News
Shettima advocates restructuring of capital market system
Vice-President Kashim Shettima has called on leaders in Nigeria’s capital market to restructure the system to attract more youths to leverage opportunities in the sector.
Shettima made the call on Thursday when he received the management of the Chartered Institute of Stockbrokers (CIS) led by its 13th President and Chairman of Council, Mr Oluropo Dada, at the Presidential Villa, Abuja.
He said the restructuring of the sector should include the strengthening of internal mechanisms to checkmate unwholesome practices by unscrupulous persons in the market.
On the contributions of CIS to the nation’s economy, Shettima observed that while the institute’s position in the economy was critical, it has been grossly underutilised over the years.
He called for the complete overhaul of the system and deployment of innovative measures for potential in the space to be fully harnessed.
” There is a need to think outside the box to get more people to participate in the stock market.
“How do you get more youths to be interested in the Nigeria capital market?
” You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market.
” I also want to urge you to go and put in place structures and a mechanism to checkmate sharp practices in the capital market.
” Go and strengthen your internal mechanism for watching your members because a lot of things are happening that have discouraged many people from participating in the sector,” he said.
Shettima noted that a vibrant stock market could lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in happenings in the market.
He assured the institute of the President Bola Tinubu administration’s unwavering support for its activities, including efforts to review the Act establishing CIS.
” And its quest to have members participate in the programmes of the National Institute for Policy and Strategic Studies (NIPSS).”
Earlier, Dada had commended the Tinubu’s administration for its bold and courageous policies, and programme.
He also applauded the administration for the removal of petrol subsidy, banking sector re-capitalisation and reforms in the foreign exchange market.
He called on Nigerians to show more understanding and cooperate with the administration.(NAN)
A coalition of youth organisations has urged the Economic and Financial Crimes Commission, EFCC, to reconsider its wanted tag on socialite, Dr Aisha Sulaiman Achimugu, OFR.
The organisations, Niger Delta Youth Council for Good Governance and Middle Belt Youth Stakeholders’ Initiative said this in a joint press statement they issued on Thursday in Abuja.
According to them, the declaration of Achimugu wanted by the anti-corruption agency came to them as a rude shock.
The joint statement was signed by Comrade Emma Niboro and Ali Ameh for Niger Delta Youth Council for Good Governance and Middle Belt Youth Stakeholders’ Initiative, respectively.
They described Achimugu as a dedicated friend of the youths, who had always shown commitment to the welfare and care of the downtrodden.
According to the youth coalition, “we know the Chairman of the EFCC, Mr. Ola Olukoyede, as a man who came with utmost zeal to sanitize the agency. He has already demonstrated this and we are proud of his achievements so far.
“However, we urge him to resist pressure from politicians, which is a plague that has dwarfed EFCC for several years of its existence.
“The commission had hitherto remained a tool for politicians to undue their perceived political foes and this has always rubbed off on the credibility of the agency.
“The case of Achumugu doesn’t appear to be different in any way, as the haste with which she was declared wanted showed there is a hand of Esau and voice of Jacob.
“Our appeal is that the commission should withdraw the wanted tag on her and give her ample time to report to the commission, as she has never been indicted of any offence whether in Nigeria or outside the country.”
While noting that Achimugu is a global figure, they added that they can always vouch for her integrity.
“We know her, she has always been of immense help to the youths and other members of the society.
“Her closeness to certain politicians should not be used as a tool to persecute or harass her,” the youths further stated.
The Supreme Court has overturned the Court of Appeal’s decision that recognised Julius Abure as the National Chairman of the Labour Party (LP). In a decisive ruling, a five-member panel declared that the Court of Appeal lacked the legal authority to determine the party’s leadership matters.
In a unanimous verdict, the highest court in the land stated that the Court of Appeal had no jurisdiction over the matter. The panel observed that since the case revolved around the internal leadership structure of the Labour Party, it fell outside the jurisdiction of the courts.
The ruling reinforced the long-standing principle that leadership disputes within political parties should be resolved internally, rather than through judicial intervention.
The Supreme Court stressed that leadership struggles within political parties are purely internal matters. According to legal principles, courts should not interfere in such issues, as they fall under the party’s constitution and governance framework. By upholding this legal doctrine, the apex court reaffirmed that political parties must settle their leadership crises independently.
The Supreme Court upheld the appeal lodged by Senator Nenadi Usman and a fellow appellant, ruling that their claims were valid. Their appeal challenged the earlier judgment, arguing that it was flawed due to jurisdictional overreach. After thorough legal scrutiny, the Supreme Court found merit in their argument and ruled in their favour.
The legal battle also involved a cross-appeal filed by supporters of Julius Abure, who sought to challenge the decision against their leader. However, the Supreme Court dismissed this cross-appeal, declaring it unsubstantiated and lacking merit. The ruling effectively ended the legal contest over the Labour Party’s chairmanship, cementing the judiciary’s stance on non-interference in party leadership disputes.
Bitcoin experienced sharp fluctuations following President Donald Trump’s April 2 tariff announcement, initially surging to $88,000 before dropping to $82,000.
By April 3, it stabilized around $83,000, with the broader crypto market down over 4%. Major altcoins like Ethereum and Solana also declined over 6%, hitting multi-month lows.
Analysts see the tariff news as reducing market uncertainty, potentially attracting institutional investors.
Despite higher-than-expected rates, experts believe the clarity could help Bitcoin regain momentum toward $90,000. Bitcoin ETFs, led by BlackRock, recorded $218 million in inflows on April 2, reversing prior outflows.
Kraken’s Thomas Perfumo challenged the idea that institutional interest stabilizes crypto, emphasizing that volatility signals demand for a scarce asset.
Some analysts viewed the sell-off as an overreaction to trade policy concerns, highlighting Bitcoin’s resilience as a store of value.
With ETFs showing strong demand, Bitcoin’s price may stabilize and rise, though market participants remain cautious, monitoring trade policies and economic conditions.