Economy
Kwara Unveils N500m Fund for Looted Businesses
By Modupe Gbadeyanka
A N500 million fund aimed to assist owners of shops, malls and others looted by hoodlums in the state last Friday get back to business has been announced by the Kwara State government.
Governor of the state, Mr AbdulRahman AbdulRazaq, during a visit to the Kwara Mall and Agro Mall on Saturday evening, explained that the funding package was to reduce the negative impact the looting could have on the economy.
In a statement issued by his Chief Press Secretary, Rafiu Ajakaye, on Sunday, the Governor emphasised that the incident may bring businesses to their knees and cause massive loss of jobs and a surge in poverty rate — implications he said were clearly lost on the “hoodlums”.
In order to avoid this, he said, “We are setting up a N500 million fund for those that were affected to access.”
“The application form is live and active on the state government’s website and can now be filled by interested parties. We are going to get them back as soon as possible,” he assured.
Mr AbdulRazaq, who described the incident as a “mindless looting” of people’s businesses, insisted that there can be no justification for such criminal behaviour and commiserated with owners of all the businesses affected.
While commenting on claims that his administration was hoarding palliatives, the Governor, after describing them as false, explained that the food stuffs stolen at the Cargo Terminal were donated to specific vulnerable households and were being distributed across the state for the private sector-led CACOVID Foundation.
He added that the ones carted away from Agro-Mall were relief materials donated to specific victims of the recent rainstorms and floods in eight local government areas of the state by the federal government.
He said the NEMA had already distributed the materials to at least four local governments while consignments for the remaining council areas were due for dispatch when the hoodlums struck.
“What happened was bareface stealing and some people are playing politics with it. This is not the time to play politics. It is a time for all hands to be on deck. It is not just Kwara they wanted to burn down. They wanted to burn the whole country down. I urge all of us to stand up and resist that,” he said.
“We engaged the #EndSARS youth in Kwara and it worked out for us. They were not violent. They had a five-point agenda which the federal government has agreed to and has started implementing. In Kwara State, we have also set up a judicial panel of inquiry to look into the allegation of Police abuse. I also visited Police barracks to see how we can improve the welfare of the Police in the state.
“While the hoodlums were looting (on Friday), I was holding a meeting with executives and members of the National Association of Kwara State Students and National Association of Nigeria Students, Kwara axis. It shows students and youths were not part of the looting. Those involved were just hoodlums and thieves,” he said.
By Modupe Gbadeyanka
The United Nations has expressed its readiness to assist in attracting investors to Zamfara State, especially in the mining and agricultural sectors.
The Deputy Secretary General of the global body, Mrs Amina Mohammed, during a visit on Thursday, said the northern Nigerian state is now ready for business and that the UN was willing to be a genuine partner to the state.
“Investors want an enabling environment. Peace is what you need today for people to come. The Zamfara narrative focuses on conflict related to solid minerals, and this needs to change,” she was quoted as saying in a statement issued on Friday by the spokesperson for the Zamfara Governor, Mr Sulaiman Bala Idris.
The former Nigerian Minister further said, “What you show us today is first and foremost your passion for what you want us to do, and that is what investors want. They want to know what you want.
“I am happy today to be here in Zamfara, because I really want to show the world that we should pay attention to what is happening at the local level. Because this is where people are weakest, where governance is weakest, and where there are the fewest resources.
“When we visit, we give visibility to the effort that has been made and to the impact of what is happening elsewhere in the world on people who have nothing to do with what caused it in the first place.
“Zamfara State is accessible today. And it would be even more accessible because the road we travelled on is still under construction. When it is finished, it will revive the businesses and markets around it, and hopefully, by then, we will witness more peace.
“I see the mining, I see the potentials, I see the market and the demand, but I also see the leadership here who is willing to look at the institution, framework and partner to get the job done.
“There is a lot of hope and potential here. Everyone must play their role; this is not something the governor will do alone. The United Nations is willing to be a genuine partner to Zamfara State.”
On his part, Governor Dauda Lawal said Zamfara is at a turning point, with a population of 5.3 million, and the state’s economy is agriculture-driven, with 82 per cent of the population depending on agriculture.
“Zamfara’s Six-Point Rescue Agenda is a deliberate strategy to stabilise, rebuild, and transition the state toward inclusive and sustainable development,” he told his guest.
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.
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