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AFR Business

NGX commends ASHON for Enhancing Professionalism, Ethics in Capital Market

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Nigerian Exchange Limited (NGX) has lauded the Association of Securities Dealing Houses (ASHON) for enhancing professionalism and ethical conduct in the market.

This was disclosed at the Closing Gong Ceremony, yesterday, in Lagos, commemorating the return of members of the ASHON to the trading floor of NGX.

Speaking at the ceremony, the Chairman of NGX, represented by Director on the Board of NGX, Mr Kamarudeen Oladosu , said the event served as a recognition of the “remarkable contribution of the Association to a dynamic, responsive, and vibrant capital market that has sustained service delivery to stakeholders and value to the investing public.”

Oladosu commended the strategic role the Association played in providing professional guidance and enforcing ethical standards to guide the stockbroker community saying: “We are confident that today’s event would provide an opportunity to renew our partnership, strengthen our relationship and explore new areas of collaboration that is both mutual and beneficial.”

NGX Group chairman, Dr. Umar Kwairanga, commended members of ASHON for the achievements of the association in raising the standards of skills and qualifications as well as enhancing trust in the financial services sector. He commended the Past Chairmen of the association for their significant contribution to the capital markets, which have sustained the association on the path of growth and expansion. He reiterated the commitment of NGX Group, to continue partnership that would be beneficial to the capital market

The Chairman of ASHON, Mr Sam Onukwue, giving his remarks, emphasized the importance of the return of full trading activities to the floor of the Exchange. He noted that it would “rekindle relationships and consolidate the professional traits, characterized by the noble profession — collaboration, respect for one another, and leveraging on the collective knowledge of the market.”

Onukwue stated the trading floor was the “temple of capitalism and provides veritable opportunities to dissect social and economic events,” which was the reason why exchanges like the New York Stock Exchange and others retain trading floors. He said the Association and the Stockbroking community would continue collaborating with NGX on growth initiatives.

The CEO, NGX, Mr Temi Popoola, noted that the level of professionalism and ethical conduct in the capital market had gone up significantly to measure up to global standards since ASHON was established in 2006 as a national trade group of all dealing members of the now demutualised Nigerian Stock Exchange (NSE).

NGX CEO Popoola honoured with CIS Fellowship

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The Chartered Institute of Stockbrokers (CIS) has inducted the Chief Executive Officer of Nigerian Exchange Limited (NGX) as a Fellow of the Institute on Monday, 8 May 2023.

Delivering his welcome address at the event, the President and Chairman of Council, CIS, Mr Oluwole Adeosun, FCS, stated that the Fellowship of the Institute was the highest category of membership. “For a member of the Institute to become a Fellow, the individual must, in addition to professional excellence, pass the moral and integrity tests with flying colours. This gentleman has done just that

In his acceptance speech, Mr Temi Popoola, FCS, CEO of NGX, thanked the Institute’s board of fellows and the full council members for the great honor, and pledged to continue to uphold the institute’s core values. “I am extremely delighted because I am emotionally connected to this market and I am grateful for the support received from CIS since I became the CEO of NGX. At NGX, we strive to always incorporate CIS in our strategy as the Institute ranks high among our critical stakeholders,” he said.

Popoola added that he is looking forward to working with CIS to engage the incoming government to drive policies that will reposition the capital market for growth.

Seun And The Impunity Of Stardom By Ebun-Olu Adegboruwa, SAN

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I watched with shock, disbelief, bewilderment, amazement and chagrin, a viral video where Afrobeat rising star, who should otherwise be the product of a rich heritage of revolutionary struggles, patriotism and selflessness, descended on a cultured policeman, assaulting him, provoking him and in that process also humiliating him and the agency that he represents. The barbarism of Seun Kuti’s unprovoked attacks on that policeman is totally condemnable, undeserving, egregious and a blatant violation of one of the most noble institutions of democracy. We cannot find any justification for that cruel and degrading treatment. Legally speaking, it constitutes grave assault on and a gross violation of section 34 of the 1999 Constitution, which states clearly that:

(1) Every individual is entitled to respect for the dignity of his person, and accordingly –
(b) no person shall be subject to torture or inhuman and degrading treatment.”

Culturally, I do not know anywhere in Yorubaland, where the junior corrects and upraids the elder, to the shameful extent that Seun Kuti arrogated to himself an inexistent power of rebuke, of correction and of censoring a law enforcement officer on lawful duty. It is simply unacceptable. Where did Seun get the training that he is the one better placed to correct an elder? Is he tapping from any other source different from the one that our revered and polished Fela did? Is he not a student of history, to know that his father, Fela, was one of the most successful activists of all times, correcting the ills of the society, holding governments accountable and advocating for democracy and good governance through his music? Did Seun ever hear Femi Kuti or Yeni Kuti, ever desecrating the institutions of democracy? Or is it Nike or Lande, all whom have kept the good name and reputation of their family? Is this the way Seun wants to avenge the brutal murder and assassination of Madam Funmilayo Ransome-Kuti, whose blood flows in government house till date? How many of the “unknown soldiers” would Seun be able to slap and beat up in this dastardly manner?

The Ransome-Kuti family has a place in the rich history of Nigeria, through the indelible contributions of their matriarch, Madam Funmilayo Ransome-Kuti, the selfless sacrifices of Professor Olikoye Ransome-Kuti, the tireless struggles of Dr. Bekololari Ransome-Kuti and of course the inimitable Abami Eda himself, Fela Anikulapo-Kuti. They represented the best of nobility, excellence, patriotism and industry, which is why Nigerians hold them so dearly in their hearts. There is no place in that family for this malady.

From all accounts, Seun is well read, having passed through the prestigious University of Lagos. He is also well traveled, as an international artiste who has performed in several countries of the world. He is deemed to be well organized and should know the value placed upon institutions and their personnel, himself being the leader of the famed Egypt 80 Band. So he cannot claim not to know about civility and respect for the rule of law and due process. Before now, Seun had portrayed himself as an activist, an advocate of good governance and a model for the young generation. What message then is he preaching to the same people and system that he has criticized so often? What was the basis of the #EndSars struggle for the eradication of all forms of human rights abuses by the police and other law enforcement agencies? Seun should be in the same age bracket with Mark Zuckerberg who is influencing the entire world positively. Without doubt, no form of gangsterism should be perpetrated or tolerated under the guise of youthful exorbitance or exuberance or else society will collapse and become unsafe for all lawful and peaceful persons who have no other “spirits” to depend upon like Seun, who has been busy promoting the uncensored consumption of weed and alcohol, all in the name of some undefined social crusade.

The defence of Seun for this uncultured display of arrogance is that the policeman attempted to kill himself and his family. He was careful not to elaborate on the circumstances and facts of the alleged attempt. He claimed that he has the video of the attempt and that the policeman was wrong, has acknowledged his error and had even apologized to him in order to evade prosecution! What a world! Is Seun speaking to his fans in Kalakuta Republic/African Shrine? Or members of the Egypt 80 Band? The video that I saw showed Seun launching unprovoked verbal assault on a policeman that was calm and respectful, it showed an unrestrained young man castigating, threatening and humiliating an officer of the Federal Republic in the name of defending himself. The video showed Seun pushing the policeman around, daring him to do his worst and refusing to be placated by other motorists who stopped to broker peace. And it was on the Third Mainland Bridge, with the attendant consequences of the dangers to motorists, traffic congestion and other distractions.

The other day, it was Burna Boy, who stormed a night club in Lagos and after his acts physically assaulted a police man. Then again it was recently the turn of one Portable, who also assaulted a policeman. Should it be the other way round, for any policeman to dare beat up or assault a celebrity then the heavens would have fallen. This unfortunate event brings into focus the value and virtue of stardom, which dictate humility, gentleness, moderation and respect for people and institutions. No positive lesson can be passed from the assault of Seun against the policeman and no defence can be offered to diminish the seriousness of the offence thus committed. And this is why the decision of the police to investigate this incidence is very laudable and encouraging. If found culpable, Seun should not walk away with this barbaric act.

But beyond Seun, Burna Boy and Portable, this event has also brought into limelight the need for the improvement of the welfare and working conditions of police officers nationwide to avoid this ugly situation whereby they become vulnerable victims of servitude, abuses and debasement. We have heard of stories of police officers who were treated as maids by the VIPs to whom they were attached, the recent one being that of the policewoman in Ilorin who was beaten and battered for allegedly refusing to run menial errands for her mistress. Situations in which police officers have to beg, crow and scout for money to pay the school fees of their children, money to take care of their health or even to buy uniform and the basic implements of their trade are totally unacceptable. Nigeria does not have up to one million police personnel so why is it so difficult to cater for the ones we have, who are daily sacrificing their lives to keep us safe?

The rise to stardom should not and cannot be the justification for unbridled brigandage and infantile gangsterism such as we saw in the video circulating of and concerning Seun. Or else it would then mean that those in the entertainment world should take urgent steps to enact such rules of engagement that will guarantee respect for other members of the society that they interact with on a daily basis. Fame cannot be the reason for assaulting a policeman and those employed to defend us cannot suddenly become victims of youthful aggression. If we condemned police brutality we must also dissociate ourselves from civilian rascality or blatant criminality. It is commendable that Seun has surrendered himself to the police as he promised. The nation eagerly awaits the outcome of the investigation of the police on this matter while commending the maturity of the policeman involved in this unfortunate incident.

NERC Tells DisCos To Go After Debtor Customers

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The Nigerian Electricity Regulatory Commission, (NERC), has granted approval to Distribution Companies (DisCos), to disconnect customers who fail to pay electricity bills after 12 working days.

NERC, in its “Customer Protection Regulations 2023” released at the weekend, however, warned that DisCos cannot bill a customer for periods in which the customer is disconnected.

Accordingly, a DisCo may disconnect supply to a customer’s premises when the client fails to pay the amount billed by the payment date specified on the bill, or violates other terms and conditions agreed upon with the firm.

Thereafter, the DisCos must give a notice of disconnection to customers stating date, time and reason for disconnection.

NERC said: “The following conditions must be fulfilled before Distribution Companies can exercise their rights to disconnect customers for failure to pay their bills by the specified payment date-

“The payment date must be clearly stated on the bill.

“The payment date must be at least 10 days from the date of the delivery of the bill to the customer. Bills may be delivered physically to the customer’s premises or by some other electronic means, including text messages or electronic mail, as agreed with the customer.

“The period between the payment date and date of scheduled disconnection for nonpayment is not less than two working days after the payment date.

“Any bill correcting a previous inaccurate bill shall have a payment date which is at least 10 working days from the date of delivery of the corrected bill to the customer.

“The Distribution Company must verify from its records that payment has not been made by the customer.”

“The Commission also authorised the DisCos to disconnect a customer without notice if the customer is illegally connected to the network.

“Where the customer’s connection is considered to be dangerous to the integrity of the network and/or affects the quality of supply to other customers.

“Where the DisCo is not granted access to read a meter that is located within the customer’s premises,” it said.

NERC also charged that “Whenever a customer requests a distribution company to disconnect electricity supply to his premises, the distribution company shall disconnect the supply after confirming that the customer’s request will not impact on other customers in the premises that require continued supply.

“The distribution company shall ensure that it is able to monitor consumption to the premises of the customer that has requested a disconnection that was not effected due to the impact on other customers in the premises, to assess the customer’s consumption.”

The DisCos have also received heavy criticism from the public for operating estimated billings amid shortage of meters.

Buhari regime promises to restore livelihood of poor, vulnerable Nigerians

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President Muhammadu Buhari’s regime has restated its commitment to restore the livelihood of poor, vulnerable Nigerians and maintain food security.

The minister of state for budget and national planning, Clem Agba, said this at the maiden ministerial town hall meeting on the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) held in Sokoto on Monday.

Mr Agba also reiterated the commitment of the regime to facilitate the recovery of small and medium enterprises (SMEs).

He assured that Mr Buhari’s regime would continue to deliver development to Nigerians even if it has only a few weeks to hand over to a new administration.

The minister explained that the NG-CARES programme was one of the policy options explored by the Buhari regime to restore the livelihood of the poor and vulnerable.

According to him, NG-CARES has impacted over two million direct beneficiaries in about a year of full implementation.

“This is based on the report of the first round of assessment of the NG-CARES programme implementation conducted by an independent verification agent,” noted the minister.

Mr Agba added that one of Mr Buhari’s strategies was to intermittently meet with and engage stakeholders as part of the regime’s accountability to the citizens.

“The purpose basically is to hear, first-hand, views of our people on government policies and programmes and to feel the pulse of the nation. This interaction is even more imperative, given the fact that the NG-CARES programme draws some of its beneficiaries from the National Social Register,” the minister explained further.

Mr Agba said, “It is important to find out from you how effective this approach is as we seek the consolidation of the National Social Register as a major source of credible data for social protection intervention in the country.”