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SEC urges firms to adopt sustainable business models
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Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has called on capital market operators to adopt sustainable principles and practices in all their dealings.
He said the principles of sustainable finance open a new vista for all market intermediaries to take their businesses and client relationships to a new and higher level.
He therefore urged businesses to move towards more sustainable and climate-friendly solutions.
Agama spoke at the 2024 Business luncheon of the Association of Corporate Trustee (ACT) held in Lagos, with the theme, ‘Sustainable finance: The role of corporate trustees’.
Represented by the Director, Market Development, SEC, Tunde Kamali, Agama said that the theme of this year’s luncheon wass quite pertinent.
“Our planet faces daunting challenges. Climate change, resource scarcity, social inequality, and economic instability demand a collective effort towards a more sustainable future.
“While we cannot over emphasise the pivotal role required of corporate trustees in facilitating sustainable financing, acting as intermediaries between investors and issuers, corporate trustees oversee assets and ensure compliance with legal and fiduciary obligations.
“As market professionals, trustees play a critical role of aligning investors’ interests with sustainable objectives, and by incorporating ESG criteria into investment strategies, they can guide capital towards projects and initiatives that promote sustainability,” Agama said.
He said all market operators have a collective responsibility of addressing the demands of the sustainability market, positioning the market ahead of the green supply curve while adhering to global standards and frameworks.
“As intermediaries, issuers, investors or regulators, we all have a role to play in facilitating the transition of economies towards sustainable and low-carbon growth.
“We can support this transition through our business activities by directing financial flows towards more sustainable and climate-friendly solutions, divesting from unsustainable practices, setting standards and frameworks, and integrating ESG into investment decisions and practices,” Agama said.
Agama pointed out that “so many opportunities lie in this new field with capacity to grow to a staggering $2.6 trillion market. As much as it is for the betterment of our planet, so much wealth can be made along the way.”
SEC DG cited that “according to a 2023 report by Deloitte, the demand for sustainable investing is not yet fully met by investment advisors. Based on multiple surveys, investors have a strong interest in sustainable investing but want more support from their advisors.
“According to the report, the demand for sustainable investing remains largely unfulfilled by investment advisors. By implication, this is a clear indication that there are lots of untapped opportunities that financial intermediaries can leverage. It is also an indication of the gap required to be filled by intermediaries and the opportunities being thrown away.”
Agama therefore urged stakeholders to move beyond the traditional role of intermediaries, especially in this area of sustainable finance adding that as responsible stewards, they have significant influence in shaping a landscape conducive to positive change.
“Embrace your role as trustees by acting as guardians and gatekeepers of sustainability. Implement robust mechanisms to monitor the social and environmental impacts of investments, ensuring that deployed capital genuinely drives positive global change. Combat greenwashing, where investments falsely claim sustainability without real impact.
“The Association of Corporate Trustees should take the lead in fostering expertise in sustainable finance, fostering an investment environment that is both knowledgeable and accountable”.
He assured that the SEC stands firm in its commitment to champion sustainable financing as the Rules on Green Bonds have already facilitated several issuances, providing essential funding for green projects in sectors such as power, water, and agriculture.
“Moreover, we have developed comprehensive sustainable finance guidelines and disclosure requirements for capital market operators, aligning them with the Nigerian Sustainable Finance Principles,” he added.
Speaking at the event, the director-general, Debt Management Office (DMO), Ms. Patience Oniha said trustees stand in the position where they really protect the interest of investors.
“As we expect these securities to come in large scale, not just from the government but from the private sector, we expect that the trustees should be able to provide the required services so that investors can be comfortable about them. As an association, you need to have that capacity to be able to deliver as those securities hit the market,” Oniha said.
The president of ACT, Omolola Iyinolakan, noted that “over the last couple of decades, one of the trends which has involved is the concept of sustainability. And sustainability is not just imposed, it is the environmental, social, governance considerations into policy foundations across sectors, striving for the harmony between the planning, advancement, environmental preservation and social fairness.”
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NCC hosts 185 girls on ICT industrial excursion
The Nigerian Communications Commission (NCC) has supported the Federal Government’s Girls in ICT empowerment initiative by hosting 185 students on an industry excursion.
NCC Director of Public Affairs, Nnenna Ukoha, disclosed this in a statement on Sunday in Abuja.
She said the tour was designed to inspire digital skills development and encourage future careers in technology.
The initiative was championed by the Ministry of Communications, Innovation and Digital Economy.
The programme aims to equip young Nigerians, particularly girls, with digital knowledge and relevant technology skills.
Ukoha said participants were selected by the ministry from across the country’s geopolitical zones.
She said the students were chosen for a competition promoting digital inclusion and greater participation of girls in Information and Communication Technology (ICT).
According to her, some participants were also drawn from Science, Technology, Engineering and Mathematics (STEM) disciplines.
“The visit to the Commission formed part of activities organised by the Ministry under the National Girls in ICT Programme.
“It is an initiative aimed at bridging the gender gap in technology through digital skills, mentorship opportunities and exposure to innovation,” she said.
Ukoha said participants learned about developments in telecommunications from 1886, when colonial authorities established communication facilities for administrative purposes.
She said the students were also introduced to the history of telegraph services linking Lagos with West Africa and Europe through submarine cables.
According to her, the tour highlighted the telecommunications landscape at Independence in 1960.
She said Nigeria then had only 18,724 telephone lines serving an estimated population of about 40 million people.
“The students were also briefed on post-Independence development plans and the operations of the former Department of Posts and Telecommunications.
“They also learned about Nigerian External Telecommunications Ltd. and the establishment of NITEL in 1985,” she said.
Ukoha said NITEL was created to coordinate internal and external telecommunications services across the country.
She noted that a major attraction during the visit was the display of historical artefacts preserved at the NCC Museum.
Among the exhibits were a Post Office Counter and Sorting Racks introduced in Lagos in 1852.
Other artefacts included the Grand ‘T’ Key used in the nineteenth century Lagos Post Office.
The collection also featured leather mail bags from 1863 and Drop Bag fittings from the late twentieth century.
Students viewed a 511A Letter Scale, an Improved Dynamometer Scale, telegram machines and the Teleprinter T100.
Additional exhibits included a Cordless PBX system, Digital Card Phone and other communications equipment.
Speaking during the tour, NCC Executive Vice Chairman, Dr Aminu Maida, said the initiative aligned with the Commission’s digital literacy objectives.
Represented by Director of Research and Development, Babagana Digima, Maida said the museum linked past and present generations.
He said the experience would help young people appreciate the sector’s transformation from analogue systems to the digital age.
According to him, understanding telecommunications history would inspire participants to contribute to future innovation.
Maida said exposing young people to technological advancement was essential for developing leaders for Nigeria’s digital economy.
“The whole idea is to engage the younger generation and show them what communication is all about.
“This museum preserves the history of communications and showcases the evolution from postal services to telegraphy and digital technology.
“We want to spark the curiosity of young people and help them understand how far the sector has progressed.
“When they see the past and the present, they can imagine the future and contribute to shaping it,” he said.
During the tour, NCC officials guided participants through exhibits documenting key milestones in Nigeria’s telecommunications history.
The students also explored the evolution of the communications sector and its contribution to national development.
News
Middle East conflict: Israel Launches Retaliatory Strikes on Iran in renewed violence
Israel has launched airstrikes on Iran in retaliation for waves of missiles fired at its northern regions on Sunday.
The development marked a day of renewed violence in the Middle East after a fragile ceasefire.
Iranian state television reports that the sound of explosions was heard in Isfahan, Karaj, Tabriz and Tehran.
The strikes occurred after Iran’s Islamic Revolutionary Guard Corps, IRGC, said it had targeted the Ramat David Airbase in northern Israel with ballistic missile fire on the evening of June 7.
The IRGC claimed that Israel used air-launched ballistic missiles in its attack on Monday morning.
The Israel Defense Forces, IDF, said it identified missiles fired from Iran toward northern Israel and defensive systems are operating to intercept the threat.
“A short while ago, the Israeli Air Force struck military targets belonging to the Iranian terror regime in western and central Iran,” the Israeli military stated.
News
If a Thief Tells You to Go to Court, His Brother Is the Judge — Jonathan
Ex- President Goodluck Jonathan has criticized what he described as a growing culture among some government institutions of dismissing public concerns by directing aggrieved citizens to seek redress in court.
Speaking at a recent public event, Jonathan expressed concern over what he called declining standards in public institutions and the increasing tendency of officials to rely on the judiciary whenever allegations of wrongdoing are raised against them.
The former president cited an East African proverb to illustrate his point, saying, “If a thief tells you to go to court, he knows that his brother is the judge.”
According to Jonathan, the saying reflects public perceptions that some individuals who engage in wrongdoing may have confidence in receiving favorable outcomes through compromised systems.
“We see government institutions doing the wrong thing and telling people to go to court,” Jonathan said. “There is this saying in East Africa that if a thief tells you to go to court, he knows that his brother is the judge.”
His remarks come amid ongoing debates over accountability, transparency, and public trust in government institutions, with critics frequently raising concerns about the handling of political and administrative disputes through the judicial process.
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