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Senate passes Bill on Investments and Securities ……As Bill scales third reading …gives SEC more regulatory powers

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By George Mgbeleke,Abuja

The Senate Wednesday passed for third reading , Investments and Securities ( Repeal and Enactment) Bill 2024.

Passage of the bill for third reading by the Senate , followed consideration and adoption of recommendations made to that effect by its Committee on Capital Market , Chaired by Senator Osita Izunaso ( APC Imo West) .

The Committee in the report , informed the Senate that repeal and enactment bill , when signed into law , will make the Securities and Exchange Commission ( SEC) , the apex regulatory authority for the Nigerian Capital Market .

Objectives of the proposed law , as clearly stated in the bill, are strategically streamlined within the contemplation of emerging global best practices in Investments and Securities by protecting the integrity of the security market against all forms of market abuse and insider dealings , preventing unauthorized, illegal , unlawful, fraudulent and unfair trade practices , relating to securities and investments etc

The report reads : ” That the extant law as revolutionary as it was at its inception, after many years of its operation, requires systemic substantial updates to align with the evolving financial markets and regulatory frameworks globally, in order to make it more attractive to both local and foreign investors;

‘That the enactment of this proposed legislation will undoubtedly provide significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian Capital Market.

” That the Bill contemplates to address modern forms of financial malpractices and reinforce investors’ protection by engendering robust regulations around market abuses, insider trading and governance standards for publicly traded companies

” That the Bill envisages regulatory framework for digital currencies and fintech activities, including the supervision of blockchain and cryptocurrency transactions to support the integration of innovative technologies within the scope of the capital market.

“That the Bill seeks to set a clear-cut delineation of roles amongst regulatory bodies in order foster transparency and reduce regulatory overlap, thereby enhancing the operational efficiency of Nigeria’s Securities and Exchange Commission;

“That the Bill seeks to support the introduction and regulation of diversified financial instruments, including derivatives, Exchange Traded Funds (ETFs) and other sophisticated products, which are essential for meeting the needs of a broad investor base and increasing market depth; and

” That the passage of the Bill will bring about diversity and growth in the capital market, through market offerings that would form the foundation for economic expansion, thereby creating job opportunities within the Nigerian Capital Market” .

The Senate accordingly after clause by clause consideration of the bill , passed it for third reading .

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WAEC, NECO to adopt CBT for exams 2026

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Minister of Education, Dr Tunji Alausa
By Our Correspondent
 In a bid to ensure that Nigerian students compete favourably with their counterparts in West African subregion, the Federal Government has directed the West African Examinations Council (WAEC) and the National Examinations Council (NECO) to adopt full Computer-Based Testing (CBT) for all their examinations by 2026.
The Minister of Education, Dr Tunji Alausa, disclosed this during the monitoring of the ongoing exams alongside JAMB officials, in Bwari on Monday.
Recall  that more than 2 million candidates registered for the ongoing examination in more than 800 centres across the country.
Alausa revealed that both the WAEC and NECO would start administering their objective papers via CBT effective this November.
According to him, subsequently adopting the CBT for the essay and objective components would commenced fully by May/June 2026.
”If JAMB can successfully conduct CBT exams for more than 2.2 million candidates, WAEC and NECO can do the same.
“We are going to get WAEC and NECO to also start their objective exam on CBT.
“By 2026 exams which will come up in May/June, both the objectives and the essay will be fully on CBT. That is how we can eliminate exam malpractices.”
Alausa also disclosed that a committee is currently reviewing examination standards nationwide, with recommendations expected next month.
Earlier, the JAMB Registrar, Prof. Ishaq Oloyede, while speaking on the early schedule of the exams, clarified that the board’s UTME exams had always begun at 8:00 a.m.
Oloyede said that candidates were only expected to be on ground by 6:30 a.m., to enable them get accredited before the exams.
He dismissed complaints about early arrival times, noting that it was necessary to screen candidates before exams begin.
“We have always started our exams at 8 o’clock. The first session is 8 o’clock, second session 10:30, third session, 1 p.m, and fourth session 3:30p.m.
Oloyede also debunked claims of candidates being posted to centres they did not choose, stating that investigations showed no such cases happened.
He confirmed that more than 1.6 million out of 2.03 million registered candidates had completed their exams, with about 50,000 remaining.
The registrar also disclosed that more than 40 candidates had been arrested for malpractice, including impersonation and attempting to smuggle out exam questions with hidden cameras.
He declared that of the registered candidates, more than 41,000 were underage.
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Construction Company debunks roof leakage in NASS . .says report driven by ‘bad belle’

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NASS complex

 

By George Mgbeleke
The Managing Director of Laralek Ultimate Construction Company , Olalekan Adebiyi has debunked media reports on purported roof leakage at the white house segment of the National Assembly on Friday during storming downpour .

An online platform had in the early hours of Saturday , reported that the violently storming rain that fell on Friday , made mince meat of renovation work carried out by one of the subsidiaries of Laralek (Visible Construction Company ) on roofs and other areas of the National Assembly complex from 2022 to 2024.

The online medium in the report alleged that some staff of the National Assembly lamented that if the N38billion renovation work was given to Julius Berger , there wouldn’t have been problem of roof leakage again during rain fall , positing that the Federal Capital Development Authority( FCDA) that awarded the contract to Visible Construction Company , compromised .

But hours after the publication , the Managing Director of Laralek Ultimate Construction Company , Olalekan Adebiyi in a telephone conversation with journalists covering the National Assembly said the report was fake as investigation carried out by them through their subsidiary company used to execute the contract ( Visible Construction),, revealed that there was no leakage from the roof at the White House segment of the National Assembly

According to him, Amothene , imported from United States of America ( USA) and applied to the points of leakages on the roof , is water tight and can never leak .

” The report to us , is unfounded and simply put , bad belle because if it was Julius Berger that carried out the renovation work , no such fake report , will be written against it .

” I wonder why some Nigerians always like to be enemies of their fellow country men for no good reason whatsoever .

“We checked and found out that it was an ingress of water that came through the Smaller windows at the upper part of the Chamber Building that flooded the floor and not roof leakage .

” The said story or report , has no single picture of points of leakages from the roof which to us , is very unprofessional and unethical .

“The report is fake as there was no leakage from any point on the roof. We did a good job and stand by it and shall surely be vindicated as more and more rains will still fall in the coming weeks and months “, he said .

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Imbibe the culture of humility, love, sacrifice Says, Apostle Godfrey Omodubor – as BMNA honours him

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Apostle Godfrey Omodubor being honored by BMMA

 

By David Owei, Baylesa

Pastors have been advised to imbibed the culture of humility, love and sacrifice towards their members and the society in general.

This was handed down on Sunday by Apostle Godfrey Omodubor at the Faith Gospel Revival Deliverance Ministries Worldwide in Eteqwe, Yenagoa the bayelsa state capital during an award ceremony in his honour.

The award which was bestowed on him by the organizers of the most prestigious award, the Bayelsa Media Network Award (B.M.N.A) as the “Prophet of the Year 2025″ due to his outstanding love and care for the people.

Prophet Godfrey Omodubor said, he was honoured by the award and it is a call to do more for the society.

” I was not expecting it neither did I solicited for it, but as it please God to honour me this way, I must say am very happy and God will empower me to do more”.

” If God called you, he will back you up and give you all that you needed to succeed. It only required patience, endurance and hard work. God is not a magician neither is God a debtor, he paid everyone at the right time and in due season”.

He thanked the organizers for deeming it fit to recognize his little contributions to the society.

Presenting the award, the Project Manager, Bayelsa Media Network Award Mr. Blessing Ozegbe said, the award was as a result of Apostle Godfrey Omodubor contributions to the development of society in general.

The Project Manager described the man of God as a faithful and hardworking man, saying despite being a spiritual Father he still reachout to people within and outside his domain.

“We have been observing him from far and from investigation and testimonies of people around, his is truly a man of God full of humility and respect for both young and old alike. His character is worth emulating and I pray that other men of God will learn from him.

“This is an award that is not commonly given and because we couldn’t find a worthy person last year, this category was suspended and by the grace of God this year, we discovered this man of humility, full of love and sacrifice to be given the award “.

He encourage the man of God not relent in doing good to people and to see his calling as a genuine call from God.

The award ceremony was witnessed by his large congregation and visitors which also happened to be his birthday.

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