CBN, SEC To Revamp Capital Market

Capital marketThe Securities and Exchange Commission and the Central Bank of Nigeria have announced plans to jointly revive the capital market and the Nigerian economy in general.

This is coming on the heels of the decline in the price of crude oil in international market and the continued downward slide of the exchange rate of the naira, and the need to seek other avenues for funding the economy.

This was part of the outcome of a meeting between the Deputy Governor of CBN, Dr. Okwu Joseph Nnana and the Management of the SEC, led by the Acting Director-General, Mounir Gwarzo, in Abuja.

Gwarzo described the collaboration as timely especially given the difficulties being experienced in the economy at the moment and hoped that both regulators would work towards the goal and resolve current issues.

Aircraft We Grounded Doesn’t Belong To Rivers State – NCAA

The Acting Director General, Nigeria Civil Aviation Authority (NCAA), Joyce Nkemakolam on Thursday said that the aircraft his agency grounded does not belong to the Rivers State government.

Speaking as a guest on Channels Television’s breakfast programme, Sunrise Daily, Mr Nkemakolam said “that aircraft from our file does not belong to Rivers State government.”

He said that his agency’s decision to ground the airplane is a “normal occurrence”  and that the issue has been blown out of proportion.

The aviation authority boss said it is unfortunate the issue is getting so much interest within the public domain.

The clearance papers of the aircraft belonging to Bank of Salt Lake City USA had expired on April 2nd but this was only discovered on 25th which led to it being grounded at the Akure airport.

Mr. Nkemakolam argued that the lapse in administration is no fault of his organisation as the agency only acts as a regulator and that it is under the purview of Nigerian Airspace Management Agency (NAMA) to deal with the violation.

“We give you a license and we expect you to abide by the spirits of the contents of that license; we don’t go running after people.” He said.

“We had thought that aircraft had left.”

He also disclosed that Carveton Helicopters, the agent of the foreign aircraft as shown by its clearance document, has in a letter written to the NCAA denied having any involvement with the plane.