The Nation Newspaper

Tag: SEC

  • Edo, Kogi schools qualify for SEC quiz competition

    Two public secondary schools in Edo and Kogi States have progressed to the zonal final of a national quiz competition organised by the Securities and Exchange Commission (SEC) of Nigeria.

    Holy Trinity Secondary School, Sabongida-Ora, won the ticket for Edo State, while Ogori Comprehensive High School, in Ogori-Magongo LGA, won for Kogi State on Monday.

    Ogori Comprehensive High School scored 65 points to beat host school, St. Clement Seminary and Army Day Secondary School, both of Lokoja, to second and third positions with 60 points and 37 points.  The school will compete in the zonal final with other representatives from the Northcentral zone in Kaduna.  Holy Trinity which beat five other schools (Word of Faith School, University Demonstration Secondary School, ABC Secondary School, Auchi, University Secondary School, Ekpoma, and Government Secondary School, Irrua) in Edo will contest against other Southsouth representatives in Port Harcourt, Rivers State.

    At the Edo competition, leader of the SEC delegation, Mr Sufian Abdullcarim, said the quiz contest, which is in its sixth year, is organised to teach the students about the stock market, which is worth about N13.9 trillion.

    “We hope to through the competition to prepare our kids ahead of their future and to teach them how to invest the little money they get instead of wasting it on frivolities,” he said.

    Director in charge of Science Vocation and Technical Education in the Edo state Ministry of Education, Mrs Osariemen Okawele, stated that the quiz competition would broaden the knowledge of “‘our future leaders of the intricacies of investment.’’

    She said “the competition I must say is a worthwhile exercise for the students who are our future leaders.

    Vice Principal of the victorious Ogori Comprehensive High School, Mr Abdul Adepoju, attributed his pupils’ performance to hard work and discipline.

    He said that the school will go back to the drawing board to map out winning strategies for the zonal final coming up in Kaduna.

    One of the pupils, Master Samson Makanjuola also promised that the school would give serve as worthy ambassador of the state at zonal and national levels of the competition.

     

  • SEC to impose more penalties in municipal fraud cases

    The United States’ (US) Securities and Exchange Commission (SEC) plans to impose penalties more frequently in the $3.7 trillion municipal securities market.

    “An enforcement model with no penalties was not sustainable,” Andrew Ceresney, the SEC’s director of enforcement, said during a panel discussion at the Securities Industry and Financial Markets Association’s conference in New York. “The most effective deterrent is individual liability, so we need to be focused on that.”

    Ceresney’s comments come as the SEC has been stepping up enforcement efforts against state and local governments that defraud investors by making false or misleading statements in bond documents. Recent settlements have included penalties against individuals and municipal borrowers.

    The former mayor of Allen Park, Michigan, agreed last week to pay $10,000 to settle an SEC claim that he oversaw fraudulent bond issues for a movie studio project that was supposed to revitalise the city. Last year, the SEC fined a public agency in Washington $20,000 for misleading investors about the feasibility of an ice-hockey arena, the first such fine against a municipal borrower.

    Bloomberg reported that SEC has also extended an offer of leniency to underwriters and local governments that voluntarily report cases in which misleading disclosures were made to investors

  • Stockbrokers parley SEC, NSE on recapitalisation, others

    Stockbrokers parley SEC, NSE on recapitalisation, others

    Stockbrokers are currently discussing with the authorities at the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) on key market issues with a view to ensuring that the market operators and regulators reach workable modalities for implementation of the policies.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Albert Okumagba, who disclosed this, said the self-regulatory organisation (SRO) for the largest group of market operators has been engaging the market regulators on the crucial issues of recapitalisation, demutualisation, new listing and activation of the commodities exchange.

    The issue of conversion of the NSE from a member-owned Exchange to shareholder-owned tradable public limited liability company, otherwise known as demutualisation, has been on the front burner.

    Okumagba said consultations were going on with the market regulators on the issues of recapitalization, demutualization of the NSE, making commodities exchange active and how to attract the companies in the telecommunication sector to get their shares listed on the market.

    He added that the CIS would monitor mutual funds in order to protect investors who do not have professional advisers as well as ensure active trading on the mutual funds.

    He said the CIS plans to sign a Memorandum of Understanding with the Institute of Chartered Accountants of Nigeria (ICAN) and the Nigerian Bar Association (NBA), Federal Ministry of Agriculture to further expand growth in the capital market.

    While noting that the CIS was poised to grow the capital market to an appreciable level as a professional institute of choice from the money-making perspective, Okumagba stressed the need for all efforts to be geared towards developing the capital market and the economy at large.

    The CIS, he reiterated has extended hand of fellowship to ICAN, NBA to collaborate based on mutually agreed principles.

    The CIS boss also said the institute was holding talks with the market regulators regarding the recapitalisation of market operators and demutualisation of the NSE.

    He added that consultations were ongoing about how to make the commodities exchange active and attract companies in the telecommunications sector to the market.

    While stressing the need for more active trading in collective investment schemes, he assured that the institute would monitor the schemes in order to protect investors who do not have professional advisers.

  • SEC urges Nigerians on zero tolerance for corruption

    TALK of a case of the hunter becoming the hunted. This wisecrack becomes apposite in describing the outcome of the FY: 2013 audited results of the Asset Management Corporation of Nigeria (AMCON), which showed that in terms of fundamentals, the company’s bottom line leaves  much to be desired.

    AMCON announced its operating results last week, with a whopping loss of N635.88 billion. The amount, according to experts is more than the 2013 fiscal budgets of seven states in Nigeria.

    This is AMCON’s first publication under the IFRS accounting reporting format. The result revealed improvements across both top and bottom lines, despite its role as an intervention vehicle to absorb Non-Performing Loans (NPLs) from banks and recapitalise weak banks. We present the highlights of the results and our initial views.

    The Corporation’s top line grew by a significant 50.0 per cent from N182.7billion in FY:2012 to N274.9billion in FY:2013. However, bottom line improved only 10.3 per cent from negative N702.4billion in FY:2012 to negative N630.0billion in FY:2013. The improvement in top and bottom lines were both driven by 21.9 per cent increase in interest income to N181.3billion in FY:2013 from N148.7billion in FY:2012. Non-interest income also contributed to the growth in topline, increasing 15.9 per cent to N16.3billion in FY:2013 from N14.0billion in FY:2012.

    Interest expense came in at N556.8billion in FY:2013, 1.9 per cent higher than N546.3billion sustained by the inclusion of financing cost, which constitutes 65.2 per cent of the total cost. We expect AMCON’s financing cost to moderate over the years as it pays down its bond exposure to the CBN and the Banks. Nonetheless, management will need to be inventive in designing strategies that focus on driving this cost item down to quicken the recovery process. Similarly, the Corporation managed to tame its operating expense at N121.2bn in FY:2013, a 159.1 per cent decline from N205.0bn in FY:2012. This underscores the Corporation’s commitment towards ensuring that AMCON recovers the cost of its intervention over time.

    A cursory look at AMCON’s 2013 financial statement also revealed that it redeemed N4.5 trillion bonds in 2013, which was partially refinanced by the Central Bank of Nigeria’s (CBN’s) loan of N3.8 trillion at six per cent per annum. Also, its operating expenses were N121 billion, down by 40.6 per cent from N204 billion the previous year.

    In addition, AMCON’s portfolio revealed a total of 12,383 loans made up of individuals, corporates and government entities. About 6.7 per cent of the total loans acquired were loans valued at N10 million and below.

    But another 1,992 loans within the range of N100 million and N1 billion, accounted for 16 per cent of the portfolio value, while 433 loans of between N1 billion and N10 billion on size accounted for 36 per cent of the loan portfolio. Also, 65 loans all in excess of N10 billion represented 41.5 per cent of the portfolio.

    AMCON is funded by a combination of loan recoveries, contribution from the CBN, sales of assets pledged and a sinking fund that currently constitutes a 0.5per cent levy of banks’ total   assets and a 0.33 per cent of off-balance sheet items annually. Management has advised that based on the current revenue projections and contributions, it has the capacity to pay off all liabilities at the end of the required time frame (2023).

    Curiously, the Financial Derivatives Company Limited (FDC) observed in a report that the alternative of not having AMCON would have had some grievous consequences on the economy, which are better imagined than experienced.

    “There is, however, a pressing need to ensure that its financial operation is equally viable. One will also hope for an improvement in the general state of the country’s economy and asset prices as this will aid AMCON to achieve this task in a timely manner.

    “However, the point stressed is that with or without accounting profit, AMCON has turned out a huge economic profit for the nation,” the firm stated.

    Lending credence to the foregoing, Afrinvest Securities Limited noted that AMCON could achieve cost savings by focusing on the top 2,500 loans in its portfolio, which accounts for 93 per cent of the value.

    But while warning that a cyclical economic downturn is not unlikely due to both global and domestic issues, the FDC report urged AMCON to prepare “to start detoxifying the banks.”

    “There is also the real threat of rising inflation considering the increase in money supply to be witnessed as AMCON redeems N866.73 billion worth of bonds in October, 2014,” it stated.

    Besides, the report stressed that the activities of AMCON had helped in ensuring a less destabilising effect on Nigeria’s financial and non-financial sectors in contrast to the experience of many other countries in the crisis and post-crisis era.

    Specifically, some companies in different sectors that had benefited from AMCON’s intervention include the oil and gas, general commerce, capital market, manufacturing, finance and insurance and aviation.

    Afrinvest Securities further advised the corporation to engage third parties in the recovery of the balance, saying this would provide a more efficient approach in the recovery process.

    “The establishment of AMCON has brought both benefits and handicaps for Nigerian banks. The eventual signing of the trust funds deed by AMCON and the banks in August 2013 officially institutionalised the contribution of 0.5 per cent of assets and 0.3 per cent of off-balance sheet items into the sinking fund.

    “The AMCON levy increased by approximately 76 per cent from N54.6 billion in 2012 to N96.0 billion in 2013; thus constituting a chunk of the banking industry’s operating expenses.

    “This has invariably put pressure on the net earnings of banks hence increasing the scramble for earnings. However, this has been a complementary source of funding in AMCON’s cashflows, applied towards the redemption of AMCON bonds,” the firm added.

    Afrinvest also estimated that AMCON’s levy on banks may hit N143 billion by the end of the year, further strengthening the corporation’s cashflows in the years ahead.

  • SEC grants waivers to companies over filing defaults

    SEC grants waivers to companies over filing defaults

    Securities and Exchange Commission (SEC) has granted waivers to public companies on the outstanding penalties over the failure of the affected companies to file their returns to the apex capital market regulators between 2008 and 2013.

    The waivers followed a dialogue between SEC and the Nigeria Employers’ Consultative Association (NECA).

    Specifically, SEC granted 100 per cent waiver of all penalties imposed on public companies from 2008 to 2010 and 40 per cent waiver on outstanding penalties from 2011 to 2013.

    The engagement between SEC and NECA was sequel to complaints by companies, which had said they were not aware of the provisions on filing of returns.

    SEC had slammed penalties on the companies that failed to comply with SEC rules on filling requirements as stipulated by the Investment and Securities Act (ISA) 2007.

    President, Nigeria Employers’ Consultative Association, (NECA), Mr Larry Ettah said the outcome of this initiative by NECA was another testimony of how private and public sector institutions could work together for the good of the economy.

    According to him, NECA had to intervene on behalf of the Organised Private Sector (OPS) to make a plea to SEC to grant some forbearance in view of the fact that most private sector companies were not aware of the requirement.

    He said NECA has already communicated the outcome of the engagement to private sector operators, who are expected to take advantage of it within one week of the agreement.

    NECA is a platform for private sector employers to interact with the government, labour, communities and other relevant institutions in and outside Nigeria for the purpose of promoting harmonious business environment that engenders productivity and prosperity for the country.

    The waivers came on the heels of efforts by SEC to commence the implementation of the reinvigorated Code of Corporate Governance for Public Companies, which was recently upgraded from a moral-suasion based voluntary code to a mandatory code.

    A reliable source at SEC told The Nation that the approval of the compulsory code of corporate governance by the board of SEC cleared way for implementation and enforcement of the provisions of the code.

    According to the source, SEC is currently working out an enforcement framework that will allow for smooth but effective transition from the moral-suasion and voluntary regime to compulsory compliance regime.

    The source said that SEC might consider a three-step framework that includes notification of all stakeholders about the new status of the code, enlightenment of the general investing public on the new status and the implementation timeline and enforcement of compliance.

    “SEC as a responsible and considerate regulator would engage the stakeholders in the market. The timeline between the notification and deployment of compliance machinery would be used for stakeholders’ engagement,” the source said.

    The source added that SEC would also write deficient companies to notify them of areas of deficiency and request for compliance plan.

    A new provision to the code of corporate governance stipulates that “compliance with the provisions of this code shall be mandatory”  while another amendment states that companies will be liable to a fine of N500, 000 at the first instance of notification and subsequently additional fine of N5, 000 for every day that the violation persists.

    Besides, the stipulated fines, the new provision also give SEC unfettered power to apply “any other sanction” it “may deem fit in the circumstance”.

    “Any company/entity that violates the provisions of this Code shall be liable to a fine of N500, 000 at the first instance and a further sum of N5, 000 for every day the violation persists and or any other sanction as the Commission may deem fit in the circumstance,” the amended code stated.

    The code, according to the amendments, will now be described as a framework that is expected to facilitate sound corporate practices and behavior and it should be seen as a dynamic document defining minimum standards of corporate governance expected particularly of public companies with listed securities.

    The application of sanctions and penalties would scale up the code to same level of statutory rules being made by SEC under the mandate of the Investment and Securities Act (ISA) 2007. Already, publicly quoted companies are required to include in their annual report and accounts a compliance report on codes of corporate governance. The Code of Corporate Governance for Public Companies sets the minimum acceptable standards for quoted companies. Launched in 2003, the code of corporate governance was reviewed and re-launched in 2011, with several changes to reflect the current globally acceptable practices.

  • SEC lists BGL, Stanbic, others as 10 most expensive fund managers

    Ten mutual funds spent more than one per cent of their net asset value as expenses, according to a report on expenses of mutual funds by the Securities and Exchange Commission (SEC).

    The report on expenses ratio for the second quarter ended June 30, this year showed that only 10 mutual funds expended more than one per cent of their net assets as running costs. The report covered 51 mutual funds registered with SEC.

    The report however generally showed that the expenses of all mutual funds remained well below the 5.0 per cent ceiling set by SEC as fund managers continued to look for ways to further reduce expenses.

    According to the report, BGL Nubian Funds, managed by BGL Asset Management, has the highest expense-to-net asset ratio of 3.22 per cent. BGL Nubian Funds is an equity-based fund. Kakawa Guaranteed Income Fund, under the management of Kakawa Investment Management Limited, has the second highest ratio of 2.97 per cent.

    Anchor Fund, an equity-based fund being managed by FBN Capital Asset Management Limited, has the third highest expenses of 2.68 per cent while Lotus Halal Investment Fund, a Shari’ah-compliant ethical fund being managed by Lotus Capital, placed fourth with 1.81 per cent. Lotus Halal Investment Fund has been trading below its offer price and it has not made return to investors since the fund was floated six years ago.

    Other funds within the highest category included Stanbic IBTC Ethical Fund, with 1.63 per cent; Stanbic IBTC Nigerian Equity Fund, 1.56 per cent; FBN Capital Asset Management’s Bedrock Fund, 1.55 per cent; FSDH Asset Management Limited’s Coral Growth Fund, 1.12 per cent; and UBA Money Market Fund and Stanbic IBTC Guaranteed Investment Fund, which recorded 1.10 per cent each.

    Meanwhile, Stanbic IBTC Iman Fund, a Shari’ah-related ethical mutual fund being managed by Stanbic IBTC Asset Management, was the least expensive fund during the period with expense to net asset ratio of 0.15 per cent while UPDC Real Estate Investment Trust (UPDC Reits), being managed by FSDH Asset Management Limited, followed with 0.17 per cent.

    The report highlighted concerted efforts by fund managers to reduce expenses with a view to enhancing the attractions and returns of mutual funds. Most fund managers considerably reduced their expenses in the second quarter compared with expenses recorded in the first quarter.

    For instance, Stanbic IBTC Nigerian Equity Fund’s expenses totalled 2.61 per cent of its net assets in the first quarter while Frontier Fund, being managed by Sterling Capital Markets Limited, reduced expense ratio from 1.21 per cent in the first quarter to 0.71 per cent in the second quarter.

    Total net asset value of all mutual funds stood at N185.39 billion by the close of trading on August 22, 2014. Money market fund was the largest segment with net asset value of N60.45 billion. Equity funds and real estate funds followed with N43.97 billion and N42.2 billion respectively.

    On fund-by-fund basis, UPDC Reits, a real estate fund, was the largest mutual fund with net asset value of N28.49 billion. Stanbic IBTC Money Market Fund placed second with N27.78 billion while FBN Money Market Fund was the third largest fund with N27.43 billion.

    Mutual funds, otherwise known as collective investment schemes (CIS), are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks.

    Net asset value is determined by subtracting total liabilities of a fund from its total assets. The net asset value can further be divided by the total number of units of the fund to determine the unit price.

    A mutual fund is usually categorised by the class of assets that forms the primary focus of its investments. Thus, there are equity funds, money market funds, bond funds, real estate funds, ethical funds and balanced funds, among others.

    SEC has said it would review the cost structure and expenses of mutual funds with a view to ensuring that more returns accrue to investors.

    Director, Collective Investment Scheme (CIS), Securities and Exchange Commission (SEC), Mrs Louisa Eni-Umukoro, said the commission was concerned about the expenses and costs relative to fund management.

    According to her, SEC is considering introducing a multi-fee class structure for the mutual funds alongside other measures to reduce costs.

    “We are looking at introducing a multi-fee class structure whereby the more you subscribed, the less you pay. It’s something we are going to work out with the fund managers,” Eni-Umukoro said.

    She said the commission has noticed a high expense ratio on the part of some fund managers.

    She said SEC might review downward the expense ratio ceiling of five per cent to discourage frivolous expenses by some managers.

    Eni-Umukoro said the apex capital market regulator had amended its rules to cut expenses in relation to to fund management.

     

  • SEC, stockbrokers, others seek middle course on capital requirements

    SEC, stockbrokers, others seek middle course on capital requirements

    The Securities and Exchange Commission (SEC), stockbroking firms and other stakeholders are reviewing the new capital requirements for capital market operators.

    SEC had introduced new capital requirements for all capital market functions with a deadline of December 31 for full compliance.

    President, Chartered Institute of Stockbrokers (CIS), Mr. Albert Okumagba, said stockbrokers and other stakeholders are engaging SEC on the new capital requirements with a view to finding a common ground that will be mutually beneficial to the interests of the regulators and the capital market operators.

    He said the engagement process could likely result in an announcement by the stakeholders by the end of the third quarter, three months to the deadline earlier set by SEC.

    “We believe it’s going to be a win-win resolution for the regulator and the operators,” Okumagba said.

    SEC had announced major increases in minimum capital requirements for capital market functions under a new minimum capital structure that is expected to take off by January 1, 2015.

    The apex capital market regulator increased minimum capital base for broker/dealer by 329 per cent from the existing N70 million to N300 million. Broker, which currently operates with capital base of N40 million, will now be required to have N200 million, representing an increase of 400 per cent. Minimum capital base for dealer increased by 233 per cent from N30 million to N100 million.

    Also, issuing houses, which facilitate new issues in the primary market, will now be required to have minimum capital base of N200 million as against the current capital base of N150 million. The capital requirement for underwriter also doubled from N100 million to N200 million.

    Trustees, rating agencies and portfolio and fund managers had their minimum capital base increased by 650 per cent each from N40 million, N20 million and N20 million to N300 million, N150 million and N150 million respectively.

    A  Registrar will have a minimum capital base of N150 million as against the current requirement of N50 million. While the minimum capital base for corporate investment adviser remained unchanged at N5 million, individual investment advisers will have to increase their capital base by 300 per cent from N500,000 to N2 million.

    While a source at SEC had insisted to The Nation that the board of SEC would stick to the December 31, 2014 deadline for the implementation of the new capital requirements for capital market operators, there has been a groundswell of opposition to the new capital requirements, which operators believe were aimed at indirectly reducing the number of operators.

    The source at SEC had insisted that the apex capital market regulator carefully weighed all the options before deciding on the new capital requirements and the deadline.

    According to the source, the Commission decided on the new capital requirements in the best interest of the capital market as poor capitalization was partly responsible for the recent recession and cases of malpractices in the market.

    “The downtrend in the past was due to laxity in the regulatory framework and operators’ malfeasance. Everyone has acclaimed the improvement in the regulatory environment, so when you strengthened the regulatory surveillance, you must have stronger operators with adequate capital and relevant competencies to ensure stable market growth,” the source said.

    The source noted that inadequate capital has been undermining market growth as operators have not been able to respond to market growth initiatives being promoted by the regulators. The source cited the example of infrastructure fund, which has not generated any strong interest among operators.

    Earlier, leading stockbroker and Chairman of Capital Bancorp, Mr Olutola Mobolurin, urged the Commission not to use arbitrary regulation to enforce consolidation noting that both the capital market regulators and operators should find a common ground to ensure a smooth consolidation process.

    Mobolurin, who also chairs the NASD Plc and Custodian and Allied Plc, said consolidation should not be artificially imposed by resort to mandatory statutory capital requirements as capital alone does not make an institution viable.

    According to him, capital can be adequate or not while over-capitalisation is just as bad as under-capitalisation.

    Capital market operators argued that the new capital requirement structure- which retained the previous trend of fixed capital base for a designated function, failed to sufficiently address the peculiarities of the various capital market functions.

    Stockbrokers under the auspices of Chartered Institute of Stockbrokers (CIS) and Association of Stockbroking Houses of Nigeria (ASHON) had stated that the new capital requirements did not reflect the underlying structures and feelings of the market.

     

  • Exam malpractice, certificate forgery rock SEC

    Exam malpractice, certificate forgery rock SEC

    Allegations of certificate forgery and exam malpractices are rocking the Securities and Exchange Commission (SEC), The Nation has learnt.

    In one of the incidents, a young lady was allegedly caught cheating at a promotional examination  conducted by the Financial Institution Training Centre (FITC), in Lagos.

    An official said SEC “will not condone such act and is assessing all the options open to it to deal with the matter,” adding that one of such options would be to prosecute the said lady for exam malpractices.

    The official admitted that some staff of the Commission found their way into the staff list of SEC through political godfatherism, stressing that  the capital market regulatory body may beam it’s arch light on some of these individuals, since it has been discovered that some staff could not pass simple promotional examinations conducted for the organisation by reputable institutions.

    He said some of these persons have been enjoying promotion every two years.

    The official who requested that his identity be veiled,  said the impending scrutiny of staff credentials has thrown many workers of the SEC into panic, stating that there is speculation of a likely mass purge of unproductive staff anytime soon.

    However, a staff of the Commission familiar with the development, denied  the existence of any plan for a mass purge of workers by the Director-General, Ms. Arunma Oteh, but admitted that the lady that was caught cheating during the promotion examination, is trying to whip up sentiments against the management and board of the SEC.

    The SEC official also revealed that some senior staff of the SEC were discovered to have forged their certificates to secure employment, while one of them has hurriedly turned in his resignation when he realised the game was up.

    These developments have pitched the SEC boss Ms. Oteh against staff of the Commission some of whom are now clamouring that her tenure should not be renewed once it runs out later this year.

    Two years ago, Oteh was locked in a  battle with some members of the House of Representatives which resulted in the commission not receiving budgetary allocations for two-straight years.

    Those opposed to her leadership say “SEC’s staff have experienced low moral under the current administration and accused the management of financial recklessness and abuse of extant financial rules and regulation.”

    Her supporters on the other hand say “the present management of SEC has revamped the organisation in tandem with its core mandate, adding that its workforce must possess the quality needed to deliver on its mission and vision of a world-class capital market regulator.

  • SEC to sponsor foreign training for award winners

    The Securities and Exchange Commission (SEC) is concluding arrangements to sponsor five Nigerian journalists on an intensive training on capital markets at the International Law Institute, Washington DC, USA.

    The journalists are being sponsored by SEC in redemption of their prize winnings in the 2012 and 2013 editions of the SEC Capital Market Essay Competition for Journalists which was instituted by the Commission in 2012.

    Of the five journalists, two were prize winners in the 2012 edition of the competition. They are Iheanyi Nwachukwu of Businessday newspaper and Taofik Salako of The Nation newspaper. They are to undergo two weeks and one week of intensive training on The Foundations and Development of Capital markets at ILI respectively. Winners in the 2013 edition included Teslim Shitta-Bey of Business Hallmark newspaper, Patrick Atuanya of Businessday newspaper and Sule Teliat Abiodun of Businessday newspaper. Shitta – Bey and Atuanya will undergo two weeks of training at ILI while Abiodun will spend a week in the institution.

    The third place winners – Abiodun Eromosele of Thisday newspaper (2012) and Chris Ugwu, then of Leadership Newspapers (2013) who were entitled to a week – long training in a leading local institution have since redeemed their prizes by undergoing training on Business Writing and Communication Skills at the Financial Institutions Training Centre, FITC in Lagos.

    In a statement, SEC stated that the SEC Capital Market Essay Competition for Journalists, a signature annual event of the SEC, is a specific capacity building mechanism for the media industry.

    “It also fosters investor education through interest in reading and writing about the markets among journalists as well as the wider society. Plans are afoot to activate the 2014 edition of the competition through which fresh winners will emerge,” the Commission stated.

    It noted that in line with the objective of widening knowledge of the capital markets among journalists and wider audiences, the competition offers only training and non pecuniary rewards to winners. These include two weeks and one week of intensive training on finance,  business and capital markets for first and second prize winners respectively in a major learning centre abroad while the third prize winner is entitled to a week-long training in the subjects in a reputable local institution.

  • SEC to sponsor foreign training for award winners

    SEC to sponsor foreign training for award winners

    The Securities and Exchange Commission (SEC) is concluding arrangements to sponsor five Nigerian journalists on an intensive training on capital markets at the International Law Institute, Washington DC, USA.

    The journalists are being sponsored by SEC in redemption of their prize winnings in the 2012 and 2013 editions of the SEC Capital Market Essay Competition for Journalists which was instituted by the Commission in 2012.

    Of the five journalists, two were prize winners in the 2012 edition of the competition. They are Iheanyi Nwachukwu of Businessday newspaper and Taofik Salako of The Nation newspaper. They are to undergo two weeks and one week of intensive training on The Foundations and Development of Capital markets at ILI respectively. Winners in the 2013 edition included Teslim Shitta-Bey of Business Hallmark newspaper, Patrick Atuanya of Businessday newspaper and Sule Teliat Abiodun of Businessday newspaper. Shitta – Bey and Atuanya will undergo two weeks of training at ILI while Abiodun will spend a week in the institution.

    The third place winners – Abiodun Eromosele of Thisday newspaper (2012) and Chris Ugwu, then of Leadership Newspapers (2013) who were entitled to a week – long training in a leading local institution have since redeemed their prizes by undergoing training on Business Writing and Communication Skills at the Financial Institutions Training Centre, FITC in Lagos.

    In a statement, SEC stated that the SEC Capital Market Essay Competition for Journalists, a signature annual event of the SEC, is a specific capacity building mechanism for the media industry.

    “It also fosters investor education through interest in reading and writing about the markets among journalists as well as the wider society. Plans are afoot to activate the 2014 edition of the competition through which fresh winners will emerge,” the Commission stated.

    It noted that in line with the objective of widening knowledge of the capital markets among journalists and wider audiences, the competition offers only training and non pecuniary rewards to winners. These include two weeks and one week of intensive training on finance,  business and capital markets for first and second prize winners respectively in a major learning centre abroad while the third prize winner is entitled to a week-long training in the subjects in a reputable local institution.