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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)
The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, says he is willing to step down his presidential ambition in the 2027 elections for a better politician to emerge as the flag bearer of his party.
The lawyer stated this on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.
“Everybody knows that I have an aspiration. I’m working on it but God is the author of tomorrow; we don’t even know who is going to be around in 2027,” Adebayo said.
“It is my prayer to God that if there is a person who God thinks is better than me to fix the problem of Nigeria, my ambition should not stop that person because we want a country that works. That is the kind of thing we are working on at this time.”
Adebayo said the SDP would give Nigerians a candidate that all citizens would be proud of and be ready to give a chance to unseat President Bola Tinubu of the All Progressives Congress (APC) in the next presidential election.
The politician said the SDP won’t divide Nigerians along the delicate lines of religion and ethnicity.
He said, “What used to be an easy discussion – with religion and ethnicity – has become explosive now. So, we will not use the SDP forum to try to bifurcate our people into different zones.
“What we are looking for now is a system where when we make a choice in the SDP, there will be resounding joy outside the SDP and Nigerians will say: ‘Okay, finally, this platform has given the country a chance’.”
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it is actively working to ensure prompt compensation for depositors of the defunct Heritage Bank, specifically those whose account balances surpass the N5 million insurance cap.
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC was designated as the liquidator in accordance with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, alongside Sections 55(1 & 2) of the NDIC Act 2023.
In a recent update regarding the payment of uninsured amounts to Heritage Bank depositors (currently in liquidation), the corporation indicated that it has commenced the liquidation process, which includes verifying and reimbursing insured deposits to all depositors.
The NDIC reported significant advancements in the reimbursement of insured deposits up to the N5 million maximum per depositor. This clarification addresses concerns raised by depositors regarding the payment process.
According to the NDIC management, the depositors who have yet to receive their insured amounts mostly lack a Bank Verification Number (BVN) or do not have alternative accounts in other banks, which would enable the corporation to retrieve their information from the Nigeria Inter-Bank Settlement System (NIBSS) database for payment processing. Additionally, some accounts are subject to post no debit (PND) restrictions, while others face Know Your Customer (KYC) limitations, including Tier 1 accounts that restrict the maximum deposit amount, and issues with name discrepancies that need resolution.
Furthermore, some depositors who have received payments may not be aware due to the absence of mobile transaction alerts on their alternate accounts where the insured funds were deposited by the NDIC. The corporation advises these depositors to review their other bank accounts, as some payments may have been processed without their immediate knowledge.
Regarding the initiation of payments for uninsured depositors, the NDIC confirmed that while depositors with balances exceeding N5 million have received the initial insured amounts, the remaining balance above the N5 million insurance limit will be disbursed as liquidation dividends in line with the corporation’s statutory obligations.
The statement highlighted that the corporation has made significant progress in liquidating physical assets and recovering debts from the failed bank to expedite payments to depositors with balances above the insured threshold.
The NDIC emphasized, “To showcase our commitment, the corporation has initiated the liquidation of physical assets and investments while concurrently pursuing aggressive debt recovery, alongside the verification and payment of insured sums.”
“To ensure transparency and adherence to legal standards, the NDIC has extensively publicized the asset disposal process on its official website, social media channels, major national newspapers, and through radio and television broadcasts.”
The corporation’s strategy of simultaneously compensating insured depositors while aggressively pursuing asset liquidation and debt recovery aims to hasten the liquidation process, ensuring all depositors receive their funds without unnecessary delays.
The NDIC further stated, “With significant progress in asset realization, we plan to announce the first tranche of liquidation dividends in April 2025, which will be allocated to uninsured depositors on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023 addressing the priority of claims.”
For clarity, this section specifies: “In the event that an insured institution is unable to fulfill its obligations or suspends payments, or if its management is taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be utilized to meet its deposit liabilities, which take precedence over all other liabilities.”
Therefore, other claimants of the defunct Heritage Bank, including creditors and shareholders, will only be considered for liquidation dividends after all depositors have been fully reimbursed.
The NDIC reiterated its commitment to safeguarding depositors’ funds in all licensed banks, urging the public to engage in banking activities without apprehension, as all other banks remain stable and secure.
Affected depositors with further inquiries are encouraged to reach out to the Claims Resolution Department of the NDIC for additional clarification.
German Chancellor Olaf Scholz expressed on Sunday that Europe seeks collaboration with the United States, while simultaneously asserting that the EU is ready to take unified action if Washington enforces tariffs on steel and aluminum.
During his address at the Hanover Industrial Trade Fair, which this year highlights Canada as its partner country, Scholz underscored Canada’s status as an independent nation.
This statement follows former US President Donald Trump’s remarks about the potential annexation of Canada, referring to it as the 51st state of the US.
“We stand alongside you. Canada is not a territory to be claimed by anyone else. It is a proud, sovereign nation,” he affirmed.
In response to Trump’s tariff proposals, the Chancellor articulated that his counter to “America First” policies is a call for enhanced free trade, increased competitiveness, and greater technological independence.
He emphasized that Europe is neither naive nor weak, asserting that trade conflicts are harmful to all parties involved.
“I convey this message to the United States: Europe’s objective remains cooperation. However, if the US forces our hand through tariffs on steel and aluminum, we, as the EU, will respond collectively,” he concluded.