and other critical issues, but insisted that the regulatory body remains resolute on sound internal governance and strict adherence to the code of corporate governance in the industry.

     He said developments in the industry have placed more responsibility on the regulatory body to be up and doing in its assignments, noting that industrial players are expected to key into regulatory frameworks that would help move the industry forward.

    Dare added: “We are looking at the pervasive use of ICT in education, health and social services; the increasing digitalization of manufacturing and other processes; the widespread use of IoT and other technologies, as well as the early rollout of 5G networks to drive these game-changers.

    “More importantly, the industry landscape is changing. Traditional models of delivering voice, data and infrastructure services are being threatened.

    READ ALSO: Nigerian Communications Commission (NCC) and other matters

    “Technology enables competing service models which work outside the scope of regulators and organisations are being challenged to ”innovate or die”.

    “The point I wish to make is that the NCC is very clear that its role is to facilitate the successful operations of our licensees.

    “We are also clear that the operator-regulator relationship is a symbiotic one which requires us to enable our licensees to succeed.

    “We are prepared to facilitate the speedier and more efficient availability of regulatory resources like spectrum, numbering, approvals, etc.

    “We are working on streamlining our processes to address your concerns about turnaround speed. We shall also continue to impartially perform the responsibilities imposed on us by our role as independent regulator of the telecoms industry.”

  • ‘Group Life, other regulations best for insurers in 2018’

    The two major reforms introduced by the National Insurance Commission (NAICOM) on group life business and motor third party policies contributed to the industry’s growth in the outgoing year, Group Managing Director, Cornerstone Insurance Plc, Ganiyu Musa has said.

    He spoke with select reporters in Lagos.

    He said the regulatory interventions corrected the pricing of the products and enhanced operators’ compliance.

    Nusa said the market suffered huge losses caused by uncompetitive pricing of the products, adding that the intervention of NAICOM, which stabilised motor third party at N5, 000 and group life at six per mill, has helped firms garner resources to meet claims obligation.

    He noted that some operators had started to think of quitting because there is no need being in business when you cannot pay claims.

    He said: “Before this policy on group life, some life businesses were getting to stress level as a result of uncompetitive pricing, while claims kept coming. Today, majority of them are able to pay their claims because premium is right.”

    Speaking on the business environment in the outgoing year, the GMD said the year was very challenging as result of the overall social and political environment, which impacted on investor confidence.

    “The increasing insecurity in Northeast; delays in passage of the Petroleum Industry Bill increased regulatory militancy, across the sectors, which saw telecoms giant MTN fined twice heavily are among the issues that affected the business environment in 2018.

    “Even in our own industry, we also had a share of the regulatory downside, and all of these are impacting negatively on investor confidence. Other issues that affected insurance business in 2018 include the declining prices of products and premium war that has continued to affect growth of the industry.

    “I hope that the industry will cure itself of the price war that has characterised the business, and compete effectively in other fundamentals rather than price. This will support industry growth and performance in the coming year,’’ he said.

    For Cornerstone, Musa said 2018 was not bad in terms of numbers, as approved result up to last September showed a growth of over 30 per cent.

    He said the company also recorded huge profit having overcome the negative position it went through the previous year.

    He also said the firm’s N8 billion corporate head office which is almost at the level of completion is an investment and would start to impact on the company’s books at the end of this year,

  • NCC seeks stakeholders’ input on commercial satellite regulations

    The Executive Vice Chairman, Nigeria Communications Commission (NCC), Prof. Umar Garba Danbatta, has advocated for a robust input from critical stakeholders for the development of guidelines for Nigerian Satellite Communications market.

    He said there is need to fine-tune and update the guidelines and regulatory framework for commercial satellite communications in Nigeria in line with international best practices and standards to enable the country maximise the opportunities in the sector.

    He made the remark during a Public Inquiry on the Commercial Satellite Communications Guidelines and the Draft Consumer Code of Practice Regulations at the Headquarters of the NCC in Abuja.

    Represented by the Director, Spectrum Administration, Mr Austine Nwanlune, an engineer, Dambatta said: “The draft commercial satellite communications guidelines are aimed at creating a legal framework to regulate the provision and use of satellite communications services and networks, in whole or in part within Nigeria or on a ship or aircraft registered in Nigeria.

    “The intention behind the development of the guidelines is to ensure a well developed and organised satellite communications market in Nigeria with appropriate legal framework that meets international best practice, encourages innovation and guarantees public safety.

    “Furthermore, the guidelines will ensure effective management of scarce frequency resources, especially bands where frequency is shared between satellite and terrestrial systems.

    “It will also encourage the use of satellite connectivity to unserved areas that lack terrestrial transmission infrastructure backbone.

    “The draft consumer code of practice regulations which is an amendment of the previous regulations made in 2007 when finalised will provide a more robust framework for effective and efficient processes/procedures to be followed by licensees in developing their individual consumer code to govern the provision of services and other related consumer practices.

    “This is to ensure that consumers are adequately informed of the type of services being offered by operators, thereby aligning with the commission’s function of protecting the interest of consumers against unfair practices.”

  • Assembly cautions workers on financial regulations abuses, others

    Assembly cautions workers on financial regulations abuses, others

    The National Assembly has cautioned its members of staff against acts capable of causing financial embarrassment to it and the public service.

    The Clerk to the National Assembly, Mohammed Omolori, who gave the warning at the  presentation of the Code of Ethics in National Assembly Service, in Abuja, urged members of the staff on the need for strict adherence to Public Service Rule. This, he said, will enable them discharge their duties with diligence and honesty.

    He said: “One of my first major assignments on assumption of office as the Clerk to the National Assembly was to take stock of so many variables in respect of human resources and productivity.

    “This is necessary as it is obvious that competent and well-grounded staff is key to the realisation of our overall objectives in the formation and implementation of service goals.

    “The exercise revealed the existence of gaps in the staff attitude and understanding of Public Service Rule, Disciplinary Code and Ethics.

    “Following the stocktaking, a disciplinary committee was set up to come up with strategies for ensuing attitudinal changes in staff,” he said.

    According to him, the committee considered suitable options and strategies and eventually came up with the publication of a pocket friendly “Code of Ethics” to serve as a means of enlightenment and constant reminder to staff.

  • ‘Govt needs to address harmful regulations to enhance growth’

    ‘Govt needs to address harmful regulations to enhance growth’

    Mr. Antti Ritvonen is the Country Manager, Dizengoff Nigeria, a member of the United Kingdom (UK)-owned Balton CP Group. Dizengoff is one of the leading communication and agriculture companies in Nigeria, providing customers with the best innovative solutions in irrigation, greenhouses, tractor & implements, Agro-consumables, cyber-security, radio–communication, home land security, IT infrastructure and turnkey projects. Ritvonen, in this interview with DANIEL ESSIET, shares his opinion on several issues.

    With the economy technically out of recession, do you still see prospects for growth?

    I will speak from two perspectives. First, the environment is still tough for businesses to operate. I also think we are undergoing some massive growing pains at the moment, too.

    Operators have to work hard to achieve their goals. On the other hand, I see positive signs, especially with greater attention given to agriculture. That means a big opportunity for our agric business division. I think the government will likely get past these growing pains by focusing more on agriculture.

    Last year, regulation, skills, national debt, and taxes topped CEOs’ list of threats to business growth. None of these have been addressed this year. Do you still see over-regulation as a concern?

    At a sector level, there are a lot of regulations that are meant to guarantee food and human safety. This, not withstanding, I think it is wise to examine the possible effects of actions and the negative impact of over regulation on the market and the economy. The government needs to address harmful regulation in order to unleash economic growth.

    I am not saying there should be no regulation; I will appreciate a clearly definable reduction in the regulatory burden for the industry. For instance, agro chemicals are critical to improving food production.  As you know, agrochemicals and other crop protection products play a crucial role in increasing agricultural productivity. To meet the food requirements of the nation, agricultural productivity and its growth need to be further improved. This can be achieved, using agrochemicals to provide pre and post-harvest protection to crops and agricultural output.

    Activists are campaigning against increasing use of agro chemicals and pesticides by farmers because of long-term health and environmental effects. What is your view on this?

    I support regulations on pesticide with an aim to better protect human health and the environment, and to make agriculture more sustainable. There are a lot of fake agro chemicals. I support regulations to stop such manufacturers from operating in other to save human lives and protect the business of farmers.

    I support the government efforts to control the spread of hazardous chemicals, but there are reputable organisations such as ours that are determined to produce and supply quality agrochemicals to farmers, especially safe and effective pesticides. We are capable of advising governments on technical issues relating to manufacture, use and safety issues relating to pesticides.

    How favourable is the tax regime to your industry?

    I  think the government needs to exempt  thee industries from  a lot of taxes  that will affect inputs used in the farm such as seeds, fertilisers, pesticides, tractors etc. as it will contribute to increase in prices of farm output. Farm output prices are controlled by market forces and the farmer has little control. As the input price rises and output price remains stagnant, the farmer will have no option, but to absorb the cost, thus increasing his burden.

    With the economy under stress, farmers and agro businesses will be reeling under tremendous pressure from many ends and the increased burden of taxes will create a crater in their incomes. If somehow, the output prices increase, the nation will suffer as the food prices will go up, thus creating trouble for the common man. The way out will be for the government to exempt the industry from heavy taxation. This will have a positive impact across all agricultural inputs and reduce the encumbrance on farmers.

    What can the government do to enable agriculture play its role in the overall economic development of the country?

    The sector needs an enabling environment where farmers can  access affordable  credit. The absence of production loans is the biggest hurdle.  I believe agriculture is an important part of the economic future of Nigeria. There is enough evidence to show that agriculture can play a role in modernising economy. Much of economic development in Nigeria is going to be based on industrialising agriculture, introducing land reform and developing the manufacturing industry.

    Looking at the growth of Nigeria ’s real GDP per capita over the last 10 years, agriculture contribution to  GDP has been  low. Generally, the process of economic transformation is characterised by a decline in the agricultural GDP share in employment over time, as labour moves to higher productivity sectors.   While agriculture’s share in GDP has been declining in the last 10years, unfortunately also, labour and other resources that can boost industrialisation were absorbed into other more productive sectors. Some of the challenges that the agricultural sector has faced has been land, policy inconsistency. The level of domestic investment is an issue. Foreign Direct Investment (FDI) follows domestic investment; it does not lead domestic investment. The problem with Nigeria’s agriculture is that domestic investment has been too low, it is beginning  to pick and some silver lining coming from the current Foreign Direct Investment.

    I believe that the process of economic transformation is going to be driven by income growth, changes in demand and consumption patterns, technical change and increased productivity.

    What we are doing to support the government is to pursue a strategy focused on increased land productivity, accelerating agricultural growth for job creation with high value activities  across the value chain that  can raise incomes, employment and export opportunities. With the devaluation of the Naira seen by many as an opportunity for exports, cash crops and vegetables now comprise the largest exports in the sector.

    I believe the agric sector, is going to enjoy a period of strong success, but this will depend to a large extent on the implementation of  green alternative policy.

    How concerned are you with the policy, social and business threats to your organisation’s growth prospects?

    Government policies have big role to play in creating an enabling environment for foreign direct investment. Foreign companies are interested in investing under a favourable policy regime and robust business environment has ensured that foreign capital keeps flowing into the country.  I will suggest that the government does more to improve the ease of doing business in the country. Nigeria should be seen and felt as the most attractive emerging market for global businesses.

    FDI is often constrained by unfriendly regulations coupled with a generally unfriendly investment climate.  FDI is critical to enable Nigeria achieve food self-sufficiency.

    We are ready to work with the government to boost productivity by improving farm management practices.  To achieve this goal, we need to work within an environment where policies and regulations foster growth in the agriculture and food sectors, well-functioning markets, and where thriving agribusinesses will be supported to make more food available in rural and urban spaces.  I support regulations that ensure the safety and quality of agricultural goods and services without being costly or burdensome to the extent of discouraging individuals and organisations from investing in the sector.

     What types of technologies are you promoting to attain higher levels of productivity?

    We are doing a lot of things aimed at imparting new technologies or farmers to improve productivity.

    From drip irrigation to agro chemicals, quality inputs, we are promoting technologies and smart solutions for better agriculture. Our drip irrigation solutions are rapidly spreading nationwide.  Farmers  who  have  adopted our  technologies with improved  farming skills saw their production increased in many folds.

    Our experts regularly visit farmers and organise training sessions for them to increase their crop yields while using the appropriate  fertilizers and water optimally. We teach them ways to produce quality vegetables. We have demonstrated diverse technologies to the farmers. They can choose the technology that suits them best and maximise their yield and profits.

    We are providing tailor-made farm solutions to help producers grow vegetables.

    We educate farmers on when to plant, irrigate and harvest; and how to cope with drought; how to choose the crops best for their areas. The major production challenges faced by farmers include low yields, inadequate knowledge of improved varieties, limited skills and knowledge of recommended production technologies.

    When we sell our irrigation tools, we offer training to help benefitting farmers increase farm yields through the use of both improved varieties and accompanying crop management practices.

    Our greenhouse training, for instance, is a practical one.  In combination with discipline and determination, farmers exposed to new agricultural practices from our training can increase output from even one hectare. Our extension agents are trained on technologies to help farmers improve their yields.

    We are determined to empower smallholder farmers with the tools to meet the challenges ahead.

    They are also adopting more efficient water-management technologies, such as advanced drip irrigation.

    What is your approach to youth entrepreneurship?

    The future of Nigeria’s food security must rest with next generation of new young farmers.

    Our mission is to liberate the small scale subsistence farmer by providing a proven approach to become an agroprenuer, with a middle class income on a permanent sustainable basis, as well as bring fresh fruit and vegetables to the surrounding communities at affordable prices.

    We are determined to work with the government to support youths to increase crop yields, on a per hectare basis, by up to 75 times in gross weight harvested.  We want  to eliminate the current scandalous 60 per cent waste of the meagre quantities historically grown in the old fashioned ways, turned rotten by poor packing and long arduous transportation from the rural fields to the urban cities across the country.  We want to help youths produce quality produce at stable affordable prices across Nigeria. With the technologies we have acquired and working  through groups, we see big opportunities opening for young people and  the SMEs  to use technologies to produce food within limited  space to ordinary Nigerians.

    What is your partnership with Best  Foods Fresh  Farms Limited.

    We have  gone into partnership with Apel Capital and Best Foods Fresh Farms Ltd has gone for the establishment of an investment fund for modern greenhouse farming for investors in Lagos. As part of the project, Dizengoff delivers to Best Foods Farms Ltd 10 units of greenhouses to setup a demo/model farm at Igbodu in Epe, where it  already has a farm. Apel Capital will act as trustee for this investment fund. The Fund aims to achieve 35 per cent  return for investors, who are investing into this fund. The minimum investment required is N500,000.

    We are the  technical partner for the project and we will provide technical support on the project from installation, to training, to cultivation etc. We  will also provide trained agronomists to the farm and to greenhouses bought by the investment fund.

    We believe it is not enough to provide products alone, through our combined technical know-how, with do-how and quality inputs, we will perform consistently, day in and day out”. The partnership has different parties Best Foods Fresh Farm Limited – will play the role of the Fund Manager, while Apel Capital & Trust Limited will serve as the Trustee and Dizengoff Nigeria will operate as the Technical Partner in terms of production.

    What would you like people to understand about Dizengoff?

    We want to be reckoned with  as a private organisation that is providing  farmers with improved seeds that will yield more than 200 per cent  in comparison to the farmers’ varieties.

    For instance, we provide a  gravity-fed Family Drip System (FDS)  that can irrigate a crop throughout its entire cycle over a land area of up to 10,000m2. The vegetables cultivated under it with good crop management practices produce over 300 per cent more yields, than the rain-fed vegetables.

    Let me restate that mechanisation of crop production is the only sustainable means of reducing poverty among farmers. We are encouraging both corporate and individual farmers to use tractors; drip irrigation systems and greenhouses for fruits and vegetable production. Sustainable vegetable and crop production had been made easier with the use of modern and affordable farm equipment, kits and improved varieties of seeds. With greenhouse kits, a famer can  produce exotic tomatoes all-year-round even in the bacteria and wilt-infested areas. You can use green house  and plant tomatoes, cucumber, watermelon, potatoes, groundnuts, different vegetables profitably.

    Greenhouse limits the devastating effects of insects pests and diseases that ravage vegetables including tomatoes. With little amount of land space and water, you can  get a yield far higher than your traditional open field product

  • SEC and capital market regulations

    Laws – and regulations deriving from them – achieve their purposes if they are applied and enforced in equal measures to all in the society.  The real test of any law and every regulation, therefore, is enforceability, which is reflected in extent of compliance.

    Every country has laws and rules that govern every facet of its life. These are usually embodied in a constitution that guides its policies and govern the behaviour of the populace. One of the most important facets of modern society, which the government pays attention to, is the economy. All the moral misdemeanour of President Bill Clinton, for example were overlooked because he was implementing the right economic policies in place and was swiftly re-elected. We all can remember the famous campaign slogan of the 1990s “It’s the economy, stupid,” which was directed at his Republican opponent in his bid for re-election.

    Countries, Nigeria inclusive, establish statutory bodies, from time to time, to regulate behaviours of individuals and corporate bodies within the boundaries of their economic activities or transactions.

    In Nigeria, we have very formidable regulatory institutions that regulate our economy. They include the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), Asset Management Corporation of Nigeria (AMCON) and Nigeria Port Authority (NPA), to mention a few. All these bodies are doing their utmost best to regulate, develop and stabilize our economy. In their efforts to regulate our economy, these institutions often court the ire of some people or corporations deluded by the feelings of being “too big to be touched” and all hell is often let loose when their interests are affected.

    Thus, it is commonplace that, in the course of carrying out their functions, regulatory agencies come in contact with all manner of people — some understanding others not. However, whatever the case may be, regulators have the stipulated rules to guide them and compliance with the rules is all that matters. People, whether in their individual capacities or as representing corporate entities, have the tendency to whip up sentiments to elicit sympathy when they find themselves in conflict with the rules. No one should be beguiled by these selfish natural tendencies of the humankind.

    More often than not, these sentiments are nothing but exaggerated and self-indulgent defences for clear failings on the part of the defaulting party. Such sentimental people often claim the chutzpah to drag regulatory bodies to courts of competent jurisdictions or even the “public court” playing on the gullible nature of the ordinary persons. Their chief weapon of choice is assassination of the characters of the heads of such regulatory institutions in the media. If the regulatory bodies are not lucky, an opposition politician may pick the news and cash in on the media hype to hit back at the entire government in power.

    Therefore, to avoid falling victims of deliberate distortion of facts, the public need to find out what are the possible reasons behind the sudden media hype about the activities of such regulatory bodies or the sudden interest in the character of their heads. More often than not, a careful investigation will lead to people having questions to answer in their interaction with such regulatory bodies are behind the negative campaigns.

    The discerning public should always be guided by the meritorious work of our regulatory institutions and judge them on that basis.

    Let us use the example of the Securities and Exchange Commission. How far has it gone in delivering on its key mandates of protecting the investor and development of the capital market? At what cost has its accomplishments been to its image?

    In 2015, the current Director General (DG) of the SEC Mounir H. Gwarzo, assumed the position at helm of affairs. He made a solemn promise to implement the Capital Market Master Plan.  Capital market stakeholders put the plan together in 2013. On assumption of office, the DG had his eyes on rejuvenating the retail end of the capital market which suffered heavy losses following the capital market crash of 2008.

    As of December 2014, Nigeria’s market capitalization stood at N16 trillion. The new DG believed that, if fully mobilized, the market capitalization of the largest economy in sub-Saharan Africa ought to be far greater than that. Today Nigeria has recorded some progress because by the second quarter of 2016, the total capitalization stood at N17.28trillion.

    One of the innovative ways of encouraging growth in the retail end of the capital market is fast tracking the dematerialization of shares (moving away from physical share certificate regime), which can be achieved through electronic transfer under the e-dividend platform. I once argued that dematerialization is an incentive to encourage retail investors come back to the capital market en masse.

    It is a known fact that the market is one predominantly dominated by equities and government bonds. This means that market capitalization and activities are concentrated in a few economic sectors (indeed, two sectors — consumer and industrial goods — make up about 75% of the equities market) and stocks (the five largest companies by market capitalization make up 56% of the equities market).

    To address this skewed situation, the DG set up a market-wide committee to engage potential companies for listing. The committee has done extensive work liaising with regulatory agencies, interest groups and companies on the imperative for listing. In addition, about three companies have been identified that will be listed this year.

    On the question of what regulations, oversight and enforcement mechanisms need strengthening, as part of the master plan, the SEC held a conference in conjunction with the National Assembly on the legal challenges facing the capital market. Immediately afterwards, it set up three law review committees to look at all the major laws, including the Investments and Securities Act (ISA), the Companies and Allied Matters Act (CAMA), Investment and Trustees Act, Warehouse Receipt Bill, etc.

    The committees have largely completed their work. Their recommendations will form the capital market’s consensus positions on the review of those laws. These recommendations promise to be a major landmark in the nation’s financial services architecture, and it will enhance the capacity of SEC to navigate through the requirements of the NASS. Significantly, the report of the committees has the buy-in of all stakeholders in the market.

    All these are pointers to the commendable efforts of SEC to develop our capital market and to take it to enviable heights.  To achieve these, the SEC must continue to put regulations first, shunning all sentiments in ensuring total compliance with the regulations by all operators in the Nigeria’s capital market.

    Globally, the norm amongst regulatory agencies is, when compliance is the matter, all sentiments are shoved aside. This should not be any different with our own apex capital market regulator, SEC.