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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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Aminu Adamu Lands in Prison for Insulting Aisha Buhari

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Aminu Adamu Aisha Buhari

By Modupe Gbadeyanka

A student of the Federal University, Dutse, Jigawa State, Mr Aminu Adamu, has been remanded in prison for allegedly ‘insulting’ the wife of President Muhammadu Buhari, Mrs Aisha Buhari.

A few days ago, news filtered in that Mr Adamu was kidnapped by some security officials to Aso Rock, Abuja, over his post on Twitter that the President’s wife was feeding fat on the taxes paid by the poor masses.

This did not go down well with the First Lady, and the student, who is reportedly due to write his final year exams next week, was taken away from his campus and allegedly tortured.

This action angered many Nigerians, who asked Mrs Buhari to release the man or charge him in court.

On Tuesday, the student was charged to court by the police, and he was remanded in the Suleja correctional facility in Niger State, pending when his bail application would be heard next Wednesday.

According to his lawyer, Mr C.K. Agu, the student was arraigned before a court sitting in Abuja, but he pleaded not guilty to the charges levelled against him.

“Even in the court session yesterday, we notified the judge about the efforts made to have him released on bail, but we did not receive any reply from the police.

“We applied to the court to release the student on bail on health grounds and the fact that he will sit for the exam on December 5.

“The court has ordered the police to provide the bail application before it for consideration between Tuesday and Wednesday,” Mr Agu informed BBC Hausa Service.

On June 9, 2022, Mr Adamu posted a picture of Mrs Aisha Buhari at the presidential primary of the ruling All Progressives Congress (APC) in Abuja held two days earlier and wrote in the Hausa language, “Su mama anchi kudin talkawa ankoshi,” which loosely means “Mama is feeding fat on poor people’s money.”

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House of Reps Probes Incessant Attacks on INEC Offices

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By Modupe Gbadeyanka

The House of Representatives has condemned the incessant attacks on the offices of the Independent National Electoral Commission (INEC).

At the plenary on Wednesday, the green chamber of the National Assembly said the actions of the arsonists could put the nation’s democracy under threat.

On November 10, 2022, an INEC building in the Abeokuta South Local Government Area of Ogun State was burned, with over 65,000 uncollected PVCs destroyed by the arsonists. A similar incident happened in Osun State and a few days ago, the office of the electoral body was attacked in Ebonyi State.

It was gathered that since 2019, about 42 attacks have been carried out on INEC offices in 14 states and to the House of Reps, this is worrisome.

In order to curb this, the parliament has set up an ad-hoc committee to investigate the incessant razing of the offices of INEC within three weeks and produce a report of its findings.

At the plenary presided over by the Speaker, Mr Femi Gbajabiamila, the House urged the Nigeria Police Force, the Nigeria Security and Civil Defence Corps (NSCDC), and other security agencies to liaise with the Office of the Attorney-General of the Federation and Minster of Justice in bringing the perpetrators to book.

The decision to probe the matter followed a motion on notice moved by a lawmaker, Mr Olarewaju Ibrahim Kunle.

According to him, the attackers destroyed the main building of INEC in Ogun State earlier this month and other facilities such as 904 ballot boxes, 29 voting cubicles, 30 megaphones, 57 election bags, eight electric power generators and 65,699 uncollected Permanent Voters Cards (PVCs).

The lawmaker said on the same day, arsonists and thugs set ablaze the INEC building at Oke Iresi, Ede South Local Government of Osun State.

He warned that if these systematically orchestrated attacks on personnel and facilities of the agency are not checked, the 2023 general elections could be disrupted.

Mr Kunle appealed to his colleagues to take urgent action to protect democracy in Nigeria.

His appeal was welcomed, with the parliament calling on “politicians and stakeholders to admonish their supporters to refrain from attacks and violence before or during the 2023 elections.”

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Stanbic IBTC Pension Managers Unveils Platform for Youth to Explore Business Prowess

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By Modupe Gbadeyanka

An initiative to give an opportunity to youth in the country to explore their creativity and business prowess has been introduced by Stanbic IBTC Pension Managers Limited.

The platform known as FUZE talent hunt will employ a holistic approach to youth empowerment and feature four categories across music, dance, fashion and technology, a statement from the leading pension fund administrator (based on assets under management) said.

According to the subsidiary of Stanbic IBTC Holdings, the first-of-its-kind talent hunt aims to promote indigenous talents.

The chief executive of Stanbic IBTC Pension Managers, Mr Olumide Oyetan, explained that the project was to the benefit of Nigerian society, adding that as a future-ready organisation, Stanbic IBTC valued talent, creativity and innovation and created the platform to shine the spotlight on youngsters and provide the necessary support they require to succeed, regardless of their chosen sphere of influence or industry.

He stated that youth empowerment had become increasingly essential with the heightened unemployment rate declared by the Nigerian Bureau of Statistics (NBS) at over 33 per cent.

On her part, an Executive Director at Stanbic IBTC Pension Managers, Ms Nike Bajomo, disclosed that the “primary goal of the FUZE Talent hunt is to create a platform for Nigeria’s talented youth to engage and learn from other youths while also gaining access to funds and best-in-class mentoring to support the actualisation of their dreams.”

She urged young Nigerians to participate in the event, stating that the audition application is free, and the public would be relied upon to vote for their preferred candidate, who would be showcased at the grand finale in December 2022.

“FUZE is open to all Nigerians between the ages 18 and 35 years. To participate, you can download the Stanbic IBTC Events App on either the android or iOS store, register and upload an audition video,” she said.

It was disclosed that the winners of the FUZE Talent Hunt would be unveiled at the FUZE Festival slated for December 21, 2022, and in addition to the chance to win N32 million, contestants will gain recognition in the industry and winners will receive mentorship to support their careers.

“Around the world today, young Nigerians are making a statement on the global scene, putting their names and communities on the roadmap to greatness.

“The average young Nigerian is bursting with talent and potential waiting to be harnessed, and we are here to give them the support they need to soar high. After all, Nigeria is our home, and we drive her growth,” the chief executive of Stanbic IBTC Holdings, Mr Demola Sogunle, said.

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