Tag: rule

  • Rule of law, others key to pension reform in Africa

    Rule of law, others key to pension reform in Africa

    A favourable business and investment climate that include effective enforcement of rule of law, creation of predictable, stable, transparent, fair and reliable business regulation and supervision by African governments will boost reform and development in the continent’s pension systems, a report on West Africa Pension System has shown.

    The report was unveiled during the pension summit in Abuja by Director of Regulations, National Pensions Regulatory Authority (NPRA) Ghana, Ernest Amartey-Vondee during a presentation on ‘Reform and Developments in African Pension Systems (Regional Report for West Africa)’. It analysed features of West African region Pension Scheme of Nigeria, Ghana, Sierra Leone, Liberia and Gambia.

    The report, which highlighted features of West African National Pension Schemes, analysed other ways to develop pension system in the continent. African government, it said, must promote an effective framework for fair competition and sound corporate governance while investment opportunities should enable the pension fund to earn returns commensurate to the risks they take.

    On the way forward for Africa pensions, the report said there is need for operational autonomy and financial independence for pension regulators.

    There must also be provision of resources, including adequate financial, human and other resources for pension regulators, while vigorous efforts should be put in place to extend coverage for pensions to the large informal sector of the economy.

    According to the report, there is need for consistent training for private sector pension service providers; for instance, custody services, effective pension fund management, to enhance skills for Trusteeship and the formation of an Association of Pension Regulators in West Africa to share experiences and ideas on effective pension’s regulation.

    It was, however, envisaged that the various pension reforms would enhance pension benefits and increase retirement income security for both formal and informal sector workers.

    The report further read: “The reform is expected to potentially make available a large pool of long-term funds for investment in the economy, and consequently lead to national economic development.

    “Effective supervision of pension funds is becoming ever more important and even more complex, and the Pension Regulators must be appropriately and adequately resourced to carry out its mandate effectively. A congenial investment environment must be also created by policymakers to make long-term investments by pension funds attractive, and also thrive.”

    Based on general observation of the report, pension funds, due to the long-term nature of their liabilities, represent a potentially major source of long-term financing, even for illiquid assets such as infrastructure, SME financing, among others, leading to sustainable growth.

    As a result of their immense size, pension funds investment decisions have a major influence on the financial markets. The funds in their investment efforts, look for long-term, inflation-protected returns.

    Pension fund asset management is based on the fundamental objective of ensuring that investment is undertaken in accordance with the principles of security, profitability; liquidity; diversification and asset-liability matching.

    Broad policy framework and conditions that are favourable to long-term investment financing by pension funds include that any operating policy must be consistent with the best interest of the pension scheme members and beneficiaries; such policies must help achieve certain important goals such as job creation, higher living standards, and sustainable economic development while the policies must be consistent with the usual financial regulation.

    The objectives must ensure security of assets, quality of investment assets, liquidity; profitability of the investments and diversification of the portfolio as a whole

    Policy makers at the governmental level should ensure stable macroeconomic conditions, maintenance of credible monetary policies; maintenance of healthy fiscal policies and sound financial sector regulatory environment.

  • I’M HERE TO RULE THE  MUSIC SCENE – KACHI

    I’M HERE TO RULE THE MUSIC SCENE – KACHI

    STANLEY Chiji Onyekachi, better known as Kachi in music circles, is a new act signed to Word Men Music. The young and energetic artiste whose new single is enjoying airplay revealed that he’s back into the music industry to make a big statement after a long break.

    “Actually I’m going to be confident and be positive because as long as you have the perfect act people will pave to want to see it and I have been building myself to become the perfect artiste, that artiste that can do no wrong. There are lots of artistes out there making waves but when your time comes nothing can change it because to me as long as there is life there is hope,” he said.

    Kachi further revealed that his music will cut across all African countries starting from Nigeria. “My music will cut across the whole of Africa. I’m trying to reach out to the eastern part of Nigeria first which I will be making a very loud noise and a lot of people will get to understand why I am doing them actually,” the artiste added.

  • Nigeria will rule African football under Oliseh – Babangida

    Nigeria will rule African football under Oliseh – Babangida

    Former Nigerian international Tijani Babangida is optimistic the Super Eagles will beat Tanzania when both sides meet in a 2017 Africa Cup of Nations qualifier at the National Stadium in Dar es Salaam on Saturday.

    Both Babangida and newly appointed Super Eagles Coach, Sunday Oliseh played together at top Dutch club Ajax Amsterdam and Babangida who was recently appointed Special Assistant and Liaison officer to the new coach further hinted he believes the new look Eagles will come back to winning ways under the new handler.

    “It’s a new Super Eagles and for sure we need time, but I am 100 percent sure this team will soon rule African football under Oliseh, the Super Eagles will do well.

    “Oliseh knows everything about the job, played in the UEFA Champions League, World Cup, and Nations Cup. Our first test is in Tanzania for the AFCON qualifier and it will all be about team work. After then we take each game with caution as they come. I am assuring Nigerians it’s victory all the way,’’ he said.

    Nigeria are gunning to return to the continental competition which they missed out on last time and already started the qualifying series on a promising note, beating Chad 2-0 in their first game.

  • New pricing rule: Weak stocks can drop to one kobo

    New pricing rule: Weak stocks can drop to one kobo

    •50 stocks may drop below par value

    At least a quarter of quoted companies may drop to as low as one kobo as the Nigerian capital market regulators approved a new pricing rule that will remove the stopgap that had supported several stocks at their nominal value of 50 kobo.

    The Nigerian Stock Exchange (NSE) yesterday stated that the Securities and Exchange Commission (SEC) has approved the Exchange’s proposal to change the base price for any stock at the stock market from the current par-value based system to a general minimum price level of one kobo.

    According to the amendment to the pricing rule, notwithstanding the par value of a company, the price of every share listed on the Exchange shall be determined by the market, except that no share shall trade below a price floor of one Kobo per unit.

    Par value is the nominal value of a share as stated in the Memorandum of Association of an issuer while the price floor means the amount below which the price of one unit of a share shall not be permitted to trade, and the minimum amount which must be paid for a share in the event of a drop in the unit price of that share.

    The Nation’s check indicated that more than 50 companies, especially in the non-bank financial services subsectors, may be affected by the new pricing rule, which favours market forces to determine share price, irrespective of the nominal value of the company.

    Nearly all the 50 companies have been stagnant at their nominal value for more than a year and are currently on supply, a market euphemism for shares glut and sell pressure. They had been supported at the nominal value by the previous par-value system.

    “Definitely, it is going to affect the market capitalisation because you will have many stocks that will fall below par value. There may be negative market sentiments for such stocks and investors may not really like the idea of their stocks falling as low as one kobo. But looking at it from the global perspective, I think it is good for the market as market forces will now determine the price base for stocks,” Mr. Omololu Ajediran, fund manager, Sterling Capital Markets Limited, said.

    Most insurance companies, which have so far stagnated at 50 kobo, may be affected by the new rule These include African Alliance Insurance, Cornerstone Insurance, Equity Assurance, Great Nigeria Insurance, Guinea Insurance, Consoldiated Hallmark Insurance, Investment and Allied Assurance, International Energy Insurance, Lasaco Assurance, Law Union & Rock Insurance, Linkage Assurance, Prestige Assurance, Regency Alliance Insurance, Sovereign Trust Insurance, Standard Trust Assurance, Standard Alliance Insurance, Unic Insurance, Unity Kapital Assurance and Universal Insurance Company.

    Other companies that may initially be affected by the new rule include UTC Nigeria, Mutual Benefits Assurance, Niger Insurance, Omatek Ventures, Japaul Oil Maritime & Services, Tantalizers, Daar Communication, Secure Electronic Technology, Afromedia, Beco Petroleum, Multiverse, Nigerian Wire and Cable, IPWA, First Aluminium Nigeria, Mass telecommunication Innovation, Chams, Union Diagnostic & Clinical Services, Resort Savings and Loans, Aso Savings and Loans Plc, Multi-Trex Integrated Foods, DN Tyres & Rubber, FTN Cocoa Processors, Rak Unity, Capital Oil, Anino and Afrik Pharmaceuticals.

  • ‘I will rule with the fear of God’

    Abia State governor Victor Ikpeazu has promised to rule with the fear of God.

    Ikpeazu spoke at a thanksgiving service at the Seventh Day Adventist Church Headquarters for Eastern Union Conference, Osisioma, Abia State. He said he was at the service to thank God for making him the governor, present his plans for the state before Him and seek His guidance.

    Ikpeazu said he would resume work in Aba, the state’s commercial nerve centre today and embark on on the spot assessment of roads before proceeding to Umuahia, the capital to replicate same tomorrow.

    The governor sought the cooperation of the people, especially through prayers, for the success of his administration.

    “I want God to make Abians understand that if you want to eat Omelet, you must be ready to crack eggs. I thank God that I am courageous enough to take these decisions, God being with me. I will serve Abia and   Nigerians with the fear of God.

    “I will also take decisions that may not be very palatable, but let the guiding principle be, ‘is it in the best interest of the greater majority of our people?

    “We have travelled long on the wrong path, probably by events not caused by governments but caused by our people. But this is the time to turn around because this is not going to be business as usual.

    “We must change the way we think, the way we do things, the way we build our houses, we must have respect for our neighbor because in doing so, we will be more responsible. The things that we see abroad can be done here and it must start in our hearts”, he said.

    In his homily, Pastor Udoh Bassey warned Ikpeazu against displeasing God. He assured him of God’s presence and guidance in all that he does if he places God first.

    “You need great wisdom to be safe in whatever you do. If God gives you money and you do not have the wisdom to manage it, you will soon die. If God gives you beauty and you do not have the wisdom to manage it, you will soon die.

    “If God gives you a position and you do not have the wisdom to manage it, you will soon die, so be careful what you do” Bassey warned.

  • Local debt yield up on new cash reserves rule

    Local debt yield up on new cash reserves rule

    Nigeria’s bonds yields rose slightly yesterday after Central Bank of Nigeria (CBN’s) harmonisation of the Cash Reserves Requirement (CRR) on public and private sector deposits triggered a sell-off by some investors.

    At it’s rate-setting meeting on Tuesday, the (CRR), the amount the CBN requires banks to set aside, was revised to 31 per cent for both public and private sector deposits. Previously the CRR on private sector deposits was 20 per cent and 75 per cent for public sector deposits.

    Some banks that held more of the private sector deposits in CRR would be required to make an additional provision of 11 per cent due by today, triggering the selling down of their investment in bonds to raise additional money.

    “Some banks that have their deposits skewed to private sector are selling down their bond holdings in order to make provision for the increase in the CRR on the deposit, driving up yields at the market,” one dealer said.

    The yield on the benchmark bond maturing in 2024 inched up to 13.63 per cent from 13.60 per cent the previous day, while that on the 2022 paper rose to 13.59 per cent from 13.51 per cent. Interest rates on short borrowing among banks eased, following the injection of portion of the budgetary allocations to states and local government in the banking system.

    “Market liquidity increased to around N235 billion ($1 billion) on from deficit level the previous day,” a currency dealer said.

    Secured Open Buy Back (OBB) eased to seven per cent, while overnight placement fell to 8 percent from 15 per cent the previous day, traders said.

  • Nasko: PDP will continue to rule Niger

    Nasko: PDP will continue to rule Niger

    For almost 16 years, the Peoples Democratic Party (PDP) has rule in Niger State. The party believes it has laid a solid foundation for and development its 40 year-old governorship candidate Umar Mohammed Nasko told JIDE ORINTUNSIN in Minna, the state capital, that a vacancy does not exist in the Government House. He also infolded his plans for the state.

    Governorship candidates and political parties in Niger State have signed a non-violence. How will you ensure that your supporters adhere strictly to the pact?

    It is obvious that lack of understanding about the tenets of democracy is attributable to the rising levels of violence in our political landscape. The irony of it is that the young people that have formed themselves into weapons of mass destruction are neither card-carrying members of any political party or holders of Permanent Voter Cards (PVC). But they are young people, who are looking for jobs and they are ignorantly cashing on that to harass, intimidate and cause confusion in order to extort money from would-be candidates. For us and for our party, the PDP, we will continue to preach peace and tolerance. We are honourable and we shall hold to the tenets of the agreement signed.

    It is on record that in our campaigns across the 25 local government areas of the state and indeed, our party have not engaged in any violently act. Even when the campaign train of the PDP was attacked in some places, when our billboards and posters were destroyed, we never raised a dust. This is because the PDP government believes it is only in the presence of peace that unity and progress can be achieved. It is only a peaceful conduct that can guarantee credible and transparent elections. The PDP does not want to engage with those that create problem, they can only use PDP as a scapegoat.  However, we are very confident that the PDP will continue to provide a level playing ground for other political parties in Niger state but the other parties must respect due diligence and rule of law in their quest for power. We are not afraid of their intimidation and harassment.

    How would you take the comparative advantage of the land mass of the state to develop agriculture? 

    It is no longer news that Niger State has the largest land mass in the country and we have already, as the PDP government,  embarked on mass agricultural transformation, in line with the federal government agricultural transformation agenda. The Niger State agricultural mechanization that has been rebound after the mechanization by the World Bank has been rejuvenated. The only way we can move away from the micro land production is to engage in large scale enterprise to invest in the sector.  This we have started with Dangote Group. The present administration made available 50 hectares of land to the group for rice and sugar production. Some investors are in Niger State already trying to leverage on the out growers scheme of our rice farmers by establishing rice mills for mass production of qualitative rice.

    Niger State is already in the front seat in driving agriculture to commercial level from micro agriculture. In order to encourage our farmers to produce more, we will guarantee and ensure farm produce attract good prices to serve as an incentive for farmers to go into more production.

    On irrigation, we have found out that only two of the 18 irrigation sites in the state are functioning. We are going to look into this with the aim of addressing and re-activating the remaining 16 sites. This we believe when perfected will boost irrigation farming and ensure the produce of crops all year round instead of the current seasonal farming.

    If we are able to maximise that, Niger State will retain her front seat in agriculture.

    Another area that will be accorded priority is the encouragement of the establishment of small and medium scale agro-industries that will promptly accommodate the skills of our local people and youths. Local Government-based farm settlements will be established all over the State, as the Ministry of Agriculture and Rural Development and its agencies, especially the Niger State Agriculture and Mechanization Development Authority (NAMDA) will be strengthened towards realizing our agriculture transformation agenda.

    We shall also strengthen the Micro-finance banks to enhance access to soft loans by farmers while providing access roads to ease transportation of farm produce and enhance efficient marketing system where farmers would benefit maximally.

    Niger state economy is dependent on federal allocation, What are you going to do differently to improve the Internally Generated Revenue (IGR)? 

    The state Internal Revenue Service will be strengthened to enhance our revenue generation capacity for improved service delivery. We must begin to explore alternative sources of internal revenue generation to break out from the vicious circle of perpetual dependence on FAAC allocation.

    Our arts, culture and tourism potentials will be explored to create additional income streams for the State.

    We shall appeal to every stakeholder in our development drive for an attitudinal change towards prompt payment of tax. We will also leverage on land, which is our valued asset. A new valuation policy will come on land so that we will open corridors of development between the state, Abuja and all the high neighbouring developing states.

    PDP has been in power in the state since 1999. What are you going to do differently from the present PDP administration?

    The mandate we are seeking is aimed at consolidating on the gains recorded by the Chief Servant, Dr. Mu’azu Babangida Aliyu, whose achievements will serve as the springboard for higher performance. What defines a good democratic system is the access and equal opportunities available to all stakeholders. If given the mandate, we shall carry everyone and every part of the state along, ensuring even development across the state. We shall uphold the trust and confidence reposed in us, by living up to expectations and even beyond the call of duty.

    In addition to sustaining the laudable policy initiatives and fully implementing the transformational projects of the present administration, we will create an investment corridor in Niger State to attract foreign direct investments that will leverage on our vast economic resources for the actualization of Vision 3-2020. Our economic development blue print will be anchored on the agriculture sector, where we shall exploit our comparative advantages of abundant arable land and consolidate on the value chain in Rice, Yam, Cereals, Fisheries and livestock development across the State.

    One area that guarantees development is education. What will be your policy trust for this sector?

    Education sector will remain the bedrock of our strategic development agenda for the realization of Vision 3-2020. We shall therefore, not only strengthen all existing policies in the sector – such as free education, free NECO or WAEC examination fees, increased bursary allowances, etc., but also build additional schools and expand existing infrastructure to sustain the tempo of increased pupils’ enrolments and the standard of quality educational services.

    Our Technical Schools will be improved upon to produce quality furniture for all schools in the State, as we shall encourage them to be more innovative and creative while delivering on the contents of their curriculum.

    On the whole, our education policy at primary and secondary levels shall seek to improve infrastructure, create conducive environment for learning, and ensure the safety of all pupils/students as well as teaching and non-teaching staff in our schools. Similarly, we shall employ more qualified teachers and supporting staff and ensure regular monitoring of schools by strengthening the inspectorate division of the Ministries of Basic and Tertiary Education.

    Meanwhile, the giant strides achieved in the repositioning of our tertiary educational institutions, especially IBB University, Lapai will be consolidated and improved upon. Adequate funding of all tertiary educational institutions will be a major priority, as we shall pay more attention to the strategic growth of IBB University as a world-class centre of academic excellence and the smooth take-off of the University of Education, Minna. Our two State Universities will be properly and firmly positioned to compete favourably within the national and international university community.

    You are the youngest governorship candidate in the country. What are your plans for the youths?

    This is my immediate constituents – the teeming, energetic, vibrant, articulate and dynamic youth of Niger State. Majority of them engage in some of the difficult tasks that keep our state safe, clean and growing. They constitute the productive segments of the public service, especially the workforce in the vigilante corps, who keep vigil over our streets and national assets, when many of us may be deep asleep in the comfort of our homes; the community traffic wardens, who assist in keeping the chaotic traffic conditions of our urban centres in control; the forestry guards, who patrol our forests, at great risk to check the activities of economic saboteurs and environmental tyrants; and the sanitary inspectors, who are assisting in enforcing the sanitary laws for our well being.

    Undoubtedly, the future of any nation depends on the quality and vibrancy of the youth, who constitute over 60 percent of our national population.

  • Ambode fit to rule Lagos, says group

    Ambode fit to rule Lagos, says group

    The Support Group for the Lagos State All Progressives Congress (APC) governorship candidate Akinwunmi Ambode  has said that the standard bearer has no health challanges. The group said Ambode is fit to rule.

    At a conference in Lagos, the Chairman of the Mobilisation Committee for the support group, Mr. Fola Tinubu said, the rumour  was being peddled by the Peoples Democratic Party (PDP).

    He said  Ambode is hale and hearty, adding that the candidate has been moving across the state, seeking the mandate of the people.

    He said: “The information is being peddled by PDP, but I wish to state that our governorship candidate has been campaigning throughout Lagos, nothing to suggest that he has health challenges.”

    Tinubu said the support group, which comprised people who contested with the candidate at the primaries and other lovers of the candidate, will do everything possible to ensure that Ambode emerges as the governor.

    He added: “We believe more hands must be on deck to repel the forces of retrogression symbolised by the PDP, which seek to hoodwink Lagosians and lure them out of their comfort zones, to a future whose possibilities is today represented by the rudderless leadership provided at the federal level.

    “All Lagosians need to do is to ask themselves if they will like to be governed by a party that has failed to deliver on the most critical duty of the government which is security.

    “Ambode seeks to consolidate a Lagos safe for you and me. But, with the schizophrenic disinformation and misinformation of the PDP, with the hypocritical and false propaganda of the PDP, it is possible for the voters to take these achievements for granted and be short-changed.”

    Tinubu further said that the road show, which the support group will embark on, is meant to renew the call for a better Lagos under Ambode, who will consolidate the the gains of the present administration.

    He said that the APC government has done so much that it will be counter productive for those without deep knowledge of governance to start to experiment with Lagos. “What we are saying is that Lagos is too sophisticated for people without previous experience on public management. You cannot Learn with Lagos, you have to be tested and trusted to keep the centre of excellence going.”

    Tinubu stressed the need to consolidate the gains of the  administration, adding that Ambode was eminently qualified to occupy the position and move the state ahead.

     

  • Ambode fit to rule Lagos, says group

    Ambode fit to rule Lagos, says group

    The Support Group for  Ambode 2015 has refuted  the health challenge attributed to the Lagos State governorship candidate of the All Progressives Congress (APC) Mr. Akinwunmi Ambode.

    At a conference in Lagos, the chairman of the mobilisation committee for the support group, Mr. Fola Tinubu said, the rumour  was being peddled by the Peoples Democratic Party (PDP).

    He said  Ambode has been on his feat, hale and hearty, adding that the candidate has been moving across the state, seeking the mandate of the people in the coming election.

    He said: “The information is being peddled by PDP, but I wish to state that our governorship candidate has been campaigning throughout Lagos, nothing to suggest that he has health challenges.”

    Tinubu said the support group which comprised people who contested with the candidate at the primaries and other lovers of the candidate, will do everything possible to ensure that Ambode emerges as the governor.

    “We believe more hands must be on deck to repel the forces of retrogression symbolized by the PDP, which seek to hoodwink Lagosians and lure them out of their comfort zones, to a future whose possibilities is today represented by the rudderless leadership provided at the federal level.

    “All Lagosians need to do is to ask themselves if they will like to be governed by a party that has failed to deliver on the most critical duty of the government which is security.

    “Ambode seek to consolidate a Lagos safe for you and me. But with the schizophrenic disinformation and misinformation of the PDP, with the hypocritical and false propaganda of the PDP, it is possible for the voters to take these achievements for granted and be short hanged,” he said.

    He further said that the road show which the support group will embark on is meant to remind and renew the call for a better Lagos under Ambode who will consolidate the the gains of the present administration in Lagos.

    He added that the APC government in Lagos has done so much that it will be counter productive for those without deep knowledge governance to start to experiment with Lagos. “What we are saying is that Lagos is too sophisticated for people without previous experience on public management. You cannot Learn with Lagos, you have to be tested and trusted to keep the centre of excellence going.”

    Tinubu stressed the need to consolidate the gains of the present administration, noting that Ambode was eminently qualified to occupy the position and move the state ahead.

     

  • Delta PDP’s mockery of the rule of law

    SIR: On December 8, SilverBird Television’s prime time news bulletin captured the outcome of the primary election conducted by the Peoples Democratic Party (PDP) for House of Representatives aspirants for Aniocha/Oshimili Federal Constituency. The station reported that the polling clerk identified as Barrister Jerome Ebo pronounced the exercise which started very late as inconclusive due to insufficient ballot papers. It further revealed that the votes already cast were taken to the police station for safe-keeping.

    However, the news making round mostly in the social media is that the exercise has been secretly concluded. The news is that the Presidency and the National Working Committee of the Peoples Democratic Party (PDP) have purportedly picked Hon Ndudi Elumelu as PDP’s candidate for the constituency. Elumelu, who is the current occupier of the seat, vacated the position, in line with the party’s directive, to vie for the party’s gubernatorial ticket at the just concluded primaries. He, alongside other contenders, lost the ticket to Senator Ifeanyi Arthur Okowa.

    Expectedly, the situation is now generating widespread social media condemnation for both the Presidency and the ruling party, PDP. Many commentators expressed fears that the situation if not amicably resolved by the appropriate quarters might affect the ruling party’s fortunes during the 2015 general elections. Hon Elumelu’s gubernatorial campaign materials are still visible in every nook and cranny of Delta State. One can easily deduce from the campaign strategies that his main desire in 2015, perhaps backed by the ‘Abuja-super-power,’ was to be the next occupant of Unity House, Asaba. Therefore, the moral questions which many political observers and social media commentators are asking are, when did Elumelu buy  PDP’s expression of interest form and was openly cleared within the party’s stipulated time to vie for the House of Reps ticket? What is the fate of the main contenders especially those who vacated their previous elective positions for the party’s House of Representatives primaries in Aniocha/Oshimili Federal Constituency?

    The Presidency and the Peoples Democratic Party (PDP) consistently prides themselves as promoter of internal democracy and defender of the rule of law. They must strictly follow their laid down 2014 Electoral Guidelines for PDP’s Primary Elections which they equally stated conform with the provisions of the Party’s Constitution (2012 as amended), the Electoral Act, 2010 (as Amended) and the Constitution of the Federal Republic of Nigeria 1999 (as Amended).

    The purportedly arrangement to hand-pick Ndudi Elumelu as the party’s candidate for Aniocha/Oshimili Federal Constituency is highly undemocratic and a mockery of the rule of law.

    • Sunday Shorikwue

    Itire, Mushin, Lagos