DMO DG To X-ray Nigeria’s Public Debt
Lagos
The director-general of the Debt Management Office(DMO), Ms Patience Oniha, will lead other market regulators to discuss the prospects of Nigeria’s public debt at the 2022 annual workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN).
The workshop scheduled to hold on December 3, 2022 in Lagos, is being organised by the association as part of its efforts to contribute to the development of the country’s capital market and economy.
The theme of the programme is: ‘Nigeria’s Public Debt and the Capital Market’ and the DG of DMO is the guest speaker.
CAMCAN, in a release, said: “the workshop will be declared open by the director-general of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who will be the special guest of honour, while the chief executive officer of the NGX Exchange, Mr Timi Popoola, the guest of honour, will give more details how the exchange is positioning itself as the Africa’s investment window.
“The apex regulatory institutions in the Nigerian Capital market expected to grace the event include SEC, Nigerian Exchange Limited (NGX), FMDQ Exchange Limited, as well as other market operators.”
It noted that, “the managing director/CEO, FMDQ Exchange, Mr Bola Onadele, will bring perspectives on how the potential in the debt capital market can be unlocked to grow the economy.”
Port Harcourt
Depositors of of all categories of banks in-liquidation, as at June 2022, were able to recover N113.2billion of their savings through the Nigeria Deposit Insurance Corporation (NDIC) in the country, it was learnt.
While a sum of N11.83 billion were paid to over 443,949 insured depositors by the corporation, uninsured ones got N101.37 billion.
Confirming this development at the ongoing seminar for finance correspondents and editors themed ‘Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System,’ organised by NDIC, in Port Har
The head, Capital Projects, Egbin Power Plc, Seyi Sobogun, has said, Africa will require about $190billion worth of investments annually between 2026 and 2030 to meet its energy and climate goals to boost socio-economic prosperity on the continent.
Sobogun gave the figure while delivering a paper titled ‘Energy Mix - The Challenges with Funding and Deploying Commercially Viable Renewable Energy Solutions,’ court, Rivers State yesterday, the managing director and chief executive of the NDIC, Mr Hassan Bello, said, despite the amount paid by the corporation over the years, it has enough fund to continue to pay off depositors of failed banks in the country.
Noting that the NDIC bank liquidation mandate entails reimbursement of insured and uninsured depositors, creditors, and shareholders of banks in liquidation, he said, the corporation’s liquidation activities, as at June 30, 2022, covered a total of 467 insured financial institutions in-liquidation, comprising of 49 deposit money banks, 367 microfinance banks, and 51 primary mortgage banks.
“Out of the 49 DMBs in-liquidation, at the recently concluded West Africa Power Pool Conference in Dakar, Senegal.
Citing the International Energy Agency’s Africa Energy Outlook for 2022, Sobogun said: “achieving Africa’s energy and climate goals means more than doubling energy investment this decade. This would take it over $190bn each year from 2026 to 2030, with two-thirds going to clean energy.”
Noting that Africa’s energy generation would continue to be from natural gas, as renewables were expected the corporation in September, 2022 declared 100 per cent liquidation dividend in 20 of those institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks,” he added.
As at June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions.
A breakdown shows that the covered institutions include 33 DMBs made up of 24 Commercial Banks, six Merchant Banks and three Non-Interest Banks (NIBs) plus two Non-Interest Windows; 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); three Payment Service Banks (PSBs) and 29 Mobile Money Operators. to grow from 21 per cent in 2020 to 59 per cent of electricity generation by 2030, Sobogun said, Africa would require about $2.64tn, roughly the size of her GDP, to rely 100 per cent on renewable energy sources for electricity generation by 2050.
He stated that, the funds would be required to drive the installation of the renewable energy sources, as well as the infrastructure needed for the generation, network and storage system, and other enabling costs.
Ahmed