FBN Holdings Charge Investors To Focus On Firms With Strong Fundamentals  

Tolu Oluwole FBNH
Tolu Oluwole FBNH

Investors in the Nigerian Capital Market have been advised  to invest in companies with strong fundamentals, sustainable growth and profitability to ensure enhanced returns on investment.

Tolu Oluwole, Head, Investor Relations of FBN Holdings (FBNH) Plc stated this at the Capital Market Correspondents Association of Nigeria (CAMCAN) virtual forum on Wednesday in Lagos.

Oluwole urged retail investors to go beyond speculative buying and invest in stocks with strong fundamentals, sound management and potentials for growth.

He said the COVID-19 pandemic and downturn in the stock market provide an opportunity for investors to cash-in.

According to him,  investing in good companirs like FBN Holdings at this critical period is key hedge for Investors against future uncertainty.

Oluwole noted that opportunities abound inin any  market downturn, urging investors to key into the present opportunities in the equities market.

“At this time of economic challenge, we have seen an increase in the domestic retail and institutional investors participation in the market,” he stated.

On the exit of foreign investors, Oluwole said they would soon find their way back to the market in a matter of time with strong business fundamentals.

In his presentation titled, ‘Financial media and engagement with Retail Investors’, he said there were a number of different investors with varied levels of interest in a company’s investment story.

He noted that while the majority of the audience have broadly similar requirements, there are subtle differences and it is critically important to ensure consistency in the messages to avoid misinterpretation.

He described retail investors as non-professional market participants who generally invest smaller amounts than larger institutional investors.

He also noted that individual investors were thought to be less knowledgeable, less disciplined, less skillful, and prone to behavioral and emotional decisions, saying that despite their lack of knowledge, the retail investment space was enormous with individuals.

He added that knowing and understanding potential investors was very crucial when presenting the equity story and consider having a fair balance of investor type, saying that Investor Relations (IR) plays a pivotal role in providing detail about the health of an organisation to a wide range of interested parties.

According to him, the information disseminated through IR not only projects the financial and operational strength of the organisation, but also enables a two-way relationship between the Company and its stakeholders.

“The increase in stakeholder interest from optimal Investor Relations will ultimately result in an increase in the market value of the organisation, as long as the company delivers on its operational performance, noting the environment.

“Company’s day-to-day interface include institutional and retail shareholders, bondholders, credit and equity analysts, the Exchange, and the financial media. The principal role is to manage interest from these audiences and ensure they are fully informed about the performance of the business as well as identifying potential issues to address proactively.

“Ultimately, the primary goal for IR is to improve the markets’ understanding of the company’s investment proposition, enhance investors’ confidence, attract capital, positively impact trading and reduce funding costs over the longer term.”

He added that the IR entails the ability to work closely with all areas of the business including: Finance, Risk Communications and various Operational teams.

“In FBNH, we have different type of investors and management has developed value in building capacities and highlighting the underlying investment proposition through channels to key stakeholders.

“We have got retail investors of 50.9 per cent and domestic institutional investors of 31.8 per cent , foreign institutional is 16.7 per cent and we engage in all inclusive engagement programme through timely information on our website, email to provide response in conjunction with the registrar, meetings with shareholders, among others,” he said.

Oluwole said  that FBNH had embraced digital approach in reaching out to its retail investor in conjuction with its registrar, amid COVID-19 pandemic.

“We have moved things away from physical meeting to virtual meetings and we must always keep our communication line open to engage with our investors,” he said.

He explained that the company in 2019, demonstrated management efficiency with NPL ratio of  about nine per cent.

He urged Capital Market Correspondents to continue to ensure good understanding of businesses in the financial community and bridge any perceived gap between businesses and the retail investor.

Oluwole said the media need to work together to deepen understanding and bridge the knowledge gap with emphasis on the capital market.

COVID-19: CSCS  Donates Ambulance, Cash Worth N100m To CMSCC

CSCS Ambulance Presentation to CMSCC
CSCS Ambulance Presentation to CMSCC

The entral Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, has, donated a fully equipped and insured state-of-the-art Ambulance In addition to cash donation to the CMSCC, the Capital Market Support Committee for COVID-19 (CMSCC), a laudable initiative of the Securities and Exchange Commission (SEC).

The CMSCC, chaired by one of the capital market veterans, Mr. Ariyo Olushekun   seeks to complement the effort of the Federal and State Governments in stemming the spread of the novel coronavirus, which has undermined economic and social activities across the world.
In furtherance of its reinforced commitment towards the war against COVID-19 and the demonstration of its strong Corporate Social Responsibility (CSR) effort, CSCS will also be partnering other stakeholders in the distribution of 100,000 reusable facemasks aimed at providing free reusable facemasks to the most vulnerable, low – income households across the country.
In his remarks while presenting the ambulance and cash donation to CMSCC, the Managing Director and Chief Executive Officer of the Central Securities Clearing System Plc, Mr. Haruna Jalo-Waziri said “we find it imperative to collaborate with other stakeholders in the capital market in this war against COVID-19. The safety of Nigerians and the growth of the economy is a collective responsibility that we cannot leave to the government alone.
“We have committed N100million to this war against COVID-19, as we are also supporting the efforts of other stakeholders. Whilst we continue to support the society through CSR initiatives, we believe our most impactful support to the capital market and broader Nigerian economy is through our services. I am excited that we have operated seamlessly through this crisis, leveraging our investment in technology and people, in ensuring efficient depository and settlement of capital market transactions across multiple capital trade points, including the Nigerian Stock Exchange, the FMDQ Exchange and the NASD-OTC”.
Speaking further, Mr. Jalo-Waziri said “I would like to thank our Board of Directors for taking this crucial decision for us to join well-meaning, responsible corporates and other stakeholders in the fight against this novel coronavirus. Whilst it is a challenging time for businesses, it is sacrosanct for corporate leaders to make all possible sacrifice towards this cause, which is perhaps pertinent to the sustainability of businesses and the broader economy.”
Whilst receiving the Ambulance and cash donation, the Chairman of the CMSCC, Mr. Ariyo Olushekun applauded the Executive Management and Board of CSCS Plc for the response to the SEC-led clarion call on capital market stakeholders. He noted that CSCS has in its usual practice demonstrated commitment to the wellbeing of the Nigerian public and more precisely its support for the growth and development of the capital market.
According to Mr. Olushekun, “I am impressed by this kind gesture of CSCS to the capital market community and indeed Nigeria at large, particularly as this comes at a challenging time for most businesses, globally. CSCS has always proven its critical role as the capital market infrastructure, not only in delivering requisite depository and securities settlement services to the broad capital market but also in its corporate social responsibilities”.
“We will continue to ensure judicious use of the donations to CMSCC, even as we implore everyone to take personal responsibility by maintaining basic safety protocols such as the use of facemasks in public, regular washing of hands with soap and water for a minimum of 20 seconds or the use of sanitizers, maintenance of social distancing measures amongst other protocols being advised from time to time by relevant health authorities”, Mr. Ariyo Olushekun added.
The Nigerian Capital Market Community, led by the Securities and Exchange Commission (SEC) inaugurated the market-wide Committee, the Capital Market Support Committee on COVID-19 (CMSCC), to coordinate the Capital Market Community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.
CSCS’ Corporate Social Responsibility (CSR) pillars are built on Community, Environment and People. The company has consistently been at the forefront of championing various charitable causes towards People With Intellectual Disability (PWID), the physically challenged amongst others.

New SEC DG, Yuguda Assumes Office, Pledges Implementation Of Capital Market Masterplan

DG, SEC, Lamido Yuguda
DG, SEC, Lamido Yuguda
The Director General of the Securities and Exchange Commission, SEC, Mr. Lamido Yuguda has stated that the capital market has a lot of potentials for growth and development of Nigeria post COVID-19 and beyond.

The SEC DG said the capital market is a crucial component of any economy, as the SEC over the last two decades has worked with other relevant stakeholders to introduce and implement various initiatives targeted at improving the regulation and development of the market.

According to him, the capital market master plan launched in 2014, has the objective of positioning the capital market for an accelerated development of the national economy.

“Many of the plan’s initiatives have been successfully implemented while many others are Work in Progress in line with its objectives.

“Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthening it for enhanced impact. We would equally work towards improved market regulation, surveillance and general development.

He stated that in order to do this effectively, we will need to develop relevant capacities and foster collaboration in achieving our mandates.

Yuguda assured that the new management will work to the best of their abilities to uphold things on ground and consciously seek ways to improve them to the benefit of all stakeholders.

“Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy, with God’s help and our collective resolve and dedication, we shall succeed” he added.

He further stated that investor protection would be at the centre of the initiatives of the new management warning that any operator that short-changes investors would not go Scott free.

“We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing”

“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions ” he stated.

Outgoing Acting Director General, Ms Mary Uduk in her remark said the Commission has in the past few years undertaken key reforms and achieved some regulatory millstones and expressed the hope that the new management will build on achievements recorded so far.

According to her “In implementing the Commission’s mandate of regulating and developing the Nigerian capital market, most of our recent activities are guided by the Capital Market Master Plan (2015-2025).

“This is a 10-year plan with over 100 initiatives to position the capital market for an accelerated development of the national economy. It has an implementation governance structure (CAMMIC) to drive advocacy and ensure national buy-in. Through this, series of engagement have been made with many of the Plan’s initiatives achieved”.

Mr. Lamido Abubakar Yuguda obtained a B.Sc. (Honours) degree in Accounting in 1983 from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom. He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a holder of the CFA charter.

Mr. Yuguda has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.

The new Director-General of the Securities and Exchange Commission (SEC) brings to the Commission more than three decades of experience as a central banker, economist, and investment manager.

He began his career with Central Bank of Nigeria in 1984, and worked in several departments such as Foreign Operations, Banking Supervision and Reserve Management. He also served in the Debt Conversion Committee Secretariat where he managed the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.
Yuguda resumed alongside the Executive Commissioners namely: Mr. Reginald Karawusa, Mr. Ibrahim Boyi and Mr. Dayo Obisan in Abuja, Monday.

Zenith Bank Ranked Number One Tier-1 Bank In Nigeria

Zenith Bank Plc has again emerged as the leading Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.

The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.

Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”.

Tier 1 capital describes the capital adequacy of a bank, and it is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as defined by the latest BIS guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.

Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

SAHCOL Declares  N223.34m For 2019 Year End

Dr Taiwo Afolabi
Dr Taiwo Afolabi
Shareholders of Skyway Aviation Handling Company PLC (SAHCOL) have approved a total dividend of N223.34 million for the financial year ended Dec. 31, 2019.

The shareholders unanimously gave the approval by proxy at the company’s 10th Annual General Meeting  (AGM) by held in Lagos.

The dividend translated to 16.50k per share. 
Chairman of the company Dr Taiwo Afolabi in a statement assured the shareholders of enhanced return on their investment in the current financial year.

Afolabi said the company had embarked on the development of business models geared toward ushering in efficient and speedy service delivery.

He stated that the business model would change the financial status of the company by the year end. 

“In the last one year, we have made a massive investment in our capacity to serve our clients through the acquisition of modern equipment, provision of new facilities, capacity development for staff and board members,” he said.
Afolabi revealed that the company had diversified  to a new complementary business with high growth potential. 
He noted that the company had embarked on an aggressive marketing drive, both locally and internationally, to shore up the client base and revenue. 
Commenting on the company’s financials, the chairman said the performance was not only encouraging, but also a pointer to a future that is bright. 

Compared to the previous financial year of 2018 when it recorded a huge loss of N696.99 million, SAHCO made a net profit of N446.53 million in 2019.

“The twin factors of cost reduction and new business helped to achieve this feat” he said. 

He explained that the company’s revenue grew by 24.93 per cent when compared with 2018 figure. 
Also speaking, Mr Basil Agboarumi, its Managing Director, said it expanded the export warehouse to accommodate the influx of export to provide ease of cargo handling services due to growing demand for export in Nigeria.
Over the years, SAHCO has seen the need to innovate and build aviation ground support equipment which birthed the production of the first ever Fuel Bowser that was produced at the maintenance workshop of the SAHCO’s department,” he said.
Agboarumi said the management intend to reposition SAHCO as the best Ground Handling Company in West Africa by acquiring more client airlines using the leverage of being the preferred handling partner of British Airways and other global carriers already in the company’s fold. 
A breakdown of the company’s financial performance during the period under review shows that revenue increased by 24.5 per cent to N7.67 billion against N6.14 billion in 2018.

Similarly, an increase of 167 per cent was recorded in its profit in 2019 accounting year. 

Consequently, the company moved from a net loss of N696.99 million in 2018 to a net profit of N446.53 million in 2019.

ETI: Okonedo Replaces Oteh

Shareholders of Ecobank Transnational Incorporated (ETI) have elected Prof. Enase Okonedo and Mr Simon Dornoo as board members of the bank.

The bank in astatement issued by Adenike Laoye, its Group Head Communication on Wednesday explained that the election took place at the Bank’s 32nd Annual General Meeting (AGM), held in Lagos on Tuesday.

According to the statement, Okonedo replaces Ms Arunma Oteh, who has resigned from the board.

Meanwhile, shareholders who were pleased with ETI’s progress in 2019 approved all the resolutions at the AGM, which included the election of the two new directors as well as atified the co-option of Mr Deepak Malik, a nominee of Arise B.V, Ms Zanele Monnakgotla, a nominee of Public Investment Corporation and Dr George Donkor, the representative of Ecowas Bank for Investment and Development as directors.

According to theh statement, the shareholders also

Ecobank sacks 50 top managers
Ecobank sacks 50 top managers
unenewed the mandates of the firms – Deloitte & Touche, Nigeria, and Grant Thornton, Côte d’Ivoire, as joint Auditors.

It stated that the AGM was followed by an Extraordinary General Meeting at which shareholders voted for the cancellation of the resolution on the consolidation of shares earlier approved on June 17, 2016.

“Shareholders also voted for the amendment of Articles of ETI including a provision for the option of electronic general meetings going forward,’’ it added.

The outgoing Ecobank Group Chairman Emmanuel Ikazoboh expressed gladness with the successes recorded by the bank in 2019.

“We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong corporate governance and continued expense discipline.

“We continue to focus on making substantial strides towards ensuring a return on equity above the cost of capital across the Group despite the challenging economic conditions, especially with the COVID-19 pandemic.

“We also maintained our commitment to driving economic development and financial integration across Africa,’’ he said

Ikazobor said that it was a privilege for him to have served the institution and “I am particularly proud of what we have achieved.

“I am further assured and confident that my successor as Chairman, Mr Alain Nkontchou, will continue to lead the Board in our journey to leadership.

“The world has its eyes on Africa, and we are positioning our Bank in a way that continues to ensure its commitment to, and development of the continent.’’

Ade Ayeyemi, Chief Executive Officer of Ecobank Group, paid tribute to Ikazoboh, who, according to him, has served the group diligently

“On behalf of Management, I extend our immense admiration for the invaluable stewardship, counsel, strategic expertise and oversight that he so willingly provided.’’

Adeyemi described 2019 as a year of substantial progress for the group on multiple fronts.

“We broadened our innovative product range with our upgraded core banking application platform, increased customer numbers, established new partnerships.

“We initiated programmes to transform customer experience and embed the desired conduct, culture and ethics throughout the organisation.

“Each of our three business lines improved their profitability and positioned Ecobank for sustainable long-term success.

“Post-year end, the effectiveness of our digital ecosystem came into sharp focus amid the current global challenges of the COVID-19 pandemic, enabling us to provide seamless continuity of service to our customers,’’ he added

The CEO noted that the virus had devastating effects and caused severe disruption to families, businesses and economies across our sub-Saharan footprint.

He, however, noted that the group continued to provide “unwavering support in these unprecedented and extremely challenging circumstanes”

v
Share this:

Senate Tasks SEC On Efficiency, Investments

DG, SEC, Lamido Yuguda
DG, SEC, Lamido Yuguda
President of the Senate, Ahmad Lawan, has charged the Securities and Exchange Commission (SEC) to ensure efficiency in the discharge of its duties so as to attract local and foreign investments to the country.

The Senate President gave the charge on Wednesday following the confirmation of the appointment of Mr. Lamido A. Yuguda (Gombe) as Director-General of the Commission.

Also confirmed were three Executive Commissioners Nominees namely; Mr. Reginald Karawusa, Mr. Ibrahim Boyi and Mr. Temidayo Obisan.

Their confirmation followed the submission of the report of the Committee on Capital Markets which was presented before the Senate by the Chairman, Senator Ibikunle Amosun.

Speaking after the nominees were confirmed, Senate President, Ahmed Lawan said, “the Securities 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.”

The New SEC DG, Mr. Lamido Abubakar Yuguda obtained a B.Sc. (Honours) degree in Accounting in 1983 from Ahmadu Bello University, Zaria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom. He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva, Switzerland and a Certificate in Investment Performance Management from the CFA Institute, Charlottesville, Virginia, USA

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a holder of the CFA charter.

Yuguda has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.

The new Director-General of SEC brings to the Commission more than three decades of experience as a central banker, economist, and investment manager.

He began his career with Central Bank of Nigeria in 1984, and worked in several departments such as Foreign Operations, Banking Supervision and Reserve Management. He also served in the Debt Conversion Committee Secretariat where he managed the Nigerian Debt Conversion Programme together with the pioneer staff in the secretariat.

In 1997, he joined the staff of the International Monetary Fund (IMF) in Washington DC, USA, on secondment as an economist in the Africa Department. In this position, Mr. Yuguda assessed economic policies, offered policy advice and managed balance of payment support programmes in IMF member countries.

In 2001, Mr. Yuguda returned to the CBN to lead a team of staff to restructure and diversify the CBN’s growing foreign exchange reserve portfolio. A new investment policy was adopted, new asset classes introduced, the CBN’s in-house fixed income trading and settlement capabilities were upgraded, while a reputable global custodian and securities lending agent as well as several international asset managers were selected. The new SEC boss reached the pinnacle of his career at the CBN as Director of the Reserve Management Department from 2010 to 2016, where he inculcated a strong risk-aware investment culture and engendered a disciplined approach to investment evaluation. He retired voluntarily in 2016.
Mr. Yuguda has served as a non-executive director on the boards of Africa Finance Corporation (AFC) and Premium Pension Limited. He has been a member of the Board of Directors of the SEC since June 2019 and is happily married with children.

FMDQ, FSD Africa, CBI Parley On Green Financing Opportunities For Agribusiness

In its bid to help reposition the Nigerian Agric sector in line with the present administrations economic diversification drive,the FMDQ alongside its partners plan to build capacity in the area of agribusiness financing.

As part of efforts to achieve this goal, the FMDQ, FSD Africa and CBI have planned a session on Green Financing Opportunities for Agribusiness

As the COVID-19 pandemic rages with its attendant challenges to businesses and economies world over, the partners say it is imperative that creative and proactive solutions are proffered to ensure the continued sustenance of key sectors of economies, and the Nigerian agribusiness sector is not left behind.

It is on this understanding that the Implementation Partners of the Nigerian Green Bond Market Development Programme which include the FMDQ Holdings Plc, Financial Sector Deepening (FSD) Africa and Climate Bonds Initiative (CBI), plan to facilitate a stakeholder engagement session as part of the green financing capacity building efforts for market participants in the Nigerian financial market.

The webinar session, themed, “Green Financing Opportunities for Agribusiness” and scheduled to hold from 11:00 AM on Thursday, June 11, 2020, is targeted at current and potential issuers, as well as other stakeholders within the sustainable finance sphere in the Nigerian agribusiness sector, and will focus on expert discussions to demystify the concept green bonds and green financing.

The session will also highlight opportunities in the agribusiness sector for these activities and provide updates on available funding to support such initiatives under the Nigerian Green Bond Market Development Programme.

FMDQ noted that this webinar could not have come at a better time, given the renewed importance of sustained supply of food and agricultural produce to communities and families across the world.

FMDQ, FSD Africa and CBI formalised a Cooperation Agreement in March 2018 to develop the sub-national and non-sovereign green bond market in Nigeria.

Senate Committee On Banking , Insurance And Other Financial Institutions Screens 2 NDIC Non-Executive Director Nominees

The Senate on Wednesday 3rd June 2020 successfully screened two nominees of President Muhammadu Buhari as Non-Executive Directors to the NDIC Board Ms. Diana Okonta and Hajiya Ya’ana Yaro. During the exercise, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani commended the President for the nomination of two immensely qualified Nigerian women as Non-Executive Directors to the Board of the Corporation.
The Committee Chairman expressed delight that the two nominees were both women with proven track record of impressive performance. He therefore expressed the hope that they would bring their vast experience to bear in the performance of the board.
While noting that the country, like other parts of the world, was facing difficult situation with the fight against COVID-19, Senator Sani charged the NDIC Board and Management to re-double their efforts at promoting good corporate governance practices in the banking industry. Senator Uba also commended the NDIC for constantly responding to emerging trends and business models in the financial sector.
Female members of the Committee, Senators Betty Apiafi and Uche Ekwunife expressed the Committee’s satisfaction with the President for appointing women to the board of the Corporation. She noted that both nominees were accomplished technocrats of very high quality who had distinguished themselves in their chosen careers. She also said they were well-placed to add vigor to the performance of the Board of the Corporation.
President Muhammadu Buhari had earlier forwarded to the Senate, names of Ms. Diana Okonta and Hajiya Ya’ana Yaro as Non-Executive Director nominees to represent the South-South and North-East geo-political zones, respectively, on the Board of the NDIC.
Ms. Diana, a Fellow of the Institute of Chartered Accountant of Nigeria (ICAN) had over thirty years cognate experience spanning both the private and public sectors.
Hajiya Ya’ana Yaro, is a member of the ICAN and Nigeria Institute of Marketing with over thirty years’ experience in both the private and public sectors

Senate C’ttee Screens SEC New DG, says Capital Market Critical to Nigeria’s Economy

Lamido Yuguda
Lamido Yuguda
cgThe Nigerian capital market has been described as a very critical tool that could rescue the nation’s economy from the brink of recession in the face of COVID-19.

This was stated by the Chairman of the Senate Committee on Capital Markets, Senator Ibikunle Amosun during the screening of nominees for full time Director General and Commissioners of the Securities and Exchange Commission, SEC in Abuja, Wednesday.

Amosun said that the capital market had the depth to revamp the nation’s poor state of infrastructure, noting that there was no better time than now for federal and state governments to leverage opportunities provided by the capital market for sourcing infrastructure financing.

“We now know what the capital market can do to rescue the economy at a time like this.
Shares are tumbling but we hope it won’t last long, however, we also have to look inward and explore ways of diversifying our economy away from crude oil.

“If we have to diversify our economy, the capital market has a role to play and that is why we are here to support you.

“And that is why we have suspended everything else to go on with this screening. We will support the capital market for our country to realise these economic goals,” he stated.

The committee chairman commended stakeholders in the market on their efforts so far, adding that there was room for improvement in efforts to getting the nation’s economy on the right path.

He assured that the National Assembly was ready to assist with enabling legislation that would provide the right environment for the capital market to thrive.

“But there is room for improvement to get our economy to where we want it to be. We need to have the enabling laws in place to create an enabling environment for the market to thrive and the national assembly is ready to assist in that regard,” he added.

In his remarks, the incoming DG, Mr. Lamido Yuguda, pledged the determination of the nominees in ensuring that the capital market in Nigeria realises it’s full
Potentials.

Yuguda said the incoming management is willing to work with operators and stakeholders to ensure robust regulation of the capital market.

He further stated that investor protection would be at the centre of the initiatives of the new management warning that any operator that short-changes investors would not go Scott free.

“We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing”

“For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions ” he stated.

The Incoming SEC Boss commended the committee on their efforts towards revamping the capital market, adding that the incoming management would work with the Committee to achieve more results.

“We have seen the passion this committee has for the capital market. We are ready to work with this committee to ensure that the capital market is a pride to this country” he added.