Capital Market Well Positioned to Aid Realization of Budget 2023

From Abubakar Yunusa Abuja

The Securities and Exchange Commission has expressed the firm belief that the Nigerian Capital Market, being an organized and specialized financial market that drives capital mobilization through domestic savings and foreign capital inflows, is well positioned for the realization of the objectives of the 2023 Budget of Fiscal consolidation and Transition.

This was stated by Director General of the SEC Mr. Lamido Yuguda stated this in an interview Abuja weekend.

Yuguda disclosed that the Nigerian equities market ended the year on a positive note as the NGX All-Share Index (ASI) which started at 42,716.40 points, ended the year 2022 at 51,251.06 points, indicating a 19.98% growth. While the FMDQ, despite the headwinds in the economy, recorded a total market turnover of ₦199.88 trillion by year-end, which was an increase of half percentage point compared to ₦198.93 trillion in 2021.

While stating that the Year 2022 was a turbulent one that brought with it increased inflationary pressure and consequent increase in interest rates for the global economy, he however expressed optimism that inflationary pressures would be managed in the not too distant future.

He stated that the global stock market posted its biggest annual drop since the 2008 financial crisis, with the MSCI World Index of stocks losing about a fifth of its value during 2022, the worst performance in 14 years;

“Last year, the Nigerian economy faced several challenges, including worsening inflation, rising unemployment, huge fiscal deficit, insecurity, and floods. Additionally, oil theft and volatility in oil prices led to difficulties in foreign exchange management.

In an attempt to tame inflation, the CBN raised the monetary policy rate four (4) times during the year, increasing the cost of financing for businesses and dampening corporate activity and performance;

“Despite these challenges, the Nigerian economy grew by 3.52% (year-on-year) in real terms, driven mainly by the services sector, which recorded a growth of 5.69% and contributed 56.27% to the aggregate GDP;

The SEC Boss disclosed that for the safety and security of the capital market, and to address the deficiencies in the Nigeria’s Mutual Evaluation Report (MER), the Commission has issued new AML/CFT regulations and guidelines, which mandate CMOs to comply with stringent reporting obligations, such as, application of RBS by reporting entities, screening of clients against United Nation’s Sanction List before on boarding, and continuous monitoring of clients among others.

He therefore vowed that the SEC will apply zero tolerance to money laundering, terrorism and proliferation financing violations.

“We must all ensure that we continue with the implementation of the revised Capital Market Master Plan (CMMP), alongside the implementation of other initiatives. Over the years, we have relied on the support of CAMMIC, Technical Committees and Working Groups in the implementation of the Master Plan.

“In line with the RCMMP, we will review and align the structure and scope of work of the various technical committees and working groups to ensure seamless implementation of the plan and continue to rely on the stakeholders”.

The SEC Boss assured that in protecting investors and creating an enabling environment for fit-andproper capital market operators to thrive, the Commission will prioritize its planned increase of on-site inspections and improved collaboration with Trade Groups and other relevant stakeholders; He commended the capital market community, for their unwavering commitment, which has played a crucial role in the Commission’s efforts to build a robust capital market adding that, their contributions and support have been instrumental to driving progress in the capital market and the country.

AMAC Chairman urges practise of Ramadan lessons

By Stanley Onyekwere

The Executive Chairman of Abuja Municipal Area Council (AMAC), Christopher Maikalangu has urged the residents, especially Muslim faithful to practice the lessons of the just concluded month of Ramadan.

Maikalangu, who gave the charge while receiving Muslim faithful on Sallah homage at his residence, also emphasized the need to continue to pray for the unity, peace, security and economic prosperity of the country.

He noted that as the Muslim Ummah joined the rest of the Muslim world in celebration of Eid-El- Fitr, signaling the end of the holy month of Ramadan, the period, which they in keeping with the Islamic injunctions, engaged not only in fasting and prayers, but also in various acts of charity and caring for one another.

According to him: “It was heartwarming to note that residents seized the opportunity provided by the Holy Month to show compassion and care for each other, especially the less privileged, irrespective of religious or ethnic differences.

“ I urge us not to limit these acts of charity, love and tolerance to only the holy month but should inculcate this culture into our everyday lives.

“The end of Ramadan should also not signal an end to our prayers. I therefore, enjoin us all to continue to offer supplications to the Almighty for our dear country Nigeria and her leaders for divine wisdom and guidance, especially as they fight our security challenges and political activities in the country.”

The AMAC Chairman, in a statement from his Senior Special Assistant Media and Public Affairs, Kingsley Madaki, also commended the FCT administration and leadership of the security agencies for all the hard work to ensure that citizens living in the nation’s capital Abuja are safe.

Maikalangu thanked the entire residents of AMAC for their support to FCT Minister Muhammad Bello’s led administration that has demonstrated its capacity in road construction and other critical infrastructures as well as support to the AMAC administration.