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Lawan Charges SEC on Efficiency, Investments

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President of the Senate, Senator Ahmad Lawan has urged the Securities and Exchange Commission (SEC) to ensure efficiency in the discharge of its duties in order to attract local and foreign investments to the country.

Speaking after the Senate confirmed the appointment of Lamido A. Yuguda from Gombe as Director-General of the Commission, said, “the Security and Exchange Commission must be efficient and effective in ensuring that we are able to attract and sustain not only domestic investment but foreign direct investment.

“People should bring their monies and feel safe with their investments here. This is essential to create the very enabling climate for investors to be attracted and retained here in the country.”

Also confirmed yesterday by the Senate were Reginald C. Karawusa (Imo); Ibrahim D. Boyi (Katsina); and Obisan T. Joseph (Lagos) as Commissioners full-time Commissioners of the Securities and Exchange Commission.

The nominees were confirmed after the Senate considered the report of the Senator Ibikunle Amosun, APC, Ogun Central led Committee on Capital Market.

Earlier, Amosun recommended that “the Senate confirms the Four (4) nominees as appointed by Mr. President , the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria to the Board of the Securities and Exchange Commission, (SEC).”

In a related development, the Senate on Wednesday also confirmed the appointment of five out of the six nominees forwarded by President Muhammadu Buhari to the National Assembly for confirmation as Members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC).

The confirmation of the nominees followed consideration and adoption of the report of the Committee on National Planning and Economic Affairs by its Chairman, Senator Olubunmi Adetumbi, APC , Ekiti North.

In his presentation on the screening of the nominees, Adetumbi said that the Committee recommended that the nomination of Barr. Emmanuel D. Nwosu, be suspended pending security investigations on the petition against his nomination as a Commissioner in the Revenue Mobilization Allocation and Fiscal Commission representing Imo State.

He advised the Executive to investigate the alleged wrongful conduct in the petition against the nominee before further action by the Committee can be taken.

The nominees confirmed by the Senate are: Salamatu Mohammed Bala (Adamawa); Hon. Alfred Egba (Bayelsa); Adamu Shettima Yuguda Dibal (Borno); Oladele Gboyega (Osun); Bello Abubakar Wamakko (Sokoto); and Ahmed Yusuf (Taraba).


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Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

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The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


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FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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