Economy
HRW Accuses Borno Government of Harming Displaced Persons
By Adedapo Adesanya
The decision of the Borno State to shut down its camps for people displaced by the Boko Haram conflict has pushed over 200,000 people into deeper suffering and destitution, says Human Rights Watch (HRW).
In a new report, HRW said Borno State is harming hundreds of thousands of displaced persons already living in precarious conditions to advance a dubious agenda to wean people off humanitarian aid.
In the same breath, the group called on the state to stop closing camps until the authorities have had genuine consultations with the camp residents and other key actors and made adequate plans for them to resume their lives and livelihoods.
The 59-page report, Those Who Returned Are Suffering’: Impact of Camp Shutdowns on People Displaced by the Boko Haram Conflict in Nigeria, documents the effect of the shutdowns, which have disrupted food support for internally displaced people and compelled them to leave the camps.
The report noted that the government had not provided those removed with adequate alternatives, violating their rights to housing, food, and livelihoods.
It added that Nigerian authorities should recognize that the hasty closure of camps is sabotaging efforts to improve the lives of displaced people.
”The authorities have failed to provide adequate information or sustainable alternatives to ensure their safety and well-being. As a result, displaced people are struggling to meet their most basic needs, including food and shelter in the places which they have returned to or where they have resettled,” the report noted.
Speaking on this, Anietie Ewang, Nigeria researcher at Human Rights Watch and author of the report, said, “The Borno State government is harming hundreds of thousands of displaced people already living in precarious conditions to advance a dubious government development agenda to wean people off humanitarian aid.
“By forcing people from camps without creating viable alternatives for support, the government is worsening their suffering and deepening their vulnerability.”
The report showed that from May 2021 to August 2022, Borno State authorities compelled over 140,000 people to evacuate eight camps in the state capital, Maiduguri. Two other camps are also set to be closed this year, Muna Badawi and 400 Housing Estate (Gubio) Camp, housing a combined total of nearly 74,000 people.
Between April and September 2022, Human Rights Watch interviewed 22 internally displaced people, including 8 in either Dalori I or Gubio camps, as well as 14 who had left the Bakassi camp, which was shut down in November 2021. Those who left Bakassi camp sought shelter in Maiduguri or in Bama, their home community. Human Rights Watch also interviewed camp management officials, representatives of international humanitarian agencies, and United Nations officials coordinating assistance in Borno State.
Food support to the camps stopped soon after Borno State Governor Babagana Umaru Zulum announced in October 2021 that all camps in Maiduguri would be shut down by December 2021.
Although several remained open beyond that date, organizations, including the UN World Food Program, could not provide support because the slated shutdowns and funding gaps made it impossible to scale up their 2022 plans.
HRW noted that even though the Borno State Emergency Management Authority has provided some ad hoc food distribution, deliveries have been sporadic and insufficient to meet needs. It put forward that, based on its interviews, many people said they had been forced to skip meals or go for days without something substantial or nutritious to eat.
By Aduragbemi Omiyale
Secure Electronic Technology (SET) Plc is planning to reconstruct its shares at the Nigerian Exchange (NGX) Limited by merging four stocks into one.
However, this exercise is subject to the approval of shareholders of the company and the board is proposing an Extraordinary General Meeting (EGM) to be held on or before April 17, 2025.
Business Post reports that the decision to reconstruct the shares of the organisation was reached at the board meeting of the firm on Friday, MArch 7, 2025.
In a notice to the stock exchange, SET Plc said it was agreed that the proposed share reconstruction and recapitalisation of the company shall be by way of one or a combination of the following; an offer for subscription, rights offering or private placement, upon terms agreed by both parties under the definitive agreement.
It further said, “The issued and share capital of the company be reduced from N2,815,770,000, represented by 1,407,885,000 ordinary shares of 50 Kobo each, subject to the approval of the Federal High Court, Securities and Exchange Commission (SEC), and relevant regulatory authorities.”
“This restructuring share result in the cancellation of 4,223,655,000 units of shares and the portion of the share capital cancelled, being valued at N2,111,827,500 be transferred to a special reconstruction reserve,” it noted.
The disclosure also said, “There shall be a proportional upward adjustment in the share price of SET on the NGX to be reflected after the conversion, so that the value of one converted share shall be equal to the market price of four pre-reconstruction shares, and at the end of the reconstruction, SET market capitalisation and each shareholder’s percentage holding shall remain unchanged.”
The company emphasised that it would “consolidate its issued shares at a basis of 1 for 4 ratio, meaning every four shares of SET Plc currently held by a shareholder shall be converted to one share and shareholdings that result in fractional shares post-reconstruction shall be rounded up to the nearest whole number.”
It was disclosed that this exercise was suggested by Gamma Civic Limited, a part of Gamma Group, a company listed on the Mauritius Stock Exchange and represented by Cruzan Investment Limited, a company incorporated in Nigerian under the Companies and Allied Matters Act 2020.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria Plc brought down the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, March 12.
Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc slumped by N1.26 during the session to N37.45 per unit from the preceding day’s N38.71 per unit.
However, Geo-Fluids Plc gained 27 Kobo to trade at N2.95 per share versus Tuesday’s closing price of N2.68 per unit, and First Trust Microfinance Bank Plc appreciated by 3 Kobo to close at 56 Kobo per share, in contrast to the previous day’s rate of 53 Kobo per share.
When the platform ended trading activities yesterday, its value went down by N1.17 billion to settle at N1.955 trillion compared with the preceding day’s N1.956 trillion and the NASD Unlisted Security Index (NSI) decreased by 2.03 points to close at 3,385.50 points, in contrast to the previous trading day’s 3,387.53 points.
The volume of securities traded at the bourse dropped by 36.3 per cent to 298,845 units from the 469,185 units published on Tuesday, the value of securities decreased by 4.8 per cent to N10.4 million from the N10.9 million quoted at the preceding session, and the number number of deals moderated by 34.2 per cent to 25 deals from 38 deals.
At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 12.5 million units valued at N484.0 million, and Afriland Properties Plc with 17.2 million units sold for N352.8 million.
Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.2 million units valued at N352.8 million.
By Aduragbemi Omiyale
The House of Representatives has passed Nigeria Insurance Industry Reform Act, 2024, repealing Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004; The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.
At the plenary on Wednesday, the green chamber of the National Assembly approved some conditions the operating licence of an insurance company can be revoked by the National Insurance Commission (NAICOM).
The new piece of legislature, which provides for a comprehensive legal and regulatory framework for insurance business in Nigeria, was enacted yesterday after the consideration of the Senate bill.
During the presentation by House Leader, Mr Julius Ihonvbere, yesterday, for a clause-by-clause consideration, it was agreed that NAICOM can withdraw the licence of an insurer or reinsurer if it is not conducting insurance business in accordance with sound insurance principles.
In addition, this action can be carried out if the licence holder has “failed to satisfy the capital or solvency requirement as prescribed by the commission and has ceased to carry on the business of insurance and the primary purpose for which it was registered for at least one year in Nigeria.”
The lower chamber of the parliament also concurred with the Senate that for obtaining an operating licence, “An application for licensing as an insurer shall be made to the commission in the prescribed form and accompanied by such other documents or information as the commission may from time to time require.
“The commission shall publish and make available to the general public a service charter which shall provide for products and services of the commission and the complete list of requirements to obtain the products and services.”
However, no person or organisation is allowed to “commence or carry out insurance, reinsurance or related business in Nigeria unless licensed by the commission as an insurer or a reinsurer under this bill.”
NAICOM was given the power to “regulate the insurance industry [in Nigeria] in order to develop the insurance sector and to protect the interest of policyholders, prospective policyholders and other stakeholders under insurance policies in ways that are consistent with the continued development of a viable, competitive and innovative insurance industry.”
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