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Reforms Responsible For Capital Market Recovery – Arunma Oteh

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Arunma Oteh

Arunma Oteh

The Director-General of the Securities and Exchange Commission, SEC, Ms. Arunma Oteh, has hinged the recovery being witnessed in the capital market on the commission’s reforms and zero-tolerance for corrupt practices.

Oteh said this in an interview with BBC News, noting that the focus of the commission on her assumption of office in 2010 was restoration of market integrity encapsulated in the various reform programmes initiated by the commission to sanitize the market.

“The global financial crisis was really bad for Nigeria. We had our market declining from a peak of N12.6 trillion in March of 2008 to a bottom in February 2009 of N3.9 trillion. So, you can imagine what that meant; to every dollar we invested; we lost more than $76. It was that horrible for Nigeria.

“The reforms we initiated were varied, but the most important thing was really to establish that we will not tolerate anything that is wrong in the Nigerian stock market from anybody, whether investing through a company or investing through the exchanges in Nigeria because nobody will ever accept to give another person money if he knows that he will be defrauded. So, that was first and foremost, the most important thing for us. What we call restoring integrity of the market.

“Today, our market has more than doubled since January, 2010 when we started this reform programme. We are back at the level we were in 2008. We have a market capitalisation in our stock market that is over N12 trillion; we have both the domestic and foreign investors fully investing in the market on 50/50 basis,” Oteh added.

She stated that no financial market around the world was as intolerant of corruption as Nigeria was, saying that all those that were found culpable of corrupt practice prior to 2008 global financial crisis were all dealt with.

“Let’s take the financial sector for instance, there was a global financial crisis and we the financial market regulator in Nigeria took a very bold step. The people that needed to be brought to book for wrong doing were all brought to book.

“Those that needed to be punished for illegal acts were punished. Tell me the country in the world that recovered as fast as Nigeria did in terms of making decision as in tackling corruption in the sector?

“We have zero tolerance for corruption because of the cost to us in Nigeria,” she further stated.

She posited that opportunities abound in agriculture, power, oil and gas and other sectors in Nigeria, saying that the only way for both foreign and local investors to fully access the opportunity was to use the capital market as a vehicle.

The SEC boss restated that Nigeria would not meet her $35 billion annual infrastructural needs without the capital market.

“The World Bank said that Africa needs about $100 billion for development of infrastructure; we are told by the Africa Development Bank that Nigeria needs $35 billion per year for infrastructure.

“And we know that it cannot come from the Federal Government’s account. Our total budget is $30 billion to pay salary and others,” she said.

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Nigeria Ranks Third On Global Terrorism Index Despite Drop In Deaths – Report

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Nigeria Ranks Third On Global Terrorism Index Despite Drop In Deaths – Report

Boko Haram

Nigeria has been ranked as the third most terrorized country in the world according to a 2020 report by the Global Terrorism Index (GTI).

The report which was released on Wednesday, ranked Nigeria third only behind war-torn countries of Afghanistan and Iraq.

According to the GTI report, Nigeria witnessed an increase in Boko Haram attacks in the period under review, witnessing her worst terrorist attack in 2019 in northeastern Borno State, where at least 70 people were killed and 10 others wounded when insurgents attacked at a funeral.

Also Read: Presidency Clears Air On N150,000 Monthly Payment To Repentant Boko Haram Members

“Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019,” the report said.

However, the report recognized that terror-related incidents in the country fell by 27% in the same period due to a significant reduction in violence attributed to killer herdsmen.

“This reduction occurred despite a small increase in deaths attributed to Boko Haram, which has been the most active terrorist group in the country over the past decade. Deaths from terrorism in Nigeria are now 83 percent lower than at
their peak in 2014.”

 

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Nigeria’s Communications Minister, Isa Pantami, Loses 13-year-old Daughter

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Nigeria's Communications Minister, Isa Pantami, Loses 13-year-old Daughter

Communications minister, Isa Pantami

Minister of Communications and Digital Economy, Isa Ali Pantami, has announced the loss of his 13-year-old daughter, Aishah Isa Ali.

The Minister took to his Twitter account on Monday night to announce this sad news.

Pantami stated that the funeral prayer for the deceased will be conducted in Abuja on Tuesday at Annur Masjeed, Wuse 2.

Also Read: Gunmen Evict NIDCOM Staff From Office On Minister’s Order

The post by the minister announcing the incident reads; “Inna lil Laahi wa inna ilaiHi Rajiun! My 13-year old daughter, Aishah Isa Ali (Amal) passed away just a moment ago.

“Due to some necessities, funeral prayer tomorrow at Annur Masjeed, Wuse 2, immediately after Zuhr prayer In sha Allah. May Allah forgive and be merciful to her.”

 

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Cult Violence: Wike Imposes Two-Week Curfew Around Okoro-Nu-Odu

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Cult Violence: Wike Imposes Two-Week Curfew Around Okoro-Nu-Odu

Governor Wike

Governor Nyesom Wike of Rivers State has imposed a 24-hour total curfew for two weeks on some parts of Port-Harcourt, the state capital.

The Governor made this known during a broadcast on Sunday where he noted that the curfew begins from Monday 23rd November 2020.

The statement noted that the upsurge noticed by the state government in cases of cult activities, other forms of violence, and killings is responsible for the curfew.

Also Read: Umahi Unhappy With PDP Because Atiku Picked Peter Obi – Wike

Wike in the statement declared that the entire area along and around the Okoro-nodu flyover up to a one-kilometre radius from Saint Emmanuel Anglican Church, Rumuokoro, extending to the Rumuodomaya Slaughter and Local Government daily market will be affected.

He added that no form of trading, human or vehicular movement is allowed in the affected areas until further notice.

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