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SEC urges firms to adopt sustainable business models
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.”
News
Grammy: Fans split over Davido, Wizkid, Asake, Burna Boy’s Chances
By Kayode Sanni-Arewa
Mixed reactions as fans torn different directions following the announcement of the nominees for the 67th Recording Academy Awards, popularly known as the Grammys.
Some Nigerian artistes featured on the list, including Davido, Wizkid, Burna Boy, Yemi Alade, Asake, Tems, Rema, and Lojay.
The nominations for the Best African Music Performance include Yemi Alade’s ‘Tomorrow,’ Asake and Wizkid’s ‘MMS,’ and Burna Boy’s ‘Higher.’ Chris Brown featuring Davido and Lojay’s ‘Sensational’ and Tems’ ‘Love Me Jeje’ also made the category.
Rema’s ‘Heis’ and Tems’ ‘Born in the Wild’ were nominated under the Best Global Music Album. Tems tops the list as____the Nigerian artiste with the highest number of nominations for the 67th Grammy Award, with an additional nomination for ‘Burning’ under the Best RB Song category.
Taking to social media, fans whose support for the various artists have been divided, debated how each of their favourites deserve the award.
Abiritomi said, “They’re all very good artistes so may the best person win.”
News
NDLEA smashes cross-border drug syndicates, nabs 6 kingpins, recovers cocaine, opioids(Photos)
By Kayode Sanni-Arewa
. Lekki software engineer, Chadian, others nabbed over tons of illicit drugs seized in Lagos, FCT, Taraba, Kwara, Plateau, Kano, Kaduna, Edo, Ondo
After months of intelligence gathering and painstaking surveillance, operatives of the National Drug Law Enforcement Agency, NDLEA, have smashed two major cross-border drug trafficking syndicates with cocaine and opioids worth billions of naira recovered from them while six leaders of the cartels were arrested in different parts of the country.
The syndicates, which comprise Nigerians based in Mubi, Adamawa state; Onitsha, Anambra state, and Lagos state as well as Cameroonians came under NDLEA radar after they were suspected of being major suppliers of drugs to terror groups operating in Nigeria and Cameroon.
Leaders of the syndicates so far arrested include: Ibrahim Bawuro, Najib Ibrahim, Ibrahim Umar, Nelson Udechukwu Anayo, Ezeh Amaechi Martin and Adejumo Elijah Ishola.
Intelligence gathered revealed that some psychoactive substances including tramadol were often sourced by Ibrahim Bawuro and Ibrahim Najib from a notorious drug dealer in Onitsha: Nelson Udechukwu Anayo and thereafter packed and concealed in vehicles in the premises of Ezeh Amaechi Martin, an associate of Udechukwu.
The duo of Ibrahim Bawuro and Ibrahim Najib will thereafter transport the drugs from Onitsha to Yola and subsequently to other parts of the North and Cameroon in specially constructed false compartments of vehicles, which travel from the East to the North at night. On 7th October 2024, Bawuro and Najib were trailed from Onitsha where they had gone to buy another consignment and eventually arrested in Taraba the following day 8th October while a total of 276,500 pills of tramadol were recovered from a Toyota Avensis saloon car marked DKA 57 TT, which they abandoned on the Jalingo-Yola expressway when they noticed NDLEA operatives were on their trail.
Follow up operations were subsequently carried out in Delta and Anambra states where Ezeh Amaechi Martin and Udechukwu Nelson Anayo were arrested by operatives of the NDLEA Directorate of Intelligence, which coordinated the whole effort with their counterparts in Taraba, Adamawa, Delta and Anambra.
Another leader of a different syndicate, Adejumo Elijah Ishola, 37, was arrested by operatives of a special operation unit of the Agency on Tuesday 5th November at Seme border in Lagos on his way from Ghana with 3.3 kilograms of cocaine and 600grams of synthetic cannabis. This followed months of intelligence and surveillance on his cross-border criminal activities.
Meanwhile, NDLEA operatives in Apapa seaport Lagos on Wednesday 6th November intercepted Thirty-One Million, Seven Hundred and Fifty Thousand (31,750,000) pills of 240mg Voltron, a controlled opioid, packaged and concealed in a container imported from India, as diclofenac sodium 100mg tablets.
The discovery was made during a joint examination of the container with men of Customs Service and other security agencies.
At the Murtala Muhammed International Airport, MMIA, import shed Ikeja Lagos, NDLEA officers on Tuesday 5th November intercepted a 700grams consignment of Loud, a strong strain of cannabis.
A software engineer, Olu Marshal who showed up to collect the package was promptly arrested and a follow up search of his home in Lekki led to the recovery of some drug paraphernalia, including a cannabis crusher.
Attempt by another suspect, Orji Ogbonna Nnaorji to send 32.50kg bottles of codeine syrup and 5.70kg cannabis to London, UK, concealed in tiger nuts cargo through the export shed of the Lagos airport was frustrated by NDLEA operatives on Friday 8th November.
A follow up operation led to the arrest of Orji at his warehouse in Ajao estate, Lagos.
In Kwara state, not less than 162,800 pills of opioids were seized by NDLEA operatives from four suspects during interdiction operations in parts of the state.
While 112,200 tablets of tramadol were recovered from Wahab Alao Saliu, 18,900 tablets of same opioid were recovered from Dalha Musa both at Eiyenkorin area of Ilorin; 29,000 pills of tramadol, 200 ampoules of diazepam and 99 bottles of codeine syrup seized from Ahmed Isiaka, just as 2,500 tabs of tramadol were seized from Ahmed Garba, both at Bode Saadu in Moro local government area of the state on Friday 8th November.
In Abuja, NDLEA operatives in the Federal Capital Territory on Thursday 7th November intercepted a truck along Abaji- Kwali road with 755.50kg cannabis concealed under empty cartons of noodles.
The truck driver, Lukman Rasheed, 41, claimed that bags of the psychoactive substance were loaded into the trailer in Ogbese, Ondo state after departing Lagos with only empty cartons of noodles.
A suspect, Yusuf Abubakar, 43, was arrested by operatives on Monday 4th November at Ibi, Taraba state while conveying to Kano 361 compressed blocks of cannabis weighing 156.95kg in a commercial bus marked WKR 772 XA. Not less than 245 blocks of same substance with a total weight of 121kg were recovered by NDLEA officers on patrol along Wukari – Ibi road on Thursday 7th November.
Two suspects: Hamza Yakubu, 30, and Abdulra’uf Danjuma, 23, were on Wednesday 6th November arrested at Gidan Manjagab area of Jos, Plateau state with 113 blocks of cannabis sativa weighing 141kg, while a Chadian, Hassan Muhammad Ali, 31, was nabbed on Tuesday 5th November at Gadar Tamburawa, Zaria-Kano road, Kano, with 3,000 pills of tramadol 225mg.
While a suspect Ibrahim Adamu was arrested at Jere area of Kaduna state with 35 sacks of cannabis sativa weighing 338.8 kilograms, NDLEA operatives in Edo state on Friday 8th November recovered 1,078kg cannabis at Okhuokhuo – Isi forest and 228kg of same substance at Sabo- Auchi.
In Ondo state, four suspects: Friday Daniel, Patrick Felix, Samuel Agada and Igwe Chukwuka were arrested at Emure Ile with 672kg cannabis sativa, while 513kg of same substance was seized at Gbodo camp, Ikun Akoko and a total of 4, 908kg cannabis recovered from a suspect Musibau Kosama at Alabi Yellow, Ijoka area of Akure on Wednesday 6th November.
Across the country, NDLEA Commands continued their War Against Drug Abuse, WADA, sensitization lectures and advocacy visits to worship centres, schools, workplaces, palaces of traditional rulers and communities all through the past week.
Instances include: WADA sensitization lecture to students and staff of Park Royal College, Apapa Lagos; Government Secondary School, Atu, Cross River; Ladigbolu Grammar School 2, Oyo, Oyo state; Iman Secondary School, Arkilla, Sokoto; Rosary Girls College, Nise, Anambra; Havilah Gold Secondary School, Odomola, Epe, Lagos state; while the Edo State command of NDLEA paid a WADA advocacy visit to HRM Oba of Benin, Omo N’Oba N’Edo, Uku Akpolokpolo Oba Ewuare II, among others.
While commending the officers and men of DI, SIU, Apapa, MMIA, FCT, Taraba, Kwara, Plateau, Kano, Kaduna, Edo, and Ondo Commands of the Agency for the arrests and seizures of the past week, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) also applauded their compatriots in all the commands across the country for intensifying the WADA sensitization lectures and advocacy messages to every part of their areas of responsibility.
News
SEE Black Market Exchange Rate for Dollar (USD) to Naira (NGN)
By Kayode Sanni-Arewa
Dollar to Naira Exchange Rate Today on the Black Market (Aboki Dollar Rate)
As of Saturday, November 9, 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos parallel market (often referred to as the black market) shows that the buying rate for a dollar is N1740, while the selling rate stands at N1745, according to sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. In line with this, the CBN has advised individuals and businesses looking to exchange foreign currencies to approach authorized banks and financial institutions for their Forex needs.
Dollar to Naira Black Market Exchange Rates Today:
Buying Rate: N1740
Selling Rate: N1745
Official Dollar to Naira Exchange Rates (CBN Rates) Today:
Buying Rate: N1664
Selling Rate: N1665
Please keep in mind that the exchange rates listed here are subject to fluctuation and may differ from those in actual transactions, as rates can vary depending on the location and the specific forex market you engage with. Always ensure that you check the current rates with authorized sources before making any exchange
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