News
SEC Partners NAICOM, CMOs in Enhancing Commodity Supply Contracts
The Securities and Exchange Commission (SEC) has said it is planning to collaborate with the National Insurance Commission (NAICOM) and Capital Market Operators (CMOs) to enhance commodity supply contracts and eliminate disruptions in the commodities market.
Its Director General, Lamido Yuguda, stated this during the Post Capital Market Committee (CMC) meeting which held in Lagos on Friday.
Responding to questions from journalists, Yuguda stated that the commodities market is a market for contracts in the supply of commodities and exists because it facilitates the sale of commodities between producers of commodities, like agricultural commodities or mineral commodities, to the buyers.
He noted that there are risks associated with investments particularly in the commodities market and noted that to ensure active participation in the market, investors look to insurance to secure their investments.
“The role of insurance is key to the commodities market because it helps commodity suppliers to be able to perform under the contracts of supply and ensure that the market is not disrupted.
So, we have been working with NAICOM to get insurance companies to work with capital market operators, especially commodities exchanges to de-risk that segment of our economy that is the agricultural commodities segment. That is essentially where the link between the insurance and commodities segment is quite important”, Yuguda said.
He further noted that the ISA bill which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate will hopefully be submitted to President Bola Tinubu for assent by the first quarter of 2024.
According to him, the ISA bill is capable of transforming Nigeria’s commodities market from a mono product economy to a more diverse and active economy. He also added that the bill will provide a better framework for sub-nationals and international organisations to borrow from the capital market as well as Federal government agencies.
He revealed that the SEC is working on developing Shariah-compliant liquidity instruments for the commodities market in collaboration with the Non-Interest Technical Committee and added that this includes plans for the creation of short-term Sukuk with the Debt Management Office.
Outlining SEC’s top priorities next year, Yuguda said that the goal of the commission for 2024 is to galvanize capital market money into financing infrastructure. According to him, this aligns with the broader goal of contributing to the growth of Nigeria’s economy and achieving a $1 trillion economy in the next two years.
The SEC DG expressed confidence in Nigeria’s economic potential, citing its large population as a significant advantage. He emphasized the need to rediscover and leverage the economic advantages the country possesses.
News
Substandard CNG Cylinder is Recipe for Disaster- SON
Standards Organisation of Nigeria (SON) has warned the public against the use of substandard and uncertified Compressed Natural Gas (CNG) cylinders.
The warning is coming in the wake of the unfortunate recent incident of CNG cylinder explosion at the NIPCO CNG Refueling Station in Benin City, Edo State.
In a statement, the organisation said it has put robust and effective regulatory measures in place to ensure that all CNG equipment and conversion kits conform to approved standards before being certified for public use.
“The conformity assessment schemes are designed to prevent the import, manufacturing, and use of substandard products,” it stated.
In addition, SON said it is collaborating with the Presidential Initiatives on CNG and other relevant government bodies to finalise the Nigerian Gas Vehicle Monitoring System (NGVMS) – a platform that will provide centralized monitoring and surveillance of CNG systems to ensure that only vehicles equipped with certified conversion kits can access gas at retail outlets.
“The NGVMS will also offer a database of approved CNG equipment and suppliers which will go a long way in preventing the substandard installations and further mitigating the associated risks.”
News
Access Bank Wins Best Digital, Best Website at 2024 Digital Jurist Awards
Access Bank PLC has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).
In addition to this top honour, the Bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience. Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.
Commenting on the recognition, Amaechi Okobi, Chief Communications Officer of Access Holdings PLC, said, “We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.
This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”
Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence. Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.
Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy. Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.
These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.
News
Foreign Secretary Lammy Unveils Flagship UK-Nigeria Soft Power Campaign
Rt Hon David Lammy MP, has launched a flagship soft power campaign ‘Jollof and Tea’, which celebrates the UK and Nigeria’s cultural and creative ties.
He unveiled the campaign at a reception yesterday in Lagos, on his first visit to Africa as UK Foreign Secretary.
Hosted by the British Deputy High Commissioner in Lagos, Mr Jonny Baxter, the reception was attended by, the Nigerian Minister of Art, Culture, Tourism & Creative Economy, Hon. Musawa Hannatu, the British High Commissioner to Nigeria, Dr Richard Montgomery, CEO of British Film Institute (BFI), Ben Roberts, and other key figures in the creative industry.
At the launch, the UK Foreign Secretary unveiled a first of its kind phone booth, designed by Frederick ‘Dricky’ Stickman, a young, talented Nigerian graffiti and visual artist, based in Lagos.
He reiterated the UK’s commitment to encouraging talent in Nigeria and diaspora, pledging the UK’s support to strengthen partnerships in the creatives sector to benefit both our economies, including through the British Council which celebrated its 80th anniversary in Nigeria (and 90 years globally) this year.
Commenting on the campaign, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter said: “The ‘Jollof and Tea’ campaign is designed to showcase the length and breadth of the UK – Nigeria partnership including the creative and cultural sectors.
“It will help raise awareness about the existing connections between the UK and Nigeria and take forward ongoing efforts by both our countries to strengthen our people-to-people links.”
While in Lagos, the Foreign Secretary attended the closing evening of Art X West Africa’s leading art fair and took a tour of the exhibition alongside Tokini Peterside-Schwebig, founder of Art X.
He also had a mini- bilateral meeting with Hon. Minister Hannatu, to understand Nigeria’s ideas for collaboration with the UK, and how the recently launched UK-Nigeria Enhanced Trade & Investment Partnership (ETIP) can help drive growth in the creative industries.
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