News
SEC Partners NAICOM, CMOs in Enhancing Commodity Supply Contracts
The Securities and Exchange Commission (SEC) has said it is planning to collaborate with the National Insurance Commission (NAICOM) and Capital Market Operators (CMOs) to enhance commodity supply contracts and eliminate disruptions in the commodities market.
Its Director General, Lamido Yuguda, stated this during the Post Capital Market Committee (CMC) meeting which held in Lagos on Friday.
Responding to questions from journalists, Yuguda stated that the commodities market is a market for contracts in the supply of commodities and exists because it facilitates the sale of commodities between producers of commodities, like agricultural commodities or mineral commodities, to the buyers.
He noted that there are risks associated with investments particularly in the commodities market and noted that to ensure active participation in the market, investors look to insurance to secure their investments.
“The role of insurance is key to the commodities market because it helps commodity suppliers to be able to perform under the contracts of supply and ensure that the market is not disrupted.
So, we have been working with NAICOM to get insurance companies to work with capital market operators, especially commodities exchanges to de-risk that segment of our economy that is the agricultural commodities segment. That is essentially where the link between the insurance and commodities segment is quite important”, Yuguda said.
He further noted that the ISA bill which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate will hopefully be submitted to President Bola Tinubu for assent by the first quarter of 2024.
According to him, the ISA bill is capable of transforming Nigeria’s commodities market from a mono product economy to a more diverse and active economy. He also added that the bill will provide a better framework for sub-nationals and international organisations to borrow from the capital market as well as Federal government agencies.
He revealed that the SEC is working on developing Shariah-compliant liquidity instruments for the commodities market in collaboration with the Non-Interest Technical Committee and added that this includes plans for the creation of short-term Sukuk with the Debt Management Office.
Outlining SEC’s top priorities next year, Yuguda said that the goal of the commission for 2024 is to galvanize capital market money into financing infrastructure. According to him, this aligns with the broader goal of contributing to the growth of Nigeria’s economy and achieving a $1 trillion economy in the next two years.
The SEC DG expressed confidence in Nigeria’s economic potential, citing its large population as a significant advantage. He emphasized the need to rediscover and leverage the economic advantages the country possesses.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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