Economy
Senate Holds Talks on Banks’ High Interest Rates
By Dipo Olowookere
The high interest rate being charged by commercial banks in the country has caught the attention of the Senate and this would be discussed during plenary this week.
Senate President, Mr Bukola Saraki, told reporters on Saturday in Ilorin, Kwara State that he and his colleagues will look into the matter with a view to prevailing on the lenders to cut the rate.
Mr Saraki noted that the high interest rates being charged by commercial banks on loans to customers could have adverse effect on the country’s economy, particularly for entrepreneurs who need borrowed funds to stay afloat and contribute to the Gross Domestic Product (GDP).
The Senate President said during the talks, the Senate would take a decision on the interest rates being charged by commercial banks as he said the prevailing rates were too high and discouraging to genuine industrialists and entrepreneurs who need to accommodate the cost of money alongside other costs to fix prices of goods and services.
“If we genuinely want to stimulate local manufacturing and development of the small and medium enterprises so as to generate employment and help our national economy to recover from recession, then people must be able to borrow money at reasonable interest rates. It is difficult for manufacturers to survive while borrowing at about 28 percent,” he said.
Speaking on the journey thus far, after being at the helm of the Senate and the National Assembly as a whole for the past two years, the Senate President said: “I am comfortable with the support that I have received from my colleagues. One thing that makes the 8th Senate different is that we take initiative.
“For example, a bill like the PIGB would have been easier to pass as an executive bill—however, based on how united we are and focused on the greater good, the passage of the PIGB goes to show Nigerians the competencies of the Senators of the 8th National Assembly.”
Mr Saraki said the 8th Senate has scored many firsts since its inception and that it has fulfilled its mandate through the passage of several critical economic reform bills, opening of the National Assembly’s budget, and its investigations that have helped in the fight against corruption.
“We are a focused Senate. We are also a people-oriented Senate. We are a Senate of many firsts, if you look at the passage of the Petroleum Industry Governance Bill, the opening of the National Assembly Budget, the passage of Bills like the Ports and Harbors Reform Bill and the Credit Bureau Scheme, you will see that we take governance very seriously.
“Over time, through our work like the Treasury Single Account (TSA) investigation; the NEITI Report investigation; and the North East Humanitarian Response investigation, we have shown that this is a Senate that does not sweep things under the carpet. We are working to pass Bills, enshrine transparency, and do things that matter to everyday Nigerians”, the Senate President said, “This is because we know what families across the nation are going through and we are working to try to create more opportunities for them.”
Mr Saraki also said, “Over the last two years, our focus has been on the economy, the economy, and the economy. You will soon see how the ‘Made in Nigeria’ amendment to the Public Procurement Act will open more opportunities for Nigerians.
“Additionally, starting with the implementation of the 2017 budget, the Senate will be defending Nigerian businesses by letting them know that if they find any government ministry, department or agency that is not patronizing ‘Made in Nigeria’ as a first option, they should let us know, and we will take appropriate action.”
When asked why the Senate decided to pass the governance aspect of the Petroleum Industry Bill first, the Senate President said: “One of my first meetings after becoming the Senate President was a meeting with consultants and stakeholders to find out why the Petroleum Industry Bill had always failed to pass in the past.
“When the reason became clear, we decided to take the first part of the Bill that has to do with governance, transparency and accountability in order to make the system more efficient for the country.
“By doing this, we have sent a message to international investors who have been previously unsure about what laws govern our petroleum industry that the country is truly ready for more investment in this sector.”
Speaking on the recent passage of the Nigerian Football Federation Bill by the 8th Senate, the Senate President described it as “A very important Bill that will transform the administration of football in the country. It is very personal to me because as a club owner, I am happy that this Bill will make the administration of football to be in-line with international best practices.”
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
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