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FG can raise more funds from capital market – CIS

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FG can raise more funds from capital market – CIS

The President and Chairman of the Governing Council of the Chartered Institute of Stockbrokers, Oluropo Dada, has stated that the country’s equity market has the potential to generate $500bn.

According to a release, he stated that during his inauguration as the 13th president and chairman of the council of the institute in Lagos, recently.

Dada emphasised his commitment to fostering inclusive participation among all stakeholders in the financial market, stating, “My vision is to build a Nigerian capital market where securities professionals receive the recognition and support they deserve.

“The economy must attain double-digit growth in gross domestic product. It is my conviction that the capital market alone can generate up to at least half of the envisaged $1tn.”

He aimed for an all-inclusive market with all stakeholders working as partners, adding, “My team and I will work assiduously towards upgrading capacity building in our community while ensuring a symbiotic relationship between securities dealers and all trading platforms in the country.”

Dada stressed the need to reduce Nigeria’s informal sector to achieve accelerated GDP growth.

He called for policies encouraging public limited liability companies to obtain listings and public quotations on SEC-registered securities exchanges.

“It is imperative that the size of the informal sector in Nigeria be substantially reduced if we are to attain the objectives of accelerated GDP growth. Appropriate policies should be crafted to encourage all public limited liability companies in Nigeria to obtain listings and public quotations on any of the SEC-registered securities exchanges in the country,” he asserted.

The CIS president expressed support for the ongoing banking sector recapitalisation programme and presented a 10-point recommendation to the government and capital market regulators to ensure seamless implementation of new capital injections.

“Our institute aligns with the ongoing recapitalisation programme in the banking sector. We have made a 10-point recommendation to the government and capital market regulators on how the new capital injection in the banking industry can be implemented seamlessly,” explained Dada.

Vice President Kashim Shettima urged the institute to partner with the Federal Government to transform the economy.

Also, the Governor of Ekiti State, Abiodun Oyebanji, praised Dada’s integrity and performance, assuring support for his administration.

SEC plans sanction for issuing houses over bank recapitalisation rule violations

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SEC plans sanction for issuing houses over bank recapitalisation rule violations

To ensure compliance with banking sector recapitalisation guidelines, the Securities and Exchange Commission has threatened to impose a N1m penalty on banks if they fail to submit complete capital raise applications.

In a statement made available to The According on Friday, it was stated that banks must adhere to certain norms and procedures to acquire capital by rights issuance, private placements, or other authorized means.

It added that applications and supporting documentation must be submitted online via email, noting that documents that are transmitted will be examined and applicants will be notified electronically of any deficiencies found.

“Where an application is returned for being incomplete – a penalty of
N1,000,000 and re-filing fee of
N100,000 shall apply. This fee is payable by the Issuing House without a recourse to the Issuer or the Issue proceeds,’’ partly read the statement.

The SEC noted that the initiative supported the Central Bank of Nigeria’s directive for banks to raise additional capital, which was essential for navigating economic challenges and achieving a $1tn economy by 2030.

“As the regulatory institution mandated to regulate and develop the Nigerian capital market, the Securities and Exchange Commission has the responsibility to ensure a smooth, transparent, and efficient capital raising process by the banks.

“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024–2026 recapitalization period.

“The SEC stated that applications and documents are filed electronically via email, adding that documents forwarded will be reviewed, and where there are observed deficiencies, this will be communicated to the applicants electronically.”

It noted that international banks must increase their capital base to N500bn under the new CBN capital requirement, while national banks must do the same with N200bn and regional banks with N5

“The commission said the framework would help to ensure that the capital raising process is conducted efficiently, transparently, and in a manner that protects the interests of all stakeholders,” it added.

The SEC advised banks and stakeholders to adhere to those guidelines meticulously, highlighting the framework’s alignment with existing regulatory provisions under the Investment and Securities Act of 2007.

It emphasised the importance of updating corporate information with the Corporate Affairs Commission before filing applications, streamlining the approval process, and enhancing regulatory oversight.

“The commission may require other documents or information as may be necessary. Where an issuer had already filed necessary documents with the SEC (e.g., a Memorandum and Articles of Association (Memart) or a certificate of incorporation or a certificate of increase in share capital, etc.),” the regulator explained.

On March 28, the CBN announced new minimum capital requirements for banks, setting the minimum capital base for commercial banks with international authorisation at N500bn.

Nigeria’s contribution to Liberia’s stability unforgettable – Boakai Jr

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Nigeria’s contribution to Liberia’s stability unforgettable – Boakai Jr

Tamba Boakai Jr, son of Liberian President Joseph Boakai, says Nigeria has always been a good brother to Liberia, recalling the role Nigeria played in bringing stability during the Liberian civil war.

Boakai Jr, therefore, called for the strengthening of the Nigeria-Liberia ties.

According to a statement made available to The According on Sunday,  Boakai Jr spoke on Saturday during his visit to Ilawo town, Abeokuta, Ogun State.

He was a guest of the traditional ruler of Ilawo, Oba Olusegun Macgregor, and his wife, Olori Omolara.

Speaking during the visit, Boakai Jr praised the hospitality of the Ilawo people and commended their efforts in preserving its cultural heritage.

“I am not surprised with the warm reception I am receiving here in this great African community, because Liberia and Nigeria have always been good brothers from time immemorial.

“Nigeria’s efforts and contributions to ensure stability in Liberia during its civil wars are never lost to history, they are appreciated all the time.

“I, therefore, want to charge our youth to be agents of peace and unity. I want to urge you to embrace education and strive for excellence because you are all the next faces of African peace and prosperity.

“We must, therefore, be more purposeful and deliberate to work and do everything within our capacity to be worthy African ambassadors wherever we find ourselves,” he said.

Boakai and his entourage were received by Oba Macgregor, his wife, traditional chiefs, youths and residents of the community.

The entourage was treated to a display of rich Yoruba culture, including traditional music, dance, and attire.

Oba Macgregor said the essence of the visit was to strengthen the Liberia-Nigeria bond further and to foster greater cultural exchange and cooperation between the two nations.

Boakai Jr and his entourage later visited the Alake and the Paramount Ruler of Egbaland, Oba Adedotun Gbadebo, and the Olowu of Owu Kingdom, Oba Saka Matemilola.

IFAD empowers 26,000 N’Delta youths, women farmers

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IFAD empowers 26,000 N’Delta youths, women farmers

The International Fund for Agricultural Development in collaboration with Federal Government and the Niger Delta Development Commission said it has empowered no fewer than 26,000 youth and female farmers in the Niger Delta through its  Livelihood Improvement Family Enterprises project.

The Country’s Director of the organisation, Madam Dede Ekoue, stated this on Saturday after the fourth supervision mission of the project in Akure, the Ondo State Capital.

Ekou, who was represented by the Project Technical Lead and Global Technical Specialist Rural Development and Institutions, Dr Abdoulaye Gonde, said the international organisation was  committed to empowering the most vital segments of society.

According to her, the project provides the beneficiaries access to finance, inputs, and markets, significantly to enhance their productivity in agriculture.

She said, “We are witnessing these achievements first-hand during our field visits. For instance, LIFE-ND interventions are leading to a remarkable increase in the laying rate of poultry, exceeding 90 per cent , broilers reaching 2.5 kg in just 42 days, catfish achieving table size in six months, and tomato yields exceeding 37 tons per hectare.

“Moreover, the innovative use of poultry manure as organic fertilizer is not only boosting crop yields but also reducing fish feeding costs and protecting our environment. As we look forward, we remain committed to scaling these successes, enhancing climate resilience and ensuring sustainable agricultural  practices. Together, we can continue to transform  the agricultural landscape and empower the rural youth and women of Nigeria.”

Also speaking, the National Project Coordinator of the FGN/IFAD/ LIFE-ND, Dr Abiodun Sanni, expressed delight that the fourth supervision mission had been a great success as testified to by the IFAD team from IFAD headquarters in Rome, Italy.

Sanni explained that the organisation had increased the number of beneficiaries in the country, adding that  specifically, “4,250 people have benefitted in the state while 3,500 out of them have been empowered.”@

He added that the beneficiaries were being supported holistically and being followed to address their challenges in whatever enterprises they had chosen.

In his remarks, the Ondo State Coordinator of the FGN /IFAD/LIFE-NG project, Prince Olawale Ademola, explained that the visit of the national coordinator and his team was about supervision, monitoring and evaluation of the project.

“The IFAD team in collaboration with the Federal Government team came to actually see some of the things we have implemented on the field in terms of empowerment in Ondo State.  I know that the team is highly impressed. Though the team cannot get to all our beneficiaries across the state, where they have visited so far, the project is successful.”

Tinubu, Kogi mourn ex-CDS Ogohi

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Tinubu, Kogi mourn ex-CDS Ogohi

President Bola Tinubu has extended his condolences to the family of former Chief of Defence Staff, Admiral Ibrahim Ogohi (retd.), who passed away on Sunday.

Ogohi served as Defence Chief from 1999 to 2003 in the first tenure of former President Olusegun Obasanjo.

His death was confirmed by the Director of Information, Nigerian Navy, Commodore Adama-Aliu.

“President Tinubu mourns the late Admiral, stating that his services to the nation will always be remembered,” a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, read.

The statement was titled, ‘President Tinubu mourns former Chief of Defence Staff Ibrahim Ogohi.’

The President prayed for the repose of the soul of the deceased and comfort to his family.

Also, the military mourned Ogohi, who died aged 75 in the early hours of Sunday.

The Director of Defence Information, Brig. Gen. Tukur Gusau, in a message sent to The According, said, “With deep sorrow, I announced the death of Admiral Ibrahim Ogohi (retd.), a former Chief of Defence Staff (1999-2003). He passed on in Abuja in the early hours of today. More details will be communicated later,” Gusau said.

The Kogi State Governor, Ahmed Ododo, also mourned the late CDS, whom he described as “an illustrious son of Kogi State one of Nigeria’s finest military officers who contributed immensely to keep Nigeria united in the face of national challenges.”

“Admiral Ibrahim Ogohi was an excellent military officer and a statesman, who was committed to the unity and peaceful coexistence among the people of Nigeria until his last days on earth.

“His illustrious military career saw him make enormous sacrifices as an officer to keep Nigeria as one indivisible entity and he remained a committed elder statesman in his retirement by making invaluable contributions to the development of Kogi State and was a huge source of inspiration to many in the country and beyond.

“Nigeria and the government and people of Kogi State have lost a fine and experienced military officer and rare statesman,” the Kogi governor said.

Police guard Rivers hospital treating injured suspect

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Police guard Rivers hospital treating injured suspect

Five days after a dynamite explosion near the Presidential Hotel of Aba Road in Port Harcourt, Rivers State the prime suspect is still hospitalised under heavy security watch at the Rivers State University Teaching Hospital.

The dynamite explosion happened last Tuesday seriously injuring the carrier allegedly during a protest by some persons over the tenure of the local government chairmen in the state.

The State Commissioner for Health, Dr Adaeze Oreh, had on Tuesday night during a news briefing, alerted hospitals in the state to look out for any patient with ‘traumatically dismembered upper limb’.  and to immediately alert the government.

On Wednesday morning, the health commission said a patient with the described injury reported at the Rivers State University Teaching Hospital and had been held.

She said the patient was brought unconscious to the hospital by his friends, who claimed he was involved in a road accident, but the doctors, on examining the injuries, “immediately recognised that the injuries seen on this individual were not in tandem with a road traffic accident, but rather resemble injuries that would have come from a blast.”

Our reporter, who visited the hospital on Sunday afternoon, observed a huge security presence in and around the hospital premises.

A police patrol van was stationed at the Moscow Road junction leading to the hospital, while another patrol van was stationed inside the facility just after the main entrance.

Also, near the emergency ward, another patrol van was spotted, making three police vans, all manned by armed policemen.

Although there was no restriction on movements in and out of the hospital, the operatives kept a watchful eye on the movements of visitors within the facility and the perimeter.

The policemen were also spotted manning strategic locations in various units of the hospital where they had been keeping vigil since last Wednesday when the suspect was discovered in the facility.

When contacted, the spokesperson for the Rivers State Police Command, Grace Iringe-Koko, confirmed the security beef-up due to the hospitalised suspect, adding that investigation was ongoing.

Last Friday, the police in a statement, said, “The command has launched a comprehensive investigation to ascertain the cause and circumstances surrounding this unfortunate event, with a view to ensuring the safety and security of all residents and visitors in Rivers State.

“The command would like to express its gratitude to members of the public who have provided information, pictures, and videos to assist the police investigation.

“The Commissioner of Police advises that anyone who sees a suspicious object should evacuate the area immediately and notify the police without delay.

“Every effort is being made to gather all pertinent information and bring clarity to this situation. Further updates on our findings will be provided as the investigation progresses.”

Rivers State Governor, Siminalayi Fubara said the suspected bomber was sponsored by the opposition in order to justify their call for a state of emergency in Rivers State amid the face-off between him (Fubara) and his estranged political godfather, Nyesom Wike.

Fubara said the opposition particularly picked Hotel Presidential in Port Harcourt as the spot to detonate the dynamite because they knew that some federal lawmakers who visited the state lodged in the hotel.

He said, “In fact, there was a plan to detonate a dynamite at the Hotel Presidential because you people (federal lawmakers) were there. But this God that we serve, it happened that the man who was trying to do it, detonated it but just a few seconds after, it blew his hands off.

“The idea was that as you (federal lawmakers) were hearing the state of emergency, it will be so that by the time they finish, when you (lawmakers) return to have your sitting tomorrow (Thursday), the debate will be from somebody from this state who called you people to tell you not to come.

“He will now raise the issue of state of emergency, and say, after all, distinguished colleagues saw it happen while you were in Rivers State; that you saw what happened.

“But you see, when you are with God, even your own child who is planning evil will go and tell somebody that God is with this man because he is clean, this is what my father is planning. That is what is keeping us in this state.”

Features attracting Nigerians to Android phones

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Features attracting Nigerians to Android phones

Millions of Nigerians prefer to use an Android device for several reasons, JUSTICE OKAMGBA writes

Google’s Android dominates the Nigerian mobile operating system market with a market share of 86.6 per cent as of November 2023, according to Statista.

Apple’s iOS, Android’s only major competitor, holds a 9.8 per cent share.

Meanwhile, the IDC’s Worldwide Quarterly Mobile Phone Tracker Q4 2023 report noted that Africa’s smartphone market recorded year-on-year growth of 12.5 per cent, reaching 19.8 million units.

Despite market volatility and currency devaluation, Nigeria achieved Africa’s second-highest growth rate, driven by strong performance from Chinese brands.

The widespread adoption of Android phones in Nigeria could be attributed to their affordability, reliability, and extensive customisation options.

For many Nigerians, an Android phone is not just a gadget; it is a practical choice that fits their daily needs and financial constraints.

Android phones below N50,000 provide good features like large displays, ample storage, and long-lasting batteries, catering to all price points and making smartphones accessible to a broad population.

Whether you have a lot to spend or are on a limited budget, there’s an Android device that fits your needs and wallet.

An Android user, Ifeanyi Emmanuel, highlighted the accessibility and affordability of these devices: “Android phones come in various price ranges, making them accessible to a broader population.

“Whether you have a lot of money or are on a tight budget, there’s an Android phone that suits your pocket. This affordability significantly influences purchasing decisions, especially in a country with diverse economic backgrounds.”

The software developer noted that Android offers a wide range of phones to match different budgets and preferences.

“With Android, I can easily customise my phone, which is cool,” he said.

Battery life is another crucial factor for Nigerians, who rely heavily on their smartphones for work, socialising, and entertainment.

A Lagos phone technician noted that due to the electricity issues in the country, carrying power banks was undesirable.

Many Android devices now offer up to 5000mAh batteries, with some even more powerful, making them a popular choice among young Nigerians.

Android phones also come in a variety of models, each catering to different needs, from advanced cameras to large screens perfect for media consumption.

The technician pointed out that Android phones run apps efficiently, with plenty of models and prices to choose from. “Whatever you need, there’s an Android phone designed for that purpose.”

The extensive selection of Android devices at places like Computer Village can be overwhelming due to their advanced features and sleek designs.

According to Emmanuel, the variety of new models available makes choosing one a challenge, but it also highlights the advanced camera features and the overall improvement in design.

For multitasking, brands like Tecno, Infinix, and Samsung lead the way with features, such as split-screen view, floating apps, and quick app switching.

The customisation options on Android phones allow users to make their devices uniquely theirs, from changing wallpapers to adding widgets for quick access to favourite apps.

Emmanuel preferred that flexibility over the more rigid structure of iOS, finding it easier to save and locate files on Android.

Sharing apps, photos, and videos among friends is also a breeze with Android.

The smartphone user said he enjoyed the sense of community among Android users, where sharing files is straightforward and efficient.

The open-source nature of Android was a significant advantage for developers, a cybersecurity analyst, Chukwuka Madumere noted.

He stated it enables developers to create custom ROMs, offering regular updates and security patches that extend the lifespan of their devices.

Nigerians also benefit from apps specifically designed for their needs, such as banking, news, and language translation apps.

“The simplicity of transferring music and videos on Android devices, which contrasts with the more cumbersome process on iPhones is commendable,” Madumere stated.

While high-end Android phones often lack expandable storage, many mid-range models still offer this feature, providing users with the flexibility to increase storage space as needed.

According to Emmanuel, this is a significant advantage over iPhones, which do not offer expandable storage.

As technology advances, Android’s stronghold in Nigeria is likely to continue.

With a dynamic app ecosystem, extensive customisation options, and budget-friendly choices, Android devices are not just smartphones but essential tools that enhance the lives of millions in Nigeria.

Android’s adaptability and accessibility promise a future where innovation and user satisfaction seamlessly intertwine, making it the preferred choice for Nigerians.

NAF intercepts bandits in Niger, frees rustled cattle

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NAF intercepts bandits in Niger, frees rustled cattle

The Nigerian Air Force said on Sunday that it intercepted a group of terrorists in Niger State and freed some cattle earlier rustled by the criminals.

NAF said also destroyed several illegal oil refining sites in Rivers State and eliminated scores of terrorists in Niger State in recent coordinated air strikes.

The Director, Public Relations and Information of the Nigerian Air Force, AVM Edward Gabkwet, stated this in a statement on Sunday in Abuja.

He said following a tip-off, NAF swooped on terrorists hibernating at Dandunu after rustling cattle from communities around the Kuchi-Kapana axis in the Munya Local Government Area of Niger.

Gabkwet said the NAF intercepted the terrorists on nine motorcycles leading the rustled cattle.

According to him, the motorcycle-riding terrorists were struck by the aircraft in several passes with most of them eliminated in the process.

“The feedback from locals around the location has so far been positive, with most of them being able to recover the rustled cattle and returning to their livelihoods,” he added.

Gabkwet said as the activities of oil thieves and economic saboteurs had become sophisticated, so had the NAF and other security agencies re-strategised to checkmate their activities and be ahead of their game.

He said that the oil thieves had in most cases continued to find new ways of concealing their overhead tanks used in storing stolen crude oil products from burst pipelines in the Niger-Delta region.

According to him, they also continued to infuse the use of fast speedboats to convey their stolen goods.

Gabkwet said in response, NAF and other security agencies had upped their game with modern technology and hardware that enable them to detect and deter the activities of oil thieves and economic saboteurs.

“In Willcourt, a riverine settlement within the creeks of Niger Delta Region, the Air Component of Operation Delta Safe sighted and destroyed three illegal refining sites.”

“The site has a total number of seven overhead tanks concealed under thick mangrove vegetation.

“Similarly, about five kilometres downstream, four boats were also sighted moving southwards with suspected illegally refined products. Our men attacked and destroyed the boats.

“While heading back, the crew spotted a speedboat with five suspected oil thieves fleeing the area.

“Upon sighting the aircraft, the criminals increased speed, hoping to evade the aircraft but the air component then pursued the speedboat until they arrived at the blocking zone of ground troops where they were arrested,” he said.

Al-Ittihad offer Lookman bumper €11m salary

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Al-Ittihad offer Lookman bumper €11m salary

Saudi club Al-Ittihad have made a generous offer to Atalanta for forward Ademola Lookman, proposing an annual salary of nearly €11m for the player, According Sports Extra reports.

According to transfer expert, Rudy Galetti, the Saudi club have also offered Atalanta €30m for the transfer, with negotiations between the clubs ongoing.

Lookman recently secured his team’s first European trophy in the UEFA Europa League final by scoring a hat-trick against previously unbeaten Bayer Leverkusen, becoming the match’s hero.

Despite his success, the forward is not in a rush to leave La Dea or European football just yet, but Al-Ittihad is attempting to lure him with substantial financial incentives.

Lookman has been playing for Atalanta since the summer of 2022, joining from Leipzig for €9.35m. Last season, he scored 17 goals and provided 10 assists in 45 matches for the Italian club.

The 26-year-old’s performances have attracted interest from several top clubs across Europe. Bundesliga giants Bayern Munich and Serie A side Juventus are reportedly keen on acquiring Lookman, alongside several top Premier League clubs.

Since making the switch from Bundesliga outfit RB Leipzig to the Italians, Lookman has scored 32 times in 78 matches across all competitions for La Dea. His current contract with Atalanta expires in 2026, and while he is content at the club, he is keeping his options open ahead of the pre-season.

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I missed U-17 job because of achievement – Rivers Angels coach Ogbonda

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I missed U-17 job because of achievement – Rivers Angels coach Ogbonda

Rivers Angels coach Whyte Ogbonda has revealed how he failed to progress during the interview stage for the role of the national U-17 team head coach because he hadn’t won any title as a coach, According Sports Extra reports.

Ogbonda ended his trophyless run as a coach on Saturday, leading Rivers Angels to their ninth President Federation Cup women’s title with a 1-0 win over Naija Ratesls at the Mobolaji Johnson Arena, Onikan, Lagos.

Falconets striker Blessing Okpe scored the winning goal from the penalty spot late in the first half.

Reacting to the win after the game, Ogbondo relived his dreams of getting a national team job some years back which was unsuccessful due to his lack of trophies.

“It’s good for me as a head coach to get this trophy because I remember some years back when I went for U-17 interview. That was one of the things that brought me back, they asked me what I have won as a coach,” Ogbonda said during the post-match interview.

“Now I have won a national title as a head coach and I am adding that to my CV so nobody will use it as one of the criteria to drop me in any team.”

As the head coach of Ibom Angels in 2017 and 2018, Ongbondo failed to win the title, losing to Rivers Angels on both occasions. He was the assistant coach at Rivers Angels when they won the title in 2014.

Winning the 2024 President Federation Cup was also another relief for the coach after losing the Nigeria Women Football League title to Edo Queens.

“This is my third Federation Cup final and I lost to Rivers Angels on both occasions. I will say what worked against me then was the inexperience in the team. Now in a team like Rivers Angels where I have a combination of experienced and young players. That’s why I said there was a bit of pressure on me to win because if I couldn’t get this Federation Cup, it means I haven’t done a good job.”

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