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Capital Market Can Attract Funds to Solve Nigeria’s Infrastructure Deficiency—Yuguda

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By Aduragbemi Omiyale

The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has again emphasised that the current infrastructure deficiency in Nigeria can be solved with the help of the capital market.

While addressing the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja over the weekend, he said all that was needed was for the government to partner with the private sector to bridge the infrastructure gap by approaching the capital market for funding.

“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.

“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” the SEC DG said, appealing to the relevant stakeholders to cooperate with the agency to achieve this goal.

He also said for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.

Mr Yuguda acknowledged CIS as a key partner in the commission’s regulation of the market, assuring that the SEC would continue to provide the needed support.

“On behalf of the Board and staff. We will give you all possible co-operation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.

The SEC boss stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can take better decisions.

“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.

“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA bill pending at the National Assembly and that bill has a lot that will revitalize this market,” he added.

In his remarks, the President of CIS, Mr Oluwole Adeosun, commended the SEC for the relationship that exists between the Commission and the Institute and thanked the Management for always supporting the organisation.

“Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.

“You have shown this in your actions since you came into office and we appreciate you for all your efforts, we pray that investors benefit greatly from their investments in the capital market. Thank you for all your support to the CIS Bill,” he said.

The former President of CIS, Mr Olatunde Amolegbe, also thanked the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.

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DSS Accuses Malami, Son of Terrorism Financing in Court

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By Adedapo Adesanya

The Department of State Services (DSS) has arraigned the former Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, and his son, Mr Abudlazizz Malami, on a five-count charge of abetting terrorism financing and illegal possession of firearms.

They were arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja, where they pleaded not guilty to the charges.

In the charge, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution.

Recall that the secret police had arrested Mr Malami, shortly after his release from Kuje prison in Abuja more than two weeks ago after Justice Emeka Nwite of the Federal High Court in Abuja granted him and two others bail in the sum of N500 million in another case involving the Economic and Financial Crimes Commission (EFCC).

Mr Malami and his son are also accused by the DSS of engaging in conduct in preparation to commit act of terrorism by having in their possession and without licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.

His arrest in January followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.

As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom and so decided to wait out the DSS. However, after his eventual emergence, the operatives took the ex-AGF into detention again.

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Lagos Launches Coastal Community Responder Programme for Waterways Safety

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By Adedapo Adesanya

The Lagos State Waterways Authority (LASWA) has initiated an inter-agency partnership with the Centre for Rural Development (CERUD) to establish the Coastal Community First Responder Programme (CCFRP).

The first responder programme is aimed at promoting safe and secure transportation across Lagos waterways.

The initiative was unveiled during a meeting between a LASWA delegation and officials of the Ministry of Local Government, Chieftaincy Affairs and Rural Development at the secretariat in Alausa.

Leading the LASWA team, Mr Olademeji Shittu said the programme is designed to reduce fatalities and material losses on Lagos waterways, particularly in hard-to-reach coastal communities.

According to Mr Shittu, the CCFRP will focus on empowering community volunteers through targeted capacity building for sustainable rural development, while also equipping them with relevant skills that can enhance employability within the maritime sector.

He noted that trained volunteers will serve as community-based first responders, working in close collaboration with LASWA to strengthen search and rescue operations.

Providing the rationale for the programme, Mr Shittu highlighted the recurring cases of marine incidents and fatalities on Lagos waterways, often worsened by delayed emergency response in remote coastal areas.

He explained that residents of these communities are usually the first on the scene during accidents, making it necessary to formalise their role through structured training and partnerships.

He added that the collaboration with CERUD will help create a sustainable framework that aligns community development with safety and emergency response, while fostering a sense of ownership and responsibility among coastal residents.

According to a statement, the Coastal Community First Responder Programme is expected to enhance emergency preparedness on Lagos waterways, improve response times during marine incidents, and contribute to safer water transportation across the state.

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NLC, TUC Suspend Planned Protest, Ask FCTA Workers to Resume

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By Adedapo Adesanya

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have suspended their planned protest in the Federal Capital Territory and instructed workers under the Federal Capital Territory Administration (FCTA) to return to their duties with immediate effect.

The directive followed an overnight engagement involving labour leaders, the Minister of the FCT, Mr Nyesom Wike, and members of the Senate Committee on the FCT.

The meeting, which began late on Monday, stretched into the early hours of Tuesday, culminating in an agreement that led to the unions’ decision to halt the protest action and restore normal activities across FCTA offices.

This comes after Justice Emmanuel Subilim of the National Industrial Court issued an interim order restraining the NLC, TUC, and three others from embarking on any form of industrial action or protest.

Ruling on an ex-parte application filed by the Minister of the FCT and the FCT Administration, Justice Subilim granted an interim order restraining the 1st to 5th respondents and their privies or agents from embarking on strike pending the hearing of the motion on notice, also ordering the 5th-9th defendants who are security agencies to ensure no break down of law and order.

The ex-parte motion, which was filed by the counsel to Mr Wike and the FCTA, Ogwu Onoja, submitted that the Chairman of the FCT council had sent a message of mobilization to members and affiliated unions for a mass protest scheduled for February 3.

This move, he noted, was in violation of the orders of court, adding that after the ruling of the court on January 27, the order of the court was served on the defendants, same day the NLC and TUC issued a statement to all affiliated unions to intensify and sustain the strike.

The statement jointly signed by both unions directed that the striking workers should resume the strike as the unions’ counsel, Mr Femi Falana, has filed an appeal against the interlocutory ruling.

He further pointed out that With the statement, JUAC issued a circular directing all employees to continue the strike.

This position they say is aimed at causing break down of law and order in the Nations capital.

The court subsequently adjourned the case until February 10 for hearing.

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