Lagos, June 28, 2024 (NAN) The Women in Maritime Africa (WIMAfrica), Nigerian Chapter, has urged the Federal Government to improve remuneration of seafarers and provide a special pension scheme for them.
The chapter said that the improvement and provision should be part of efforts to develop seafaring in Nigeria.
The President of the chapter, Mrs Rollens Macfoy, made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday to mark the 2024 International Day of Seafarers.
Macfoy called on the Federal Government and the Nigeria Maritime Administration and Safety Agency (NIMASA) to ensure remuneration Nigerian seafarers like their foreign counterparts.
“The issue of special pension scheme for seafarers to prepare them for good retirement should also be considered.
“The trauma of the job they do is enormous. There is also the issue of ill-health and treatment while onboard.
” We should recall that even in the worst of times like the COVID-19 lockdown, seafarers continued to work,” Macfoy said.
According to her, the International Day of Seafarers is a day to honour the world’s over two million seafarers whose dedication and professionalism keep the vast majority of world trade moving safely.
She regretted that female seafarers had yet to be generally accepted.
According to her, women are less than two per cent of seafarers globally, while Nigeria has less than 0.5 per cent of its seafarers as females.
“I appeal to NIMASA and ship owners’ association to welcome the idea of female seafarers and also encourage them.
“Let us realise the quality of work they will deliver and not their gender.
“Seafarers are important for the economy. I call them the heartbeat of nations.
“As we celebrate the seafarers, I use this medium to appreciate seafarers all over the world, particularly Nigerian seafarers, who have had about the largest heat of this job.
“They continue to provide essential services under difficult conditions,” she said. (NAN) (www.nannews.ng)
The President of the Appeal Court, Justice Monica Dongban-Mensem, and President of BRIPAN, Mr Chimezie Ihekweazu, SAN, during a curtesy visit on Thursday in Abuja.
Standards
By Lucy Ogalue
Abuja, June 27, 2024 (NAN) Justice Monica Dongban-Mensem, President Court of Appeal, has urged the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to intensify efforts to raise professional standards and enhance economic growth.
Dongban-Mensem said this when members of the association led by its President, Mr Chimezie Ihekweazu, SAN, visited her on Thursday in Abuja.
The News Agency of Nigeria (NAN) reports that BRIPAN is a group of professionals that provides solutions to underperforming businesses and supports business rescue and growth.
According to Dongban-Mensem, professional associations like BRIPAN are critical in aligning national practices with international standards.
She said there was a pressing need for Nigeria to improve its economic activities by adhering to global standards.
“If we do not address these issues properly and act in accordance with national and international standards, our economy will never rise.
“No economic activity is too small to be captured by the vigilant eyes of the international community,” she said.
Dongban-Mensem underscored the importance of professional standards in gaining the international community’s confidence, which often views Nigeria with scepticism due to perceived laxity in professional conduct and training.
” They think we are not serious people, we compromise so many things, we do not care to train ourselves actively to bring our economic development up to international standards.
” So your association has a vital role in this,” she said.
The president commended BRIPAN for its sustained efforts since its establishment in 1994, saying that the association’s work was vital for economic stability.
She also commendwd BRIPAN for extending its activities beyond major cities like Lagos and addressing economic challenges nationwide.
“Your outreach to various groups and economic activities is essential for solving the problems that hinder our economic progress,” she said.
On the judiciary’s role in economic development, the president acknowledged the need for specialised training to handle complex commercial matters promptly.
Dongban-Mensem assured BRIPAN that the judiciary was willing to collaborate and learn from experts to improve the handling of cases that impact the economy.
“We are amenable to learning and improving our skills to address issues properly and promptly in the courts,” She said.
The president also urged BRIPAN to engage with the heads of courts to formulate policy statements that would guide future actions.
She said such policies would benefit the judiciary and the broader economic landscape.
“We are honoured to cooperate with you to ensure that your interests are addressed properly,” Dongban-Mensem said.
Earlier, the president of BRIPAN presented the direction of Insolvency practice for the Court of Appeal to its president.
While making the presentation, Ihekweazu called for enhanced collaboration with the court to raise professional standards to support Nigeria’s economic growth.
He acknowledged the vital role of adequate training for members and regulatory bodies in ensuring professional excellence and urged necessary reforms within Nigeria’s legal framework.
“One of BRIPAN’s key achievements has been training over 80 senior members of staff from the Corporate Affairs Commission (CAC? and the Legal Department of the Nigeria Deposit Insurance Corporation (NDIC).
“Additionally, the association is currently preparing to train 47 senior management staff from the Asset Management Corporation of Nigeria.
“These initiatives reflect BRIPAN’s commitment to equipping professionals with the skills needed to navigate the evolving landscape of insolvency practice,” he said.
The association president said BRIPAN was dedicated to fostering cooperation between the judiciary and professional bodies.
“Particularly in light of recent legislative changes that have expanded insolvency practices to include company administration,” he said.
Ihekweazu appealed that insolvency processes and proceedings before the court be given special status and accelerated hearing due to its extraordinary economic interest in our nation.
NAN reports that Mr Amala Umeike, Co-Chair of the Special Projects Committee, and Mr Okorie Kalu, second deputy vice-president, were present during the visit. (NAN) (www.nannews.ng)
LCN/EEE
Abuja, June 28, 2024 (NAN) The National Average Cost of a Healthy Diet (CoHD) per adult a day stood at N1,041 in May 2024, the National Bureau of Statistics (NBS) has said.
The NBS revealed this in its CoHD report for May 2024 released on Friday in Abuja.
The bureau said that the CoHD in May increased by one per cent compared to the N1,035 recorded in April.
The NBS said the CoHD was the least expensive combination of locally available items that met globally consistent food-based dietary guidelines.
It said it was used as a measure of physical and economic access to healthy diets.
“This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”
The bureau said that to compute the CoHD indicator, the following data on Retail Food Prices, Food Composition Data, and Healthy Diet Standard were required.
The NBS also said that in May, the average CoHD was highest in the South-West at N1,189 per adult per day, followed by the South-East at N1,190 per day.
It said the lowest average CoHD was recorded in the North-West at N919 per adult per day.
The NBS further said that at the state level Ebonyi, Abia and Anambra recorded the highest CoHD at N1,225, N1,215, and N1,205, respectively.
The bureau said Kano recorded the lowest CoHD at N898, followed by Jigawa at N899, and Yobe and Katsina at N906.
The NBS said CoHD had steadily increased since the first CoHD report by the bureau in October 2023.
“The CoHD in May 2024 is 32 per cent higher than what was recorded in December 2023 at N786 and one per cent higher than CoHD in April 2024, which was N1,035.
“The food groups that have driven the increases in CoHD the most are starchy staples, legumes, nuts and seeds, and animal source foods.
“On the other hand, vegetables and fruits recorded the lowest increase in price on a month-on-month basis.”
The report added that animal-source foods were the most expensive food group recommendation to meet in May, accounting for 36 per cent of the total CoHD to provide 13 per cent of the total calories.
It noted that fruits and vegetables were the most expensive food groups in terms of price per calorie.
“They accounted for 11 per cent and 12 per cent, respectively, of the total CoHD while providing only seven per cent and five per cent of total calories in the Healthy Diet Basket.
“Legumes, nuts and seeds were the least-expensive food group on average, at seven per cent of the total cost.’’
The report also says that in recent months, the CoHD had risen faster than general inflation and food inflation.
“However, the CoHD and the food Consumer Price Index (CPI) are not directly comparable.
“The CoHD includes fewer items and is measured in Naira per day, while the food CPI is a weighted index.”
The NBS said the policy implications of these results would foster collaboration among a wide range of stakeholders, such as policymakers, researchers and civil society actors that focused on food security.
“These stakeholders will devise strategies that tackle access, availability, and affordability of healthy diet effectively.
“Also future research incorporating income can also be used to determine the proportion and number of the population that are unable to afford a healthy diet,” the report said. (NAN)(www.nannews.ng)
Port Harcourt, June 28, 2024 (NAN) The Nigerian Young Professionals Forum (NYPF) has urged the Federal Government to prioritise the growth of Micro, Small and Medium Enterprises (MSMEs) to address the critical economic challenges facing the country.
NYPF President, Mr David Osadolor, gave the advice in a communique outlining the resolutions taken at the end of the 4th MSME Summit in Port Harcourt, Rivers.
According to Osadolor, there is an urgent need for the government to create tailored and conscious support towards MSME to cushion the high inflation and pervasive poverty.
“Investing in MSMEs is not merely an economic strategy; it is a pathway to lifting millions out of poverty.’’
Osadolor emphasised that prioritising the growth of MSMEs was essential for national prosperity, as countries thrived when they invested in their MSMEs.
He called on government at all levels to take decisive action by reducing the cost of governance and halt plans for frivolous expenditures and channel those resources into supporting MSMEs.
Osadolor explained that the groundwork for a diversified economy that did not rely solely on oil could be created from MSME and reiterated that the focus must shift towards creating an enabling environment for these enterprises to flourish.
He added that as the major producers of oil, the Niger-Delta must lead by example in the diversification process, envisioning a future where prosperity was sustained by a vibrant, innovative and resilient MSME sector.
The NYPF president urged the government to create an enabling environment by implementing policies that would ease the regulatory burden on MSMEs and provide incentives for their growth.
He also highlighted the need to invest in infrastructure that supported MSME operations, such as improved transportation networks and access to technology.
On Finance, he urged the government to facilitate easier access to credit and funding for MSMEs through financial institutions and government grants.
‘‘The government can equally assist young entrepreneurs by providing education and training programmes to equip them with the skills needed to succeed in their ventures.
“Government can also support MSMEs to foster innovation by supporting innovation hubs and incubators that nurture new business ideas and technologies.’’
Osadolor commended Mr Moses Siasia, Chairman, Heritage Times, for his unwavering commitment to empowering young people and fostering entrepreneurship and innovation.
“Siasia’s dedication serves as an inspiration to all and it is vital in shaping a brighter future for young professionals.
‘‘His foresight in recognising the transformative power of MSMEs mirrors the successful strategies employed by nations like China and Singapore, which have significantly boosted their per capita income through dedicated investment in their SMEs.
‘‘I am inspired by Franklin Roosevelt words who said ‘we cannot always build the future for our youth, but we can build our youth for the future,’” he said.
According to him, the goal is to ensure that the youths and young professionals of today are ready for the future. (NAN)(www.nannews.ng)
Lagos, June 27, 2024 (NAN) The Nigerian equity market closed positive on Thursday with a gain of N6 billion, driven by investor interest in Seplat and sustained interest in Tier-one banking stocks.
Specifically, gains in United Bank for Africa (UBA), Access Corporation, FBN Holdings, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, International Breweries and African Prudential, among other advanced equities, boosted the market performance.
Consequently, the Nigerian Exchange Ltd. (NGX) market capitalisation gained N6 billion Naira, or 0.01 per cent, to close at N56.227 trillion, up from N56.221 trillion.
The All-Share Index also rose slightly by 0.01 per cent, or 11 points, to close at 99,396.23, compared to 99,385.44 recorded on Wednesday.
As a result, the Year-To-Date (YTD) return increased slightly to 32.93 per cent.
Meanwhile, market breadth closed positive with 33 gainers and 16 losers on the Exchange.
On the gainers’ table, Cutix and Seplat led with a 10 per cent increase each to close at N4.40 and N3,794.90 per share, respectively.
LASACO Assurance followed with a 9.95 per cent gain to close at N2.32 per share.
Computer Warehouse Group gained 9.85 per cent to close at N7.25, and United Capital advanced by 9.79 per cent to close at N24.10 per share.
On the other hand, Daar Communications led the losers’ table with an 8.93 per cent decline to close at 51k per share.
C&I Leasing Plc trailed with an 8.54 per cent drop to close at three Naira per share.
Consolidated Hallmark Holdings lost 7.98 per cent to close at N1.73, MTN Nigeria dropped 6.89 per cent to close at N200, and Regency Alliance Insurance shed 6.52 per cent to close at 43k per share.
An analysis of market activities showed that trade turnover settled higher compared to the previous session, with the value of transactions advancing by 154.67 per cent.
A total of 529.37 million shares valued at N10.49 billion were exchanged in 7,616 deals, compared to 276.36 million shares valued at N4.12 billion in 7,597 deals posted in the previous session.
GTCO led the activity table in volume and value, with 66.05 million shares worth N2.93 billion, followed by UACN with 46.35 million shares valued at N706.59 million.
Access Corporation traded 39.71 million shares worth N754.17 million, Consolidated Hallmark Holdings sold 31.60 million shares worth N54.86 million, and Universal Insurance transacted 30.76 million shares worth N10.53 million. (NAN) (www.nannews.ng)
RUKY/DE/AWA
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Edited by Dorcas Jonah/Olawunmi Ashafa
Some guests at second annual Advertising Industry Colloquium in Lagos.
ARCON
By Grace Alegba
Lagos, June 27, 2024 (NAN)
ARCON
By Grace Alegba
Lagos, June 27, 2024 (NAN) The Minister of Information and National Orientation, Mohammed Idris, has called for the collaboration of advertising stakeholders toward achieving the Renewed Hope Agenda’s vision of a thriving, innovative and inclusive Nigeria.
Idris, represented by Dr Sunday Baba, his Special Assistant on Information and National Orientation, made the call on Thursday while declaring open the second annual Advertising Industry Colloquium in Lagos.
The event, organised by the Advertising Regulatory Council of Nigeria (ARCON), has the theme: “Harnessing Emerging Technologies for Sustainable Advertising Education and Professional Excellence in Nigeria”.
It aimed to enhance advertising knowledge and collaboration between academia and the industry.
The minister said the theme of the event aligned perfectly with President Bola Tinubu’s Renewed Hope Agenda, which emphasises innovation, growth and sustainable development in every sector of the nation’s economy.
Idris, a Fellow of the Nigerian Institute of Public Relations (fnipr), said that the gathering was to explore how the latest technological advancements could be integrated into marketing communications, education and practice.
“This colloquium is not just a meeting of minds but a convergence of innovation, creativity and foresight aimed at propelling our industry into the future, in line with our nation’s vision for a prosperous and technologically advanced Nigeria.
“The objectives of this colloquium are crucial. They aim to foster robust interaction between academia and industry, examine current issues in marketing communications.
It also sensitise students and academics to the demands of a digitised era and discuss trends in creative advertising, media campaigns, digital marketing and regulations.
“These efforts are fundamental to driving the Renewed Hope Agenda, which seeks to empower our youth, create jobs, and ensure sustainable economic growth,” he said.
He urged participants to brainstorm and collaborate toward building a more dynamic and sustainable advertising industry in Nigeria.
“Let us, therefore, work together to realise the Renewed Hope Agenda’s vision of a thriving, innovative, and inclusive Nigeria,” he said.
Director-General of ARCON, Dr Olalekan Fadolapo, said the event was aimed at bringing together academia and practitioners in the advertising and marketing communications industry to brainstorm on how to improve the nation’s advertising ecosystem.
Fadolapo said most times when research was done, the industry, which was supposed to implement the findings, was usually too far removed, hence the need to bridge the gap between the town and gown through the colloquium.
He stressed the need for town and gown to collaborate toward embracing and adopting new advancements in technology.
He said, “Technology will continue to disrupt the way we do our jobs.”
The Chairman of the Journal and Planning Committee, Prof. Rotimi Olatunji, said that the colloquium would enlighten academics and students on career success requirements in various marketing communication areas amidst evolving global technologies.
He said technology was the driver of development and the synergy was important to ensure that professionals and tertiary institutions were on the same page.
“The goal is that we want to produce graduates who will hit the ground running,” he said.
NAN reports that ARCON also officially launched its new advertising journal at the event, which had six universities in attendance.
Prof. Umaru Pate, Vice Chancellor of the Federal University of Kashere, Gombe State, explained the need to invest in youth education.
Pate, who was chairman of the occasion, said the classroom was supposed to be ahead of the newsroom, but the situation had not been so.
He said the tertiary institutions’ curriculum had not been up to date because of the impact of the internet and emerging technology.
He called for deliberate efforts to boost knowledge in the advertising industry while commending ARCON for taking bold steps.
“We cannot afford to have a digital environment with analog students,” he said.
Other speakers discussed how to move with the digital age revolution, bridge the gap between town and gown, and how students could get internships and sponsorships.
The event also featured advertising pitch competitions with six institutions.
They include University of Ilorin, Covenant University, Federal University of Kashere, Ebonyi State University, Rivers State University, and Lagos State University. (NAN)(www.nannews.ng)
L-R: Company Secretary/General Counsel, REX Insurance Ltd., Ms Sheila Ezeuko; Managing Director/CEO Ebelechukwu Nwachukwu, REX Insurance; Commissioner for Finance Lagos State, Mr Abayomi Oluyomi; Chairman REX Insurance, Mr Ike Chioke and other dignitaries at the inauguration of the refurbished Headquaters of REX Insurance on Thursday in Lagos
Lagos, June 27, 2024 (NAN) Royal Exchange General Insurance Company Ltd. has changed its corporate identity to REX Insurance.
The firm also inaugurated its refurbished headquarters in Lagos on Thursday.
Speaking at the inauguration of the new Head Office in Victoria Island, Lagos, Gov. Babajide Sanwo-Olu, commended REX Insurance for providing Lagosians and Nigerians with reliable and innovative insurance solutions.
Sanwo-Olu, represented by Mr Abayomi Oluyomi, Commissioner for Finance, Lagos State, described the insurance firm as a forward-thinking company ready to embrace the future.
The governor highlighted that the solutions provided by REX Insurance have fostered security and empowered countless individuals and businesses.
He noted that the refurbished Head Office signified not just a physical space but a springboard for REX Insurance toward a brighter future, growth and success.
“I congratulate the chairman and members of REX Insurance on this milestone achievement.
“The unveiling of the new brand identity is equally exciting; a refreshed logo and renewed focus will position the insurance company for continued leadership in the ever-evolving insurance sector.
“This spirit of innovation resonates deeply with the present Lagos State administration’s vision for the state, as we strive to become a mega city,” he said.
In his welcome address, Mr Ike Chioke, the Chairman, Board of Directors, REX Insurance, stated that this milestone marked a significant chapter in the company’s journey, reflecting its commitment to growth, innovation and excellence.
Chioke explained that the decision to move to the state-of-the-art Head Office was driven by the underwriter’s vision to create a workspace that meets the needs of its employees and symbolises its forward-thinking ethos.
According to him, the new facility represents a new era for the company.
“One where we are better equipped with advanced technologies and improved facilities to serve our customers, foster collaboration and drive innovation.
“Staff well-being is paramount to us; to enhance their health and wellness, we have installed a state-of-the-art gym facility.
“To foster a family-friendly work atmosphere that prioritises the needs of working parents, we have also set up a creche for our nursing mothers,” he said.
In her remarks, Mrs Ebelechukwu Nwachukwu, Managing Director of REX Insurance, said the new headquarters would serve as a hub of innovation and collaboration.
Nwachukwu stated that the revamping of the company’s brand reflects the changes that occurred in its business over the last three years and the ongoing transformation.
She noted that the significant milestone in the journey of a company that started in 1918 was a testament to the hard work, dedication and vision of everyone involved.
She noted that the new vison statement of the insurer was to be the preferred Nigerian insurance company that speaks to its desire to be the preferred place to work.
According to her, the insurer has also revamped all its locations in Abuja, Port Harcourt, Ibadan, Benin, while setting up services on the Lagos Ikorodu road, to ensure the same standards across all the locations where it operates.(NAN)(www.nannews.ng)
Reps to investigate renewable energy investments performance
Investigation
By Constance Athekame
Abuja, June 27, 2024 (NAN) The House of Representatives says it plans to conduct a thorough investigation on the underperformance of investments in renewable energy.
Rep. Afam Ogene, Chairman House Committee on Renewable Energy, said this in Abuja on Thursday at the workshop on aligning strategies across the Nigeria Energy Transition Plan’s five key sectors with net zero commitments.
The workshop is with the theme, ’’Aligning Energy Transition Programme (ETP) Sector Strategies with Net Zero Commitments’’ organised by the Renewable Energy Association of Nigeria (REAN).
Ogene said that the House had mandated the committee on renewable energy to conduct a comprehensive investigation into government agencies involved in renewable energy investments, procurement, and grant management since 2015.
He said that the resolution followed a motion sponsored by Rep. Okey-Joe Onuakalusi, representing Oshodi/Isolo Federal Constituency, Lagos State.
The motion according to him was on the urgent need to investigate government investments and grants received in the renewable energy sector from 2015 till date.
“In spite of significant investments and grants, including a 750 million dollar World Bank facility approved in Dec. 2023, and over 2 billion dollar received as investments and grants in the past decade.
“The sector has failed to show tangible progress or contribute meaningfully to the national grid, “he said.
According to him, the House is concerned about the seeming lack of transparency and accountability in the management of these funds.
Ogene said that as chairman of the committee on renewable energy, he would conduct a thorough investigation, leaving no stone unturned, to uncover the truth behind the sector’s underperformance.
He also said that the committee would ensure that the House’ mandate was fulfilled, and appropriate action taken against individuals or organisations found to have mismanaged funds or engaged in unethical practices.
“The investigation aims to hold accountable those responsible for the sector’s poor performance and release the sector from dullness and stunted development.
“Promoting in the process, sustainable economic development and addressing Nigeria’s persistent electricity challenges, ‘’he said.
Ogene appealed to REAN as stakeholders in the renewable energy sector to provide relevant information about the investments and grants in the sector within the period.
“The National Assembly is committed to supporting the renewable energy sector through legislation and oversight.
“This we must do to ensure that we move forward in our commitment to the net zero emissions journey as a nation.
“I urge REAN to continue its excellent work in advocating for policies and programmes that support the growth of the renewable energy sector.
“Let us work together to create a sustainable energy future for Nigeria, “he said.
Earlier, President of REAN, Mr Ayo Ademilua, said that the workshop was to track how Nigeria had fared in its commitment in the energy transition programme plan.
He said that the commitment of REAN to Nigerian Energy Transition Programme (NETP) was the reason the association monitored the progress so far.
“So this particular event is to measure the tracks across different sectors, the cooking sector, the transport sector, the industrial sector, to see how much we have done concerning energy transition in Nigeria.
“We are moving forward but a bit slowly. I believe that there is room for improvement in terms of the speed towards our commitment.
“But I see that there is the willpower on the government side to see how the ETP can move forward, but we need to move a little bit faster, “he said.
Ademilua said that one of the challenges of the transition programme was funding adding that more commitment by the nation was needed to make it work.
“Our people need a paradigm shift because the energy transition plan and commitment is not just a government commitment alone; all of us are in it.
“We have to plan to make sure that we do all that we are supposed to do,” he said (NAN)(nannews.ng)
Comptroller Faith Ojeifo during a news conference at the Area Command headquarters in Ilorin on Thursday.
Revenue
By Afusat Agunbiade-Oladipo
Ilorin, June 27, 2024 (NAN) The Kwara Command of Nigeria Customs Service generated more than 10 billion in five months to surpass the amount realised from the same period in 2023, an official has said.
The Command’s Area Comptroller, Faith Ojeifo, told newsmen on Thursday in Ilorin that a comparative review of year 2023 indicates that the command surpassed the revenue with a 40.41 percent increment.
“From January to May 2024, we collected and remitted a total sum of N10, 027, 580,694.63).
“A comparative review of the preceding year 2023 indicates that the command surpassed what was collected same period last year with N2,885,779,644.03, which represents 40.41 per cent increment.
“Within the period under review, I rejig my operation teams which had led to 21 seizures of different prohibited items.
“These include 507 bags of foreign rice, one unit of used vehicles, 1,055 pieces of used tyres, 164 jerry cans of PMS of 25 litres each (4,100 liters). The total duty paid value is N35,416,140,000,” he said.
The Comptroller, however, announced that the command had donated some food items to vulnerable people in the state.
He said this was through the state’s Commissioner for Social Development, Mrs Abosede Burahimo, and that of Women’s Affairs, Folashade Opeyemi.
Ojeifo thereafter presented some relief materials on behalf of the Comptroller-General of Customs, Mr Bashir Adeniyi, to the Kwara Ministry of Social Development.
“We are aware that the ministry is not a revenue-generating ministry and only benefits from monthly allocations from the State Government.
”That is why we are recognising the tireless efforts of the ministry in serving the less privileged, the vulnerable and the disabled in the society,” the comptroller said.
Ojeifo said that the items donated include cartons of indomie noodles, spaghetti, sugar, toilet paper, semolina, cartons of tin and sachet milk.
”These are all aimed at providing relief, comfort, support, and hope to those who have been affected by specific crises or challenges.”
Responding on behalf of the state government, Burahimo lauded the support and promised that the items would be judiciously shared to the needy.
Ojeifo said the command also gave out empowerment equipment to the Customs Officers’ Wives Association.
“After months of extensive training of registered wives and widows of Customs officers in different empowerment training programmes, such as baking, cosmetics, sewing, and other skills acquisition, today under my leadership, we are empowering 67 wives and widows of Customs officers with sewing machine, baking oven and make-up kits.
“The aim of the empowerment is to keep you busy, self-dependent and productive while we are far away from home, which will no doubt reduce the burden of always waiting on your husbands,” the Comptroller said.
Crypto
By Ginika Okoye
Abuja, June 27, 2024 (NAN) The Securities and Exchange Commission (SEC) says the regulation of crypto-currencies and other digital assets are under its full control and regulation.
The Director-General of SEC, Dr Emomotimi Agama, said this at the first Annual Conference of the Association of Capital Market Academics of Nigeria (ACMAN) on Thursday in Abuja.
Agama described crypto assets as digital or virtual assets utilised by cryptography for security.
He said there were over 15,000 crypto currencies created which had Bitcoin as the most popular.
The director-general said that the regulatory landscape for cryptocurrency was not yet firm even in the United States.
According to him, Nigeria’s crypto transaction volume had reached $56.7 billion between July 2022 and June 2023, hence the efforts by SEC.
Agama quoted a survey which said that 33.4 per cent of Nigerians were using or owned crypto currencies.
”Secrecy of crypto usage is what is driving its adoption by the youth.
”Some people don’t have bank accounts but they have crypto wallet.
”Crypto is like an air, can you cage it, No. What you can do is to build a risk management around it, ”he said.
Agama said the commission would continue to educate investors on the risks associated with digital assets to be able to make wise investment decisions.
Chief Osita Izunaso, the Chairman, Senate Committee on Capital Market, said the country required effective crypto regulation to benefit from the gains of the market.
Izunaso said the absence of effective regulation on crypto currencies had exposed so many investors to fraud.
He called for synergy from all stakeholders to harness opportunities in the crypto space.
The Director-General of the Debt Management Office, Ms Patience Oniha, called for awareness creation to educate investors to make informed decisions.
Mr Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation, said that crypto currencies had come to stay as younger people were patronising the market.
Hassan called on SEC to constantly update investors with unbiased information of the associated risks of trading in the crypto market.
Prof. Uche Uwaleke, the President, ACMAN, said the conference was aimed at considering the possibilities of expanding the financial sector regulations.
Uwaleke said the conference would also explore ways to accommodate crypto assets within the regulatory space.
The News Agency of Nigeria (NAN) reports that ACMAN conferred awards on many stakeholders in the financial and capital markets for their various contributions in moving the markets forward.
The conference was organised by ACMAN in collaboration with SEC. (NAN) (www.nannews.ng)
GINI/JNC
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Edited by Chinyere Joel-Nwokeoma
