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NGX Charges Inductee Brokers on Ethics, Continuous Learning

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NGX: Transactions maintain bearish trend with 0.0% loss

The Nigerian Exchange Limited (NGX) has encouraged its newly inducted brokers to continue to uphold the high standard of ethics in the capital market and embrace a culture of continuous learning to keep up with the fast pace of developments and innovation in the financial space.

At the induction ceremony for the 91 newly Authorised Dealing Clerks held at the Exchange on Thursday, the Chief Executive Officer, NGX, Temi Popoola, advised the inductees to be advocates of integrity and impeccable character, with the penchant to place the market first in their decision making.

He highlighted that the NGX had enforceable rules, he pointed out that the Exchange had signed a Memorandum of Understanding with the Economic and Financial Crimes Commission (EFCC) in the bid to implement its zero-tolerance policy on infractions.

Emphasising NGX’s technological drive, Popoola said, “Technology is increasingly going to drive our business operations and activities going forward. Over the years, The Exchange has demonstrated its readiness for the digital transformation as evinced by our seamless transition to virtual trading following the incursion of the COVID-19 pandemic.

“Our trading platform and real-time data service remains a game changer in the capital market. Through these platforms, we have improved market order flow, sustained increase in the number of trades, provided high availability and enabled direct market access and remote trading.”

He urged the inductees to embrace a culture of continuous learning and take advantage of NGX’s specialised learning platform, X-Academy to gain more knowledge and maximise opportunities to stay up to date on market developments.

The Doyen of the market, Rasheed Yusuf, congratulated the ADC’s, highlighting that their induction was coming at a time of significant volatility and uncertainty in global markets and the world’s economy.

“I will urge you all to be innovative, creative and ethical as the market is in need of your skills to increase its contribution to the economy. The Exchange and the capital market constitute a platform to turnaround the fortunes of the Nigerian economy and I encourage you to leverage every channel available to create impact,” Yusuf said.

Chairman, Governing Council, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, and President/Chairman, Governing Council, Chartered Institute of Stockbrokers (CIS), Oluwole Adeosun, both underscored the importance of keeping to the rules and regulations of the market to the new brokers and strive to make contributions to the development of the market.

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LSFRS, NNPC Ltd Sing Discordant Tunes Over Lagos Depot Fire

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A tank farm in the Apapa area of Lagos State went up in flames in the early hours of Friday.

A viral video of the sad incident, now making the rounds on social media platforms indicates that it is the property of the Nigerian National Petroleum Company Limited (NNPC Ltd).

The video was being traced to the Lagos State Fire and Rescue Service (LSFRS).

However, the NNPC Ltd has denied that none of its facilities in the location was affected, it posited that the fire incident, from a pipeline, affected a farm tank belonging to Honeywell Oil and Gas.

Director, Public Affairs, LSFRS, Amodu Shakiru, has confirmed the incident, and that firefighting operations were ongoing as at the time of going to press.

Shakira said, “Yes, we just received a call from that area and the call came in at 11:27am.

“The Lagos State Fire and Rescue Service is attending to a fire outbreak at the new NNPC Terminal, formerly OVH, Kayode Street, Marine Beach, Apapa.

“The fire resulted from a spillage of petroleum products within the perimeter of the tank farm”.

In the same vein, Director and Chief Executive Officer, LSFRS, Margaret Adeseye, said concerted efforts with various emergency responders within the oil and gas industry were being made to contain the situation.

“The public is hereby assured that the emergency operations are under control from escalating further,” Adeseye stated.

However, the Punch cited Spokesperson, NNPC Ltd, Olufemi Soneye, as saying that the fire was not from the company’s depot but from HOGL.

“It is not at the NNPC, but at HOGL. The fire is at a pipeline at HOGL. The fire has since been extinguished. It’s at the Honeywell depot but it has now been extinguished. Not NNPC,” Soneye said.

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Alakija Hails Gov Adeleke

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The Chancellor of Osun State University and Executive Vice Chairman of Famfa Oil Limited, Folorunso Alakija has described Governor Ademola Adeleke as “an action Governor who is delivering good governance to the good people of Osun state”.

She bared her mind, while hosting Gov Adeleke at the Ikoyi headquarters of Famfa Oil Limited.

According to her, she she has been following activities of Gov Adeleke since he assumed office, and commended him for setting a good leadership example.

The billionaire businesswoman on the occasion flanked by two of her directors, Ladi and Folarin Alakija, noted that the Osun State Governor has been demonstrating strong passion for public service and pursuing a big agenda for the state.

She prayed to God Almighty to strengthen the Governor for a second term in office, as in her opinion, four years were not enough for an action governor like Gov Adeleke to deliver fully on his ambitious agenda for the state.

Reviewing her tenure as the Chancellor of the Osun State University, the Famfa boss recalled the conception and stages of completion of the UNIOSUN Medical Research and Training Hospital which she wholly donated and financed.

She pointed out that the project which is 95 percent completed was designed to serve the health needs of patients from far and near and elevate service to humanity to a higher level.

Earlier, Governor Adeleke, accompanied by the Vice Chancellor of the Osun State University, Prof Odunayo Clement Adebooye and other state officials, said he was ‘on a thank you visit to the business mogul to appreciate her huge contributions to the growth and development of the state university’.

Gov Adeleke expressed appreciation for the massive multi-billion naira Medical Research and Training hospital that Apostle Dr Alakija was building at the State university, describing Famfa boss as “a commendable role model in the field of philanthropy.

“We are here as a government to appreciate you. You are uncommon and rare in your love for service to humanity.”

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JUST IN: FG Announces Launch Date For Student Loan Applications

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The Federal Government of Nigeria (FGN) has announced that the portal for student loan applications will officially open on May 24, 2024.

This development is part of the Nigerian Education Loan Fund’s efforts to enhance access to higher education, as stated by the Fund’s media lead, Nasir Ayantogo, on Thursday night.

According to Ayantogo, the launch of the application portal is a significant step in President Bola Tinubu’s commitment to providing accessible and inclusive education for Nigerian students.

This initiative follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023 which aims to provide interest-free loans to financially disadvantaged students pursuing higher education in Nigeria.

Dele Alake, a member of the former Presidential Strategy Team, noted that this move fulfills one of President Tinubu’s key campaign promises to liberalize funding for education.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.

Initially, the government announced that the scheme would launch in September, but it faced several delays, resulting in an indefinite postponement in early March.

The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.

Following a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.

President Tinubu stressed the importance of including those who may not seek university education, noting that skill acquisition is equally as important as earning academic degrees.

He had said, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,”

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

According to the statement, the portal features a user-friendly interface, allowing students to conveniently submit their loan applications.

The statement added, “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin application.”

 

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