KICNEWS

Category: News

  • Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    Capital Market: New SEC Chair Unveils Plans To Address Challenges, Boost Investor Confidence

    The newly appointed Chairman of the Securities and Exchange Commission (SEC), Alhaji Mairiga Aliyu Katuka, has shared his vision and strategic plans for addressing the prevailing issues within the regulatory agency and enhancing investor confidence in the Nigerian capital market.

    In a recent chat with select journalists, Katuka acknowledged the longstanding challenges faced by the SEC, particularly concerning staff welfare.

    “Before this new administration came on board, there were issues of staff not getting promotions for a long time and not having their salaries reviewed for over 10 years. The lack of promotion has been particularly disturbing,” he noted.

    Addressing the concerns, Katuka emphasised the importance of human resources in achieving SEC’s goals and assured that the team was already working on strategic plans to revitalise the capital market.

    Reiterating that building investor confidence was a top priority for the new administration, Katuka stated, “The capital market requires investor confidence, and we will do everything possible to ensure its success. Building investor confidence means ensuring that the market is transparent, dynamic, and fair, so investors can invest without fear.” He highlighted the need for credibility and integrity in the market and mentioned plans to engage stakeholders to support strategic initiatives.

    One significant focus area was increasing public awareness about the SEC’s activities. Katuka pointed out that many Nigerians, including the elite, were hesitant to invest due to a lack of understanding of the capital market. To address this, he said the SEC planned to launch engaging sensitisation programs and involve the press to educate potential investors about the market’s benefits.

    Katuka also emphasised the role of technology in modernising the SEC operations, stating, “We plan to make our IT robust to accommodate our goals.” With the SEC chairman’s 20 years of experience, the administration was confident in establishing a reliable market that both investors and stakeholders can trust.

    Katuka ended by addressing the SEC staff issue, reassuring them of efforts to improve their working conditions and boost their morale. He urged all Nigerians to support the SEC’s initiatives to ensure the success of the capital market. With these strategic plans in place, the new SEC administration aims to resolve existing issues, enhance market transparency, and foster a culture of informed investment across Nigeria.

    Born on February 15, 1961, in Keffi, present-day Nasarawa State, Alhaji Mairiga Aliyu Katuka obtained a Higher National Diploma in Accounting from Federal Polytechnic, Bida, in 1985, followed by a Master’s degree in Business Administration from Ahmadu Bello University in 2007. He holds numerous professional qualifications and certifications and is a Fellow of the Certified National Accountants of Nigeria (FCNA) and a member of the Nigeria Institute of Management (MNIM) and the Chartered Institute of Forensic and Certified Fraud Investigators of Nigeria (CCrFA).

  • Labour Politics: Govs Meet Over Minimum Wage, LG Autonomy

    Labour Politics: Govs Meet Over Minimum Wage, LG Autonomy

    Governors of the thirty-six states under the umbrella of the Nigeria Governors’ Forum (NGF) are currently meeting to address the ongoing debate surrounding the new minimum wage proposal and local government autonomy.

    Previously, the governors expressed concerns about the Federal Government’s proposed ₦60,000 minimum wage, deeming it unsustainable.

    They argued that implementing such a wage would result in many states allocating their entire monthly federation account disbursements solely to salary payments

    The governors have urged the tripartite committee to agree on a fair and sustainable minimum wage.

    In response to these concerns, the Federal Government announced on Tuesday that President Bola Tinubu would engage in further consultations before reaching a decision on the new minimum wage.

    Another key item on the agenda is the unresolved issue of local government autonomy.

    The governors are also set to deliberate on other critical matters of national importance, covering a wide range of pressing issues that impact the country’s socio-economic and political landscape.

    This high-level meeting aims to foster collaborative solutions and develop strategic initiatives to address Nigeria’s challenges, with the goal of ensuring a unified and effective approach to governance.

     

     

  • Incredible! Tinubu’s Minister Accuses Buhari Govt Of Mismanaging $100 Million World Bank Loan

    Incredible! Tinubu’s Minister Accuses Buhari Govt Of Mismanaging $100 Million World Bank Loan

     

    The Minister of Women Affairs, Uju Kennedy-Ohanenye has accused the Muhammadu Buhari administration of mismanaging the first tranche of the $500 million World Bank loan for women’s empowerment in the country.

    Kennedy-Ohanenye made the claim during an appearance on Arise Television’s Morning Show on Monday.

    According to her, the first tranche of the loan, which is $100 million, meant for the ‘Nigeria For Women Project’, was mismanaged.

    There is a eports that the women project is a strategic engagement between the World Bank and the Nigerian Government set to improve the livelihood of Nigerian women.

    A statement from the bank said the loan is a scale-up financing for the women’s project, which was initially approved on June 27, 2018, with $100m financing.

    Speaking during the interview, Kennedy-Ohanenye said the $100 million was disbursed by the Buhari government and the expenditure didn’t reflect the Renewed Hope Agenda of the Tinubu administration.

    She claimed that the money was mainly used for advocacy, meetings, and consultancy services and was shared among the states without proper accountability and transparency.

    She said, “About the Nigeria For Women Project, let me first tell Nigerian women to clap for President Bola Ahmed Tinubu, who came in after the first $100 million had been expended. When he came into the office, he looked at it with me and we were not satisfied with how the money was used. Let me make it clear, this is not a grant, it is a loan and when monies are given out as loans, they must be managed well so that the money can be paid back. if we don’t manage it well, how do we pay back the loan?

    “When money is a loan, we expect whoever is given the loan to be allowed to utilise it properly in a way that the money will be paid back, so Nigeria will not continue owing all the time. So, the first $ 100 million, when I came in, I was not satisfied. It didn’t augur well with the Renewed Hope agenda. It was mainly for advocacy, meetings, and consultancy, and that was it and they shared it among the states. But remember, the project is called Nigeria For Women Project. It is supposed to be meant for projects for women, but that was not the case.”

    The minister also stated the new structure has been forwarded to the Minister of Finance, Wale Edun, for restructuring for the commencement of the disbursement.

  • APC: Nothing Will Change Even If You Reshuffle Your Cabinet Every Week – APC Knocks Makinde

    APC: Nothing Will Change Even If You Reshuffle Your Cabinet Every Week – APC Knocks Makinde

    The All-Progressives Congress (APC) in Oyo State has reacted to Governor Seyi Makinde’s cabinet reshuffle.

    Reports said that the Special Adviser to the Governor on Media, Sulaimon Olanrewaju had announced a minor cabinet shake-up on Tuesday.

    However, the APC argued that a cabinet reshuffle would make no difference unless  Makinde implements an ideal blueprint or work plan.

    The Publicity Secretary of the APC, Olawale Sadare, told Punch that the problem with Makinde’s administration is more than his choice of cabinet members.

    Sadare insisted that the issue with the administration is Makinde, adding that the governor is neither a team player nor a democrat.

    He said, “The problem with the current PDP administration of Governor Seyi Makinde is more than his choice of cabinet members but the person of the governor. We have observed that he is neither a team player nor a democrat.

    “Five years down the line, none of his commissioners is popular as most residents cannot possibly tell who they are since they are not visible. Governor Makinde runs a one-man show and it is evident the governor does not give his appointees enough room to perform their

    All Progressives Congress (APC) in Oyo State has reacted to Governor Seyi Makinde’s cabinet reshuffle.

     

    However, the APC argued that a cabinet reshuffle would make no difference unless  Makinde implements an ideal blueprint or work plan.

    The Publicity Secretary of the APC, Olawale Sadare, told Punch that the problem with Makinde’s administration is more than his choice of cabinet members.Sadare insisted that the issue with the administration is Makinde, adding that the governor is neither a team player nor a democrat.

    He said, “The problem with the current PDP administration of Governor Seyi Makinde is more than his choice of cabinet members but the person of the governor. We have observed that he is neither a team player nor a democrat.

    “Five years down the line, none of his commissioners is popular as most residents cannot possibly tell who they are since they are not visible. Governor Makinde runs a one-man show and it is evident the governor does not give his appointees enough room to perform their functions.

    “The most visible among the commissioners earned his popularity through his penchant for media stunts as he takes the opportunity of every traditional festival or social function to dance in front of cameras.

    “Unless Governor Makinde sits down with relevant resource persons to produce an ideal blueprint or work plan which he would be ready to implement sincerely, no concrete developmental stride would be achieved by the Makinde administration.

    “He can decide to reshuffle his cabinet every week but as long as he sees his appointees as mere figureheads, he cannot get the best from them. A situation whereby a commissioner cannot address the press without the consent of the governor speaks volumes about the condition under which they operate.”

  • Nnamdi Kanu Will Soon Be Released’ – Deputy Speaker, Kalu

    Nnamdi Kanu Will Soon Be Released’ – Deputy Speaker, Kalu

     

     

    Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu has expressed optimism that the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu will soon be released.

    Kalu disclosed that he has visited Kanu several times at the Department of State Security (DSS) facility.

    Speaking on Tuesday, Kalu applauded the lawmakers for throwing their weight behind him on the appeals for Kanu’s freedom

    He stated this via statement issued in Abuja, through his Chief Press Secretary, Levinus Nwabughiogu.

    According to the Deputy Speaker, there are expectations that the southeast caucus will also arise in unison soon to support the effort.

    The lawmaker said the release of the IPOB leader was very crucial to the restoration of peace in the zone.

    He said that a milestone has been recorded in his private engagements with the authorities on achieving a political solution in Kanu’s case.

    Kalu said, “I want to sincerely express my profound appreciation to my colleagues from all parts of country and different political parties who made up the 50 lawmakers that recently lent their voices to the appeal for the release of Mazi Nnamdi Kanu. 

    “The call signifies oneness of purpose and noble objective: that we are one people and what affects one, also affects another. 

    I have always emphasized that united we stand, divided we fall.

    “I want to assure them that President Bola Ahmed Tinubu is interested in the peace and development of the South East and given his genuine love for the zone and the appeals so far made, a political solution is imminent in resolving the case of Mazi Nnamdi Kanu. 

    “The voices of my brothers in the parliament are indeed inspiring and I cannot thank them and other Nigerians enough for queuing behind me.

  • BREAKING: Fire Guts Chris Oyakhilome’s Christ Embassy Church Headquarters In Lagos

    BREAKING: Fire Guts Chris Oyakhilome’s Christ Embassy Church Headquarters In Lagos

     

    BREAKING: Fire Guts Chris Oyakhilome’s Christ Embassy Church Headquarters In Lagos

     

    The church owned by Pastor Chris Oyakhilome, and located in the Oregun area of Ikeja, Lagos State, reportedly caught fire on Sunday morning.

    Property worth millions of naira have been destroyed in a fire incident that occurred at the headquarters of the Christ Embassy Church in Lagos.

     

    The church owned by Pastor Chris Oyakhilome, and located in the Oregun area of Ikeja, Lagos State, reportedly caught fire on Sunday morning.

    Multiple videos from the scene were seen by SaharaReporters.

    Posting on X, @Guavv918 said, “JESUS CHRIST… I just got to church. And the building is on fire. Christ Embassy Church.. Head Quarters (CELVZ) Billings way Ikeja is on fire.  Love World Convocation Arena Is On Fire. God have Mercy.”

     

     

  • Lagos Impounds 40 Vehicles Over Alleged Illegal Motor Parks, Obstructions

    Lagos Impounds 40 Vehicles Over Alleged Illegal Motor Parks, Obstructions

    Lagos Impounds 40 Vehicles Over Alleged Illegal Motor Parks, Obstructions

    The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, who made this known in a statement issued on Friday, said the operation was led by LASTMA Head of Enforcement Mr. Kayode Odunuga, under the directives of the Special Adviser to the Governor on Transportation, Sola Giwa.

     

    The Lagos State Traffic Management Authority (LASTMA) says its officers have impounded 25 commercial and 15 private vehicles allegedly operating illegal parks and causing “serious” road obstructions around Oyingbo, Ijora, and Idumota areas.

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    The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, who made this known in a statement issued on Friday, said the operation was led by LASTMA Head of Enforcement Mr. Kayode Odunuga, under the directives of the Special Adviser to the Governor on Transportation, Sola Giwa.

     

    According to Taofiq, the operation specifically targeted illegal garages that have been a persistent source of congestion and inconvenience for residents and commuters.

     

    Taofiq said that Giwa confirmed that the impoundment exercise, which began recently, is part of a broader initiative by Governor Babajide Sanwo-Olu’s administration to enhance the efficiency of the city’s

    transportation network.

    According to the LASTMA spokesperson, Giwa emphasised that the government was committed to maintaining law and order on the roads and ensuring that all traffic regulations are strictly enforced.

     

    The governor’s aide said “illegal garages have been a significant challenge in our quest to maintain a seamless traffic flow in Lagos”.

     

    He said, “These impoundments send a strong message to all offenders that the state will not tolerate activities that disrupt public order and endanger the lives of our citizens.

     

    “Our goal is to create a safe and orderly environment for all road users and this action is a crucial step in that direction.”

     

    Taofiq noted in the statement that the targeted areas – Oyingbo, Ijora, and Idumota – are known hotspots for traffic congestion due to unauthorised parking and the establishment of makeshift garages.

     

    “These activities not only obstruct the free movement of vehicles but also pose safety risks to pedestrians. LASTMA’s intervention aims to clear these bottlenecks and enhance the overall traffic situation in these critical areas.

     

    “Residents and business owners have expressed their support for the government’s action, noting the positive impact it will have on their daily activities.

     

    “LASTMA has also assured the public that the operation will be sustained and extended to other parts of the city where illegal garages and related activities are prevalent.

     

    “Hon. Giwa urged all vehicle owners and operators to adhere to the state’s traffic regulations and cooperate with authorities to avoid sanctions. He reiterated that the government’s primary objective is to create a better and more livable Lagos for everyone.

     

    “He also urged motorists to take ownership of the roads and to promptly inform LASTMA of any broken down or abandoned trailers or trucks via the Agency’s hotlines: 08100565860 / 08129928503,” Taofiq added.

  • FG to purchase 3.5 million electricity meters in 2024

    FG to purchase 3.5 million electricity meters in 2024

    FG to purchase 3.5 million electricity meters in 2024

    The federal government announced on Friday its plan to procure 3.5 million electricity meters by the end of the year to improve revenue for its cash-strapped power sector, where more than half of the customers are billed by estimates.

    The Minister of Power, Adebayo Adelabu stated that most of the supply would be sourced from international vendors, while a smaller quantity is expected to come from local manufacturers due to their limited capacity. Chinese companies have frequently supplied meters to Nigeria.

    He made these remarks during an energy conference organized by BusinessDay Newspapers.

    He said, “This year 2 million meters would be procured plus the 1.5 million meters being procured with World Bank support. We are going to have 3.5 million meters installed by the year-end,”

    The minister added that competitive bidding for the first batch of 1.5 million meters has already been concluded, with delivery expected within months.

    He also mentioned that the government has agreed to release 20 billion naira to electricity distribution companies to procure meters for large users, whose tariffs were raised in April. This will ensure they are all metered by September.

    Nigeria’s metering gap

    The current Minister of Power, Bayo Adelabu, estimates the number of unmetered customers in the country to be between 7 and 8 million.

    However, a PwC analysis suggests a much higher figure, estimating 38.91 million unmetered customers. The report hypothesizes that around 50% of Nigeria’s installed meters are either obsolete or faulty, representing 1.7 million customers, 4.09 million unmetered, and 33.1 million unconnected potential customers.

    According to the NERC in 2023, the overall metering rate across all DisCos was 44.51%. Ikeja DisCo had the highest metering rate at 72.0%, while Yola DisCo recorded the lowest at 18%.

    Out of 12.82 million customers, approximately 5.70 million were metered, leaving 7.11 million consumers unmetered. This represents a metering gap of 55.49% as of September 30, 2023.

    Customers without meters are required to pay a fixed, estimated charge, regardless of the erratic supply from the aging grid. Last year, 57% of all complaints received were about disputed bills, according to a report by the 5.49% as of September 30, 2023.

    Customers without meters are required to pay a fixed, estimated charge, regardless of the erratic supply from the aging grid. Last year, 57% of all complaints received were about disputed bills, according to a report by the Nigerian Electricity Regulatory Commission (NERC).

    World Bank loan for electricity sector

    Recently, the federal government secured a $500 million World Bank facility to improve the power sector part of which will be channelled into providing meters for electricity consumers.

    The Bureau of Public Enterprise (BPE) announced that the World Bank approved the loan in 2021. It was included in the government’s borrowing plan this month after certain milestones were achieved.

  • Ghana: Artist stunned the crowd with an emotional songs

    Ghana: Artist stunned the crowd with an emotional songs

     

    Everyone has their own way of dealing with heartbreak. Some take to drinking and heavy smoking, while others cry and lock themselves in their rooms for days without eating.

  • #CHIVIDO2024: Obasanjo Arrives Davido, Chioma’s Wedding Venue

    #CHIVIDO2024: Obasanjo Arrives Davido, Chioma’s Wedding Venue

    Former President, Olusegun Obasanjo, alongside Former Akwa Ibom Governor, Udom Emmanuel, has arrived David Adedeji Adeleke, popularly known as Davido and Chioma Rowland’s wedding venue in Lagos.

    Kicnews reports that dignitaries and top celebrities are expected to attend this highly anticipated wedding, which is strictly by invitation.

    It’s well-known that Davido and Chioma are getting married today, June 25th, 2024. The power couple has been in the headlines recently after releasing their pre-wedding photos.

    Meanwhile, Davido, is fully dressed up alongside his groomsmen for his wedding with his wife, Chioma.

    The Grammy-nominated singer is excitedly ready to go home with his wife, Chioma. He expressed his excitement, calling it a blessed and great day for him.

    In a video, Davido, preparing for his big day with a fresh haircut, he said: “I feel good, the best day of my life, it is a great day and we’re here to receive our wife.”

    Ahead of the wedding ceremony, Governor Ademola Adeleke, who was dressed in his usual traditional outfit, was seen in a viral video catching up with Davido, who was also heavily dressed in traditional attire.

    mmediately the governor got close to Davido, the “Fall” crooner screamed at the top of his voice saying: “the future president” as he bowed to Adeleke as a sign of respect in line with the Yoruba tradition.

    See video of the moment Obasanjo arrived the wedding venue: