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Nigerian Senate to review investment laws in supporting Nigeria’s capital market

The Senate will revisit more investment laws to support the development and growth of the Nigerian capital market.

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The Senate will revisit more investment laws to support the development and growth of the Nigerian capital market. The laws to be revisited include the Investment and Securities Act, the main law governing the capital market, the Petroleum Industry Bill (PIB) and pension fund management among others.

Chairman, Senate Committee on Capital Market, Senator Ibikunle Amosun, assured stakeholders that the Senate would provide necessary tools for the growth of the market.

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Amosun disclosed in Lagos during the visit of the Senate Committee on Capital Market to the Nigerian Stock Exchange (NSE) and FMDQ Holdings Plc.

The former Ogun State governor added that the national assembly will do everything possible to strengthen investors’ protection and the growth of the market.

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(READ MORE: Senate considers petrol subsidy removal, naira devaluation)

According to him, the Senate Capital Market Committee will look at the possibility of increasing investments from Pension Fund Administrators to the stock market, which will enhance market liquidity in the Nigerian bourse

Amosun buttressed that the capital market has a role to play in rescuing the economy at this critical stage in the light of the coronavirus pandemic which has hit global financial markets. He said,

“The capital market is a potent avenue for deepening our economy. We have always talked about diversification which is essential to growing the economy and that is why the capital market has to play a very significant role in that aspect. 

“Let me reassure that we will create that enabling environment for investors as well as to take out necessary policies to support the market and so we are urging investors not to press the panic button yet.”

Nigerian Stock Exchange (NSE), CEO, Mr. Oscar Onyema, explained that the that Nigeria remains an attractive investment destination as Africa’s most populous country, positioned to be a top 20 economy by 2030 and top 10 by 2050.

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Stanley

    March 22, 2020 at 12:46 am

    Please, how many of these legislators have invested some of their capital in the Nigerian bourse; we need to know because we expect them to lead the way in bringing back local & foreign investors to the bourse.

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Business

NIPOST in disagreement with FIRS, says its stamp duty collection account is legal

This disclosure was made through a series of tweet posts by NIPOST.

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The Nigerian Postal Service (NIPOST) has reacted to claims by the Federal Inland Revenue Service (FIRS) that it is operating an illegal Stamp Duty Account.

In its denial of the submission by FIRS, NIPOST described the claims as false and made to misinform and mislead members of the public.

This disclosure was made through a series of tweet posts by NIPOST through their official Twitter handle on Saturday, August 9, 2020.

NIPOST in its statement disclosed that the account was opened by the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Banks (DMB) to commence the deduction of N50 stamp duties from bank customers accounts.

The statement from NIPOST reads, ‘’The Nigerian Postal Service (NIPOST) attention has been drawn to a publication by the Federal Inland Revenue Service (FIRS) that NIPOST operated an illegal stamp duty account. According to the publication, the Director of Communication and Liaison of FIRS made the statement in a series of tweets.’’

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‘’We hereby state categorically that the statement is false and was made to misinform and mislead members of the public.’’

‘’The account the Director of Communication FIRS made reference to as illegal was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in consultation with the office of Accountant General of the Federation, in the name of NIPOST Stamp Duties Collection Account when CBN gave instruction to Deposit Money Banks (DMB) to commence the deduction of #50 stamp duties from bank customers accounts.’’

‘’The account belongs to the Federation and NIPOST does not have access to whatsoever monies lodged into the account, as such the question of illegality and misappropriation does not arise.’’

Going further, NIPOST restated that under the extant laws of Nigeria, the NIPOST Act 2004 provides and vests solely in NIPOST the power to print adhesives postage stamps, which is the instrument for denoting documents and other transaction instruments in compliance with the provisions of the Stamp Duties Act.

NIPOST said that it is seeking the proper implementation of the Finance Act. and was therefore surprised when FIRS took to the tweeter to call out the Chairman, NIPOST Board, Barrister Maimuna Yaya Abubakar, who just brought the attention of the Service and public that the agency would be emasculated if the Act is not properly implemented.

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The statement recalled that when there was a meeting between FIRS and NIPOST in July 2013 in the office of the Executive Chairman of FIRS, it resolved that NIPOST is statutory duty-bound to provide the stamps to be used by FIRS at both federal and state levels.

It can be recalled that there was been an ongoing dispute between FIRS and NIPOST over who should be the collecting agency for stamp duties.

The Chairperson of the Board of NIPOST, Hajiya Maimuna Abubakar, had during an interview claimed that both the FIRS and the National Assembly took over NIPOST’s ideas about stamp duty to the exclusion of the postal service.

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In its reaction, FIRS, while denying such claims said that FIRS is the only agency of federal government charged with the responsibility of assessing, collecting and accounting for all types of taxes including stamp duties.

It states that NIPOST is a government agency established by Decree 41 of 1992 with the function to develop, promote and provide adequate and efficiently coordinated postal services at reasonable rates.

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Commodities

Five oil majors reduce value of their assets by $50 billion in Q2

Energy demand at one point was down by more than 30% globally.

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Five oil majors reduce value of their assets by $50 billion in Q2

Five oil majors (including Exxon Mobil and British Petroleum) reduced the value of their assets by $50 billion in Q2, 2020. They also reduced their production rates as the COVID-19 pandemic caused a downward trend in energy demand.

What this means: The cut in asset valuations and reduction in crude oil production by these oil majors showed the depth of damage the COVID-19 pandemic caused on the global energy sector in Q2, 2020.

Energy demand at one point was down by more than 30% globally and still remains below pre-pandemic levels.

READ MORE: Respite for Nigeria as Exxon Mobil and Shell lose $1.8 billion arbitration award  

Some of these conpanies’ executives said they took these austerity measures because they expect demand to continue to be on the downward trend in the meantime. This is in view of the fact that people around the world are traveling less, even as many global industries are not in full capacity. The pandemic has already killed more than 700,000 people.

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Of those five oil majors, only Exxon Mobil (XOM.N) did not book sizeable impairments, Reuters reported. However, an ongoing re-evaluation of Exxon Mobil plans could lead to a reasonable amount of its assets being impaired, and signal the removal of 20% or 4.4 billion barrels of its oil and gas reserves.

READ ALSO: Oil prices drop to 21-year low as demand and storage crises persist

Oil major BP (BP.L) took a $17 billion hot. It said its plans in the coming years would be a focus on renewables and fewer fossils.

About two weeks ago, Nairametrics reported how Exxon Mobil and Chevron posted their worst losses in modern history, as the COVID-19 pandemic and a glut in crude oil reduced the demand for energy products in the second quarter of 2020.

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Hospitality & Travel

US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states

The US government has issued a level 3 Travel Health Notice for Nigeria due to COVID-19.

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US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states, Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back

The United State Government has advised its citizens against travelling to Nigeria due to the Coronavirus pandemic, terrorism, civil unrest, kidnapping, widespread inter-communal violence, and others.

This warning is contained in a travel advisory statement that was obtained from the United State Department of State website.

The statement also disclosed that the Centre for Disease Control and Prevention (CDC) had issued a level 3 Travel Health Notice for Nigeria due to the Coronavirus pandemic. Also, some parts of the country have increased risk.

“Reconsider travel to Nigeria due to Covid-19. Reconsider travel to Nigeria due to crime, terrorism, civil unrest, kidnapping and maritime crime. Some areas have increased risk.’

READ MORE: Chevron considers divesting from Nigeria, to focus on U.S Shale Oil

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‘’Do not travel to; Borno and Yobe States and Northern Adamawa State due to terrorism; Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States due to kidnapping; Coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt) due to crime, civil unrest, kidnapping and maritime crime,’’ the statement said.

It stated that violent crimes such as armed robbery, assault, carjacking, kidnapping, and rape, have become common throughout the country. As such, US citizens were advised to exercise extreme caution throughout the country due to the threat of indiscriminate violence.

“Terrorists continue plotting and carrying out attacks in Nigeria, especially in the Northeast. Terrorists may attack with little or no warning, targeting shopping centres, malls, markets, hotels, places of worship, restaurants, bars, schools, government installations, transportation hubs, and other places where crowds gather.

READ ALSO: Forex turnover at NAFEX hit $1.6 billion since June 2020

“Sporadic violence occurs between communities of farmers and herders in rural areas.’

The US government acknowledged the fact that it has limited ability to provide emergency services to US citizens in many parts of Nigeria due to the security conditions.

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Going further it stated, “Do not travel to Borno and Yobe States and Nothern Adamawa. Terrorist groups based in the Northeast target churches, schools, mosques, government installations, educational institutions and entertainment venues. Approximately two million Nigerians have been displaced as a result of the violence in Northeast Nigeria.

“Do not travel to Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano and Yobe States. The security situation in Northwest and Northeast Nigeria is fluid and unpredictable, particularly in the states listed above due to widespread inter-communal violence and kidnapping.

“Do not travel to the coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta and Rivers States (with the exception of Port Harcourt). Crime is rampant throughout Southern Nigeria, and there is a heightened risk of kidnapping and maritime crime, along with violent civil unrest and attacks against expatriate oil workers and facilities.’’

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