The Nation Newspaper

Tag: Stakeholders

  • Stakeholders hail SEC’s rules on green bond

    Securities and Exchange Commission (SEC) has officially launched its Green Bonds Issuance Rules amid commendations from stakeholders.

    The Nation had in October 2018 reported the inclusion of the rules and regulations on green bond issuance and management in the Nigerian capital market regulatory framework.

    Acting Director-General, Securities and Exchange Commission (SEC), Ms Mary Uduk at the formal launch of the rules yesterday in Abuja, said the release of the green bond rules is a significant step in complementing efforts of the government, regulators and the financial services industry to direct financial capital to more sustainable economic activity.

    “As Nigeria strives to harness the resources of non-oil sectors to anchor the transition to a more resilient economy, there is the urgent need to close the country’s infrastructure gap with investments in sustainable finance initiatives,” Uduk said.

    Director, Financial Markets, FSD Africa, Dr Evans Osano commented SEC for its professionalism and quick turnaround in the preparation of the guidelines.

    According to him, the new guidelines were prepared in line with leading international guidelines and standards providing confidence to domestic and international investors.

    “It also provides certainty to issuers of green bonds in Nigeria. FSD Africa is pleased to have supported this process which is a milestone for the Nigeria green bonds market,” Osano said.

    Africa Markets Programme Manager, Climate Bonds Initiative, Mr. Olumide Lala, noted that the launch of  the rules brings much needed clarity and guidance on the issuance of green bonds.

    According to him, adopting the tenets of the green bond principles and climate bonds standard makes it easier to attract foreign investment where needed.

    The Federal Government had in July 2018 listed its maiden N10.69 billion green bond on the stock market. The five-year bond carries a coupon rate of 13.48 per cent. Nigeria’s first sovereign green bond was oversubscribed by about N100 million as investors staked N10.791 billion on the N10.69 billion maiden bond. The Debt Management Office (DMO) had in December 2017 launched Nigeria’s maiden sovereign green bond as part of efforts to diversify government revenue and deepen the domestic capital market.

    At the close of the offer, total subscription stood at N10.791 billion compared with the offer size of N10.69 billion. Among the investors who subscribed to the green bond were banks, pension funds, asset managers and retail investors.

    The issuance of the green bond and listing were sequel to Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016. The Paris Agreement aims to strengthen the global response to the threat of climate change.

    The green bond regulatory framework defined a green bond as any type of debt instrument, the proceeds of which would be exclusively applied to finance or re-finance in part or in full new and or existing projects that have positive environmental impact.

    The rules indicated that green bonds would be used exclusively to finance renewable and sustainable energy, clean transportation, sustainable water management, climate change adaptation, energy efficiency, sustainable waste management, sustainable land use, biodiversity conservation and any other categories as may be approved by SEC from time to time.

    The regulations highlighted some special conditions that any issuer of green bond must fulfill in addition to the general registration requirements for debt issuances as stated in the Rules and Regulations of the Commission for States, Local Governments, Corporate and Supranational agencies.

    According to the rules, an issuer of a green bond shall also file a feasibility study and report stating clearly, the measurable benefits of the proposed green project or assets such as green house gas reduction, reduction of water use and reduction of harmful emissions.

    The issuer must also file a prospectus which shall include project categories, project selection criteria, decision-making procedures, environmental benefits, use and management of the proceeds as well as a letter from the issuer committing to invest proceeds of the bond in green projects or assets.

    The issuer must also provide an independent assessment or certification issued by a professional certification authority or person approved or recognised by the Commission in addition to any other documents that may be required by the Commission.

    “The net proceeds shall only be utilised for the purpose stated in the approved offer documents and shall be tracked as stated in the approved internal policy of the Issuer which shall be disclosed in the offer documents,” the rules stated.

    The parties to the issue are expected to create an escrow account meant specifically for the net proceeds of the offer while the proceeds shall be domiciled with the custodian. While the trustees shall ensure that the proceeds are used for the purpose stated in the prospectus, the issuer and the trustees shall be the signatories to the escrow account.

    “The issuer shall invest proceeds in green projects within the given timeframe prescribed in the prospectus.

    Unallocated proceeds shall be invested in money market instruments with investment grade rating and this shall be disclosed in the offer documents,” according to the rules.

    According to the rules, where the issuer proposes to utilise a proportion of the issue proceeds of the issue of green bonds, towards refinancing of existing green assets, the issuer shall clearly provide in the offer document the details of the portfolio, assets and projects which are identified for such refinancing.

    The issuer is also expected to publish the utilisation of proceeds in at least two national dailies on an annual basis which shall contain the details of the key factors capturing the environmental impact of such investments and the same shall be disclosed in its annual report and website.

  • Stakeholders urge Fed Govt to focus on beauty industry

    Nigeria’s beauty entrepreneurs have urged the Federal Government to pay  attention to the industry as part of its economic diversification, saying it is worth over N34 billion by 2021.

    The call is coming at a time the government is focusing on the non-oil sector to get more revenue.

    Speaking at the Beauty West Africa Conference in Lagos, the stakeholders urged the  government to exploit the beauty sector,  adding that it has the potential for job creation and revenue.

    The way to achieve this, they said, is through the government’s collaboration with professionals to fashion out an agenda that would reposition the sector.

    In a goodwill message, Nigeria British Chamber of Commerce President, Mr. Akin Olawore, said Nigerians spend a lot on beauty products and services, which he described as a good thing.

    According to him, the distribution of beauty products – raw or processed through manufacturing – offers immense sales, marketing, branding and other business and job creation opportunities.

    “Indeed, we must not miss the opportunity to export beauty products to the world, like we did in the agriculture sector where we failed to exchange our cocoa for coffee and chocolate,” Olawore stressed.

    He noted that the challenge of many of the beauty entrepreneurs is their refusal to formalise their operations, even as he called for the inclusion of courses on beauty in the country’s educational curriculum so that it would enable more Nigerians to take advantage of the beauty value-chain right from the schools.

    “We can put together courses that will meet the needs of the beauty industry. If this is done, it will mean a structural diversification of our economy,” the NBCC boss stated.

    Corroborating Olawore in her keynote address, the Lagos State Commissioner for Commerce and Industry, Mrs. Olayinka Oladunjoye, who was represented by the ministry’s Director of Administration and Human Resources, Mrs. Moji Subair, hailed the entrepreneurs, saying that they are complementing government’s efforts on entrepreneurship.

    Mrs. Oladunjoye said: “We want the global competitiveness of the Nigerian beauty industry, because it has the potential for massive business and job creation opportunities. I advise all the participants to innovate and adapt to changes as they occur so as to maintain and even improve Nigeria’s high rating in the beauty sector.”

    The commissioner urged the participants to seek partnerships. She implored them to avail themselves of the opportunities provided by the state to enhance their businesses.

    The entrepreneurs had a challenge as well as a word of hope from the Nigerian Export Promotion Council (NEPC).

    According to an official of NEPC, Mrs. Francisca Odega, the entrepreneurs have themselves to blame for the industry’s slow growth.

    According to her, “Many businesses are not taking advantage of the support readily available with us. So, my advice is: register your business with the NEPC. We believe in NEPC that all local products are exportable, if we are ready to do what is right. We are ready to support you to be competitive and become a global company.

    “So, I challenge you to grow at home and sell abroad because your product is exportable. Indeed, the government is already planning a Nigerian Diaspora Export in some overseas countries, which will be like the China towns that are found in many countries globally. That is another proof of government’s readiness to boost the export of local products and to make every Nigerian-based overseas to consider themselves as the country’s ambassadors.”

    The first presentation at the conference, delivered by a Ghanaian and Chief Business Strategist, Inspire Africa consult, Ghana, Mrs. Maweuna Trebarh, buttressed the need to reposition the beauty industry for enhanced benefits.

    Corroborating Trebarh, Kemi Lewis, Creative Director, Owner KLS Natural Hair &Beauty Bar, lamented what she described as the “poor showing in intra-African trade”.

    According to her, We must begin to look beyond our shores. To the co-organiser of the event and Chief Executive Officer of London-based Compass Consulting, Mrs. Tokunbo Chiedu,  many operators did not appreciate the benefits of collaboration.

    “People are not appreciative of collaboration. This mentality of ‘I just want to be myself, and do it my own way’ is the problem,” she said.

    Mrs. Chiedu’s co-organiser, Mr. Jamie Hill, justified why the conference was organised.

    Hill, the Chief Executive Officer of BtoB Events, London, said: “People are saying that they want to promote their beauty products here. The truth is, Nigeria is full of beautiful resources, and we want to showcase Nigeria not only to West Africa, but also to the whole world. And thanks to Mrs. Chiedu for putting this together”.

    Some beauty professionals canvassed the need for regulation to ensure that quacks were disallowed from operating.

  • 2019: Sultan, stakeholders seek peaceful, credible elections

    Ahead of the general elections next year, the Sultan of Sokoto and other religious leaders have called on politicians and other stakeholders for peaceful, free, fair and credible elections.

    They spoke at a forum on religious leaders’ consultation “Towards peaceful 2019 general elections in Nigeria”. It was organised yesterday by International Centre for Inter-Faith Peace and Harmony (ICIPH) in Abuja.

    The Sultan of Sokoto, Alhaji Sa’ad Abubakar, who was represented by Etsu Nupe, Alhaji Yahaya Abubakar, stressed the need for all Nigerians, irrespective of their political and religious inclination, to promote peaceful co-existence to ensure economic growth and development in the country.

    Abubakar identified peace as a factor for any nation that wanted development and urged Nigerians to guard against anything that could threaten the peace currently being enjoyed in the country.

    He, however, urged politicians and other stakeholders to do their best to ensure credible elections in 2019, adding that it is the wisest course to peace and progress in the country.

    According to him, the ICIPH will continue to mobilise religious leaders in the nation to promote peace and harmony among Muslims and Christians in Nigeria.

    He said religious leaders were key to ensuring lasting peace in the country, adding that they had a crucial role to play in ensuring religious harmony among Christians and Muslims in the country.

    “The religious leaders will therefore use their existing platforms to propagate the message of peace and tolerance,” he said.

    The sultan commended the interfaith group for its efforts towards strengthening unity among Muslims and Christians in the country and encouraged it not to relax in educating Nigerians to shun conflicts and religious intolerance.

    Vice President, Christian Council of West Africa, Rev. Benebo Fubara-Manuel, advised politicians to desist from their attitude of desperation for power.

    He said: “Peace is important. If we kill ourselves because of elections, in the end, who are we going to lead? ”.

    Fubara-Manuel called for peaceful period of campaign by all the political parties, urging Nigerians to reject political violence, inter or intra party violence in the forthcoming general elections.

    Rev. Israel Akanji, President of Abuja Conference of the Nigerian Baptist Convention, expressed hope that the forum would help proffer ways of promoting peace in the country ahead of the general elections.

    He urged Nigerians to be united and look beyond political affiliations to create harmony, peace, healing and reconciliation among the people, with special reference to the 2015 elections.

    Dr. Usman Bugaje, a former Political Adviser in the Presidency during the administration of former President Olusegun Obasanjo, called on politicians to avoid hate speech and instead, focus on issue- based campaign.

    Bugaje stressed that politicians and other stakeholders should be more concerned on a process leading to free, fair, transparent and peaceful polls in 2019.

  • Save Delta APC from collapse, stakeholders beg NWC

    The National Working Committee (NWC) of the All Progressives Congress (APC) has been urged to save the party from collapse in Delta State ahead of next year’s elections.

    Stakeholders in Delta Central made the plea in a communique signed by their Chairman, Edewor Akpedafe, Dr. David Ejenobo, and six others, after a meeting in Ughelli, yesterday.

    They said the National Chairman, Adams Oshiomhole, had not been fair to its leadership, led by factional Chairman Chief Cyril Ogodo.

    Stakeholders from the eight councils making up the district, passed a confidence vote in President Muhammadu Buhari, Ogodo, Sam Adjogbe and O’tega Emerhor, whose candidacy for Delta Central they affirmed, noting that without his effort, APC would not have been a party to reckon with in the state.

    Promising to ensure the re-election of President Buhari, they applauded him for projects in the state, signing of the bill for establishment of University of Petroleum Resources (FUPRE), Naval Training Centre, and completion of Aladja-Itakpe-Ajaokuta rail.

    The communiqué reads: “Members were particularly appreciative of the various board appointments given to our sons and daughters at the national level, particularly the appointment of our son, Chief Sam Adjogbe, as executive director (Projects), NDDC.

    “Members pass a vote-of confidence in Olorogun Otega Emerhor as the undisputed leader of APC in Delta, and we shall work to ensure his victory at the polls.

    “We applaud the contributions of Chief Sam Adjogbe (EPD) and the leadership of the State Working Committee, headed by Chief Cyril Ogodo, to the growth of the party.

    ‘’It was noted with satisfaction the road construction and developmental projects of NDDC in Delta Central, which Dr. Sam Adjogbe brought to the people to enhance their standard of living.

    “We also affirm that the National Chairman of our party, Adams Oshiomhole, has not been fair in his treatment of Ogodo, who was duly sworn in as the authentic chairman of the APC in Delta by the erstwhile Chairman of the party Chief John Odigie-Oyegun.

    “We will like to note with displeasure that despite a subsisting court order, the national chairman sworn in another person as chairman of APC in Delta State.

    “We appeal to the National Working Committee to save APC from collapse in Delta, and call on delegates in the district to remain steadfast to the ideals of the party, as victory is sure for us in court’’, the communique said.

  • SEC, stakeholders review market situation

    Regulators, operators and other stakeholders in the Nigerian capital market are scheduled to meet today to discuss key initiatives that could impact on the recovery and long-term growth of the market.

    The third meeting of the Capital Market Committee (CMC) in 2018 under the auspices of the Securities and Exchange Commission (SEC) is scheduled to hold today at the Federal Palace Hotel, Victoria Island, Lagos.

    At the meeting, the CMC will consider reports from many of its technical committees and review the outlook for the Nigerian capital market in light of emerging developments. During the meeting, issues bordering on implementation of the 10-year capital market master plan as well as others relating to the capital market and the economy would be discussed and the outcome made known to the media.

    The 10-year master plan for the Nigerian capital market, which is expected to refocus the market and help double its size over time and grow the economy, was unveiled in November 2014.

    The CMC, chaired by the Director-General, Securities and Exchange Commission (SEC), comprises chief executives of all registered capital market operators, including stockbrokers, solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants, among others.  Other members included chief executives of the Chartered Institute of Stockbrokers (CIS); Nigerian Stock Exchange (NSE); Abuja Securities and Commodity Exchange (ASCE) and Central Securities Clearing System (CSCS).

    The CMC also included two members each from observer groups, which included Asset Management Corporation of Nigeria (AMCON); Central Bank of Nigeria (CBN); Corporate Affairs Commission (CAC); Debt Management Office (DMO);  Federal Ministry of Finance; Federal Mortgage Bank of Nigeria (FMBN); Federal Inland Revenue Service (FIRS); Nigerian Deposit Insurance Corporation (NDIC); Investment and Securities Tribunal (IST); Nigerian Investment Promotion Council (NIPC); National Insurance Commission (NAICOM); National Pension Commission (PenCom) and FSS2020.

    The CMC was established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback on how to continuously improve the market activities and regulation. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

     

  • Stakeholders unveil plans to deepen Nigeria’s debt market

    Critical steps required to deepen Nigeria’s debt market stakeholders at the  Annual Bonds, Loans and Sukuk Nigeria Conference  held in Lagos have said.

    The conference, with Stanbic IBTC as gold sponsor, brought together over 300 participants comprising government officials, corporates, Banks, fund managers, investors and advisors. It is the premier event connecting fund raisers with lenders and investors active within the Nigerian capital market space.

    The event featured over 30 key industry speakers who shared views on local asset management, developments in the pensions and alternative asset management space, and issues affecting institutional investors; as well as providing insights on the capital market strategies of leading sovereign, corporate and project companies. The conference also facilitated networking meetings with the region’s most active issuers, offering a sneak peek into proposed new innovative financing structures.

    Chairman of the event and Chief Executive, Stanbic IBTC Bank PLC, Demola Sogunle, said the conference is growing in stature as a major platform to gather information on capital market developments, especially at a time that access to capital has become imperative for Nigeria in the wake of global market volatility.

    “The bond market plays a central role in the deepening of financial markets not only for the diversity of products it offers the market but essentially its role in improving diversification of funding sources and increasing access to credit markets. It is therefore the right time to ensure that proper structures are in place to ensure the development of a deep and expansive bonds, loans and derivatives market in Nigeria,” Sogunle stated.

     

  • Lalong, stakeholders to drive Plateau economy

    Plateau State Governor Simon Bako Lalong has identified culture and tourism as key drivers to transform the socio-economic fortunes of Plateau State and Nigeria. He spoke at the first Plateau Tourism Conference held in Jos, the Plateau state capital, with the theme: Unlocking the vast potentials of tourism as a financing option for sustainable social-economic development.

    Director-General, National Council for Arts and Culture, Otunba Segun Runsewe, commended the governor for looking in the direction of culture and tourism while using the moment to inform the world that Plateau is safe and ready for business with its vast potentials in culture and tourism destinations.

    The NCAC chief debunked stories making the rounds that the state was in crisis stating that he would not have travelled to Plateau along with his staff for the conference if the state was not safe.

    Runsewe expressed determination to hit the ground running by working with the governor to market Plateau to the rest of the world.

    He was positive that with the new interest and efforts from stakeholders, Plateau can assume the status of a culture and tourism hub in Nigeria.

  • Stakeholders brainstorm on environment

    Stakeholders on environment from 21 states converged on Akure, the Ondo State capital, for the 12th National Council on Environment (NCE)  held at the International Culture and Event Centre.

    The theme of the forum was” Environment and Security in Nigeria, consolidating Nigeria’s Environmental Sector Reforms towards Sustainable Development”.

    It was attended by Minister of State for Environment Aliboh Usman Jibril and others.

    In a communique after its two-day meeting, the council called  for  National Security strategy.

    NCE affirmed the importance of implementation of Strategic Environmental Assessment (SEA) for policies, plans and programmes by the federal, state and local governments and approved their immediate implementation across the three tiers of government to strengthen the Environmental Impact Assessment (EIA) process.

    This is to boost the quality of environment and ultimately promote sustainable development.

    The forum appreciated the Federal Government’s commitment to continue addressing environmental problems.

    It noted that due to the enormity of the problem and the fact that states and local government also benefit from the ecological funds, the two tiers of Government were urged to contribute their quota in partnering with the Federal Government to address identified challenges.

    The communique recognised the need to save lives and property due to the menace of seasonal flooding experienced by citizens, and therefore, encouraged states and local governments to promote good land use practice that could discourage settlement in flood plains in Nigeria.

    Besides,the Federal and State Ministries of Environment should be empowered and funded to adequately checkmate this almost annual occurrence of flood across the country.

    It reiterated the need to holistically address the challenges of coastal erosion, marine litters and ecosystem devastation along the 853Km Nigeria Coastline and called on the coastal States of Nigeria to key into the World Bank assisted West African Coastal Area Management programme.

    NCE expressed the need to maintain a healthy environment on the basis of the principle of subsidiarity, urging the three tiers of government to collaborate and synergise to provide required support by setting up institutional framework to combat climate change.

    It also called for the development of a policy for the declaration of National Emergency on open defecation and step up effort on the implementation of the Extended Producer Responsibility Strategy of Waste Management.

    The environment stakeholders commended the Federal Ministry of Environment on the Green Bond Programme especially on Afforestation and Energizing education across the country and urge States to key in to the programme.

    They commended the Federal Ministry of Environment for its proactiveness in sourcing alternative funding sources for forestry development strengthened by its plan to operationalise the National Forestry Trust Fund through the planned inauguration of the Governing Council.

    The communique called for early convening of the National Forestry Development Committee (NFDC) to ensure buy-in by the relevant Stakeholders.

    While appreciating the challenges of Health Care Waste Management,it advised the Federal Government to immediately inaugurate the National Steering Committee (NSC) and a review of the existing policy.

    The council expressed gratitude to the government and people of Ondo for the warm hospitality extended to the delegates and excellent arrangements put in place for the successful hosting of the 12th NCE.

     

  • Stakeholders seek sustainable fisheries, blue economy

    Stakeholders have canvassed increased government’s  support to improve fisheries and aquaculture.

    This was the plea at the Validation Workshop on Review of National Fisheries and Aquaculture Policies for Coherence/Alignment, with the Policy Framework and Reform Strategy (PFRS) for Fisheries and Aquaculture in Africa.

    It held at the Federal Department of Fisheries, Lagos.

    The forum also urged the government to improve fisheries’ management systems, infrastructure, value chain investments and encourage private sector investment to increase the availability and quality of sea fish. It also supports reforms in fisheries policies and regulations.

    Speaking during the forum, National Consultant African Union Inter Bureau of Animal Resources (AU-IBAR), Foluke Omotayo Areola, said the fisheries sector is a major driver for growth and has potential for sustainable and higher production.

    The essence of convening the review workshop, according to her, was to ensure that the national fisheries and aquaculture policies and strategies of African member states are coherent or aligned with the Policy Framework and Reform Strategy (PFRS) for Fisheries and Aquaculture in Africa, and other relevant international instruments.  Other specific objectives and activities that have been carried out, she added, included, making Nigeria Fisheries Policy efficient in managing and conserving the sector’s resources to the benefit of the people.

    The forum, she noted, would  consider the revised Nigeria National Fisheries and Aquaculture Policy/Strategy.

    Her words:“Two survey questionnaires, which served to monitor the alignment of National and Regional Fisheries and Aquaculture Policies with the PFRS for Fisheries and Aquaculture in Africa and to survey its implementation with reference to Nigeria, have been completed and submitted to AU-IBAR.

    “The surveys were completed with the active participation of the Federal Department of Fisheries and Aquaculture.”

    She said  the completed questionnaires for Nigeria and other African Union member states could form baselines on which the successes of the national policies would be measured in subsequent years.

    “This would be in a similar manner to the Food and Agricultural Organisation (FAO) member country questionnaires for monitoring the implementation of the 1995 Code of Conduct for Responsible Fisheries (CCFR) that are completed annually by countries.”

    Stakeholders during the forum recommended promotion of research-based policy that will lead to development of indigenous ornamental fishery, updating national data and encouraging artisanal fishers to collaborate and form cooperatives.

    Other recommendations included developing a policy to take care of post-harvest storage for artisanal fishers, designing a national action plan to implement the Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries within African Union Policy framework.

    The forum called for a policy that would enable national and state governments partner at all levels to identify the contribution of artisanal fisheries to economic importance in the coastal areas among others.

  • How to boost economy, by stakeholders

    Industry stakeholders have lamented the prevailing unfavourable operating climate in the food sector.

    They urged the Federal Government to address the constraints and challenges facing the Fast Moving Consumer Goods (FMCGs) sector to boost the economy.

    Chairman of Financial Derivatives Company Limited, Mr. Bismarck Rewane, identified constraints facing the sector to include infrastructural constraints, low purchasing power and an unpredictable business environment. He spoke during an interview programme on Channels Television monitored by The Nation yesterday in Lagos.

    Also speaking on the state of the sector in Lagos, the Group Managing Director/CEO of Flour Mills of Nigeria Plc, Mr. Paul Gbededo,  lamented the myriad of challenges facing flour millers in the country. He stressed the need for government to encourage inclusive, sustainable and enforceable policies to encourage local investors.

    He also sought greater control on the quality of imported and home-grown wheat and better infrastructure, especially access routes at the factories and ports.

    Rewane said: “Some of these constraints are self-inflicted. Take for example the Apapa gridlock, take for example the cost of funding, and low productivity. So we have all of these things. But more importantly is that in the National Income Identity Equation, you have government expenditure, but the most important component of this is investment. Total investment in Nigeria is about $65 billion; it is less than 17 per cent of the total Gross Domestic Product (GDP).

    “A combative regulatory environment; an extortionary regulatory environment and policy making environment is what kills investment. And investors are not interested in what you say because what you do is more important than what you say. What you are doing could be combative or disruptive while what you are saying is creative.

    “Talking about flour, price of wheat has gone up by almost 30 per cent in the last year or 18 months. But the price of wheat now in Nigeria has gone up by almost 10 per cent. The result is that, and the exchange rate has moved, okay now positively and they have the availability of foreign exchange; good news.