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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.”
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Tinubu Directs State Burial For Late Chief Of Army Staff, Taoreed Lagbaja
President Tinubu has directed State Burial for the Late Chief Of Army Staff, Taoreed Lagbaja.
A delegation from the Nigerian Army, led by Major General Kamal Yusuf, announced on Tuesday that President Bola Tinubu has directed a state burial for the late Chief of Army Staff, Lt. Gen. Taoreed Lagbaja.
The announcement was made during a condolence visit to the Olobu of Ilobu, Oba Ashiru Olaniyan, at his palace in Osun State.
Major General Yusuf, a classmate of the late Lagbaja at the Nigerian Defence Academy, reflected on their early days together, recalling how they travelled by train from Osogbo to Kaduna to begin their military careers.
“Lagbaja was a gallant and pragmatic officer, a true combatant, which is why President Tinubu trusted him with the role of Chief of Army Staff,” he said.
During the visit, Yusuf informed Oba Olaniyan that the late General would rest at the National Military Cemetery in Abuja, where Nigeria honours its national heroes.
“Our visit here is to express our condolences and inform you of the burial plans. President Tinubu has directed that Lieutenant General Lagbaja be given a state burial,” Yusuf stated, adding that arrangements have been made to accommodate family members who wish to attend the ceremony.
Delivering a condolence letter from the Nigerian Army, Yusuf expressed hope that such tragic losses would not recur.
“Lagbaja’s dedication to duty and leadership from the front earned him steady promotions throughout his career, culminating in his appointment as Chief of Army Staff,” he noted.
Earlier, the Army delegation visited Osun State Governor, Ademola Adeleke, at the Osun Government Secretariat in Abere.
Commending Tinubu’s decision for a state burial, Governor Adeleke described the late General as “a bright star of Osun and Nigeria dimmed too early.”
He praised the Army’s commitment to completing community projects initiated by Lagbaja in Ilobu, Ifon, and Erin Osun.
In a statement by his spokesperson, Olawale Rasheed, Governor Adeleke said, “I thank Mr. President for approving a state burial for our late brother. We also appreciate the Army’s commitment to completing the community projects initiated by General Lagbaja. We will continue to support these efforts.”
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Change Negative Narrative About EFCC Being Used For Settling Political Scores- Reps
………Ask Anti Graft Agency To Fight Financial Crimes Within Established Laws
.
……My Staff Are Poorly Paid, EFCC
…., States Why Fight Against Yahoo Boys Fierce
The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, to purge itself from the negative impression that its being used to settle political scores and concentrate fighting financial and economic crimes within established laws.
The House handed the advise on Tuesday through the Chairman House Committee on Financial Crimes Honorable Ginger Onwusibe who led members of the committee on the 2024 oversight exercise on the commission.
The oversight covered extensive facility tour of departments and critical operational units of the antigraft agency.
In his terse remarks, Hon. Onwusibe challenged the agency to improve its operational activities in combating economic and financial crimes by complying with its 2004 Establishment Act and other relevant applicable laws like the Money Laundering ( Prevention and Prohibition) Act 2022: Terrorism ( Prevention and Prohibition) Act 2022: The Proceeds of Crime Act. 2022, as well as other statutes, that compels it to carry out these roles transparently with accountability and show that the negative maxim being peddled in some quarters that the agency is often being used for settling political scores is incorrect .
The committee assured that it will collaborate with the commission to actualize its mandate by enacting new laws or amending old ones and as well providing budgetary interventions, if it must strive tirelessly to be on top of its challenges
The House urged the agency to collaborate with sister agencies and desist from keeping suspects as- awaiting ‘trial in correctional centres nationwide
“At this point let me add that a recent visit to the Maximun and Minimun Correctional centres in Kirikiri Lagos State, numerous suspects have been awaiting trial for over one year and yet we are all acquainted with the saying that justice delayed is justice denied”
” It is on this note that we call on the EFCC, Attorney General of the Federation and the Judiciary to improve and ensure the administration of justice works and is efficiently delivered to the victims”
The House warned the agency to purge itself of rotten eggs in order to fight economic and financial crimes frontally, thereby stimulating the Nigerian economy
It also urged EFCC to focus properly on its mandate.
” The issue of appropriate and proper focusing on the mandate of the EFCC must relentlessly be on the front burner:
“Orders from competent courts , arrest and debt recovery must be pursued religiously” the House cautioned
But on its side, the antigraft agency said it has not deviated from its focus but rather working hard and fighting financial and economic crimes as enunciated in its mandate.
Chairman of the agency , Ola Olukeyede told his guest in his remarks during the oversight visit that the commission was doing much to fight financial and economic crimes and stimulate the Nigerian economy
He said so far that the agency has recovered over N250bn cash, tens of million of Dollars and other foreign currencies, with over 3000 convictions: 17000 petitions while also investigating over 20000,with about 4000 fresh cases , all being handled by a misery number of staff strenght
He noted that its priority is to improve the country’s image and stimulate its economy, such that there could be improvement in foregin direct investments and stimulation of the local economy.
Olukeyede however, argued that the agency needed more staff strenght, funding , better renumeration for staff because they were poorly paid. He also emphasised on modern day technology to fight the ever dynamic cyber criminals
According to the EFCC boss, it was important to give more salary to EFCC staff and deploy modern technology to fight emerging cyber crime dynamism . He expalined that the agency has increased efforts to fight Yahoo, yahhoo, boys because of their ability to crumble any economy within a twinkle of an eye
According to him, the agency was expanding its drag net to focus on ministries, departments and agencies infrastructural projects. ” “Go to MDAs and see their budget implementstion. It is not up to 20%”
“We want to ensure 50% infrastructural development” the anti graft boss announced, insisting that it would henceforth encourage monitoring of project implementation which was an aspect of preventing financial crimes
He said the agency has dismissed lots of erring staff, and will continue to dismiss and even prosecute them going forward.
Olukeyede disclosed that it had designed a template on staff integrity, using the Gift- Policy model
.” It is not every thankful gift we should collect” the EFCC boss warned
” I am advocating for more welfare improvement, better welfare, he said.
“We will do more recoveries, more convictions, but we need more resources to do our work, maintaining that, that was his stand on ethics and integrity .
Olokeyede’s demand for more salary wage for staff of the commission, is seen as an incentive to boost welfare and morale to fight financial crimes to standstill.
He stated that there was the utmost need to increase salaries of staff of the commission
The EFCC boss who spoke on his stewardship in the last one year, further added that it increased the war against Yahoo- Yahoo boys because of the consequences of their nefarious acts which could crumble a nation’s economy in a jiffy.
He argued that more technology was required to fight financial crimes.
For instance he explained that it was a common scenario then for thieves and armed robbers to attack and break into banks with guns and Dynamites
” But it is the same common and more easier scenario and task now to have Yahoo-Yahoo boys and bank thieves attack banks with technology in the comfort of their homes or hideouts”
“So we need technology and we also need to increase our fight against these Yahoo boys who can dismantle any economy within a twinkle of an eye
He called on the national Assembly to improve and increase its finances because fighting Financial crimes was a herculean task that requires adequate funding
Olokeyede who apparently was responding to criticisms of the commission’s over concentration on Cyber crimes/ thieves, perpetrated by Yahoo boys, said he has made tremendous impact in enforcement, investigation and conviction with an outstanding record convictions between October 2023 when he was appointed till date
News
Trouble looming for Obaseki as Gov Okpebholo orders probe of his admin
By Kayode Sanni-Arewa
Governor Monday Okpebholo of Edo State has ordered the setting up of a committee to probe the immediate-past administration of Godwin Obaseki for its failure to inaugurate 14 Edo Assembly lawmakers-elect into the 7th Assembly.
Okpebholo disclosed this while giving his inaugural speech as the new governor of the state.
Governor Okpebholo also ordered the State Chief Judge to immediately investigate the initial delay of former Governor Obaseki to inaugurate duly-cleared judges by the National Judicial Council (NJC) last year
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