Page 643 – NEWS AGENCY OF NIGERIA

Salisu Sani Idris
May, Thu, 2024

Ist Anniversary: Experts predict bright future for capital market

182 total views today

By Rukayat Adeyemi, News Agency of Nigeria (NAN)

As the Bola Tinubu-led administration clocks one year in office, some financial experts, while assessing the performance of the capital market, have commended the government’s efforts so far.

The News Agency of Nigeria (NAN) reports that Tinubu was sworn in as Nigeria’s President on May 29, 2023, succeeding President Muhammadu Buhari, having emerged winner of the 2023 presidential election.

In the trading week ended May 26, 2023, hours before Tinubu’s inauguration, the NGX All-Share Index and Market Capitalisation appreciated by 1.51 per cent to close at 52,973.88 points and N28.845 trillion respectively.

Equally, as at the close of trading on Monday, May 27, the NGX All-Share Index and Market Capitalisation stood at 97,863.34 and N55.359 trillion respectively.

Regulated by both the Nigerian Exchange Ltd.(NGX) and the Securities and Exchange Commission (SEC), the capital market is primarily a financial institution to raise capital to invest in new projects, expand operations, or pay off debt.

A financial expert, Mr David Adonri, described the Nigerian capital market as extremely profitable, liquid and a safe investment outlet under the administration.

He emphasised that progress in the market had been defined by a surging bull-rally in the secondary market for equities under the present leadership.

Andori, also the Vice Chairman of Highcap Securities, said that debt capital raising through the capital market enjoyed a sustained tempo under the Tinubu-led government.

He noted that almost all capital raising at the market were either through debt or equities by businesses.

“When this administration took office on May 29, 2023, the All-Share Index (ASI) of NGX, a metric for gauging performance of equities, was 52,973.88.

“Thereafter, it proceeded on a galloping race which took it to 102,401.88 on Jan. 26, thereby shattering previous records of growth.

” Following its overheating, the equities market is gradually experiencing a correction.”

He said the two major economic reforms of floating the Naira and removal of fuel subsidy embarked upon by Tinubu resonated well with the capital market.

Dissecting the situation, Adonri said that the new ceiling served as a boost to investors’ confidence and increased demand for equities, just as the debt market increased in vibrancy on spite of the increase in interest rates by the Monetary Authority to rein in inflation.

The stockbroker highlighted the public macro-economic policies, saying that “the capital market has been akin to a candle burning from both ends”.

“Consequently, for investors, the Nigerian capital market has been an extremely profitable, liquid and safe investment outlet in the past one year,”he added.

To him, if the fundamentals of the economy and the capital market become stronger, investors’ confidence will remain high.

The resolution of the crisis around trapped investors’ funds, according to the expert, is a vital ingredient to bringing back many disillusioned foreign investors to the market.

To further buttress experts’ position, Mr Tajudeen Olayinka, an Investment banker, said that the Nigerian capital market had really done well in the past one year.

Olayinka stated that, as a matter of fact, the market started showing a positive sign or bullish run, following the announcement of Tinubu as the winner of the 2023 presidential election.

“Let me also add that the market started showing positive signs in November 2022 when it was obvious that any of the three leading presidential candidates; Peter Obi, Atiku Abubakar and Bola Tinubu could succeed outgoing President Buhari.

This, from an analytical perspective, the reason being that the three leading candidates were known to be private sector activists, as against the outgoing President’s public sector orientation.

“So, the astronomical rise in the index we have today started with an uptick that predates the 2023 election proper,” the expert explained

When President Tinubu made those important pronouncements during his inaugural speech, the market quickly embraced him as a pro-market participant.

Some stock and market players have been confident to hail the performance indices which they claimed had recorded three times their values before the conduct of the 2023 presidential election.

They attributed this to the calibre of the presidential candidates as tactical market players.

During the period under examination, the market also recorded massive gains, enriching new investors that came to the market for the first time.

According to Olayinka, the government needs to strengthen all the institutions that provide direction to the market, including the Securities and Exchange Commission (SEC) the Central Bank of Nigeria (CBN), the Debt Management Office (DMO) and Federal Ministry of Finance.

The stockbroker viewed the recent appointment of a new board of SEC, as a positive reaction to improve institutional performance.

Mr Aruna Kebira, a stockbroker with Global View Capital Ltd., also submitted that the market, being information sensitive, was stagnated from the build-up to the 2023 general elections.

According to him, this is due to several factors because industry players were unsure of who would emerge winner at the 2023 presidential poll, hence the discordant the by investors.

He noted that after the emergence of Tinubu as president, the market was further enveloped with gloom as a result of the impending court cases and the possibility of judgment being passed in favour of the opposition.

According to him, the announcement of the removal of the fuel subsidy and that the inauguration of a president after the election took the stock market by storm.

Kebira explained that the Foreign Direct Investment
(FDIs) Pension Fund Administrators (PFAs) and the High Networth IndividuaIs (HNIs) which were hitherto on the sidelines, launched a full come-back to the market.

“It was believed that the incumbent has some good things up his sleeves.

“The fire in the market was further kindled when the erstwhile CBN governor, Godwin was arrested for an alleged misdemeanour during his tenure as Nigeria’s chief banker.

“The market began to enjoy its highest patronage when the rates in the money market were not encouraging enough vis-a-vis the sterling performances of the listed companies.

“Then came along the floating of the Naira that led to the banks declaring super loss and humongous profit.

“The ASI broke its set all-time high points of 68,000 in 2008 and established another all-time at 106,000 points,” he said.

According to him, stocks fared well in the capital market during this period, while the rates in the money were moderate.

The stockbroker, however, expressed disappointment that the dollar exchange jumped to N1,950 per dollar.

The resultant effect of this is food inflation, which has contributed to the rise in the general inflation led to the CBN’s hike in the Monetary Policy Rate (MPR) to control inflation.

This development, Kebira said, rebound to a better yield environment at the money market, hence, investors who were constantly in search of better yields, migrated from the capital market to the money market.

He said: “That frenzy of trying to cover one position at the market normally leads to sell-off pressure that would, in turn, depress stock prices and, by extension, the All-Share Index.

“The various information and policies of the government are anti-capital markets, and until we begin to see a decline in inflation rate, that would necessitate the CBN to review the MPR downwards, the capital market may be in limbo for a long while.

In addressing the present situation and further boosting and sustaining investors’ interest in the capital market, Kebira advised the Federal Government to provide a secure environment for farmers.

While expressing that the problem currently facing the country is that of demand and supply, the stockbroker, believed that once inflationary trends about food are checkmated with enough to go around, headline inflation will also be stemmed.

“By that, the CBN can review the MPR downwards, thereby discouraging investment in money market instruments, and consequently, the capital market can then be an investment destination for high yield-seeking investors,” he said.

Observers said that the Tinubu-led government, having started well with laudable policies, must aggressively work toward stemming inflation, exchange and interest rates to spur investment in the capital market vis-a-vis the country.

According to them, this is because the positive performance of the stock market as a primary barometer of economic health, both domestically and globally, is interconnected with the broader economic indicators. (NANfeatures)

Edited by Olawunmi Ashafa

***If used, please credit NAN and the writer***

NGO wants innovative solutions to challenges of water scarcity

Muhyideen Jimoh
May, Thu, 2024

Health

NGO wants innovative solutions to challenges of water scarcity

211 total views today

By Naomi Sharang

The Waterlight Save Initiative (WSI), a Non-Governmental Organisation (NGO) has called for innovative solutions toward addressing the problem of water scarcity in Nigeria.

The President, WSI, Dr Ero Ibhafidon said this when he spoke an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

He said that there was need for stakeholders to ensure sustainable water practice and innovative solutions to address water scarcity and other sustainable development goals challenges in the country.

He said WSI had been committed to ensuring that citizens had access to potable water as part of its vision over the years.

Ibhafidon said the NGO was granted the United Nations Economic and Social Council (ECOSOC) Consultative Status for its commitment to sustainable water management and global water security.

“The ECOSOC Consultative Status provides NGOs with the opportunity to participate in UN deliberations and contribute to its mission of fostering international economic and social progress.

“With this status, Waterlight Save Initiative is now positioned to play a more prominent role in global policy discussions, advocating for sustainable water practices and innovative solutions.

“This is with the aim to address water scarcity and other sustainable development goals,” he said.(NAN)(www.nannews.ng)

Edited by Ali Baba-Inuwa

NAMA urges FG to reverse 50 % deduction of its revenue

isaac aregbesola
May, Thu, 2024

Aviation

NAMA urges FG to reverse 50 % deduction of its revenue

420 total views today

By Gabriel Agbeja

The Nigerian Airspace Management Agency (NAMA) has appealed to the Federal Government to reverse 50 per cent deduction of its revenue generation.

NAMA Director- General, Mr Farouk Umar, made the appeal during an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

Umar said restoring the agency’s full revenue would enhance operational efficiency, ensure continuous training of safety personnel and address critical infrastructure needs.

“With adequate funding, we can fulfil our mandate to provide safe and reliable air navigation services across Nigeria.

“By reversing the 50 per cent deduction, we can significantly enhance air safety ensuring that Nigerian air remains safe and maintains high safety standards.

“We urge all stakeholders to support this necessary change for the future of our aviation sector and the safety of the flying public, “ he said.

Umar said the formula was not in the interest of NAMA because the agency required huge capital for its investment adding that it will jeopardise its ability to meet both national and international obligations.

“The current revenue- sharing formula allocates only 22 per cent of the 5 per cent airfare, contract, charter, and cargo sales charges to NAMA, despite our significant capital investment needs.

“Nigeria Civil Aviation Authority (NCAA) with less responsibilities as it stands currently is allocated 56 per cent while the NAMA with all its responsibilities gets 22 per cent, “ he said.

Umar said the entire aviation system is about safety and it remains sacrosanct owing to the fact that there is no parking space in the sky.

According to him, NAMA operates on the principle of cost recovery as recommended by the International Civil Aviation Organisation (ICAO).

The NAMA boss added that safety procedures and protocols ought to be prepared and strictly adhered to while on the ground.

He reiterated that NAMA was entrusted with the critical responsibility of ensuring the safe conduct of flights in all phases within the Nigerian airspace including territorial waters in the Gulf of Guinea.(NAN) (www.nannews.ng)

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Edited by AbdulFatai Beki/Rotimi Ijikanmi

USAID appoints Nollywood Actress Chioma Akpotha as Nutrition Ambassador

Tosin Kolade
May, Thu, 2024

Foreign

USAID appoints Nollywood Actress Chioma Akpotha as Nutrition Ambassador

255 total views today

By Mark Longyen

The U.S. Agency for International Development (USAID) has named Nollywood actress, Chioma Akpotha, as its maiden ‘Goodwill Ambassador for Nutrition’ in Nigeria.

The partnership between Chioma and the agency is aimed at raising awareness about the critical issue of malnutrition, which affects millions of Nigerians, especially women and children, USAID stated on Thursday in Abuja.

It explained that the partnership would leverage Chioma’s genuine commitment to maternal, child health, nutrition, and influential platform, to inspire a nationwide movement towards better nutrition and health for Nigerians.

“Chioma embodies the essence of advocacy and activism. Her commitment to maternal health and child well-being is a calling.

“A calling to use her platform for the greater good, to amplify the voices of the voiceless, and to inspire action and change.

“We celebrate this partnership with Chioma Akpotha, which represents a milestone in our commitment to collaborate with the Nigerian people.

“Nutrition plays a vital role in the overall health and development of Nigeria, especially for its young population.

“By harnessing and leveraging its talent, Nigeria can continue to chart a course towards greater prosperity and progress,” USAID Mission Director, Melissa Jones, said.

She added that as the ‘Goodwill Ambassador for Nutrition’, Chioma had agreed to work to raise awareness about maternal health and child nutrition, promote healthy behaviors, and disseminate key nutritional messages.

According to her, malnutrition remains a significant challenge in Nigeria, with severe acute malnutrition impacting 3.6 million children.

She added that malnutrition also contributed to 50 per cent of all deaths among children under five years old.

“The prevalence of malnutrition among women, adolescents, and young children undermines community health and development.

“In collaboration with the Nigerian government and people, the U.S. government, through USAID, works to mitigate malnutrition.

“This is done by providing effective treatment for severe malnutrition, coordinating nutrition services, and promoting proven methods to support better nutrition, especially for mothers, infants, young children, and teenagers,” Jones said.

“I am honored to be USAID’s inaugural Goodwill Ambassador for Nutrition in Nigeria.

“Maternal and child health is a cause close to my heart, and I am committed to using my platform to raise awareness and inspire positive change.

Together with USAID, we can make a lasting impact on the lives of Nigerian families,” Chioma was quoted as saying.

The News Agency of Nigeria (NAN) reports that USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance, and help nations progress beyond assistance.

It supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy in Nigeria.(NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

Appoint southeast personnel to head FRSC, NCSCN urges Tinubu

Afonne Emmanuel
May, Thu, 2024

General News

Appoint southeast personnel to head FRSC, NCSCN urges Tinubu

231 total views today

By Perpetua Onuegbu

The National Civil Society Council of Nigeria (NCSCN) has called on President Bola Tinubu to appoint qualified officials from Southeast to head the Federal Road Safety Corps (FRSC).

Dr Raymond Edoh, the Council’s Executive Director, said this on Wednesday in Abuja, at a news conference on the state of the nation and the federal character principle.

According to him, appointing an official from the southeast to head FRSC will be in compliance with the Federal Character principle.

“Recall that the Federal Character Principle in Nigeria was borne out of the need to ensure evenness in spreading government appointments to promote inclusion, representation, a sense of belonging and balance in the polity.

“The underlying philosophy is providing equality of access in public service representation to curb dominance by one or a few sections.

“The Principle was first introduced into the Constitution in 1979 for public offices and federal institutions to reflect Nigeria’s diversities.

“The Federal Character Commission (FCC) was subsequently established by Act No 34 of 1996 as a Federal Executive body to implement and enforce the Federal Character Principle of fairness and equity’’, he said.

He said the Commission had achieved remarkable feats in the nation’s civil service in terms of employment.

However, he said, the same could not be said of appointments of heads of security agencies and para-military establishments over the decades,” Edoh said.

According to him, verifiable records show that the configuration of the nation’s security and para-military architectures do not properly reflect and represent the Federal Character Principle.

He listed the heads of para-military agencies; Nigerian Police Force – IGP Kayode Egbetokun , Nigeria Security and Civil Defense Corps – Dr Ahmed Audi, Department of State Service -Mr Yusuf Magaji Bichi.

Others are Nigeria Customs Service,Bashir Adewale Adeniyi, Nigeria Immigration Service, Kemi Nandap, Nigeria Correctional Service, Haliru Nababa and Nigeria Drug Law Enforcement Agency,Mohammed Buba Marwa.

Also, Economic & Financial Crime Commission ,Mr Ola Olukayode, Independent & Corrupt Practices Commission ,Dr. Musa Adamu Aliyu and National Food & Drugs Administration & Control , Prof Moji Adeyeye.

He said the list showed that that no personnel or official from the southeast was heading any of the agencies listed.

“With the retirement of Corps Marshal of the Federal Road Safety Corps last week, general expectations and healthy assumptions were that the next Corps Marshal FRSC would be considered from the Southeast Zone.

“Furthermore, our diligent findings shows that within the nine dispensation and 36 years of the enactment into law and formal appointments of the successive Corp Marshals, below is the official records;

“Dr Olu Agunloye. 1988 -1994. Maj. Gen Haldu Anthony Hananiya (rtd) 1994 – 1999, Danyaro Ali Yakasai. 1999 – 2000, Mr Abba Wakilbe, 2000 – 2003, Maj. Gen Haldu Anthony Hananiya (rtd) 2003 – 2007.

“Others include Osita Chidoka, 2007 – 2014, Mr Boboye Oyeyemi 2014 – 2022, Ali Biu 2022 – 2024, and Mr Shehu Mohammed (now reported to be confirmed and decorated),” the executive director said.

Edoh therefore appealed to President Tinubu to encourage national unity and integration by taking advantage of the retirement of Mr Dauda Biu as Corps Marshal of the FRSC to remedy the situation.

Earlier, the Director, South West, NCSCN, Mr Yemi Success, said every zone was equal in the country.

“Facts speak for itself, but there is a possibility that the leadership has not taken cognisance of the details and as the watchdog of society we have placed it before them.

“We will follow it up with advocacy; we note that President Tinubu has been one of the advocates of good governance and equitable distribution of power in Nigeria before his ascension to power.

“We believe this may be oversight that might happen as a mistake, now that we have placed the facts and figures before him we are sure that he will do the needful.’’ Success said.

Similarly, Mr Haruna Gambo, the Director Media, NCSCN, said the only way the country could promote unity was by being just in the distribution of federal appointments and political offices.

Gambo therefore, called on the government to unite the country by making sure that any region in Nigeria that was deprived of appointments was compensated. (NAN)(www.nannews.ng)

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Edited by Gregg Mmaduakolam/Uche Anunne

NAPTIP urges parents to protect children, report SGBV cases

Tosin Kolade
May, Thu, 2024

Health

NAPTIP urges parents to protect children, report SGBV cases

224 total views today

By Aderogba George

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) on Thursday challenged parents on child protection in Kwali communities of the Federal Capital Territory (FCT).

The Director-General of the agency, Prof. Fatima Waziri-Azi, gave the charge at a one-day community dialogue and advocacy on Sexual and Gender Based Violence (SGBV).

She also urged parents not to shield perpetrators of SGBV, saying such act is a crime in the Violence Against Persons Prohibition (VAPP) Act.

She added that “the Child Rights Act (CRA) is a strong law that protects children, their interest should take prominent place in the hearts of parents.

“Grievous cases of SGBV like rape, incest should not be covered, we must always learn to do the right thing in reporting these cases to law enforcement officers, or to NAPTIP.

“Preservation of evidence in these cases must be guided well so that NAPTIP can prosecute the matter, such offences are not allowed to be settled at the community level.

“Everybody must ensure victims are protected, while perpetrators are brought to book, settling grievous SGBV cases at the community level is doing injustice to the victim.

“NAPTIP has started sending strong messages to parents who try to shield perpetrators of SGBV cases, or hide evidence, it is a crime that attracts jail sentence.”

Mr Danladi Chiya, the Chairman of Kwali Area Council, pledged readiness to support NAPTIP in watching out for SGBV crimes.

Represented by Mr Mathew Yakubu, the acting Head of Social Welfare of the council, the chairman charged communities in Kwali to also support NAPTIP and report SGBV cases happening in the area.

Mr Mohammed Kwainanga, the Divisional Police Officer (DPO), disclosed that a lot of SGBV cases are reported at the division, while blaming the various chiefs and parents on some of the rape cases happening in Kwali.

He said “we receive such complaints a lot, parents do compromised when it comes to reportage, this is not helping matters, parents in Kwali communities must wake up to their responsibilities. (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Hadiza Mohammed-Aliyu

FG receives 29 stranded Nigerians from Sudan

Tosin Kolade
May, Thu, 2024

General News

FG receives 29 stranded Nigerians from Sudan

173 total views today

By Jacinta Nwachukwu

The Federal Government in collaboration with the International Organisation for Migration (IOM), have facilitated the safe return of 29 out of 120 Nigerians stranded in Sudan.

The Federal Commissioner, National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI), Alhaji Tijani Ahmed stated this at the reception of the returnees on Thursday in Abuja.

Ahmed explained that the voluntary return of the 29 Nigerian emigrants –18 females including five minors, five adults males and two minors became necessary due to the crisis in Sudan.

He also said that about nine voluntary returnees would be airlifted from Sudan in the next one week.

“We are here at the Nnamdi Azikiwe International Airport to receive the returnees from Sudan. We want to ensure that our people returned safely and in dignity.

“The National Commission for Refugees Migrants and Internally Displaced Persons in collaboration with the IOM are doing everything possible to ensure that this 120 were returned to the country,” he said.

Ahmed said the Commission was also making arrangement to ensure the safe return of about 17 Nigerians in Algeria, eight in Tunisia and some other ones in other countries in the next few weeks.

He added that the Commission with IOM had facilitated the return of about 1, 950 Nigerians between January and May.

“Also in 2003, the Commission and partners returned over 7, 000 Nigerians from various countries back to the country,” Ahmed added. .

He, therefore, appreciated IOM and other partners for their supports, both financially and morally towards ensuring that Nigerians, who live far away in many countries were returned safely and in dignity.

The News Agency of Nigeria (NAN) reports that the returnees were profiled and given some kits including refreshments.(NAN)(www.nanews.ng)

Edited by Rotimi Ijikanmi

isaac aregbesola
May, Thu, 2024

Politics

Democracy Day: CSO salutes Tinubu, Wike

222 total views today

By Aderogba George

Chief Ugochukwu Nnam, President, Initiative for Leadership Development and Change (ILDC) has saluted President Bola Tinubu, and Nyesom Wike for their landmark achievements in one year.

The News Agency of Nigeria (NAN) reports that May 29 is one year anniversary of President Tinubu’s administration.

Nnam, gave the commendation in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

Nnam described President Tinubu as a detribalised and visionary leader whose commitment to national transformation is palpable.

He commended President Tinubu for putting Nigeria on the path of prosperity with laudable policies and appointments in his first one year in office.

“Tinubu is my hero because of his courage and vision in terms of policy formulation and implementation.

“He understands the problem of Nigeria which I am confident he has solution to but requires support and patience from all of us.

“His appointments are balanced and based on federal character principle unlike some who made unbalanced appointments,” he said.

Nnam called on Nigerians to appreciate the beacons of democracy like Nyesom Wike, FCT Minister whose transformative feat in FCT is conspicuous.

He ascribed Wike’s success in one year in FCT to President Tinubu’s choice of competence, saying that Wike is taking Abuja to higher grounds with infrastructural revolution.

Nnam however who expressed optimism in the potential of democracy to provide good governance, urged Nigerians to support President Tinubu and democracy. (NAN) www.nannews.ng

Akume, Ganduje, Arthur Eze, others extol Tinubu’s achievements

isaac aregbesola
May, Thu, 2024

Politics

Akume, Ganduje, Arthur Eze, others extol Tinubu’s achievements

220 total views today

By Ebere Agozie

The Secretary to the Government of the Federation (SGF), Sen. George Akume, and the National Chairman of the ruling All Progressives Congress (APC), Abdullahi Ganduje, have lauded President Bola Tinubu for giving Nigeria a purposeful leadership.

They said this at a book launch in commemoration of the president’s one year anniversary in office.

The book which was written by two academics, Bolu Folayan and Ajibolu Balofine, chronicled Tinubu’s political journey, his triumphs and successes.

The book is titled, ‘365 Days of Bola Ahmed Tinubu’s Presidency: Resetting the Strategic Foundation for a New Nigeria.

It examines the President’s “stunning political success” by leveraging on his “prowess in strategic communication management’.

Speaking on Tinubu’s sterling leadership qualities in the last one year, Akume who was also a former governor of Benue lauded the federal government in fight against Boko Haram.

The SGF noted that the criminal activities of kidnappers are being tackled by the law enforcement agents.

He commended Tinubu for his patriotism by fostering national cohesion across the country.

“There is no one that is in doubt of Tinubu’s giant strides in the last one year. The Federal Government under president Tinubu’s leadership has defeated Boko Haram terrorists.

“I praise him for his courage in driving economic policies aimed at bringing long-term prosperity to Nigerians.

“In just one year, he has built many roads across Nigeria and other critical infrastructure like the Abuja Metro Rail,” Akume added.

From left: Dr Umar Ganduje, APC National Chairman; Senator George Akume, Secretary to the Government of the Federation; and Amb Nicholas Agbo Ella, Permanent Secretary, Ministry of Petroleum Resources

Mr Abdullahi Ganduje, the immediate-past governor of Kano State, said Tinubu has demonstrated remarkable leadership in the face of adversity by resetting Nigeria on the path of growth and development.

Prince Arthur Eze eulogised Tinubu for standing up to state governors in trying to reform the country’s local government system.

The oil tycoon accused governors of cornering local government funds, thereby depriving the third tier of government of development.

Recently, the federal government sued the 36 state governors at the Supreme Court for tampering with funds released from the Federation Account for the benefits of local governments.

The event was attended by many top government officials and political associates of Tinubu. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

NBC lauds SLTV commitment to innovation, pledges fair treatment

Muhyideen Jimoh
May, Thu, 2024

Entertainment

NBC lauds SLTV commitment to innovation, pledges fair treatment

268 total views today

By Joshua Olomu

Mr Charles Ebuebu, Director General of the National Broadcasting Commission (NBC), has commended the innovation and excellence of SLTV, indigenous Nigerian satellite pay television, in ensuring competitive value delivery.

He made the commendation when Dr Ifeanyi Nwafor, Managing Director, Metro Digital Limited, operator of SLTV, and his management team paid him a courtesy visit on Thursday at NBC Headquarters in Abuja.

The visit was to brief the regulatory body on SLTv’s content offerings and innovations, and as well as efforts in ensuring quality and affordable service delivery to subscribers.

According to Ebuebu, as the nation witnessed the launch of the SLTV earlier in the year, the broadcast industry and subscribers are looking forward to experiencing the values it promises.

He lauded the brands commitment to innovation and excellence, and therefore pledged the commission’s unbiased stance in ensuring that ingenuity and competition thrived in the broadcast industry.

“As a regulator, one of our mandates is to encourage competition in the broadcast sector that brings innovation, allows local players to thrive and to build an economy around the broadcast sector.

“So we are very excited to have SLTV come in as a player in that space with its innovation and brand.

“In compliance with the rules of the NBC, we will definitely support them in the effort to bring new innovation as a local player in that space.

“What the NBC can do and will do is to establish a level playing field for all players; there is not going to be discrimination, where you have a major player with different rules.

“We are going to put a level playing field so that price will come to play, and whatever features you bring, that will be an edge for competition rather than a dominant position.

“As we speak, we are reviewing our rules and regulations in that space and we are bringing up policies that will open up the industry, allow innovation, services and features to thrive,” he said.

The NBC helmsman, who received the visitors in company of his management team, said the commission would be conducting an inspection visit to SLTV office as part of its regulatory functions.

He said the visit was to obtain first-hand information on the newly launched project, assess its operations, and ensure compliance with the Nigeria Broadcasting Code.

Earlier in his remark, Nwafor expressed appreciation to NBC for opening space for other players to come into the industry, which was fostering competition and innovation.

“I have to thank the Federal Government and NBC for the effort they made over the last few years to put regulations in place to end the monopolistic practices of the dominant players.

“It is based on those amendments and those new regulations that we are able to emerge and have a chance to play in this industry.

“We believe that the Nigerian market is very big and we believe that our people can do a whole lot and there is a big opportunity for any person that wants to participate in the industry.

“I want to thank NBC for dealing with some of the issues that have held the industry down for a very long time.

“I believe this is the dawn of a new age, that going forward, we are going to see a lot of innovation and more players coming into the industry to become more vibrant.

“In due course, same way our music and movies industries are making waves all over the world, our broadcast industry will also do , not just in Nigeria but all over the world,” he said.

Nwafor explained that 11 channels out of the 54 channels on SLTV were dedicated to local contents, which satisfies the 20 percent local content requirement by regulation. (NAN)(www.nannews.ng)

Edited by Maureen Atuonwu