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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’.

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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.

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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.”

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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.

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“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.

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“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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Army acquires 43 drones, wings 46 Turkey-trained personnel

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The Federal Government has bolstered the Nigerian Army’s operational capacity with the acquisition of 43 Bayraktar TB2 drones, primarily for deployment in the North-West theatre of operations.

The Commander of the Nigerian Army Space Command, Brig. Gen. U.G. Ogeleka, disclosed this on Tuesday during the winging ceremony of 46 personnel trained in the operation and maintenance of the drones.

The initiative, codenamed Project Guardian, aims to strengthen military operations against insurgency and other security challenges in the region.

“Between May and September 2022, a team of 35 officers and 11 soldiers from the Nigerian Army’s routinely piloted aircraft system regiments underwent specialised training in Turkey on the operation and maintenance of the Bayraktar TB2 drones,” Ogeleka said. “The training crew included multi-piloted aircraft pilots, mission operators, avionics, and mechanical engineers and technicians.”

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Out of the 46 trained personnel, 14 are multi-piloted aircraft pilots, seven are mission operators, and 23 are engineers and technicians.

Ogeleka presented 22 of the trained personnel for the winging ceremony, noting that the others are actively engaged in operational duties.

The Chief of Army Staff, Lt. Gen. Olufemi Oluyede, praised the acquisition of the drones and the training of personnel as significant steps toward enhancing the army’s professionalism and combat readiness.

“The winging of these 22 officers and soldiers as pilots and certified maintenance engineers is a morale booster for others in service,” Oluyede said. “It confirms their readiness to operate and maintain the Turkish Bayraktar TB2 drones in our inventory.”

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Oluyede further revealed plans to procure additional unmanned aerial systems in the coming year to strengthen military operations across all theatres in the country.

The drones will play a critical role in addressing security challenges in the North-West, a region plagued by banditry and insurgency.

Their advanced surveillance and strike capabilities are expected to significantly enhance the Nigerian Army’s operational effectiveness.

This development underscores the government’s commitment to leveraging technology to improve national security and highlights the Nigerian Army’s drive to modernize its arsenal and build capacity within its ranks.

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With more unmanned aerial systems set for acquisition, the military’s ability to conduct precise, real-time surveillance and combat operations is poised for substantial improvement.

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Ondo Assembly mulls 10-year jail term for land grabbers

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The Ondo State House of Assembly is considering a bill that proposes harsh penalties for land grabbers, including up to 10 years imprisonment for forceful entry or illegal takeover of properties.

Governor Lucky Aiyedatiwa has further reinforced the fight against land grabbing by signing an Executive Order to prohibit such activities.

The order aims to end forceful entry, illegal occupation of landed properties, and fraudulent or violent conduct related to land in the state.

To strengthen enforcement, the governor has established a Task Force to protect property rights, uphold the rule of law, and ensure a secure environment for property owners and residents.

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The proposed bill also includes severe penalties of up to 21 years imprisonment for selling family land without the consent of the family head or secretary.

Hon Moyinolorun Ogunwumiju, the lawmaker representing Ondo West Constituency 1, who sponsored the bill, spoke during a public hearing on the bill

Hon Ogunwumiju assured stakeholders that the bill would improve land administration, protect landowners, attract investors, and foster peace and development in the state.

He explained that the bill sought to regulate land dealings, protect landowners and buyers, penalise encroachers, and criminalise unregistered agents.

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Ogunwumiju said the bill proposed penalties of up to 10 years’ imprisonment for forceful entry or takeover of properties and up to 21 years for selling family land without the consent of the family head or secretary.

Speaker of the Assembly, Hon Olamide Oladiji, urged committee members and stakeholders to ensure the bill served the interests of the people.

He said the bill would maintain order in the state and impose necessary sanctions on offenders.

“Land grabbers pose a significant threat to property acquisition. Their activities ranging from trespassing, forceful occupation, and illegal sales of properties to multiple buyers must be confronted decisively.”

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Majority Leader and Chairman of the House Committee on Rules and Business, Oluwole Ogunmolasuyi,  said the bill, would benefit the society at large

Ondo Commissioner for Justice and Attorney General, Kayode Ajulo said the bill would enhance land administration and complement the executive order signed by Governor Aiyedatiwa.

Stakeholders including traditional rulers  called for full implementation of the bill when signed into law.

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FG earmarks N250bn for Lagos-Abuja rail project in 2025 budget

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The federal government has made an allocation of N250 billion in the 2025 budget for the Lagos–Abuja mass transit rail project.

This budgetary investment is part of a broader plan to revitalize Nigeria’s infrastructure and stimulate economic growth.

The government’s focus on infrastructure development is rooted in the belief that it is a cornerstone of long-term economic planning.

By investing in critical infrastructure such as roads, railways, energy, healthcare, and education, the administration aims to create a conducive environment for both domestic and foreign investment.

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The Lagos-Abuja rail project, in particular, is expected to have a transformative impact on the Nigerian economy.

By improving transportation connectivity between two major economic hubs, the project will facilitate the movement of goods and people, reduce logistics costs, and stimulate economic activity.

Additionally, the project is expected to create numerous jobs, both directly and indirectly, contributing to the country’s overall employment rate.

The government’s infrastructure investments are also aimed at addressing regional disparities.

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By connecting different parts of the country through improved transportation networks, the administration hopes to stimulate economic growth in underserved regions, reduce poverty, and promote equitable development.

The 2025 budget signals the government’s commitment to transforming Nigeria’s infrastructure landscape.

By investing in critical projects like the Lagos-Abuja rail line, the administration aims to lay the foundation for a more prosperous and connected Nigeria.

However, the success of these initiatives will depend on effective planning, efficient implementation, and transparent governance.

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