Economy
Experts Preach Income Diversification to Employees, Entrepreneurs
By Modupe Gbadeyanka
The importance of income diversification has been emphasised to salary earners, individuals, self-employed and small business owners by some experts who spoke at the workshop organised by Ecobank Nigeria to commemorate this year’s Worker’s Day.
At the event themed Maximising Your Income: the Power of Diversification, participants were urged to make deliberate efforts to diversify their income stream in light of the current state of the nation’s economy.
The keynote speaker, Dr Yemi Kale, in his presentation titled State of the Nigerian Macroeconomy: Implications for Consumers and Workers, pointed out that the nation’s economy has potential for growth based on its vast youth population, large market, abundant natural and human resources and significant developments in the tourism, telecommunications, manufacturing, and technology industries.
He regretted that such potentials are being hindered by macroeconomic dysfunctions, which include external contagion, political instability, improper planning and poor plan implementation and outright wrong decisions, policies, and strategies.
“Our GDP growth has been steady, slow, and fragile, with high inflation risks, rising public debt indicative of shrinking fiscal space and declining reserves and a slowdown in capital inflow.
“Households and workers must therefore explore multiple sources of income, invest to hedge inflation, buy food items in bulk to evade immediate upward price adjustment and avoid loan accumulation,” he stated.
He identified Ecobank as one of the financial institutions that parade diversified products and services, noting the bank’s decision to organise the webinar was quite laudable because of the attendant benefits.
Further, the former Statistician-General of the nation noted that “Nigeria has potential for strong economic growth. It is the biggest economy in Africa and the largest African market.
“Nigeria has abundant human resources as Africa’s most populous nation with a growing youthful population and low-cost labour. It is the 6th largest gas deposit in the world, the 8th highest producer of petroleum in the world and oil reserves are estimated to be 36 billion barrels.
“We are blessed with 34 solid minerals, over 44 exportable commodities and significant growth potentials in the tourism, telecommunications, manufacturing, and technology industries.”
Also speaking, Ms Daberechi Effiong, who heads Consumer Products at Ecobank Nigeria, highlighted the benefits of saving with the bank and how to diversify income to maximize returns.
She advised customers to spread their portfolios for multiple sources of income and also imbibe the habit of financial planning.
According to her, “Ecobank has a bouquet of high-yielding products with attractive interest rates which customers can invest in. They can take advantage of our savings and current accounts, local and foreign accounts, super savers, and so many others.
“We also have mortgage financing, either re-financing or outright purchase. They can access our services through our digital channels and Xpress points, our agency banking outlets, which are available all over the country. We also offer financial advice and grant loans with low-interest rates to customers.”
Ms Oluyemisi Ogunmola, Managing Director, EDC Fund Management Limited, stated the need for participants to invest in the money market and mutual funds as part of income diversification.
“You should have goals for diversification, either short, medium, or long term. We are also available for financial advice on where and how to invest. It is also important to know that you can start small with the fund you have,” she stated.
Earlier In her welcome address, the Head of Consumer Banking at Ecobank Nigeria, Mrs Korede Demola-Adeniyi, said the webinar focuses on practical financial planning insights on maximizing income and how customers and members of the public can key in as they go through their financial lifecycle.
She added that the webinar is further proof of the bank’s commitment to the financial well-being of its customers, and so urged the bank’s customers as well as non-customers, to make Ecobank their bank of choice.
Ecobank Nigeria Ltd is an affiliate of the Ecobank Group, the leading private pan-African banking group. Ecobank Nigeria offers a comprehensive suite of financial services and solutions to its Consumer, Commercial, Corporate and Investment Banking clients at over 200 branches and 50,000 Xpress Point agency locations in Nigeria.
The Ecobank Group was established in 1985 to drive financial integration and socio-economic development in Africa.
With a presence in 35 sub-Saharan African countries and in France, the UK, UAE and China, we have unrivalled expertise and experience across Africa. The Ecobank pan-African platform provides a single gateway for payments, cash management, trade and investment across Africa and beyond.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
By Aduragbemi Omiyale
The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.
A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.
In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.
According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It was explained that the shares of the two firms were delisted because they fell below the listing standards.
“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.
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