Senator Osita Izunaso, the Chairman, Senate Committee on Capital Market, has urged the Federal Government to regulate cryptocurrency in order to offer some level of accountability and investor protection.

Izunaso made the call while briefing journalists in Abuja after the Committee’s screening of Dr Emomotimi Agama, Director-General Designate of Security and Exchange Commission (SEC) and three executive commissioners behind closed-door.

The Executive Commissioners are Frana Chukwuogor, Legal and Enforcement; Bola Ajomale, Operations, and Mrs. Samiya Usman, Corporate Services.

According to Izunaso, the issue of cryptocurrency must be regulated because Nigerians are involved in cryptocurrency trading. Izunaso said: “Since Nigerians are trading in crypto, why are we not regulating it.

Where is the money going to if we don’t regulate the activities in the crypto market. “You can’t stop them from trading in the crypto market. So because we can’t stop them, you have to regulate it.”

The lawmaker also said investing in stock exchange and capital market would help boost the Nigerian economy.

“President Bola Tinubu has told Nigerians that he is looking for N1 trillion economy. “That can only be done through stock exchange, through the capital market.

And I believe that we are going to see more of government activities in stock exchange, in capital market, in commodities exchange, in crypto.

“This is because these are the areas that will further inject money into the system because the problem we have is the problem of liquidity. “We don’t have enough money, we don’t have enough liquidity in the system.

“That is what is crushing the naira and making the naira so little when it’s competing with other currencies. “But if we develop our capital market, develop our crypto market, we will bring more liquidity into the system.

That will help to cushion all the problems we have,” he added. Also Agama said that he would accelerate the development of the capital market in a manner that will boost wealth creation, attract investments and create jobs for Nigerians.

According to him, he was appointed to change the narrative of the capital market and reposition it to the path that would boost economic growth.

He said: “We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market. “We are going to turn it around. That is the essence of our appointment by Mr President. “With this team, we assure Nigerians that we’re going to do the best that the President has the desire to do.

“So, we should all wait to see what is going to happen. Our desire is to move this market forward. “And to help in achieving the President’s N1 trillion economy in the shortest possible time. “Yes, the President is going to be a year in office in a few days.”

Transnational Corporation Plc (Transcorp Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion.  This performance was due to the strong results across its subsidiaries:  Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023.  Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity.  She said: “The reward for success is more work, and across our Group, we are not relenting.  We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, but the Group has also demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people.  Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play.  We remain committed to creating more value and appreciate the policies already implemented.  However, we call on the Federal Government to prioritise the crippling issues in the power sector.  The challenges in the power sector should be uppermost in our nation’s transformation agenda.  The private sector cannot thrive without improved access to electricity.  Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year.  The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year.  The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.

Pension Fund Operators Association of Nigeria, PenOp, has appealed to members of the National Assembly to amend the pension law to allow for the investment of pension funds offshore to hedge against inflation and naira devaluation.

PenOp also charged members of the National Assembly to consider amending the pension law to increase pension contribution for workers to guard against old age poverty being triggered by rising inflation and naira devaluation.

PenOp made the appeal at the PenOp 4th National Assembly Retreat 2024, held for members of the House Committee on Pensions and members of the Senate Committee on Establishment and Public Service.

Speaking at the retreat themed: “The CPS: Navigating Challenges and Unlocking a Secured Future for Pensioners,” Mr. Dave Uduanu, a member of PenOp and Managing Director of Access Pensions, stated that the economy needs to be domesticated and rely less on dollars.

Uduanu said: “Regarding devaluation, what we need to do as a country is that we need to domesticate our economy. As we domesticate our economy and rely less on dollars, we can achieve more sustainable savings and inflation in real terms. But until we do that, the safeguard we have is to allow some of the pension funds to be invested offshore.

“The recommendation is with PenCom now and the Central Bank of Nigeria, CBN, and it will be good to have the input of the senators and House of Representatives members to make sure that this sees the light of the day.”

Also speaking, another member of PenOp and Managing Director of Fidelity Pension Managers, Mr. Donald Onuoha, stated that there is a need to increase pension contributions from the present 18 percent to a higher value.

Onuoha said: “We need to re-echo the need to increase the pension contributions from the present 18 percent to something higher. This will guard against old age poverty which is being triggered by rising inflation.”

Meanwhile, the National Assembly members have asked the pension operators to identify sections of the Pension Reform Act (PRA) 2014, to be amended, pledging to ensure thorough review of the pension law to engender a comfortable lifestyle for retirees.