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Onukwue, ASHON Boss Tasks Investors on Risk Management
Mr. Sam Onukwue, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), has urged Investors to take advantage of opportunities that abound in the Nigerian financial market despite the continuous state of uncertainty.
Onukwue, who spoke on some media reports that investors are facing bleak future in the second half of 2022, following continuous macroeconomic vagaries, supply chain disruptions arising from the Russia-Ukraine conflict, drop in production and trade growth, rising higher energy, food prices, and inflation among others said there would always be investment opportunities.
According to him, regardless of the state of uncertainties in the global financial markets, investors that take sound investment advice from certified securities dealers, commonly called stockbrokers can enjoy superior return on investment on constant basis.
Onukwue lamented that many investors often lose huge amount of money by relying on their own intuition or consulting unqualified investment advisers.
He explained that investment in any asset class required a lot of variables, including an investor’s investment objective, risk tolerance, sources of funds and time horizon, among others.
“Investment is a trade off of risk and return, whereby an investor aspires to post highest return at lowest risk. This is achievable if proper analysis is done by certified investment advisers.
“Our Association- ASHON shall continue to engage investors on the need to work closely with stockbrokers for sound investment advice. We are not saying that there are no risks.
“Even asset classes that are believed to be risk free contend with inflation risk, exchange rate risk and a host of others. What we are saying is that risk can be managed to ensure superior returns.
“In every risky situation, there are opportunities. The same applies to investment. It is all about understanding and deploying appropriate investment strategy. It’s not a game of one-size-fits all.
“Contacting a professional investment adviser is in itself a risk management strategy. Investment professionals profile their clients as a precondition for advice on the appropriate investment opportunities.
“There shall always be challenges as long as human beings exist. This doesn’t mean that one cannot post superior return on investment. This is where consulting certified investment professionals becomes essential. We shall continue to guide investors on how to identify the registered investment professionals as they have the skills, competencies and integrity to assist investors make the right decision, “said Onukwue.
He noted that ASHON placed premium on professionalism of its members and would always collaborate with other stakeholders in the financial market to ensure that market integrity is protracted.
“ASHON has always been at the forefront of ensuring that its members operate professionally while the Association collaborates with the capital market regulators, operators and other members in the ecosystem.
“ASHON shall continue to play pivotal roles in policies that positively impact the capital market. We were at the forefront of banks’ recapitalization, demutualsation of The Exchange among others,” he said.
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
Economic and Financial Crimes Commission (EFCC) has arrested four suspected bank hackers in Abuja for alleged conspiracy, unauthorized access to banks’ computer systems and fraudulent withdrawal of depositors’ funds.
The suspects are Chima Anthony Nwigwe, suspected leader of the hacking syndicate alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud, the managing director, Downstone Ultimate Limited, and Daminan Ali.
Dele Oyewale, spokesperson, EFCC, said in a statement on Tuesday, that the suspects were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking, compromising databases of commercial banks, thereby causing fraudulent transfers and withdrawals through different digital platforms.
He also noted that the suspects would be charged to court upon conclusion of investigations.
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