Nwosu, president, BB, moves to initiate 30m members into capital market education
. Launches N100m development fund
Ensuring that Nigerian children and youths become financial savvy, and the completion of national secretariat of the Boys Brigade of Nigeria (BB) in Abuja Municipal Capital (AMAC), has been identified as part of the key focus of the 7th president of the Christian Uniformed Youth Organization, to be inducted on August 27th, at St Ferdinand Catholic Church, Ipaja, Lagos.
Sir Sunny Nwosu, whose induction as the national president of the BB Nigeria is scheduled for Sunday August 27th, 2017, at the St Ferdinand Catholic Church, Boys Town, Ipaja, Lagos, said that the investiture ceremony wOULD be crowned with THE launch of N100 million Brigade Development fund, which will be deployed to continue work on the national headquarters in Abuja, fence its 4.5 acres of land and strengthen youth empowerment ventures.
He revealed that the Oba of Lagos, Oba Rilwan Akiolu, who has remained committed to youth empowerment will serve as the father of the day on the investiture ceremony, while a frontline the President of the Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, would the guest of honour.
At the event graced by graced by chairman local organising committee of the investiture, Mr. Bisi Onodipe, National Secretary of the BB Nigeria, Mr. Sunday Magwe, National Secretary, Mr. Festus Adeniyi among others, Nwosu said that the Boys Brigade is committed to the development of vocational center for empowerment of youth to enhance their knowledge on earnings, as well as power of investing, hence information drives the Nigerian capital market.
“I have actually been talking to members about the capital market, you are all living witnesses to what has happened to the capital market from 2007 to present day, it is very discouraging to get people to turn in whatever capital they have into the capital market, the organization I belong to, we have always been trying to convince people to invest in the market, therefore I cannot isolate the Boys Brigade from that understanding.”
According to him, the forthcoming investiture in Lagos is the first time such event is taking place in Lagos for the past 60 years, for an organization that was founded in Glasgow Scotland on 4th October, 1883, by Sir William Alexander Smith, and inaugurated in Nigeria in 1908.
He said that out of the 30 million BB members in Nigeria scattered across 26 states of the federation, 2 million are in Lagos; and the majority are youths as entrant age is 3 years.
He said the youths would be enhanced for effective development of the nation’s economy, through financial inclusion and target education on financial management, savings, capital market education and entrepreneurship development of the large youthful population.
He said that irrespective of the challenges in the capital market, he has continued to advance the benefits of investing in the market.
“ Formerly, we use capital market products as gifts for new born babies, such products as share purchase for new born, but developments in the market had negated such practices.
He said that buying shares now for children in their names would ne falsified by BVN, which ensures that proceeds from the investment would not be paid directly into the kids account name, and such dividends in children’s names for shares bought for them by their parents are prevalent in many homes.
“For such transaction to reflect in the child’s name, such beneficiary must attain the age of 18”, he said.
The intention for youth empowerment via saving in capital market, he said, is to poach and get the young ones because, the youths are very relevant to Nigerians socio economic and political developments.
