News
SEC Partners SON to Determining Quality, Value of Commodities
The Securities and Exchange Commission (SEC) and the Standards Organisation of Nigeria (SON) are set to take their collaboration on Commodities Trading Ecosystem a step further with the hosting of a Commodities Standards Sensitisation Workshop.
The workshop scheduled in Lagos this week, expected in attendance are Processors, Farmer Groups, Exporters, Farmer Co-operatives, Merchants/off takers as well as Agric Extension Officers.
The Commodities Trading Ecosystem Report had identified standards and grading as essential to determining the quality and value of commodities.
The effective use of these standards is guaranteed to eliminate substandard agricultural commodities and enhance domestic and international trade in commodities originating from Nigeria.
The Commodities Trading Ecosystem Implementation Committee comprising key stakeholders has been working on development of grading and standardization system in line with International best practice.
Consequently, the Securities and Exchange Commission, Standards Organisation of Nigeria, and registered Commodities Exchanges, are organizing a Stakeholders Sensitization Workshop on Agricultural Commodity Standards.
The workshop would bring together stakeholders such as government agencies, farmer groups, processors, Agric commodity exporters, merchants/off-takers, collateral managers, development partners and Agric experts, amongst others to provide feedback on the commodity standards to be considered at the event.
Recently, Mr. Lamido Yuguda, Director General of the SEC, stated that as part of its implementation of the 10-year Capital Market Master Plan, the commission constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a roadmap for a vibrant ecosystem.
“A committee comprising various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified development of grading and standardisation system in line with international best practice,” he said.
Yuguda stated that it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform.
“However, the determination of these grades and standards is dependent upon approved local standards which should take into cognisance internationally accepted standards. Imbibing international standards for export commodities cannot be compromised if the exchanges have to play a pivotal role in export promotion,” he said.
He noted that the establishment of relevant standards would be transformational for the Nigerian commodities trading ecosystem.
“Standards provide consumers with an assurance of fitness of purpose, processors with commodities specifications, and serves as reference point against which features of commodities can be compared.
Other benefits include increase in value to smallholder farmers due to premium paid on high quality commodities, reduction of post-harvest losses due to standard post-harvest handling, packaging and storage, as well as increased employment opportunities through the setup of warehouses and assaying companies to provide quality assurance services,” he said.
On his part, the DG of SON, Mallam Farouk Salim said the agency is excited to collaborate with the SEC as it seeks to develop the capital market in Nigeria and the Nigerian economy at large.
“We are committed to helping our people especially the farmers and support them to attain food sufficiency. If there is standardisation, the banks will be willing to finance the farmers and the commodities can be exported for the much needed foreign exchange to boost our economy,” he said.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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