By Dipo Olowookere
Key stakeholders in the built industry have been assured of strong backing by the Securities and Exchange Commission (SEC) so as to reduce the housing deficit in Nigeria.
The agency, through its director-general, Mr Lamido Yuguda, stated that it looks forward to having the players explore the capital market to tackle the issues.
Mr Yuguda, while speaking at a meeting with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja on Wednesday, stated that, “There is a renewed focus on Real Estate Investment Trust (REIT) now, we are getting to see how the sector contributes more to our GDP by facilitating the trading of assets in the real estate sector. I think there is a huge room for collaboration, you have a very big role in the real estate sector.”
“Nigeria’s population is growing fast and we need everyone in Nigeria to have a roof over their heads. We do not want people to end their careers living in rented accommodation, people need to own their own houses because there is a lot of security and social value in owning your own house.
“You are very important as you operate in an area that is very important to our economy. You have a crucial role to play in the capital market especially as we focus on the Real Estate Investment Trust sector. You also have a huge role to play in the larger housing sector as at the moment we have not been able to harness the full potentials in that sector,” he added.
Also speaking, President and Chairman of Council NIESV, Mr Emmanuel Wike, commended the management of SEC on the huge contribution the capital market is making to the economic development of the country and solicited for the strengthening of collaboration between the agency and his institution.
Earlier, the Chairman of the Association of Capital Market Valuers, Mr Chudi Ubosi, stated that determining the values of assets of organizations in the capital market is the bedrock for decisions and a helpful tool in a range of work situations.
Mr Ubosi said that valuation is useful in mergers, acquisitions and divestment because it helps to price an organization and to estimate and value synergies as well as assess potentials of different strategic options among others.
“Another useful bye product of conducting asset valuation prior to listing and during the currency of listing is to check asset stripping which we have seen recently in organizations and companies.
“The resulting documents from valuation will certainly make this impossible as it will make management accountable.
“Valuation will also comment on sub-optimal use of asset which can lead to undervaluation. Using mainly market approach as rearrangement of asset use can bring out hidden values in the company under question.
“When businesses want to raise money, when they need to determine how much should be raised as well as when they approach the negotiating table, valuations are needed in all instances,” he said.
Mr Ubosi stated that when there are valuations that have integrity, it will boost investors’ confidence in the market as investors can ascertain that what is being valued is actual and nothing is hidden.
He stated that the role of Capital Market Valuers in determining the value of the assets of these companies will ensure transparency, accountability and continued enhancement of investor confidence in the market.
“As SEC recognizes us with the insistence that all capital market valuations be undertaken by our members, you will rest assured that anytime an operator wants to capitalize or re-capitalize their assets, the valuation reports done by our members will help engender confidence in the process,” he added.
Apprehension Over AMCON MD’s Visit to EFCC
By Aduragbemi Omiyale
The visit of the Managing Director of Assets Management Company of Nigeria (AMCON), Mr Ahmed Kuru, to the office of the Economic and Financial Crimes Commission (EFCC) is already causing apprehension.
Mr Kuru was reportedly grilled by the anti-graft agency on Wednesday after he was invited by the organisation for questioning.
Already, it is being speculated that his ordeal with the EFCC may be connected with the plans by AMCON to name and shame chronic debtors, who took loans from commercial banks but refused to repay as promised.
Yesterday, the AMCON MD was grilled by the agency over allegations bordering on the diversion of assets and the sale of the properties to his associates at ridiculous prices.
According to reports, Mr Kuru allegedly sold properties valued at billions of naira belonging to Atlantic to another despite a court case on the assets.
Atlantic was accused of loan default with Skye Bank and the properties in collateral were seized and allegedly sold below the prevailing market value while the action was instituted in court.
Amid these accusations, the EFCC is yet to comment at the time of filing this report.
AMCON is an agency set up by the federal government to acquire all toxic loans of commercial banks, with the aim of recovering them.
In November 2021, the agency submitted a list containing its top 1,000 obligors owing N4.4 trillion to the National Assembly.
Mr Kuru had said with the support of the parliament and the Judiciary, recovering the total current exposure on all Eligible Bank Asset (EBAs), which stands at N4.4 trillion, may be possible before the sunset period.
He had lamented that more recently, due to the socio-economic downturn, the market values of assets have significantly reduced, lower than the valuation at the point of EBAs purchase, making it extremely difficult to consummate sales transactions.
“To enable AMCON to succeed in its national call to duty, AMCON solicits the continued support of this Distinguished Committee. The Judiciary must be encouraged to respect the provisions of the law that require them to fast-track cases before them, issue certificates of judgement on properties, which the Corporation has no collateral and demand debtors to deposit Judgment sum before proceeding to appeal any judgement,” he had stated.
NSCDC Denies Operating Illegal Oil Bunkering Site
By Adedapo Adesanya
The Nigerian Security and Civil Defence Corps (NSCDC) has debunked the rumour that its marine exhibits yard in Ogbogoro jetty, Obio/Akpor Local Government Area of Rivers State, was an illegal oil bunkering site.
This was made known by the Rivers State Commandant of NSCDC, Mr Aliyu Bature, who explained that the Ogbogoro jetty has remained its marine exhibits yard for over 10 years.
He added that every marine exhibit like boats, vessels, barges drums, arrested by or handed over to the Corps by sister agencies for oil theft are usually detained at the yard, pending investigation and court prosecution.
This follows claims made by Obio/Akpor LGA Chairman, Mr George Ariolu, that the NSCDC marine exhibits yard in Ogbogoro was being used for illegal bunkering activities.
In the reaction to the allegation, Mr Bature disclosed that the NSCDC Commandant General, Mr Abubakar Audi, in December 2021 visited the said yard, maintaining that it was a known fact that the yard has been the Corps’ marine exhibits yard.
The agency said some of the exhibits, including 220 drums of AGO and eight Cotonou boats in the yard were seized by the Nigerian Navy and handed over to the NSCDC last week, while other vessels were taken by operatives of the Corps.
He disclosed that the agency has got an intelligence report that hoodlums were planning to attack the yard, by setting it ablaze in order to destroy the exhibits, assuring that such plans will be strongly resisted.
“This place is our marine exhibits yard and not an illegal dump. Most of the exhibits here were arrested by the Navy and handed over to us, while some of the arrests too were made by us.
“The commandant general was here in December and he’s aware that this place is our exhibits yard.
“The Commandant General has deployed personnel to ensure the place is secured, Ogbogoro jetty is a no-go area for anybody because destroying this place means destroying the exhibits to prove that these products were all stolen.
“We had it on good authority that hoodlums were planning to attack this place in order to destroy the exhibits and we will not allow that,” the statement said.
The NSCDC also urged members of the public to report any personnel of the organisation who is involved in the business of aiding and abetting oil theft, illegal bunkering and vandalism, warning that the agency will not hesitate to show such person the way out.
“If any of our personnel is caught, please report the person to us and we will discipline the person accordingly.
“The NSCDC leadership does not in any way condone acts of indiscipline. We are charged to protect critical national assets and if any of our personnel is involved, we will not take it likely.
“That is why those who were in charge of the anti-vandal unit have been disbanded, and are being investigated currently by the committee set up by the Commandant General,” the statement said.
Senate Re-amends Electoral Bill, Okays Direct, Indirect, Consensus Primaries
By Modupe Gbadeyanka
The Electoral Act (Amendment) Bill, 2021, which passed by the National Assembly on November 18, 2021, and sent to President Muhammadu Buhari for assent but was rejected, has been re-amended.
The President declined assent to the bill because the parliament inserted a clause that makes it mandatory for political parties to elect candidates for elections only through direct primaries.
On Wednesday, the Senate adjusted this clause and approved direct, indirect primaries or consensus as to the procedure for the nomination of candidates by political parties for the various elective positions.
The upper chamber of the legislative arm of government, in a statement signed by Mr Ezrel Tabiowo, the Special Assistant on Press to Senate President, Mr Ahmad Lawan, said the recommended Clause 84(3) was also approved.
The section stated that “a political party that adopts the direct primaries procedure shall ensure that all aspirants are given equal opportunity of being voted for by members of the party.”
Clause 84(4) further provides that “a political party that adopts the system of indirect primaries for the choice of its candidate shall adopt the procedure outlined below; (a) In the case of nominations to the position of Presidential candidate, a political party shall, (i) hold special conventions in each of the 36 states of the federation and FCT, where delegates shall vote for each of the aspirants at designated centres in each State Capital on specified dates.”
The clause provides that a National Convention shall be held for the ratification of the candidate with the highest number of votes.
The amendment followed a motion for its re-commital to the Committee of the Whole, which was sponsored by the Senate Leader, Mr Yahaya Abdullahi.
In his presentation, the lawmaker noted that the rationale for Mr Buhari withholding assent bordered on his observation in Clause 84.
President Buhari in the letter dated December 13, 2021, and addressed to Mr Lawan had explained that his decision to withhold assent to the electoral bill was informed by advice from relevant Ministries, Departments and Agencies of Government after a thorough review.
According to the President, signing the bill into law would have serious adverse legal, financial, economic and security consequences on the country, particularly in view of Nigeria’s peculiarities.
He added that it would also impact negatively on the rights of citizens to participate in government as constitutionally ensured.
Mr Abdullahi, however, explained that the motion for re-commital of the bill to the Committee on the Whole was against the backdrop of the “need to address the observation by Mr President C-in-C and make necessary amendment in accordance with Order 87(c) of the Senate Standing Orders, 2022 (as amended); and relying on order 1(b) and 52(6) of the Senate Standing Orders, 2022 (as amended).”
Accordingly, the chamber rescinded its decision on the affected clause of the bill as passed and recommitted same to the Committee of the Whole for consideration and passage.
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