E-Financial
SEC, Pencom to Collaborate in Deepening Commodities Ecosystem
The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with the National Pensions Commissions (Pencom) on areas that would assist in further deepening the commodities market ecosystem.
Mr. Lamido Yuguda, the Director General of the SEC, stated this when the Management of the Commission along with the Lagos Futures and Commodities Exchange held a meeting with Pencom in Abuja recently.
Yuguda who was represented by Mr. Ibrahim Boyi, the Executive Commissioner Corporate Services of the SEC, stated that the SEC is very passionate about the commodities sector as it has enormous benefits for the economy of the nation.
According to him, “One of the key pillars of the Capital market Master Plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.
“We have recorded a lot of successes in the sector so far and we see a lot of progress in the development of the sector. We are currently working with the Standards Organisation of Nigeria to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.
He said the SEC is seeking collaboration with PenCom to ensure economic development adding that the sector has huge potentials if optimally developed.
“We have witnessed major achievements by the LFCE and we are happy to see them progress. We are committed to creating the rules that will ensure investor protection. It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection.
Speaking earlier, Managing Director of LFCE, Mr. Akin Akeredolu-Ale said the commodities exchanges are interested in exploring avenues for investing pension funds in the capital market.
He expressed his joy that the SEC is spearheading the ISB to further boost the utilisation of pensions funds in the market adding that if pension funds are not reflated, inflation would keep affecting it.
“The primary part of our economic raw materials in crude oil, if you don’t capitalise the primary sector, the manufacturing sector will suffer, same as the service sector. SEC has made provisions for the PFAs to invest in the commodities sector and this is expected to catalyse our economy and spur growth” he said.
Akeredolu-Ale reassured that the reflation of the assets under management is going to benefit people that have their assets as globally pension assets are used to stimulate economies adding that the nation’s economy needs to be activated to create opportunities for pension assets to participate in the exchanges.
He therefore urged Pencom to look into its rules and encourage PFAs to develop and interest in investing in commodity assets on the commodities exchanges like LFCE.
In her remarks, Mrs. Hajara Adeola, Managing Director of Lotus Capital, said the commodity space is very central to the progress and development of Nigeria’s economy and it is important the entire financial system participates as it is developing globally.
“The capital market is creating instruments, creating avenues for investments to grow the market and the economy. It is important we put these infrastructures in place to make it profitable for our nation” she said.
Responding, Mr. Anyim Nyerere, Commissioner Technical of Pencom, said the Pension laws are not static but dynamic adding that the Commission expects a comprehensive request to enable it expedite actions on the matter.
He expressed the desire of Pencom to work with relevant agencies to boost the economy and assured the SEC that Pencom will work within available laws to support the commodities trading ecosystem.
As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, has renovated the Primary Healthcare Clinic along the Workers Village in the Tudun Amba Community of Lafia Local Government Area of Nasarawa State.
The bank also provided water facilities to ameliorate issues of water scarcity being experienced in the community in recent times.
Speaking at the inauguration ceremony, the Divisional Head, Brand and Communication Plc, Fidelity Bank, Meksley Nwagboh, said the dignity of every human person is a shared responsibility. The bank decided to embark on the project as a means of improving the living condition of people in the community and as part of the bank’s social responsibility to its host community.
Expressing gratitude to the leadership of the community for giving the bank the opportunity to execute the project, Nwagboh said, “What we are doing today is not different from what we have been doing in communities, local governments and states across the country over the years. As a socially responsible organisation, we take it upon ourselves to impact our host communities positively through developmental initiatives such as these.
“On behalf of the management and staff of Fidelity Bank, I want to say thank you to everyone who made it possible for us to touch the lives of the people positively in this community and we remain committed to playing our part in helping individuals grow, thrive and prosper”.
On his part, the Honourable Commissioner of Health, Nasarawa State, Gaza Gwamna, while commending Fidelity Bank for the donation of a water facility and the renovation works at the Primary Healthcare Clinic, reiterated the state government’s commitment to continue to support commercial banks to boost the economy of the state.
The Commissioner who was represented by the Permanent Secretary of the ministry, John Damina, further called on the Nasarawa State Primary Healthcare Development Agency to utilise the upgraded facility with care to encourage the bank and other private investors to continue to support the less-privileged people of the state.
“I want to use this opportunity to call on the management of the NAPHDA to ensure proper utilization of this facility for the good of the host community and beyond. This will go a long way in encouraging other private sector players to extend the same gesture to other communities in the state,” he said.
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
Nigeria Deposit Insurance Corporation (NDIC) has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023.
Bello Hassa, managing director, NDIC, stated this at a sensitisation seminar for Judges of the Federal High Court in Lagos organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.
Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.
Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”
Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.
Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing financial institutions to implement the national 0.5 per cent cyber security levy after the policy was largely resisted.
The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, director, Financial Policy and Regulation, Department and Chibuzo Efobi, director, Payment System Management Department.
The apex bank confirmed the suspension in a circular issued on May 17, 2024 with reference number PSMD/DIR/PUB/LAB/017/005 addressed to commercial banks, mobile money operators, and other financial institutions.
In an earlier circular issued on May 6, 2024 with reference PSMD/DIR/PUB/LAB/017/004, the bank mandated financial institutions to charge a 0.5 per cent levy on all electronic transactions.
President Bola Tinubu last week ordered the suspension of the National Cybersecurity levy.
Open Access Data Centres Recognize Sustainability as Key in its Operations – Aduloju
Air Peace: Strategies to Gain Competitive Advantage in the Battle for the Skies
NITDA Brings Digital Technology to the Grassroots
Minister of Information Congratulates Newly-Elected APRA Executives
eBusiness Life Girls in ICT: Corporates Charge Girls on Future ICT Careers
60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
World Earth Day: Kuda Partners with Wecyclers to Clean up Communities in Lagos
INTERPOL Appoints Uche, Nigerian CP as Chairman, African Heads of Cybercrime Units
Odu’a Investment Declares N1.961Bn as Profit Before Tax
E-Financial1 day agoNDIC Gets Court Order, to Wind Down 96 Microfinance, Mortgage Banks
Telecom1 day agoElon Musk’s SpaceX Doubles Price for Starlink Global Roaming Plan
E-Financial1 day agoCBN Finally Makes U-turn, Withdraws Circular on Cybersecurity Levy
Telecom1 day agoAirtel Wins Big at Maiden ICAN-NGX Awards
News1 day ago2024 Nigeria Innovation Summit 9.0 Gets October Date
Broadcasting1 day agoNBC Grants DSB TV License to Voice of the East
News1 day agoWHO Prequalifies New Dengue Vaccine
Telecom1 day agoNIGCOMSAT Plans Dedicated Satellite for Military Operations