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Int’l financial institutions bullish on Chinese market
In early 1990s, Principal Financial Group (PFG), an American global financial investment management and insurance company, set up its representative office in Beijing, together with many other international financial institutions drawn to China in search of business opportunities.
Since then, PFG has maintained a strategic cooperative relationship with China Construction Bank (CCB). In 2005, they jointly established CCB Principal Asset Management Co., Ltd., which has become an important player in China’s asset management industry.
PFG’s footprint in China gives a glimpse into the thriving development of international financial institutions in the country.
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To attract foreign investors, China scrapped foreign ownership caps for securities, fund management, futures and life insurance firms. It also allowed eligible overseas institutional investors to invest directly or through connectivity in the exchange bond market from June 30 this year.
The policies were welcomed by international financial institutions and further enhanced the appeal of China’s financial industry and market.
“It took only about 13 months, between May 2020 and June 2021, for us to obtain approval for business. This was quite fast for a money broking business,” said Ono Tomoyuki, vice president of Ueda Yagi Money Broking (China) Co., Ltd.
Despite the pandemic, the company had formed partnerships with over 1,100 institutions by the end of July this year.
Many other foreign-funded institutions also saw their businesses grow, buoyed by China’s financial opening up.
“Over the past year, we have accelerated businesses in initial public offerings, refinancing, cross-border mergers and acquisitions, and green bonds. We have also become the first batch of members of the Beijing Stock Exchange,” said Geng Xin, CEO of Daiwa Securities (China).
Geng noted that the company is focusing on consumer sector, health care sector, and advanced manufacturing sector, and is committed to building a bridge between China and Japan in business and capital exchanges.
As the world’s second-largest economy, China is one of the most popular destinations for foreign investment, and its appeal has become even stronger over the past decade due to the steady financial opening-up.
In 2021, the capital and assets of foreign banks in China both increased by more than 50 percent compared with 10 years ago, and for foreign insurance companies, the figures surged by 1.3 times and six times, respectively.
Overseas investments in Chinese securities came in at 2.16 trillion U.S. dollars at the end of last year, marking a three-times increase from that of 2012.
Major global benchmarks like MSCI, FTSE Russell and the S&P Dow Jones have included the A-shares and strengthened their weightings. China’s government bonds also made their way into three major global bond market indices.
“As more foreign investors enter China’s onshore capital markets, Fitch Bohua will gain recognition from more market participants,” said Chen Dongming, president of Fitch Bohua, the rating agency’s China unit.
“We will seize the new opportunities created by regulatory reforms and rapidly changing market demands,” Chen added.
POSITIVE EXPECTATIONS
The global economy is on track to grow by 2.9 percent in 2022, down 1.2 percentage points from the January projection, the World Bank Group said in its Global Economic Prospects in June.
As per projections, China’s economic growth momentum is expected to rebound in the second half of 2022.
A number of executives from international financial institutions have expressed confidence in China’s economy despite global inflationary pressure and a sluggish economic recovery.
“As a foreigner working in China, I think China’s economic development is full of resilience, strong momentum and optimistic prospects,” Ono Tomoyuki said.
China will achieve steady and sustained economic development as it boasts large market entities, complete industrial systems, a diligent workforce and strong social governance ability, Ono Tomoyuki added.
Despite the COVID-19 pandemic and increased risks and challenges from the external environment, the international market demand remains overall stable, said Zhang Chi, Fitch Bohua’s rating director.
Noting that in June, China’s exports posted better-than-expected growth, Zhang said it is expected that the country’s imports and exports will maintain steady growth in the second half of the year.
“We are optimistic about the performance of China’s economy in the second half of the year, and more capital will flow into industries and markets which have huge growth potential,” said Geng with Daiwa Securities (China).
News
‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain
By Emmanuel Kuza
A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.
Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.
According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.
“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.
He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.
“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.
The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.
Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.
“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.
He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.
“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.
Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.
He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu
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200 widows benefit from empowerment outreach in Plateau
By Israel Adamu, Jos
Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.
The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.
The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.
She stressed that the outreach was not a political programme but an expression of love and support for humanity.
Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.
“This is simply an expression of compassion and love for humanity. It is not a political programme.
“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”
Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.
Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.
At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash
News
SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance
By Francis Wilfred
The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.
They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026
The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.
Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.
Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations
He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector
“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.
In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.
The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.
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