NEWS AGENCY OF NIGERIA
Enhancing export: NEPC distributes 4,633 hybrid seedlings to farmers

Enhancing export: NEPC distributes 4,633 hybrid seedlings to farmers

139 total views today

 

 

 

 

By Vivian Emoni

The Nigeria Export Promotion Council (NEPC) says it distributed 4,633 hybrid seedlings to farmers across the country.

 

Dr Nonye Ayeni, Director-General of the NEPC, disclosed this while presenting the First Quarter Progress Report on the non-oil export performance for 2025.

 

Ayeni said that in Kogi, farmers benefited from oil palm seedlings as a start-up seed intervention to boost exports.

 

“In Akure, over 2,000 cocoa seedlings were distributed to farmers for the planting season.

 

“In Gusau, Zamfara State, groundnut seedlings were distributed to eight communities for cluster farming in the state.

 

“Also, in Bayelsa State, the council distributed 1,500 hybrid cocoa seedlings,’’ she said.

 

Ayeni further said that 1,100 coffee seedlings and 100 bags of organic fertiliser were distributed to 148 coffee farmers from Chaha and Vom communities in Plateau State.

 

The director-general said that NEPC was committed to ensure conformity to quality and standards, to curb rejects and reduce contract cancellation.

 

According to her, the council is  working with International Trade Centre (ITC), Geneva, to validate the baseline study for sesame and cowpea value chains.

 

Ayeni said the council was selected as one of four Business Support Organisations in the world and only one in Africa, to implement phase one of the Women Exporters in Digital Economy (WEIDE) Fund.

 

“This 50-million dollars fund, launched in February 2024 by Dr Ngozi Okonjo-Iweala, will support Women-led Businesses to participate actively in global digital trade.

 

“Applications have begun in earnest and we encourage every women-led business to apply,” she said.

 

The DG said that to facilitate the ease of doing business and seamless documentation processes, the council registered a total of 1,129 new exporters.

 

She also noted that 16 exit points were used in the period under review to export non-oil products from Nigeria.

 

She added that approximately 95 per cent of the total non-oil exports were routed through seaports.

 

According to her, in total, six seaports, three international airports and seven land borders serve as exit points for Nigeria’s non-oil exports.

 

Ayeni said that the council would continue to strengthen its relationship with developmental partners and trade organisations.

 

“The council will continue its existing projects as well as new initiatives, all geared toward increasing the volume and value of non-oil export.

 

“The NEPC will remain to be committed in curbing rejects, promoting value addition, enhancing market access and strengthening partnerships.

 

“At NEPC, we remain resolute and committed to driving up the volume and value of non-oil exports for sustainable and inclusive economic growth,” she said. (NAN) (www.nannews.ng)

 

Edited by Jane-Frances Oraka

Seplat Energy declares 4.6 U.S. cents interim dividend, records N35.4bn profit   

Seplat Energy declares 4.6 U.S. cents interim dividend, records N35.4bn profit  

161 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Seplat Energy, an independent energy company dual-listed on the Nigerian Exchange Ltd. and the London Stock Exchange, has announced an interim dividend of 4.6 U.S. cents per ordinary share, subject to applicable withholding tax.

 

 

 

The company disclosed this through a corporate disclosure through the Nigerian Exchange Ltd. on Monday.

 

 

 

The dividend is to be paid to Seplat Energy’s shareholders whose names appear in the register of members as at the close of business on May 23.

 

 

 

“The disclosure reads “An Interim dividend of US 4.6 cents per ordinary share of N0.50k each, subject to appropriate withholding tax will be paid to shareholders whose names appear in the register of members as at the close of business on May 23, 2025.

 

 

 

“The interim dividend will be paid on or around June 6, 2025, electronically to shareholders whose names appear on the Register of Members as of May 23, 2025.

 

 

 

“It will be paid to those who have completed the e-dividend registration and mandated the Registrar to pay their interim dividend directly into their bank accounts.”

 

 

 

Roger Brown, Chief Executive Officer of Seplat Energy, said the year 2025 started positively for Seplat as the company delivered the business at a significantly enhanced scale.

 

 

 

He said, “I am pleased to report that we are making good progress. It is clear that we can benefit greatly from the combined expertise of our onshore and offshore workforce.

 

 

 

“Production has been strong, showing the benefit of the continuous drilling programme, investment in asset, integrity and the availability of multiple evacuation routes.

 

“Financial performance was also strong, allowing us to be pro-active in materially reducing gross debt, maintaining low balance sheet leverage, and further strengthening our company as the near term global economic outlook becomes less predictable.

 

 

 

“We remain conservative in our approach, but our confidence in the future trajectory for our business, combined with our strong financial position, means that we are delighted to increase our quarterly dividend to $4.6c/share, 28 per cent increase in our quarterly dividend versus the fourth quarter of 2024.”

 

 

 

Seplat Energy recorded N35.4 billion profit for the first quarter of 2025 as against N2.9 billion reported within the same period under review in 2024.

 

 

 

The company’s revenue soared to N1.227 trillion from N268.6 billion in first quarter of 2024.

 

 

 

The EBITDA also rose from N184.2 billion in 2024 first quarter to N607.6 billion in 2025. (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

SEC advocates collaboration among African markets

SEC advocates collaboration among African markets

122 total views today

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has called for enhanced collaboration among African markets for a stronger interconnection within the continent as well as development of new products.

 

 

 

In a statement on Monday in Lagos, Agama,was said to have made the call during a visit of the Board of the SEC to the Autorite Marocaine Du Marche Des Capitaux , AMMC (Moroccan Capital Market Authority) in Rabat.

 

 

 

“We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards.

 

 

 

“We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.

 

 

 

“We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this,” he said.

 

 

 

Agama noted that the capital market is the nerve centre of the economy, adding that the citizens need to understand how to use it to create wealth to improve their quality of life.

 

 

 

He said, “The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market.

 

 

 

“We are excited about what the future holds for us and how we can forge a common front.

 

 

 

“We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about or experience because there is a lot to gain.

 

 

 

“Our relationship and Integration will go a long way in building both markets and make life better for our citizens. We encourage government to use long-term capital for long-term projects.

 

 

 

 

 

“The capital market is the solution to raising funds for long term infrastructure development.

 

 

 

“We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”

 

 

 

In her remarks, Chairperson of Moroccan Capital Market Authority, Ms Nezha Hayat, expressed her delight at the relationship between the two regulators.

 

 

 

Hayat said that the capital market had evolved and people would rather invest in the capital market.

 

 

 

She noted, “Capital market has now diversified so much, but for us everything goes through mutual funds.

 

 

 

“We think CIS is very important because people put their money in funds that are regulated and are controlled. People have more access through CIS. It is key to encourage the truth of any market.

 

 

 

“I believe in an integrated market so cooperation is better. We are interested in dual listing; we will soon be authorising funds in foreign currency which means the mutual funds can also be invested in foreign countries.

 

 

 

“We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent.”

 

 

 

Also speaking, Chairman of the SEC Nigeria Board, Mr Mairiga Katuka, said the commision was interested in learning from other jurisdictions to make the capital market in Nigeria work better. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

FCCPC launches forum in Sango-Ota to address IBEDC consumer grievances

FCCPC launches forum in Sango-Ota to address IBEDC consumer grievances

153 total views today

 

 

 

 

By Ige Adekunle

 

The Federal Competition and Consumer Protection Commission (FCCPC) has launched an intervention in Sango-Ota, Ogun,  convening a three-day electricity consumer forum to address the grievances of residents against the Ibadan Electricity Distribution Company (IBEDC).

 

The forum is in response to complaints which include allegations of negligence and a situation where communities were reportedly funding their own electricity infrastructure while still facing exorbitant bills.

 

Its Executive Vice Chairman, Mr Tunji Bello, during the forum on Monday, reiterated the FCCPC’s commitment to providing effective consumer protection.

 

The News Agency of Nigeria (NAN) reports that the three-day forum was organised by the FCCPC in collaboration with the Sango/Ita Community Development Committee (SACDC).

 

Bello, represented by Mrs Bridget Etim, a director from the FCCPC, said, “The Ibadan Electricity Distribution Company (IBEDC) will be present to address complaints directly.

 

“This initiative aligns with our mandate to make consumer protection practical, accessible, and effective.”

 

He urged residents to utilise the forum to report service-related grievances through the appropriate channels for timely resolution.

 

Bello said the forum was designed to close the communication gap between consumers and service providers in the electricity sector.

 

“Electricity is not just a commodity; it is a vital service that powers livelihoods, businesses, and economic progress,” he said.

 

The FCCPC’s Chief Executive Officer acknowledged ongoing challenges in the sector, which include poor metering, inaccurate billing, and infrastructure deficits.

 

“The Ibadan Electricity Distribution Company (IBEDC) will be present to address complaints directly. This initiative aligns with our mandate to make consumer protection practical, accessible, and effective,” he added.

 

Bello reaffirmed the FCCPC’s commitment to educating consumers on their rights and facilitating complaint resolution, while promoting fair practices among service providers.

Meanwhile, Mr Francis Agoha, Chief Executive Officer of IBEDC, described the forum as timely, noting that it would help resolve long-standing disputes between the company and consumers.

 

Agoha, represented by Mr Abdulrasaq Jimoh, Regional Manager, Abeokuta Region, emphasised that many consumers fail to follow proper procedures when they invest in electricity infrastructure such as transformers and meters.

 

According to him, while communities are encouraged to invest, there are regulatory guidelines that must be followed to ensure their investments are recoverable.

 

“When consumers or communities purchase transformers or pay for meters, there is a legal process that requires documentation and regulatory approval.

 

“Immediate refunds are not made in cash but are compensated through energy credits over time,” Agoha stated.

 

He noted that some communities erect transformers without consulting the necessary regulatory authorities, which not only breaches regulations but also exposes residents to serious safety risks.

 

“Installing a transformer requires licensed electrical contractors and regulatory oversight from bodies like NEMSA.

 

“Communities must inform both the regulators and the Disco before any installations,” he warned.

 

Addressing concerns that some communities feel compelled to self-fund electricity projects because of perceived delays or financial constraints on the part of IBEDC, Agoha clarified: “We do not officially instruct consumers to buy transformers or meters.

 

“However, where they choose to invest, they must engage the right procedures to ensure safety and proper reimbursement.”

 

He further explained that energy theft remains a major challenge for distribution companies, affecting their ability to recover costs and provide reliable services.

 

“Only about 40 to 60 per cent of distributed energy is recovered financially due to rampant electricity theft.

 

“Unfortunately, many consumers believe they should not pay for electricity even after using it,” he lamented.

 

On billing disputes, Agoha encouraged residents to escalate complaints properly.

 

“If consumers are billed unfairly or receive poor service, they should report to the FCCPC or NERC. Valid complaints backed with evidence lead to refunds in the form of energy credits,” he assured.

 

He cited the recent downgrade of the Sango Feeder from Band A to Band C due to unstable power supply, adding that affected consumers who had prepaid for higher service bands would be compensated accordingly.

 

Also, Mr Olatunji Onaolapo, Zonal Chairman of the Ado-Odo/Ota Community Development Committee, said the forum offered a platform to escalate persistent complaints about IBEDC’s services.

 

He lamented that in spite of multiple meetings with the company’s management, issues remained unresolved.

 

“We turned to the FCCPC after exhausting all efforts with IBEDC.

 

“Communities are forced to purchase their own wires, transformers, and poles, yet are burdened with exorbitant bills,” Onaolapo said.

 

He urged IBEDC to provide prepaid meters and eliminate estimated billing, stressing that fairer practices would restore consumer confidence. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

DARES forum unites over 300 energy experts

DARES forum unites over 300 energy experts

248 total views today

 

 

 

 

 

 

 

By Yunus Yusuf

 

Mrs Caroline Eboumbou, Chief Executive Officer of All On, says over 300 renewable energy professionals participated in the Decentralised Renewable Energy (DRE) Developer Forum in Abuja.

 

 

 

Eboumbou, in a statement on Thursday, said the forum was co-hosted by All On and the Rural Electrification Agency (REA).

 

 

 

She stated the hybrid event brought together off-grid energy developers and investors from across Nigeria and internationally.

 

 

 

The forum explored the World Bank’s Distributed Access through Renewable Energy Scale-up (DARES) project, implemented under the REA.

 

 

 

She said the event included discussions on DARES application processes, funding needs, and technical readiness—crucial details for developers eyeing the next proposal call.

 

 

 

“We were pleased to host over 30 developers in person, with 300 more joining virtually from within Nigeria and globally,” Eboumbou said.

 

 

 

She added that the strong attendance reflected rising interest in DARES and its potential to expand off-grid energy access in underserved areas.

 

 

 

“We’re proud to gather such a committed and dynamic group of stakeholders.

 

 

 

“DARES is a key step towards bridging Nigeria’s energy gap, and we value REA’s ongoing partnership in this initiative.

 

 

 

“We look forward to further supporting the ecosystem as it expands its impact,” she said.

 

 

 

REA Managing Director, Mr Abba Aliyu, emphasised the importance of collaboration between public and private stakeholders at the forum.

 

 

 

“Universal energy access demands more than funding — it needs sustained, strategic cooperation.

 

 

 

“This forum demonstrates how joint effort can equip developers with tools, insight, and partnerships for success.

 

 

 

“REA remains committed to engagements like this that advance the energy sector,” Aliyu said.

 

 

 

Mr Olufemi Akinyelure, Head of the Nigeria Electrification Programme, spoke on DARES’ broader role in achieving national electrification goals.

 

 

 

“DARES signals a new chapter—empowering states, enabling developers, and focusing on underserved communities.

 

 

 

“Through such forums, we’re not just building infrastructure—we’re creating a trusted, impactful ecosystem,” Akinyelure said.

 

 

 

He noted the forum included interactive sessions and Q&As, allowing developers to consult directly with REA’s technical team.

 

 

 

Participants praised the event as a crucial platform for learning, networking, and aligning public-private efforts toward innovative energy solutions. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

 

AMEDA 2025: Experts chart resilient future for African, Mideast finanancial markets

AMEDA 2025: Experts chart resilient future for African, Mideast finanancial markets

186 total views today

 

 

By Taiye Olayemi

 

 

Experts have emphasised the need for financial institutions in Africa and Middle East to adopt proactive, technology-driven strategies to remain robust in an increasingly volatile global environment.

 

They said this during the 2025 Africa and Middle East Depositories Association Conference (AMEDA 2025) in Lagos on Friday.

 

The theme of the conference is “Resilience in Financial Markets: Preparing for Global Disruptions”.

 

The AMEDA conference is an event that brings together experts, policymakers, and stakeholders to discuss the future of financial institutions in the region.

 

Mr Stuart Turner, Founder of Avenir Technology, said cloud infrastructure must be embraced by all financial institutions and upscaled by those already utilising it.

 

Turner noted that by leveraging cloud solutions, financial institutions could enhance their ability to withstand disruptions, improve scalability and increase flexibility.

 

He emphasised that financial institutions must prioritise robust infrastructure from their inception to ensure resilience.

 

This includes implementing strong security measures to protect against potential cyber threats and external attacks on their databases.

 

Turner also spoke on principles to uphold in dealing with digital disruptions when building financial market infrastructure.

 

He said, “Building resilience should start from the basics. Individuals should build zero-trust security models.

 

“Artificial Intelligence should be explored and information sharing is also important in building a resilient financial institution.”

 

Also, Dr Bala Bello, Deputy Governor, Operations Directorate, Central Bank of Nigeria (CBN), said collaboration is important in building resilience in the financial market.

 

Bello, who was represented by Mr Okey Umeano, Acting Director, Financial Markets at CBN, advised stakeholders in the market to embrace collaboration and design common goals to be achieved.

 

He said stakeholders should be open to effective communication, remain transparent and be open to sharing individual risk mechanisms.

 

Bello also spoke on how the CBN had built resilience over the years as a model for others to learn.

 

He said the CBN had calibrated its supervision to support resilience through a typical risk supervision framework, which directs resources to areas of higher risk.

 

He added that the CBN had also invested in upgrading its numerous applications and had continued to collaborate across the finance industry value chain.

 

“Regulators in the financial market also need to look into licensing and supervisory frameworks in their attempt to build resilience,” he said.

 

Mr Jim Micklethwaite, Managing Director, Financial Markets, Thomas Murray, enlightened the delegates on how stakeholders could improve transparency without being exposed to systemic risks.

 

Micklethwaite said operators in the financial market must begin to act like those in technology companies by embracing technology on an improved scale.

 

He advised operators to also invest in building cybersecurity infrastructure, which is critical to growth in the industry.

 

He emphasised the importance of financial market operators adopting cloud technology to build resilience.

 

Meanwhile, Ms Beverly Furman, Head of Operations and Change, STRATE, South Africa, advised on the orderly closing and reopening of financial markets on a daily basis to guard against disruption through power outages.

 

Mr Kyari Bukar, Chairman, Sunu Assurances Nigeria Plc, enlightened the delegates on building a shock absorber framework within the financial market. (NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

Stakeholders push for passage of Safe School Declaration Bill

Stakeholders push for passage of Safe School Declaration Bill

134 total views today

 

 

 

 

By Joan Odafe/Oluwatope Lawanson

 

Women Advocates Research and Documentation Centre (WARDC), on Friday, urged all tiers of government to prioritise safety and security of schools across Nigeria through the passage of Safe School Declaration (SSD) Bill into law.

 

Mrs Jennifer Nwokedike, the Coordinator of SSD, made the call at a roundtable for media executives on advocacy for safe and secure schools in Nigeria.

 

The News Agency of Nigeria (NAN) reports that the Safe School project, spearheaded by WARDC, is supported by the United Nations Democracy Fund.

 

The coordinator said that the Safe School Project was aimed to ensure that schools in Nigeria, especially in areas at risk, would be safe and protected.

 

She added that the essence of the project was to ensure that children could continue to access education without fear of violence or attack.

 

According to her, the aim is to increase public awareness of the Safe School Declaration and hold the government accountable for implementing safe school policies in Nigeria.

 

“We have made significant progress, including increasing public awareness of SSD and developing a framework for its actualisation.

 

“The project has successfully increased awareness of SSD, particularly in Lagos State, Bauchi and Abuja.

 

“Also, a framework has been developed to help actualise SSD in Nigeria by strengthening partnerships among relevant stakeholders to ensure implementation of SSD.

 

On the progress of SSD Bill, Nwokedike said that the bill had passed the first reading at the National Assembly and was awaiting further action.

 

“The bill has gone through readings at the Bauchi State House of Assembly and is at the final stage of being passed.

 

“Likewise, the bill is awaiting presentation to the Lagos State House of Assembly,” she said.

 

The Director of Operation, WARDC, Mrs Mary George-Peluola, said the meeting was aimed at highlighting major safety concerns on schools.

 

George-Peluola said the roundtable was also to strategise for effective advocacy, develop plans for collaborative actions, particularly the role of the media in promoting safe school initiative.

 

A Deputy Director of Research at the National Human Rights Commission, Mrs Uche Okwuobi, said that continuous attacks on schools violated children’s rights.

 

“These attacks do not only disrupt education of the children, but also inflict lasting psychological trauma on them, their families and communities,” she said.

 

The National Network Coordinator of West Africa Network for Peacebuilding Nigeria, Dr Bridget Osakwe, said that schools should be sanctuaries, not places of fear.

 

Osakwe, who was represented by the Head of Programmes of WANEP, Mrs Patience Obaulo, said that issues, including violent attacks, bullying, drug abuse and kidnapping, had made many Nigerian schools unsafe.

 

“A safe learning environment enhances academic performance, reduces student dropout, promotes social and emotional development, and encourages peaceful co-existence,” she said.

 

Highlighting abduction since 2014, she said the Safe School Initiative, which was launched by the nation, was grounded in three pillars that would help to ensure safe learning facilities.

 

She added that it would enhance school disaster management, risk reduction and resilience education.

 

The Executive Director, International Press Centre, Dr Lanre Arogundade, emphasised the need for the government to prioritise safety and security of schools across the country.

 

According to him, practical actions are required to address the issue.

 

Arogundade suggested a multi-stakeholder approach involving state security forces, federal forces, community leaderships, traditional rulers and other stakeholders.

 

He said that solutions to the problem would vary across different parts of the country, requiring tailored approaches.

 

He stressed the need for collaboration between security agencies.

 

“We need to see practical actions – involvement of community leadership, traditional rulers.”

 

He also emphasised the need for governments to commit resources to ensure school safety and security and develop solutions to address specific challenges. (NAN) (www.nannews.ng)

 

by Ijeoma Popoola

FG to provide solar hybrid system in 37 universities

FG to provide solar hybrid system in 37 universities

168 total views today

 

 

 

 

By Jessica Dogo

 

The Federal Government says it will provide two megawatts of Clean Renewable Energy in each of the 37 Federal Universities in the states and the FCT.

 

The News Agency of Nigeria (NAN) reports that the clean renewable energy is a source of generating power through hydro energy, solar power and wind power.

 

The Director-General of Electricity Company of Nigeria ( ECN), Dr Mustapha Abdullahi, disclosed this in a news conference in Abuja on Friday.

 

Abdullahi said Government would also provide two Megawatts of Solar Hybrid System in each of the 37 Tertiary Hospitals across the 36 States and FCT.

 

He disclosed that the project was part of the N10 billion presidential solar power project recently initiated by the President Bola Tinubu administration.

 

“The project is in fulfillment of Tinubu’s presidential campaign promise to provide stable electricity supply in the country.

 

“Experts view the project as a strategic and bold step toward national aspiration and fundamental investment in the future of Nigeria’s energy sector.

 

“It is also a strategic step towards sustainability, Universal access, self-reliance and a leading role in the power supply equation,’’ he said.

 

The DG, however, explained that prior to President Tinubu’s administration, Federal Institutions in Abuja including the Presidential Villa were owing the Abuja Electricity Distribution Company (AEDC) N47.1billion.

 

According to him, the transitioning to alternative and sustainable energy source will significantly reduce burden and allow government institutions to become models of efficiency by cutting costs and enhance reliable and sustainable governance.

 

“The move clearly intends to insulate Nigerians from incessant high electricity bills, which underscores the President’s commitment to cutting costs and reducing spending across public and private facilities,’’ Abdullahi said.

 

On the solar power projects, the DG said the initiative has sent a clear message to citizens, investors and global partners on Nigeria readiness to take control of its energy sector.

 

“This initiative opens doors to thousands of jobs in solar panel manufacturing; systems design, installation, operation and maintenance.

 

“It fosters innovation among the indigenous engineers, entrepreneurs, and young graduates seeking opportunities in a global green economy.

 

“It reduces pressure on our overstretched national grid, cuts long-term costs and puts us on a path to energy equity.”

 

He said that the initiative would plant the seeds for decentralized renewable power systems that could light up rural communities and empower under-served and unserved communities across the country.

 

Abdullahi urged Nigerians to focus on the expected gains, adding that the initiative was a long-term energy vision. (NAN)(www.nannews.ng)

 

Edited by Abdul Hassan and Benson Iziama

FG to create documentary, data infrastructure on creative economy

FG to create documentary, data infrastructure on creative economy

237 total views today

By Joshua Olomu

The Federal Ministry of Art, Culture, Tourism and Creative Economy (FMACTCE), says plans are underway to produce documentary series and as well develop a data infrastructure catalogue on Nigeria’s creative economy.

The News Agency of Nigeria (NAN) reports that Mrs Ugochi Akudo-Nwosu, Ag. Permanent Secretary of the ministry, stated this on Thursday at an industry stakeholders engagement meeting in Abuja.

The meeting brought together key players from different genres of the creative sector to share ideas and get their inputs on the proposed documentary series and the data infrastructure catalogue.

The Ag. Permanent Secretary, who was represented by Mrs Blessing Onwughalu , Assistant Director, Entertainment and Creative Economy Department of the ministry, said both projects were aimed at accelerating the growth of Nigeria’s creative economy.

According to her, despite the exponential growth of the nation’s creative ecosystem, it remains largely untapped due to lack of investment in the sector.

She identified inadequate funding, lack of physical creative infrastructure, lack of data infrastructure and access to verifiable data and piracy, as some of the challenges facing the sector.

“The lack of data, access to data and verifiable information on the Nigerian creative economy is one of its greatest challenges as it impedes on investment into the sector by willing investors, hence today’s programme.

“In order to mitigate this huge challenge, the ministry is embarking on a documentary project on the Nigeria creative economy.

“Also, is the development of a data infrastructure catalogue which will go a long way to address the dearth of data on the Nigeria creative economy.

“The documentary is intended to be an expose on the Nigerian creative economy aimed at attracting investors to the sector.

“Furthermore, investors are interested in data and numbers to ensure that they will get a return on their investment, a concern that the development of the data infrastructure catalogue is sure to address.

“The first phase of these two wonderful initiatives which are a series of sub-sector stakeholder engagement meetings is the reason for our gathering today.

“We hope that our stakeholders here present will avail us with information on their sectors, their challenges and expectations in order to contribute to the success of these two initiatives”, she said.

The Ag.Permanent Secretary lauded the minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, for remaining resolute in ensuring that the creative sector continues to thrive.

She said the proposed documentary series and the data infrastructure were initiatives of the minister aimed at accelerating the growth of the Nigerian creative sector.(NAN)(nannews.ng)

 

Edited by Ekemini Ladejobi

Report suspected Ilegal investment schemes to us- SEC

Report suspected Ilegal investment schemes to us- SEC

168 total views today

Report suspected Ilegal investment schemes to us- SEC

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

 

 

The Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investments scheme to the commission for proper investigation and necessary action.

 

 

 

The Commission said this in a notice issued on Thursday to the investing public, warning that ponzi investment schemes posed great danger to the growth of the capital market.

 

The commission warned the public about the growing threats and risks posed by Ponzi schemes, illegal investment operations, and unregistered digital assets platforms.

 

The commission explained that fraudulent entities and individuals had continued to exploit unsuspecting investors through deceptive promises of high returns, often leveraging the allure of digital assets to create an erroneous perception of legitimacy.

 

 

 

The notice read, “The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk.

 

 

 

“These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, without subjecting themselves to the prescribed processes for obtaining the prior approval of the SEC.

 

 

 

“The SEC reiterates in this regard that ‘If it sounds too good to be true, it likely is.”

 

 

 

The commission urged potential investors to conduct thorough due diligence before investing and should verify the registration status of the company or individual offering the investment through the SEC’s website: https://sec.gov.ng/cmos.

 

 

 

It explained that Section 196 (3) of the Investments and Securities Act, 2025 criminalises the promotion and operation of prohibited/unregistered schemes.

 

 

 

The SEC said it is fully committed to identifying and prosecuting offenders to the full extent of the law.

 

 

 

It said “This violation is punishable upon conviction by a fine of not less than N20m or a prison term of 10 years or both”, the commission warned.

 

 

 

“We encourage the public to partner with the SEC to safeguard the integrity of the investment environment in Nigeria by promptly reporting suspected illegal investment schemes to the SEC,” the notice concluded.” (NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

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