SEC sets aside N5b for National Investor Protection Fund, launches corporate governance score card

Nigeria’s Securities Exchange Commission (SEC) has announced N5 billion seed capital to jump start the recently launched National Investor Protection Fund (NIPF), with the maximum pay out of N200,000.

 

The Director General of SEC, Mr Gwarzo Mounir said during the launch of the corporate governance score card for public companies that the fund was part of the initiatives taken to boost investor confidence in the Nigerian capital market.

The score card launched in collaboration with International Financial Council (IFC), according to the SEC's boss would help regulators assess observance of codes and standards of best practices; investors make informed decisions; companies and banks analyze gaps and shortcomings of their corporate governance practices against national standards; and business associations evaluate governance practices of their members and help improve governance among their membership.

Edward Okolo, Head of Department Financial Standard and Corporate Governance, said adequate trainings on how the score card will be completed had been held with all company's secretaries prior to the launch especially since its implementation was compulsory.

Moreover, Gwarzo said other initiatives embarked by the SEC to complement the effort of the government in terms of developing the economy was the focus on the access of capital by SMEs.

According to him, the SME's are the major engine of economy growth and employment generation, hence the need to encourage more of them to be listed in the market through the relaxation of requirements and the granting of tax waivers or cuts to listed companies.

The Ikeja Shopping Mall branch of Shoprite re-opened for business on Saturday, after several hours of being shut by the Lagos Safety Commission. An official of the commission told TheCable that the authorities decided to clampdown on the mega supermarket for violating the state’s safety law. “The Lagos state Safety Commission of the state government sealed the Ikeja Shoprite following a breach of safety law by the company and is taking necessary measures to contain the situation,” the official said. The supermarket remained locked for almost 12 hours with a notice pasted at its entrance.

Read more at: https://www.thecable.ng/drama-shoprite-ikeja-re-opens-shut-govt

The Ikeja Shopping Mall branch of Shoprite re-opened for business on Saturday, after several hours of being shut by the Lagos Safety Commission. An official of the commission told TheCable that the authorities decided to clampdown on the mega supermarket for violating the state’s safety law. “The Lagos state Safety Commission of the state government sealed the Ikeja Shoprite following a breach of safety law by the company and is taking necessary measures to contain the situation,” the official said. The supermarket remained locked for almost 12 hours with a notice pasted at its entrance.

Read more at: https://www.thecable.ng/drama-shoprite-ikeja-re-opens-shut-govt