NEWS AGENCY OF NIGERIA
Education

Alumni urges stronger support for education

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By Taiye Olayemi

Victory High School (VHS) Ikeja Old Students’ Association, 1981 set, says quality education is crucial in alleviating poverty in Nigerian society.

The group urged all tiers of government to boost the education sector by increasing annual funding and reviewing the curriculum regularly.

Mr John Kayode, President of the group, stated this during the Annual General Meeting and New Year Get-Together held on Saturday in Lagos.

Kayode said: “Education plays a key role in reducing poverty and enhancing national development. Government must prioritise budgetary allocation to education.”

He added that UNESCO recommends allocating 4 to 6 per cent of a country’s GDP to education and Nigeria should adopt this benchmark.

“Between 10 and 20 per cent of the education budget should be channelled into teacher training, infrastructure, and educational equipment,” he said.

He further stated that the curriculum should be frequently reviewed by experts across sectors, focusing on 21st-century skills, especially technology.

“Well-paid, well-motivated and qualified personnel must be engaged at all levels—primary, secondary and tertiary,” Kayode stressed.

He also advocated for the implementation of genuine free education, including tuition and boarding, up to senior secondary school level nationwide.

Kayode acknowledged that the current Universal Basic Education (UBE) programme is commendable but insufficient, as it ends at junior secondary level.

He called for a holistic educational approach, urging collaboration between non-profits, corporations and religious bodies to support government efforts.

Such support, he said, should include scholarships, school meals, and other forms of assistance for students and schools.

He explained that collaboration would reduce Nigeria’s high number of out-of-school children, a longstanding challenge to the sector.

“Improving education also means ensuring security across schools nationwide,” he said.

Kayode urged community participation in school development, involving both local authorities and residents in the process.

He said communities must ensure children are in school during class hours, not roaming the streets.

“All of us must ensure our children, and those of our neighbours, receive an education. Education is not a scam,” he added.

Mr Taiwo Salami, Global President of the Alumni Association, urged members to uphold unity and advance the group’s mission.

He revealed plans to create a website for the group and renovate its global secretariat, which is in poor condition.

Chief Richard Ahonaruogho, Global Board Chairman and Patron, praised the 1981 set as “first among equals”.

He said they had shown great dedication and unity in the alumni community.

“You’ve set a high standard. The first to produce an OFR awardee and a governor. Truly admirable,” he stated. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Economy/Business

Afriland Properties records N2.6bn profit for 2024

122 total views today

 

By Taiye Olayemi

Afriland Properties Plc has achieved a profit after tax of N2.6 billion in 2024, representing 51 per cent increase from N1.73 billion recorded in 2023.

The company’s profit before tax also grew by 53 per cent to N3.70 billion from N2.4 billion posted in 2023.

Mr Emmanuel Nnorom, the Chairman of Afriland Properties, disclosed this during the 12th Annual General Meeting of the company in Lagos on Friday.

Nnorom said that the Board of Directors had proposed N865 million dividend payment for 2024, translating to 63 kobo per ordinary share.

Although, the company had earlier paid an interim dividend of N178 million in the year, which also translated to 13k per share.

According to him, the proposed dividend is 152 per cent higher than N343.5 million paid in the previous year.

“Despite the harsh business environment experienced in 2024, your company recorded an operating profit of N3.5 billion for 2024. This represents a 47 per cent increase above what was achieved in 2023.

“This is attributable to increased level of activities in project development, project management and increased rental income and re-valuation.

“The year 2024 has demonstrated our resilience and adaptability, and we remain committed to fostering sustainable growth and excellence in the real estate sector.

“Looking ahead, we are optimistic about the opportunities that 2025 holds. By staying true to our values of enterprise, execution, and excellence, we will continue to deliver value to all stakeholders,” he said.

 

He said, “During the year, the company initiated 34 projects with 10 of the projects completed at year end, while 24 are at various stages of completion across different locations in the country.”

Also speaking further on the company’s performance, Mr Azubike Emodi, the Chief Executive Officer of Afriland Properties, assured shareholders of growth generally, especially in dividend payment for the current year.

Emodi noted that the company recorded earnings per share of N1.90, refecting 51 per cent increase when compared to N1.26 paid in 2023.

He explained that the company’s total assets rose by 43 per cent, year-on-year, to N49 billion in 2024 as against N34 billion recorded in 2023.

“This growth was driven by the acquisition of new properties, fair value gains on investment properties, and a rise in the share price of the company’s equity investment.

“Shareholders’ funds rose significantly by 43 per cent to N34.93 bilion in 2024 when compared to N24.49 billion in 2023.

“This growth was driven by proft after tax for the year and gains from equity investments,” he said.

Shareholders took turns to commend the management of the company upon the announcement of the company’s 2024 financial year report

A shareholder, Mr Adewale Oyenuga, urged the company to ensure gender balance, saying only nine female were currently involved in the company’s managerial positions.

Mr Moses Onyeka commended the company for the profit and dividends declared for the 2024 financial year.

Also, Mr Gafar Ololade commended the company’s outgoing managing director, Ms Uzoamaka Oshogwe, for her outstanding performance and focus on upscaling corporate social responsibility activities.

Another shareholder, Mr Balogun Okelana, expressed his admiration for Nnorom’s leadership qualities and for being accessible to shareholders and stakeholders.

He described the company as being dividend-friendly. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Culture & Tourism

Terra Academy celebrates 8,000 graduands, applauds power of creativity

168 total views today

 

By Joan Odafe

 

The Terra Academy for the Arts (TAFTA) on Friday in Lagos graduated 8,000 individuals in various creative disciplines, including script writing, animation, light, and sound design.

 

The ceremony, which is the academy’s third edition, was attended by students from TAFTA centres in Lagos, Ogun, and Kano, many of whom joined the celebration virtually.

 

The event, with the theme, ‘Celebrating Creative Transformation’, is in collaboration with Mastercard Foundation.

 

The Founder and Artistic Director of TAFTA, Mrs Bolanle Austen-Peters, said the graduation was a celebration of creativity and perseverance, and also the transformative power of the arts.

 

According to Austen-Peters, TAFTA, which was inaugurated during the COVID-19 pandemic, has impacted over 30,000 individuals through its free creative training programmes.

 

She urged the graduands to put the training, tools acquired, their talents and voice to great use in transforming the world, by uplifting others and challenging injustice.

 

“Anybody else that you can think of that has put a play, a movie or any form of creativity, starts with one thought.

 

“So, it’s a blank page, and so does every great life.

 

“All of you are blank pages, but it is what you put in that page that makes you a great person later on in your life,” she said.

 

She thanked the foundation for supporting free education and investing in futures that might otherwise have gone unseen.

 

Also, Rosy Fynn, Country Director of Mastercard Foundation, praised the academy for its role in advancing inclusive and transformative creative education.

 

Acknowledging the resilience, creativity and growth of the graduands, Fynn said they were not just acquiring skills but also becoming confident change-makers in Nigeria’s booming creative economy.

 

She noted that the foundation was keen on women, diversity, and inclusion, in order to bring reality to everyone’s vision regardless of their circumstances.

 

According to Fynn, in spite of Nigeria’s music, fashion, theatre and visual arts reshaping narratives about Africa, there is an inequitable access for young women and persons with disabilities to the economy.

 

Citing a PwC report, she said: “The creative and cultural industries are projected to contribute $15 billion to Nigerian GDP by 2025.

 

“And it’s been reported that the sector has the potential to create 2.7 million jobs in 2025,” she said.

 

Speaking at the event, renowned Nigerian actor and writer, Bimbo Manuel, charged the graduands to uphold competence and integrity as they enter the creative industry.

 

Manuel, who has nearly five decades of experience in television, theatre, film, and broadcast, urged the graduands to develop their career beyond certificates.

 

“If you leave this place and you’re hoping to ride the waves of this business on the strength of your certification, I think you’ve been in self-deception.

 

“Nobody will give you any offer if you do not or are not able to prove yourself,” he said.

 

Nigerian reality TV star and actress, Bamike Adenibuyan, popularly known as Bambam, said being passionate and unapologetically authentic, would help the graduands excel in their various crafts.

 

BamBam, who is a TAFTA ambassador and a protégé of the academy’s founder, urged the graduands to give any opportunity they are given the best they have.

 

“Do not change for anybody, do not fall for peer pressure. Be unapologetically, authentically you,” she urged them.

 

The Academy Lead of TAFTA, Mr Joseph Umoibom, told NAN that the programme, which lasted for three months, was done mostly virtually by the students.

 

Umoibom said though the training was free for individuals between 18 and 35 years, there was a focus on training females, so they could be more actively involved in the technical aspects of film and theatre.

 

Highlighting the challenges of the programme, he said some of the students struggled to get data to join classes virtually, and fare for onsite training and rehearsals.

 

Umoibom urged institutions, communities and religious organisations to partner by ensuring students had access to the free trainings.

 

The News Agency of Nigeria (NAN) reports that the students showcased performances, including stage plays and short films, during the event.

 

One of the graduands, Favour Udechukwu, said the programme was an opportunity, and a dream fulfilled for her.

 

According to Udechukwu, who is also an undergraduate Computer Science student, she wants an opportunity into the creative industry as a scriptwriter.

 

“I expect to be a big movie star in the next three to four years,” she said. (NAN) (www.nannews.ng)

Edited by Folasade Adeniran

Culture & Tourism

Olumo Rock Tourist Centre closes for renovation April 14

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By Joy Akinsanya

 

 

 

The Ogun State Government on Friday disclosed that Olumo Rock Tourist Centre will be closed temporarily from April 14 for renovation and facelift of the centre.

 

 

 

Mr Sesan Fagbayi, the state’s Commissioner for Culture and Tourism, in a statement in Abeokuta, said the renovation was to boost tourism and preserve cultural assets across the state.

 

 

 

Fagbayi noted that the development was part of a broader commitment to revamp one of the most iconic tourist destinations.

 

 

 

He assured that the renovation would improve visitors’ experience and ensure safety measures.

 

 

 

Fagbayi explained that Olumo Rock receives over 70,000 visitors annually, necessitating a befitting outlook.

 

 

 

He apologised to tourists and the general public for the inconveniences the development might cause, adding that updates would be communicated as work progresses. (NAN) (www.nannews.ng)

 

Edited by Augusta Uchediunor/Oluwafunke Ishola

General News

Ministry inaugurates anti-corruption unit for transparency, accountability 

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Ministry inaugurates anti-corruption unit for transparency, accountability

 

 

 

By Vivian Emoni

 

The Ministry of Industry, Trade and Investment has inaugurated its Anti-Corruption and Transparency Unit (ACTU) to strengthen and enhance accountability and integrity within the public service.

 

At the inauguration ceremony on Wednesday in Abuja, Amb. Nura Rimi, Permanent Secretary of the ministry, said that the initiative demonstrated the ministry’s commitment to achieving good governance.

 

Rimi said that the initiative aligned with the Federal Government’s Renewed Hope agenda, prioritising ethical governance for national development.

 

“The ministry takes a significant step toward a corruption-free environment with the ACTU inauguration. It reaffirms its dedication to ethical standards and good governance.

 

“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) provides strategic guidance in combating corruption.

 

“The establishment of the ACTU is a cornerstone of the Federal Government’s unwavering stance against corruption,” he said.

 

Also speaking, Dr Musa Aliyu, Chairman of the ICPC, commended the ministry for its proactive step in inaugurating the ACTU.

 

Aliyu emphasised ACTU’s critical role in upholding ethical standards.

 

According to him, the unit will promote discipline and integrity across the ministry, and also uphold principles of ethical conduct and professionalism in service delivery.

 

“This move is expected to enhance the ministry’s institutional reforms and contribute to a corruption-free environment,” he said. (NAN) (www.nannews.ng)

 

Edited by Maureen Ojinaka/Kadiri Abdulrahman

Economy/Business

ICSAN targets N3.5bn national secretariat, seeks govt., private sector support

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By Rukayat Moisemhe

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has called for the support of government and private sector players in the building of its N3.5 billion national secretariat in Lagos.

 

Mr Francis Olawale, Honorary Treasurer, ICSAN, made the call during a news conference for a fundraiser for the building on Thursday in Lagos.

 

Olawale noted that the call for support was important because chartered secretaries and administrators held very important roles in the economic build up of the nation.

 

According to him, they are high-ranking professionals trained to uphold the highest standards of corporate governance, effective operations, compliance and administration.

 

Addressing the new national secretariat, Olawale stated that while its foundation was nearing completion, the next stage was the building of the superstructure to sit on the foundation.

 

He revealed that the expected cost for completion of the building as projected by the contractors, Fortuna Engineering Ltd., was N3.5 billion.

 

Olawale stated that a fundraiser to support the institute’s project would hold on April 14.

 

He said that dignitaries which included the Central Bank of Nigeria Governor, Mr Olayemi Cardoso; Minister of the Federal Capital Territory, Mr Nyesom Wike, state governors and captain of industries would be present.

 

“The event will be the first of its kind towards realising one of the dreams of the founding fathers of ICSAN which is to have a befitting multipurpose national secretariat.

 

“The institute, established in 1966, is one of the leading professional bodies in Nigeria and a leading voice on corporate governance and public administration.

 

“While the plan for ICSAN’s new secretariat was conceived over the years, the actual journey began precisely on July 5, 2024 with the sod turning ceremony to formally commence the project,” he said.

 

Olawale noted that over the years, ICSAN had promoted the ideals of corporate governance through periodic issuance of policy papers and guidance materials on corporate and public administration.

 

He added that for the past 59 years, the institute had also produced seasoned professionals who had contributed and were still contributing their quota to the nation’s economic advancement.

 

According to him, many of the institute’s members are at present occupying various responsible and enviable positions across the whole gamut of Nigeria’s socio-economic life.

 

He stated that the new ICSAN secretariat, when completed, would also enhance the aesthetic quality of the Alausa business district area. (NAN)(www.nannews.ng)

 

Edited by Christiana Fadare

Defence/Security

NGO, correctional services, collaborate to advance implementation of Non-Custodial measures

139 total views today

 

 

By Abiodun Abegunde

 

Prisoners’ Rehabilitation and Welfare Action (PRAWA), a Non Governmental Organisation (NGO), on Thursday in Lagos, commenced a two-day training for officers of the Nigerian Correctional Services (NCoS).

 

The training with funding from the Rule of Law and Anti-Corruption (RoLAC ) is with the theme: “Strengthening the Capacity of Correctional Officers Towards Advancing the Implementation of Non-Custodial Measures”.

 

Speaking at the opening of the training, Dr Uju Agomoh, President, PRAWA,  said the focus of the NGO was on issues bordering on justice sector reforms, adding that the organisation had done quite a lot around correctional services.

 

She said that the training would look at challenges such as over crowding in custodian centres  among other problems.

 

She noted that participants of the training were officers from the correctional services, working in the community sector called non-custodial.

 

“The Nigerian Correctional Services should encourage every step they need to take to ensure they give support to the non custodial directorate as a unit of the NCoS.

 

In her remarks, Ijimakinwa Ajibola, State Project Coordinator, RoLAC, Lagos, said that during the first phase of the programme which ended in 2023, the organisation supported PRAWA to implement non custodial solutions in the NCoS.

 

Ijimakinwa said that this second round of funding to PRAWA, was about advancing the implementation.

 

“As we know, community service has been entrenched  in most of our states, there are still some other measures and solutions that have yet to be advanced like parole, suspended sentencing, restorative justice and probation.

 

“The essence of the support is to ensure that other non custodial measures are implemented in all our focal states which are Anambra, Edo, Pleatue, Abia, and Lagos.

 

“PRAWA has been a CSO on ground that has done the ground work as per ensuring that the Act was passed in 2019, so of course it is important that they are part of the implementation process” she said.

 

Similarly, the state Controller, Nigerian Correctional Service, Lagos Command, George Daramola, said in 2019, NCoS was restructured into two distinct entities; Custodial and Non-Custodial Services.

 

Daramola said that the establishment of Non-Custodial service was a strategic decision aimed at decongesting custodial centers while ensuring that offenders receive appropriate interventions to aid their rehabilitation and reintegration into society.

 

He said that NCoS was particularly happy about enhancing the understanding of the Nigerian Correctional Service Act, 2019 and exploring effective ways to incorporate non-custodial measures into the nation’s justice system.

 

He added that the focal points of the training; community service, restorative justice, parole, probation and other non-custodial solutions were integral to the ongoing reform efforts within correctional framework.

 

The controller said that critical discussion surrounding the reduction of overcrowding, as well as the reformation, rehabilitation and reintegration of offenders were of paramount important to NCS.(NAN)(www.nannews.ng)

 

 

 

Edited by Deborah Coker

Economy/Business

FG committed to reposition textile industry

124 total views today

 

 

 

 

 

 

By Vivian Emoni

 

The Federal Government has expressed its commitment to repositioning the Cotton, Textile and Garment (CTG) industry for sustainable growth.

 

 

 

Sen. John Owan Enoh, Minister of State for Industry, said this at a Stakeholder’s Meeting on “Revitalising Nigeria’s Cotton, Textile and Garment Industry’’, in Abuja on Wednesday.

 

 

 

The theme of the meeting was tagged “Co-Creating Solutions to Grow CTG Industry in Nigeria’’.

 

 

 

Enoh said the objective of the meeting was to finalise the review of the policy document for the full revitalisation of the sector.

 

 

 

He added that the meeting was also aimed at ensuring sustainable growth and development of the industry in line with global best practices.

 

 

 

“As we seek to revive and reposition the sector, the ministry is fully committed to building a strong policy and institutional framework that reflects today’s realities and tomorrow’s possibilities.

 

 

 

“Your participation will support transparency, amplify stakeholder voices, and contribute to the development of this vital sector.

 

 

 

“But this cannot and should not be done in isolation.

 

 

 

“Your presence here is a powerful reminder that sustainable solutions are best shaped by those who live the challenges, those who drive the innovations and those who carry the vision.

 

 

 

“We appreciate your usual support and cooperation,’’ he said.

 

 

 

Enoh said that the meeting has been convened not just to consult, but to listen, collaborate and co-create.

 

 

 

“I really appreciate your time, your voice, and your willingness to contribute meaningfully to this process.

 

 

 

“Together we can weave a new narrative for the CTG industry, one of reliance, resilience, competitiveness, and shared prosperity,’’ he said.

 

 

 

The minister said that the Industrial Revolution Work Group has been inaugurated, adding that one of the key objectives was to revitalise moribund industries.

 

 

 

He said that the ministry was working hard to revive moribund industries and ensure they thrive.

 

 

 

Enoh also encouraged Nigerians to embrace locally made goods, adding that it would help to realise the nation’s potential.

 

 

 

Similarly, Amb. Nura Rimi, Permanent Secretary of the Ministry, said that the revitalisation and repositioning of the sector have immense potential for the nation’s economic growth, job creation, and overall industrial development.

 

 

 

Rimi said the industry was a vibrant cornerstone of the economy, adding that it provides livelihoods for millions of families and contributes significantly to the country’s Gross Domestic Product (GDP).

 

 

 

He called for strong collaboration with relevant stakeholders to unlock the immense potential and achieve the goals and objectives of the industry.

 

 

 

Mrs. Adenike Ogunlesi, who represented the Garment and Accessories Manufacturers Association of Nigeria (GAMAN), said that garment was the demand engine of the CTG value chain.

 

 

 

Ogunlesi said that the industry was the immediate channel for the creation of jobs, earning foreign exchange and giving national visibility on Made-in-Nigeria products.

 

 

 

Also, Mr. Hamma Kwajaffa, Director-General, Nigeria Textile Manufacturers Association, said that the meeting would promote the industry`s potential and help to address challenges being faced by the industry.

 

 

 

Kwajaffa said that the association provides resources and training for textile and textile-related manufacturers, on manufacturing and human resources matters. (NAN) (www.nannews.ng)

 

Edited by Ifeyinwa Okonkwo/Oluwafunke Ishola

Economy/Business

Proactive risk management key to Nigeria’s development- NAICOM

115 total views today

 

 

 

 

By Taiye Olayemi

 

National Insurance Commission (NAICOM) has called for a proactive, data-driven, and forward-looking risk management approach to boost national development.

 

Mr. Olusegun Omosehin, Commissioner for Insurance, made the call during the Risk Managers Society of Nigeria’s (RIMSON) 40th-anniversary celebrations in Wednesday in Lagos.

 

The theme of the programme is “Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development”.

 

Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.

 

He said, “As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven and forward-looking approach.

 

“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development and public policy.

 

“I encourage all stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations.

 

“Together, we can build a more resilient, secure and prosperous nation.”

 

Omosehin noted that risk management could be seen as one of the cornerstones of sustainable development.

 

He said that in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks was central to national resilience and progress.

 

He explained that in Nigeria, it could be observed how the lack of structured risk mitigation had hampered growth.

 

He said this could be seen from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats and public health emergencies.

 

“The insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria.

 

“Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation.

 

“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected.

 

“We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.” (NAN) (nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

Nigeria to exit financial action task force grey list soon – SEC

129 total views today

 

 

By Taiye Olayemi

The Securities and Exchange Commission (SEC) has expressed optimism that Nigeria is on the verge of being removed from the Financial Action Task Force (FATF) grey list.

 

This confidence stems from the recent signing of the Investments and Securities Act (ISA 2025) by President Bola Tinubu.

 

Dr. Emomotimi Agama, Director-General, SEC, confirmed this in a statement on Wednesday.

 

A key component of this new legislation is the inclusion of comprehensive regulations for digital assets, a factor that the FATF has emphasised in its assessment of countries on the grey list.

 

The News Agency of Nigeria (NAN) reports that Nigeria was placed on the FATF “grey list” on Feb. 24, 2023, alongside other jurisdictions.

 

This was due to deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CFT) regime.

 

Agama said the inclusion of digital assets in the ISA 2025 provided the country with an avenue to exit the grey list.

 

He noted that the new law aimed to curb fraudulent activities in the digital space, fostering trust and innovation in blockchain technologies.

 

He said, “The AML CFT issue is what brought about our inclusion in the grey list; the inclusion of this law today provides us an avenue to exit that grey list, and that is very critical to the international community.

 

“We are telling the international community that we are ready for business, and we are ready to protect every business that operates within Nigeria and all those involved in such activities within Nigeria.”

 

Agama emphasised that trading in cryptocurrencies does not translate into a weaker Naira.

 

He explained that the commission was going to provide guidance for all the actors to ensure that their acts do not go against the national interest.

 

He said, “SEC now has the power to clamp down on such entities. So, we encourage everyone who is in this space to come under regulation to seek clearance.

 

“To seek guidance for whatever reason, and we are ready and able to provide solid guidance so that at least the national economic interest is truly protected.

 

“So we believe that the regulation, the law itself, will bring succor to them, because once clarity is provided, they are safer in dealing in this kind of businesses.

 

“The essence of regulating is to provide fences around the institutions, the products, the persons involved in it, and to make sure that they do not involve in things that are illegal.

 

“We are working with the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Nigeria Financial Intelligence Unit, and the Office of the National Security Adviser on the regulation of this space, in order that it should not be inimical to the existence of Nigeria as a country.

 

“We want to make sure that everyone that is involved in this space is properly guided, because for every investment, even when it is a traditional investment, there’s usually the risk aspect of it. That risk aspect of it is what we are managing.”

 

Agama disclosed that the commission is currently carrying out moderated regulation as it is not possible to grant licenses to all those that have applied to operate in the space at the same time.

 

“SEC currently has two programmes: the regulatory incubation programme and the accelerated incubation programme, which are tools that will aid in the evaluation of the risks that the institutions pose to the Nigerian economy and its citizens.

 

“It is a process, and in the next quarter, we are going to release the next cohort, and after the evaluation of what has happened in the last two quarters, we are going to do that release in this next quarter.

 

“We are happy to note that the processes around that are almost concluding, and we will inform the public of the outcome very soon,” he said.

 

He noted that in a bid to deal with challenges that may arise in the process of regulation, the Commission was introducing risk management as a legal instrument to guide the operations of capital market operators and the issuances of securities.

 

He said this was also to be able to mitigate any risk that will arise in the nearest future.

 

“Now, once this happens, the tendency is that investors will be more confident, because they know that we have their back.

 

“That certainly will improve investor protection.

 

“Therefore, KYC is also beefed up through the risk management process today.

 

“That also helps us to be able to seek out genuine investors from people who do not mean well for the market, and that also will improve investors’ protection,” he said. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

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