Stock Watch

HEDA lauds NUPRC for demanding oil well owners names

*Says decision foster transparency in energy sector

By Abubakar Yunus Abuja

The Human and Environmental Development Agenda (HEDA Resource Centre) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over its decision to identify the real owners of all lease and licence holder operators in Nigeria’s oil and gas sector.

In a statement issued and signed by its Chairman, Olanrewaju Suraju, the civil society organization described the regulatory commission’s action as ultimate, noting that the decision will further promote transparency and accountable system in the Nigeria’s energy sector. It is indeed the way to go given Nigeria’s endorsement of the renowned Open Government Partnership, OGP

The civil group, which also declared its support for the Nigerian Upstream Petroleum Regulatory Commission in ensuring transparency in the energy sector, added that the organization shared a common vision of transparency and accountability with the commission in the energy sector.

Suraju, further charged NUPRC to call on the law enforcement agencies to ensure the compliance of the operators in providing the required information as directed, and to follow up with review of the information and veracity of the submissions.

The Nigerian Upstream Petroleum Regulatory Commission had earlier issued a seven-day ultimatum for all lease and licence holder operators in Nigeria’s oil and gas sector, to disclose the identity (ies) of the beneficial owner(s), the level of ownership, and details of how control is exerted.

The move, which came on the heels of the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative, and the Corporate Affairs Commission seek to implement the beneficial ownership reporting system, a statutory requirement, which demands full disclosure of beneficial ownership information.

Prudential returns compliance level boosted by 96% in 2022 -SEC

By Abubakar Yunus, Abuja

The Securities and Exchange Commission has stated that it has continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. This the Commission said, has resulted to an improved level of compliance with filing of prudential returns rising to 96% in 2022 compared with 81% in 2021.

Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda who stated this during an interview, described it as a welcome development given the Commission’s quest to pursue a capital market that is based on the principles of increased transparency, efficiency and global competitiveness.

He described year 2022 as another eventful year in which the Commission continued its implementation of sound initiatives that are expected to bring about the much desired market development that would not only deepen the market but also ensure the continued protection of investors.

According to him, “The Commission released Guidelines on the Implementation of Sections 60-63 of the Investments and Securities Act 2007.The NCMI organized training for CEOs, CFOs and other officers of public companies to facilitate their compliance. The Commission also provided filing options for Audited (Annual) and Fourth Quarter Financial Statements.

“The Commission has conducted the Risk Based Supervision (RBS) examination on 20 capital market subsidiaries of five (5) Financial Holding Companies aimed at supporting the entire financial system stability.

“To further protect investors and boost confidence in the Market, the Commission has commenced implementation of 100 percent custody requirement on all Collective Investment Schemes (CIS).

“Also, after a thorough review of the status of privately managed funds, the Commission mandated that Rule 95 should also apply to all Discretionary/ Non-Discretionary Portfolios and Products to ensure the protection of investors’ funds in the Fund Management space”.

The SEC DG Disclosed that a comprehensive onsite inspection exercise was successfully carried out on the 95 registered Fund Managers to ensure that both the Public and Private Funds registered by the Commission are being operated in line with the relevant Rules and Regulations.

On Non-Interest, Yuguda stated that the Commission, working jointly with the Federal Inland Revenue Service (FIRS), the Non-Interest Finance Committee of the CMC and other stakeholders has developed a taxation regulation on noninterest finance.

The Non-Interest Finance (taxation) regulation he stated, has been approved by the Honourable Minister of Finance, Budget and National Planning, and has already been gazetted. This is a positive development that will spur investments in Non-Interest Capital Market products.

He disclosed that the Nigerian Capital Market witnessed significant momentum, with the main equity bourse (NGX) recording a N6.1 trillion increase in the equities capitalization, from N21.82 trillion on December 31, 2021 to 27.96 trillion as at December 30, 2022 representing a 28% increase, outshining most of the global securities markets. The NGX All-Share Index also recorded a 19.98% year-on-year growth from 42,716.44 points on December 31, 2021 to 51,251.06 as at December 30, 2022.

“On the Debt side of the capital market, the S&P FMDQ Sovereign Bond Index closed at 592.84 points on December 14, 2022 indicating a4.8% increase from 565.67 points in December, 2021.

“The Market witnessed this despite relatively weak corporate earnings, investor apathy and slow economic growth. However, we expect to see enhanced growth in 2023 driven by initiatives that target improvement in the business environment, increased liquidity, and possible increase in sovereign bond issuances to finance the budget deficit” he added.

Caption: Residents of CAJAAH Estate protesting against insecurity in the estate.

CAJAAH Estate residents protest over insecurity

By Abubakar Yunus Abuja

Residents of Orozo Mass Housing Estate otherwise called CAJAAH Estate in Nasarawa State on Saturday protested what they described as the distortion of the estate’s plan, and exposure of residents to security threats and armed robbery.

The residents subsequently called on the Nasarawa State Government, the Traditional council in the State and the security agencies to rescue them.

In an interview with journalists on the sidelines of the protest, the Chairman of CAJAAH Housing Estate Landlords Association, Mr. Mathias Amuta, said the lives of residents have been under threat, a situation he said required the urgent attention of the authorities.

He said, “We are tired of this harassment, intimidation, the extortion by the Director of CAJAAH Limited, please save us from these people. We are in a situation whereby we are at work, our families are not safe, we say enough of this.”

Chairman, who was represented by Barrister Tom Egbele, said what prompted this peaceful demonstration was the recent attack on the estate. He explained that in early 2022, Emir of New Karshi, Muhammad Bako III took over CAJAAH Nigeria Ltd. But, Before his (Emir’s) takeover, we made a series of attempts to see him in 2020, asking him for his intervention concerning the crisis amongst Directors in CAJAAH Nigeria Limited, but he refused to grant our request.

Also Speaking, Mrs. Oladipo Grace said,” This situation in the Estate is a major threat to us as residents. Our wives, mothers, and children too and even our husbands have not been at peace. So that is why we are here today to say no more to this. We are under threat. We cannot live peacefully in our homes. We have secured our properties here. We have invested our money here so we shouldn’t be living in fear.”