I 22______________________________________________D_A_I_L_Y__T_R_U_S_T___ Business
T_u_e~_a_~_Ju_n_e_s,_2o_'_2
-------------------------------------------------------ADIC Insurance pays N63mto Keffi market traders
from Chris AgaIN. t.,ctS. ADiG IIlsur.ITtC~ Pk has wuled
c1,lm of N61 million to th~ 16 lrad~n \\·hosc shops w~r~ raud bylh~ fire al th~ K~m Main Mlr ktt In Nasar1lWl Stat~ A 5tat~m~nt (rom th~ com pany mdlaled that the lrad~n
hadtak~n I fir~poIicywllh ADiC
IhllJ th~ 16 K~(fi market tr1ld~n who had their shops dlmagtd by the fir~ were compcnsatN. (or th~irlouu.
Presenting the cheques. the Cllims Opcntions. ADIC InsUr1lncC'. M.r Efa1t1 A Usud~, said th~ KttJemenl would provide I form of n:'spit~ to th~ 16 tl"lld~rs u they would be abl~ to rqKac~ the-If burnt goods With the com~.5Illon received from ADIC Ind Ulrry on With the-Ir lradlng buslncssa. U~ ~nJOlnN. Nigerilns to ~mbface in,uranc~ u It r~mains th~ only nuus for busineu ("on linulty and dTC'ClI~ 'UJt~nanu of a growing «onomy likt Ihat ofNigt'nL H~ad.
'Genetically modified foods safe for humans' l,bbrtn,AUrH\IIII
11-IE Nau mal Biotechnology Devdopment Agency ( 'l.\8DA) sal'S coruumption of GeMtiaJlv Modified (GM) foods wi.ll not pose au, lhf'l"1lt to humlln hnlth as it hiS not
!>em founJ 10 ~.tO in countries where they tu.~ bc-m
lppn:rvtd
NABD \'J DirectorGcncral, Pro(Bamidde Solomon, ,.,ro disdoscd thill in Abu;" Aid the risks (or ll-enoYd (GM) foods arc the Arne as
He u:~a.incd thai there is regulalOfJ
forconvmlion&l ones. Though. he said, countries whkh have pmrisions (or GM roods usually ~atc the
frame:workforGM foods under the Bio-safdoy Unl. of the Ministry of EnvironmenL
pncticc. twng Into account hnlth and cnvi· ronmmt:a1 riJ.ks. as well as control and trade maled 1$SUes.. According to ProlSoIomon. GM crops are CUrTnltly undCf'JOing ftdd trbIs in Nigula and the blo-afety btU passallnlo law by the National. Assembly b currmt/y Iw&illng the
He said most NlgcrliUU Ire &ktrtkal about gtMtk:aUy modified pl.nu and animw bcausc of mlJlnformalton by some sd( acclaimed 1CtMsts.. He said Nigml would benefit imm<nsdy (rom biotechnolosru II would make I .Ignlfi. ani impact on job and ~llth aation, t11Idi -
PraklCfus U$Cl1L
cation ofhungrr and malnutrition.
Gro\Ving the capital market with new initiatives Many ! takeholders in the Nigerian Stock Market believe that the market has begun to enjoy favourable sentiments from investors given the improved regulatory framework.
---'-
The capll.1 muket Is I \lmur b the dre dation and growth ~ wn.Ith gk*>11 y, which it why it is important f,,, ~toNUClk thc ~ Jll how to 1!lYeSt m iL It hdps to i. npr~ the rulUl~ and 10 protKt I )elf In~lln thc
Securities tribunal for market abusrs thlt IN 10 th~ downturn. and ~,. orden of d~ ~t and restitution ofinvaton.. 8a5ed on eviden« of finandal
Sinc~ 2111 0. 5Of'I'te moml
and corpont~ 8O"ft1\allCC bp5c:s. the SEC In 2OIO~.ad the leadcnhipolthe Nigerian Stock ExchanF (NSE). The equity market capitalization nowstandsatN7.18trilllon..1bt
intrgntY lll J leYlYe invatOfS' con-
market has recorded a ynr -to-dat~ em) of0'Ya" eight per ani rom-
""""'-
then uvc: been pfOgnlinmes to reston tho Nige:rian markd·.
fMkn<' 1M Tt8ulatory framework
bc:tnz put in 1"11« by the Security
f..xdwo"
and CommWion ("EC) in the past yearsrmuz ~$USIIJMd. Th~n:' .I consensus ImOll& ~ S that the pros('C'CtS lOr- the natM·n·; atpilal mar\rt tu.~ sin« th~ ("rUbin 2008. bccon~
bnght"
~ r. forms
induded durz '"8 ~ 26 IlndwKtuals Ind miltin bdClff IlC I nVCSUllml and
mi5mlmF~t
pared with a dcdilM' of O\'ef 16 pet'" cmtiast ya.r Thue arc abo new prodllCU. new listing requimnmts. ~tCl" CI{1'KltyamoogoperalonandfCIWaIOrs and I drutlC rN.uction In market infractJon among otMn.. Improving marit~t with new
'"'"'-h~ mruu~t$ tradal m lhe mvket In:' lnangible Ind this is one of the I"lIhonales for resull ' lion It', abo Important to 1Klt~
that finandal mark.eu do not. fOr obYlOlU rn.JOfIs. trod towards equilibrium. AJ I result of this,
Ihq- cannot ~ left to thnr own
dcYka. Rule rmklng b alto OM ofthc ~lItory loW nn~ by tbcSEC to rqulalt' ICtlvnics In the Nigttian capital marbt.. The other 1000 Indudc rcgistr1llion, monitoring. Invuttgalioo and enf()l"CftnCl1t. Slrmgthcntng market inJtllut knu Then: has been an om- hauJ In r«t'N lima In the Capital Market Commitlee (CMC) to entw.a its rdcvaocc to the growth and devclopmmt of the Nigman capital rn.arka Coruequently, the CMe was ~15Cd late last yar with
snm sulKommlllees emaglnl't the end of the curcise. "["M commillces ~ been streamlined to corrcbLt directly with the work tngi of the market. DPI1y Thut learnt that the SEC
h&s cornmcnad diKUSliions WIth the BuTellu of Publk EntJq>nJel on the apprnpriak privatisation model toadopt f(w the AbtqII Securltieland Commodities Eu~ (ASCE) fulkMing ron5U.Itation with the Mlnlstryoff-lnance.oo the W«1d Bank.. EducatinA Nigmans on
inY$irtlin nodi. M part of the dTort to educating Nignians on the Importan« oflnvatlng In the Nigman apital marht. SEC partnttl NoDy· wood to produce I movie trtkd -8rttZC" thai will teach Nigerians about inYcstmenl and saving for thef"utUfC. Arunma Otdt.. the Director Gcnenl of SEC says. "the rom missfon believes thai the capil'" rnarkd is kqt 10 Inuu[orming the society. btaUM' flO natm has grown without its people AvinA to edocat~ thor children and 10 tl"llndOrm the country"
Ewbank is African Bank of the Year
---'-
ECOIlANK TBnSfWionaIlncor· pontN. hu bC'cn named African Bank o( the Year in thb mr's African BankCI"'s awardl. fr:ndJ.ns olf competition from IoU othCl" nornlnca to win the highly «7V etcd prize. A statnnmt from thc bank. aid lIS Group o.icf Eucutive OffJaf", Arnold ape, was abo honored With I Ufrum~ Ach~· menlAwani. The annual awards, whkh reward outstanding talent and .dtkve~l In Afncas finan daI IC'Ctor, wen hdd under the s-tronagt' olThe Afncan On-dopment Bank It its Annual am· craI Medingin AIllIha. TanzanIa. Conun~nting on Ecobank.'s AJCCeH, Omar Ben Yedder, Pub-lisher of A/rlam &nm rmga. ulM',Aid; "It'sbeenanothn mikJaonc ynr (Of Ecobanlt. cspccialIy with th~ acqubition of Dennie Bank in Nign~ and the group prod.KN. I vt'I)' solkl financial prrfurllWlCCovenU. - In tams of ilJ foocpnnlJ and adr~mcnts., it continUCI 10 dm~ forward and remains ahead of its competllors. Its invewnmt banking operations. a1lhough ""a11cr than its rivals:, are grow· ing raptdly, ckKlng a num~ of landmark dc:aIs in 20 11 " Ekpc's outstanding rontribut\on 10 business In Afria, m a Olfttf" spanning over JO yean. wu further recogniud by. Uf~ lime AchkYl-~t Awud In tncfourth Afnon Busrncssl..cadtT stllP Awanb (A81.A)