The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says the Nigerian capital market is a credible platform for medium to long term finance for economic development.
Ahmed said this at a webinar organised by the Securities and Exchange Commission (SEC) in collaboration with the Ministry of Solid Minerals Development on Thursday.
The minister added that the nation’s capital market was a key catalyst for the development of the critical sectors of the economy.
The theme of the webinar was: “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.”
Ahmed said the facilitation of funding and provision of structured market platforms such as the commodities exchanges portends significant addition for the mining and solid minerals sector.
She said the event and its theme were relevant to the economy given the need to diversify and grow the economy, and to enable the nation achieve sustainable development in the post COVID-19 pandemic era.
“The mining sector is strategically based as alternative source for revenue generation in the economic diversification plan of the Federal Government of Nigeria.
“It also has the potential to create employment and develop rural settings for other benefits,” she said.
Ahmed noted that the mineral export guidelines by the Federal Government was formulated to address the need to keep accurate mineral trade data.
She said it was also to ensure effective monitoring of the evacuation of export proceeds, to optimise the collection of royalties, and facilitate the implementation of free shipment inspection policies.
She explained that the initiative of employing the commodities exchange in this regard would encourage responsibility accounting and fairness to governance.
The minister assured of the unwavering support of the Federal Ministry of Finance, Budget and National Planning to ensure the achievement of the overarching objective of the Federal Government to develop the mineral potential of the country.
“The reality is that the nation stands to benefit more in an organised mining and solid mineral extractive industry and the capital market is here to contribute its quota.
“This webinar is a signal that with the appropriate collaboration amongst sectors, institutions, regulators and operators, we can exceed out targets sooner rather than later and Nigeria will reap huge benefits from such forums,” she added.
In a welcome address, SEC’s Director-General, Mr Lamido Yuguda, said with over 44 minerals found across the federation, the solid minerals sector would be instrumental in the on-going quest to diversify the economy.
Yuguda said: “We believe that the Nigerian commodity trading system and indeed the capital market can be the transformational patronage to bring about this positive changes in the sector.
“With opportunities provided for better access to marketing of produce, price discovery and valuable market information, a striving commodities trading ecosystem has the potential to foster inclusive mining prosperity.
“It will also enhance financial inclusion of artisanal miners, foster mineral production, stimulate exports and ultimately engendered economic development, amongst other benefits.
“Undoubtedly, greater connectivity of the mining sector and the commodities trading ecosystem will ensure that mineral commodities could be traded on transparent, efficient and organised trading platform provided by commodity exchanges.”
In his keynote address, Minister of State, Ministry of Solid Minerals and Steel Development, Dr Uchechukwu Ogah, described the webinar as timely because it came at a time that President Muhammadu Buhari, had put all the necessary machinery in place to revamp the sector for economic stability.
Oga, however, expressed disappointment that over 90 per cent of the artisanal miners and small scale operators’ contribution to employment was still very low with a Gross Domestic Production (GDP) contribution of 0.5 per cent.
“We eagerly want to change this through implementation of the roadmap to contribute about five per cent to the GDP by 2025.
“Inadequate funding has been the bane of underdevelopment; it is on this premise that I welcome this partnership with the SEC,” he said. (NAN)
NDIC commences payment of N16.18bn to liquidated banks’ depositors
Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has declared N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation.
A statement by the Director, Communication & Public Affairs, NDIC, Bashir Nuhu, disclosed that the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from 28th September 2023.
The ongoing payment is sequel to an earlier payment of various sums which cumulatively amounted to N45.45bn as liquidation dividends in respect of the 20 banks by July 2023, Nuhu said.
Relevant stakeholders have been requested to visit any of the NDIC offices closer to them or go to the claims page on the corporation’s website, www.ndic.gov.ng to download, complete and submit the verification form with prescribed supporting documents to a dedicated email.
The closed banks covered by the exercise are Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.
Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank and Amicable Bank in-liquidation.
Liquidation dividends represent amounts in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions. They also cover the amount paid to creditors and shareholders of closed banks after full payment to depositors of such defunct banks.
Senate Confirms Appointment Of Cardoso, Others As CBN Governor And Deputies
The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) Governor and four others as Deputy Governors of the apex bank.
They were confirmed on Tuesday following a screening by the upper legislative body.
The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.
Before their confirmation, the nominees had answered questions on matters related to economic and other policies.
During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.
“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.
“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.
“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.
Cardoso’s confirmation comes weeks after President Bola Tinubu nominated him as the acting CBN governor and four others as deputies.
He assumed office last week, replacing the then-acting governor of the CBN Folashodun Shonubi.
The recent appointments followed the suspension and resignation of Godwin Emefiele as the apex bank boss. The Delta-born began his reign in 2014 but got backlash owing to the naira redesign policy.
Emefiele, who was later arrested by the Department of State Services (DSS) but released on bail, is being tried on an alleged N6.9b fraud.
Senate Screens CBN Governor, Deputies Today – Bamidele
The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).
The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with Cardoso to steer affairs of the apex bank in the next five years.
In a statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, the senate will screen all the nominees following its resumption from its annual recess.
The statement said: “The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.
“Dr. Cardoso will be screened alongside four deputy governors namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”
On September 15, President Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).
He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.
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