The Securities and Exchange Commission (SEC) on Wednesday urged the capital market participants to embrace innovation in all market operations and regulation.
Uduk said that financial innovation was germane for the conception and delivery of a dynamic industrial society.
“As we move into the future, we need to continuously embrace innovation in the way we carry out our market operations and regulation.
“Market participants and regulators have to continually familiarise themselves with the rapid ever-changing economic, regulatory and business environment.
“Beyond the conventional capital market products of equities and bonds as well as manual regulatory processes, the players and regulators in the Nigerian capital market are introducing new and innovative processes and products.
“Some of our processes that were previously manual and inefficient are being automated,” she said.
Uduk said that the implementation of the 10-year capital market Master plan was already contributing to the growth and development of the Nigerian capital market, and by extension, the economy.
She described the theme of the Conference, “Leveraging the Capital Market for Economic Growth and Development” as apt and timely, given the pressing needs to grow the nation’s economy and achieve sustainable development.
According to her, the capital market can serve as a key catalyst for Nigeria’s economic growth and development, as it offers a credible platform for obtaining long- term financing.
“As we all know, long-term and affordable funds are required for businesses to thrive and in turn contribute to employment, growth and development.
“Beyond capital market’s contribution to economic growth, we aim at the larger goal of economic development,” she said.
Uduk said that capital markets across the world had products and mechanisms to stimulate economic growth and development.
She said that many of such products were available in Nigeria, but there were aspects that were still untapped, thereby limiting the realisation of the nation’s potentials.
“One major initiative to tap this potential was the development of a ten-year Capital Market Master Plan (CMMP), launched by the Commission in 2014.
“The plan has over 100 initiatives to springboard the Nigerian capital market as one of the world’s deepest and most liquid, as well as the largest in Africa by 2025.
“It is also aimed at ensuring that the market contributes much more to the socio-economic development of the nation, particularly in facilitating capital-raising for sustainable development and transformation of key sectors,” Uduk said.
She said that the commission recognised that a lot of work needed to be done for the Nigerian capital market despite successes recorded from this initiative.
Sanwo-Olu, represented by Dr Shamsudeen Allison, Permanent Secretary, Office of the Special Adviser on Education, said the event was strategic in promoting business and development in the state.
He said that government would continue to promote local businesses and ensure the provision of an enabling environment for businesses in the state.
The Deputy Vice Chancellor (Academics & Research) Unilag, Prof Oluwole Familoni said the conference was a good forum to discuss and proffer solutions to some of the problems being faced by the investing public.
Familoni said it was an avenue for Nigerians to learn more about the rudiments of the capital market.
He expressed the hope that at the end of the conference, the capital market would be better positioned for the development of the economy.
Mrs Toyin Sanni, Group Chief Executive Officer, Emerging Africa Capital Group, said that lack of financial literacy makes one to make poor financial decisions.
Speaking on the topic ‘Financial Literacy, Digital Finance, Inclusion and the Democratisation of Wealth in Africa’, Sanni noted that financial literacy was paramount for growth and development of any country.
She attributed illegal wealth acquisition and hoarding eminent in the country to ignorance of proper financial planning.
Edited by Nick Nicholas/Oluwole Sogunle
Oil prices rise on OPEC deficit forecast
Oil prices rose on Thursday, recouping some of the previous session’s losses after OPEC forecast a supply deficit next year and the U.S. Federal Reserve said the economic outlook was favorable.
Prices had fallen on Wednesday after a report showed an unexpected increase in U.S. crude inventories.
The market picked up on Thursday, although the International Energy Agency (IEA) and The Organisation of the Petroleum Exporting Countries (OPEC) offered different prospects for the oil market in 2020.
Brent LCOc1 rose 41 cents, or 0.6 per cent, to 64.13 dollars a barrel by 1005 GMT. West Texas Intermediate crude CLc1 was up 22 cents, or 0.4 per cent, at 58.98 dollars a barrel.
IEA said on Thursday that global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts and expectations for lower production by the United States and other non-OPEC countries.
The market, however, focused more on OPEC which said it now expected a small deficit in the oil market in the next year, suggesting the market is tighter than previously thought.
OPEC and other producers including Russia agreed last week to rein in output by an extra 500,000 bpd in the first quarter of 2020.
Oil prices were also supported by the U.S. Federal Reserve keeping interest rates unchanged at a meeting on Wednesday.
Our economic outlook remains a favorable one, despite global developments and ongoing risks,” Fed Chair Jerome Powell told a news conference.
While oil prices are trending higher benefiting from a dovish Fed, a weaker USD, the IEA reiterates that despite the deeper oil production cuts, the oil market is likely to be oversupplied in 1H20,” said UBS oil analyst Giovanni Staunovo.
Referring to OPEC members Iraq and Nigeria and their weak compliance with the pact in the past, Staunovo said:
We remain skeptical that they (Iraq and Nigeria) will achieve their 100 per cent pledge in the first quarter of 2020… (This) could see oil prices coming under pressure again in the future.
Oil prices fell on Wednesday after the U.S. Department of Energy’s report that showed an unexpected rise in U.S. stocks.
Inventories of petroleum products also increased with gasoline stocks surging by more than 5 million barrels and distillates gaining just over 4 million barrels.
Analysts blamed much of the dip in gasoline demand on winter storms that brought heavy snow to several states, making many roads unfit for driving.
The outlook for oil demand continued to be clouded by U.S.-China trade tensions and uncertainty over whether a fresh round of U.S. tariffs on Chinese goods would come into effect on Sunday.
China’s commerce ministry said on Thursday that Beijing and Washington were in close communication on trade, declining to comment on possible retaliatory steps if U.S. President Donald Trump imposes more tariffs on Chinese goods this weekend.
Refund to bank customers stand at N76.7bn, $20.9m -CBN
The Central Bank of Nigeria (CBN) says the worth of money refund to bank customers as at Nov. 30 stood at N76.75 billion and 20.90 million dollars.
Mr Kofo-Abdulsalam Alada, the Director, Consumer Protection Department (CPD) of CBN, said this at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN), on Thursday in Yola.
Alada, represented by Mr Tyoden Nanfwang of the CPD, said the refund from several banks arose from various financial related complaints.
According to him, the refund is in line with the mandate of the department of the bank to promote consumer confidence in the financial system.
Highlighting some achievements of the department, the director said they had resolved no fewer than 16,263 complaints against banks from 2012 to Nov. 30.
We resolved over 13,000 complaints, obtained refunds of N76.75 billion, 20.90 million dollars, among others to bank customers as at Nov. 30.
The department has also developed a consumer protection framework and established a guide to charges by banks and OFIs,’’ he disclosed.
Alada noted that there was an extraordinary imbalance of power between the service providers and the consumers.
According to him, the goal of consumer protection is to mitigate this power imbalance.
The director said that one of the roles of the department in the bank was to entrench fair and responsible practices among financial service providers through regulations.
He, however, called on bank customers to report any financially related complaints to the CBN anytime they were dissatisfied with responses from their banks.
Food System Vision 2050 Prize: UNILAG group engages stakeholders across value-chains
The Food Systems Vision Group of the University of Lagos (UNILAG) on Wednesday engaged stakeholders across the agriculture value chain to articulate ways of addressing food safety challenges.
The Nigeria News Agency reports that the university held an interactive session to spark connection and create awareness for the Food System Vision tagged: “Lagos Food System Vision 2050”, considering population, climate change and how they affect nutrition of the populace.
NAN reports that the Food Systems Vision 2050 Prize is a Rockefeller Foundation global initiative that invites organisations from around the world to create compelling and progressive visions of the world’s system by 2050.
A prize of $2 million will be distributed among the winners.
Dr Jide Adedayo, a Lecturer at the Department of Geography, UNILAG and the convener of the engagement, while delivering a paper on ‘Building Deeper Empathy to Develop Healthy Food’, touched on the quality of food in the state.
Adedayo said that there were opportunities in the challenges of food, especially from wastes generated, which were mostly organic and would help drive organic farming in the state because the organic wastes world be decomposed into organic fertilisers.
This programme is about the Rockefeller Foundation’s call for a prize and one of the requirements is for us to gather stakeholders in the food system to develop a vision for a community, and in respect of a community, Lagos State is in focus.
This is basically for food system players to come together to deliberate, look into the problems and challenges facing each player across the value chain as researchers, transporters, producers, processors and marketers to envision what we want it to be.
This is to also develop a strategy in the future as to how we can arrive in that vision. The call is a global call for each sector or community to gather thinker and decide on ways to solve malnutrition and food nutrition,” she said.
Adedayo said that there was currently low investment in agriculture as more land areas were converted into construction, highlighting that the food system was a case as the population continues to grow with a projection of over 200 million people in 2020.
She said that the food system in Nigeria was largely dependent on diet, culture, environment, technology, economy and policies.
A representative from the State Ministry of Agriculture, Mr Dapo Olakulehin, General Manager of the Lagos State Coconut Development Authority commended the university for the engagement.
Olakulehin said that government could not do everything alone and in such engagements, issues raised by participants would help to chart policies that would shape the vision.
As a government, we cannot do it alone and that is why we are ready to support and collaborate in this effort. We have come to agree on certain issues which I believe will help in putting the vision aright in terms of production, transportation, market and other aspects of the value chain.
This goes to show that Lagos State is no longer in the era of quantity of what we produce but of what gets to the table of Lagosians in terms of quality.
This will help to chart a course for Lagos State and a good way of meeting the Sustainable Development Goals (SDG’s) of poverty reduction and zero hunger,” he said.
He expressed appreciation for the composition of the participants drawn from all sections of the value chain.
Welcoming participants at the event, Prof. Oluwatoyin Ogundipe, Vice Chancellor, University of Lagos expressed optimism that the discussions would further help in the quality of food produced and nutrition of Lagos residents.
Ogundipe was represented by the Dean of Management Sciences, Prof. Owolabi Kuye.
NAN reports that the participants suggested that it was about time organic farming took centre stage in food production especially as the sector faced adoption of Good Agricultural Practices during the production processes.
It was resolved that food security, food regulation, chemical use, technology, achieving SDG’s, government intervention among others should be given priority towards achieving the Food System Vision 2050 Prize.
Farmers, transporters, marketers, processors, researchers, policy makers, food vendors, representatives from the medicals, academia and others were at the event were it was discussed that antibiotics, salt intake, chemical use and others posed health challenges for consumers.
Bauchi govt.to spend N12 bn to build 2,500 houses in 2020–Official
Bauchi State Government said on Wednesday, that it would spend N12 billion to build 2,500 houses in 2020.
The Commissioner for Finance, Alhaji Umar Adamu, said this in Bauchi while giving a breakdown of the 2020 budget.
Adamu said that the funds for the construction of the houses would be accessed from the Family Support funds.
He said that the houses would be developed in six local government areas in the state.
The fund would be accessed in instalments while the state government can award the contracts after accessing 12 per cent of the contract sum in line with the procurement Act.
The moment we start accessing the loan, the bank will give us 50 per cent of the total sum required.
The projects would be executed through direct labour with the supervision of the state government and officials of the Family Support Fund.
He said that most of the previous housing schemes in the state were abandoned as they were handled by private developers.
” Most of such houses were located at the outskirts of the towns and cities while the developers were eager to sell off the property at high profit margin.
In the present dispensation, the houses will be located closed to the towns and we want to assure the people that they would be completed.
Commenting on the 2010 Budget, the commissioner for Budget and Planning, Dr Aminu Gamawa, said that it was a complete departure from the usual system of budgeting that gave preference to recurrent expenditures.
Gamawa said that the state government had increased capital expenditures to N94.6 billion while recurrent expenditures was allocated N72.61 billion.
He explained that the development followed the determination of the present administration to develop the state to compete with its neighbours.
Gamawa said that it was also aimed at cutting down the excesses in payment of salaries, allowances, pensions and gratuities, following the recent verification to determine the exact number of civil servants in the state.
The commissioner said over N8b had been set aside for salaries, allowances, pensions and gratuities and N800m for payment of allowances of political officials.
The former government awarded a lot of contracts especially road projects, we will carefully review them, reach an agreement with the contractors and execute them.
“In the same vein, direct labour option will also be exploited to give our professionals opportunity to practice their discipline and improve their capacity and cut cost and give value for our money,” he asserted.
NSE indices record first gain in December, up 0.19%
The Nigerian Stock Exchange (NSE) on Wednesday recorded the first gain in December with the crucial market indices appreciating by 0.19 per cent.
Specifically, the All-Share Index increased by 49.79 points or 0.19 per cent to close at 26,434.00 compared with 26,384.21posted on Tuesday.
Also, the market capitalisation which opened at N12.734 trillion rose by N24 billion or 0.19 per cent to close at N12.758 trillion.
Consequently, the Month-to-Date and Year-to-Date losses moderated to -2.10 per cent and to -15.90 per cent respectively.
Market analysts attributed the rebound to renewed bargain hunting activities in high capitalised equities.
Market breadth closed negative with 12 gainers and 14 decliners.
C & Leasing led the gainers’ chart in percentage terms, with a gain of 9.26 per cent to close at N5.90 per share.
Courteville followed with a gain 8.70 per cent to close at 25k, while Oando grew by 4.17 per cent to close at N3.75 per share.
UBA went up by 3.85 per cent to close at N6.75, while UACN appreciated by 3.11 per cent to close at N8.30 per share.
Conversely, Chellarams led the losers’ chart by 9.74 per cent to close at N2.78 per share.
Union Diagnostic & Clinical Services followed with a decline of 8.33 per cent to close at 22k, while Chams went down by 8.11 per cent to close at 34k per share.
Linkage Assurance dipped 5.88 per cent to close at 48k, while Lasaco Assurance shed 3.85 per cent to close at 25k per share.
However, the total volume of shares traded closed lower as investors bought and sold 180.228 million shares worth N3.03 billion transacted in 2,951 deals.
This was in contrast with a turnover of 196.29 million shares valued at N3.55 billion achieved in 3,154 deals on Tuesday.
Transactions in the shares of UBA topped the activity chart with 29.33 million shares valued at N192.72 million.
Zenith Bank came second with 19.85 million shares worth N366.31 million, while Guinness Nigeria traded 15.64 million shares valued at N460.63 million.
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