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SEC moves to introduce fintech in Nigeria’s capital market

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SEC moves to introduce fintech in Nigeria’s capital market

The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda has indicated that the Capital Market would soon be strengthened with Finance Technology

Yuguda spoke on Wednesday when he appeared before the Senate committee on Capital Market to defend the commission’s 2021 budget proposal.

Fintech relates to any business that uses technology to enhance or automate financial services and processes thereby fixing problems in financial infrastructure.

Fintech companies operate by receiving information from customers before helping them make payment, refund a sale, look up details of a transaction, and set up a billing plan among other things.

2020 saw the rise of fintech startups in Nigeria. In October, American fintech giant, PayStripe acquired a Nigerian counterpart, Paystack for over $200 million to expand into the African Continent.

Speaking on plans to launch into fintech, the DG said: “We are implementing the FINTECH road map. We are also contextualising the regulatory independent framework to on board FINTEX into the capital market.

“We have just released draft rules for the crowdfunding in our regulation. We have received set of comments from the market and very soon we will be releasing these rules to the public.”

In his remarks, the Chairman of the Senate committee on Capital Market, Ibikunle Amosun (APC, Ogun) called for strengthening of the country’s Commodity Exchanges to make the market robust and functional.

He said: “We know a lot more can be done, so we urge you to do more especially to introduce new products and consolidate on the existing ones, carry out research on other capital markets across the globe to align with global best practices.”

Amosun equally tasked stakeholders in the sector to work towards domestication of Nigerian products to encourage local investors.

“The Capital Market needs to re-activate our alternate Market, and bring on board unlisted multinational companies, in order to develop a robust Capital Market. These informal sectors as we are all aware is a driving force that will dominate our nation’s economy.

“I encourage all the stakeholders present here to strategise on how to encourage Micro, Small and Medium Enterprises (MSMEs), and multinational companies to participate in the Nigeria Capital Market.

“Let me remind us that, the money market is already dominating the capital market due to reasons such as; system failure, lack of transparency in operations, insider abuse, etc. To this end, the Investments and Securities Act (IST) will be reviewed. We urge all the stakeholders as a matter of urgency to intimate us all areas that require legislation in order to promote the Capital Market”, he said.

On the issue of Unclaimed Dividends, the Senator urged SEC and Central Securities Clearing System to work on it, for investors’ confidence and growth of the Capital Market.

“The idle or dormant funds in our system is quite worrisome considering the role those funds can play in the capital Market.  Any financial system that is characterized with enormous wasteful resources in the midst of lack and financial challenges is not proactive. 

“Stakeholders must come up with robust solutions to harness the idle funds and see how it can be channeled into productive ventures”, he said.

Amosun encouraged stakeholders to study what is obtainable in other Capital Markets across the globe and “enact relevant policy framework to eradicate these dormant resources, proffer long lasting solutions to stem such wasteful occurrence.”

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Sahad Stores moves to invest in Bauchi, as Gov Muhammed welcomes initiative

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Sahad Stores moves to invest in Bauchi, as Gov Muhammed welcomes initiative

By Princess Rose Yusuf, Bauchi

The chief Executive Officer of Sahad Stores Alhaji Ibrahim Mijinyawa has promise to make Bauchi State a business destination with his plan to establish a department store in the State.
Mijinyawa spok when he was received in audience by the executive Governor of Bauchi State Alhaji Bala Muhammed.

The business mogul indicated that he is in Bauchi to bring business opportunities to the people of the State through construction of Sahad super market.

He said with his good relationship with Governor Bala, his company will support him to succeed in the sector of business development.

Receiving the business mogul at Council Chamber, Government House Bauchi. Governor Muhammed expressed gratitude to him for planning to construct a modern market in Bauchi.

Governor Bala with the development, promised to allocate a land for the immediate commencement of the construction exercise of the super market.

He said the super market when established in the state, will go along way in improving business and trade activities in the state for economic development.

Governor Muhammed thanked the CEO of the super market for his support to Nigerians through providing affordable goods and services.

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Gov Sule seeks support from FG to boost agric sector

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Gov Sule seeks support from FG to boost agric sector

From Daniel Abel, Lafia

Nasarawa State Governor, Abdullahi Sule, has sought further collaboration and support from the Federal Ministry of Agriculture and Rural Development to boost agricultural activities and rural roads development.

Sule made the call when he paid a thank-you visit to the Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono, in Abuja, yesterday.

The Governor pointed out that Nasarawa State being an agricultural state, requires the support of the ministry to attain its potential of adding value to the agricultural sector of the country’s economy.

In his appeal, Sule called on the ministry to include Nasarawa State in the Rural Agricultural and Marketing project (RAAM), given its proximity to the Federal Capital Territory and the high number of agricultural activities the minister has indicated interest during his two-day working visit to the state.

The Governor equally solicited the support of the ministry in the area of critical infrastructure like rural roads and water supply.

He specifically reminded the minister of his earlier promise to consider the Doma/Rukubi, Azara/Gindin Asha, as well as the rehabilitation of the Awe/Tunga rural road.

Sule also identified the Lafia/Kilema/Rice Mill internal road, the borehole facilities at the rice mill and cassava processing plant.

“You have seen that Nasarawa State is truly an agricultural state and if properly giving the support, Nasarawa will add value to the agricultural sector of Nigeria,” the Governor said.

He showed appreciation to the minister for taking time out of his tight schedule to pay a two-day working visit to the state, during which he made some promises, with the Governor returning the visit as a follow-up.

Responding, the Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono, said Nasarawa State is key to agricultural development in the country and that with its enormous potentials, the state holds a future for a strong agricultural relationship in the industrial sector.

Alhaji Nanono gave the Dangote Sugar plantation as a testimony of the great potential Nasarawa State holds in especially large scale allied industries.

According to the minister, when fully operational, the Dangote Sugar refinery has capacity to employ 30, 000 people.

“I see that Nasarawa State will be lifted from a rural to a major industrial state. The business acumen that you put into your governance will attract people to the state to invest,” the Minister said.

Alhaji Nanono assured that his ministry will give Nasarawa State support in some rural roads, as well as influence major agricultural undertakings to the state.

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Nationaldaddi Committed To Helping Nigerians Get Affordable Lands, Houses

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Nationaldaddi Committed To Helping Nigerians Get Affordable Lands, Houses

**Floats Estate

A Nigerian young businesses mogul, Ike Bishop Okoronkwo has said that he is committed to helping Nigerians to get lands and houses of their own.

Okoronkwo, who is popularly known as NationalDaddi, has floated his own estate to achieve this commitment.

The estate known as Bishop Court Estate is situated in the city of Abuja and Lagos.

Addressing newsmen in Abuja, Okoronkwo said, “I am committed to helping many Nigerians to get lands and houses of their own.”

He also restated his commitment to help other young Nigerians to grow in entrepreneurship and creativity, adding that his aim of going into different businesses, is to help build Nigeria and its people.

According to his profile, “Nationaldaddi as his popularly known on social media is a man of different parts. He was one of the young Nigerians who won President Jonathan youwin program in 2012 and since then have ventured into so many businesses including IT, entertainment, hospitality, content creation, degital trading and recently real estate.

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