Tag: SEC

17Oct By BobbyNo Comments

News

Sylva’s men win key positions as APC conducts state congress in Bayelsa

The Bayelsa State chapter of All Progressives Congress (APC) has conducted a peaceful state congress to elect its 36 State Executive Committee (SEC), members, with Barr. Dennis Otiotio emerging state Chairman of the party. Barr. Otiotio was elected alongside 35 others at the Congress on Saturday at the party Secretariat in Yenagoa, the Bayelsa State capital. DAILY POST gathered that other key positions such as the deputy Chairman, state Secretary, Youth Leader, Publicity among others were all filled by core loyalists of the Minister of State for Petroleum Resources, Chief Timipre Sylva. But the faction of the party led by former Minister of Agriculture and Rural Development, Senator Heineken Lokpobiri, boycotted the exercise,...

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8Apr By dthataNo Comments

Business

SEC On Proliferation Of Unregistered Online Investment And Trading Platforms

SEC NIGERIA Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets 08/04/2021. The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign Companies listed on Securities Exchanges registered in other jurisdictions. These platforms also claim to be operating in partnership with Capital Market operators (CMOs) registered with the Commission. The Commission categorically states that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA)...

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12Mar By dthataNo Comments

Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...

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10Mar By dthataNo Comments

Business

Nigerian Stock Exchange Completes Conversion To Public Company

The Nigerian Stock Exchange (NSE) has received final approvals for its ongoing conversion from a mutual, member-owned company to a public limited liability company, paving the way for the public listing and trading of the shares of the Exchange in the nearest future. Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and the regulatory body for corporate affairs, Corporate Affairs Commission (CAC) gave the final approvals for the conversion, otherwise known as demutualisation. With these approvals, the Exchange has now completed its demutualisation process. Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created. The Group will have three operating subsidiaries: Nigeri...

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9Mar By dthataNo Comments

Politics

My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane

Bismarck Rewane, chief executive officer of Financial Derivatives Company, says Vice-President Yemi Osinbajo’s comment on the ban of cryptocurrency boosted his respect for him. The Central Bank of Nigeria (CBN) had recently directed banks and other financial institutions to close accounts of persons or entities involved in cryptocurrency transactions. The apex bank had said cryptocurrencies pose the risk of loss of investment, money laundering, terrorism financing, illicit fund flows and other criminal activities. But Osinbajo had urged the CBN and the Securities and Exchange Commission (SEC) to come up with robust regulations for cryptocurrencies. Delivering a paper at a public lecture organised by a pan-Nigerian coalition, Building the Future Forum (BTFF), in Abuja, Rewan...

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22Feb By dthataNo Comments

Business

SEC Seeks Regulation Of Digital Assets, Says $2 Trillion Crypto Can’t Be Ignored

Timi Agama, head of registration, exchanges, market infrastructure and innovation department of SEC, was speaking at a virtual lecture organised by the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, on Sunday. The Central Bank of Nigeria (CBN) had asked commercial banks to block accounts of cryptocurrency traders in their systems. After the directive, Nigerians took to social media to condemn the decision. NAN quotes Agama as saying cryptocurrency is a $2 trillion market that cannot be ignored. He said the world cannot be moving forward while Nigeria remains static. Agama said although SEC or the capital market would not accommodate or encourage any fraudulent practices that allowed for money laundering, cryptocurrency is a market worth looking into...

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24Oct By BobbyNo Comments

News

US federal agency pays record breaking $114 million to whistleblower

The US Securities and Exchange Commission has awarded a staggering record breaking $114 million to a whistleblower who tipped the government off to misconduct and provided "extraordinary" assistance in an investigation, the agency has announced.   The record breaking sum doubles the prior SEC whistleblower record, which was set just four months ago. According to the SEC, the whistleblower initially reported the wrongdoing internally to the company involved, all to no avail. At that point he or she tipped off the SEC.   Whistleblowers have helped the SEC uncover bad company programs such Ponzi schemes and insider trading to market manipulation and bribery. "I hope this record-breaking award encourages others with information about possible securities laws violati...

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15Jun By dthataNo Comments

Business

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.257 trillion in the first five months of the year. There is no doubt that COVID-19 has affected various parts of the Nigerian economy and indeed, the world economy. One industry in Nigeria that has remained resilient in spite of it all, is the mutual fund industry. Data released by the Securities and Exchange Commission (SEC) as at May 29, 2019 showed that net asset value of mutual funds rose by N251 billion or 24.95 per cent from N1.006 trillion on December 29, 2019 to N1.257 trillion to close the first five months of the year, on May 29, 2019. The analysis revealed that in spite of the decline of 5.864 per cent witnessed in the Nigerian equities market during the period under review, the Ni...

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10Jun By BobbyNo Comments

News

Senate Confirms Yuguda’s Appointment as SEC DG

The appointment of a former director of the central bank of Nigeria, Lamido Yuguda as the director-general of the Securities and Exchange Commission (SEC) has been confirmed by the Nigerian senate. Appointments of Reginald Karausa, Ibrahim Boyi, and Obi Joseph as full-time commissioners of the agency were also confirmed by the lawmakers following a report presented by the chairman of Senate capital market committee, Ibikunle Amosun (APC, Ogun). Before Yuguda's confirmation, senators from Akwa Ibom state had filed a petition requestiing that Mary Uduk who had been acting as SEC DG since Mounir Gwarzo was suspended two years ago, be confirmed as the substantive head.

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13Apr By BobbyNo Comments

News

Securities and Exchange Commission clears air on 2020 recruitment

The Securities and Exchange Commission (SEC) on Monday debunked reports that it had started its 2020 recruitment exercise. A statement by Mrs Efe Ebelo, the commission’s Head, Corporate Communications, urged the general public to disregard messages and videos being circulated on social media of alleged recruitment exercises. Ebelo described the messages and video being circulated as ‘false “The commission’s attention has been drawn to some messages and a video being circulated on social media; wherein the commission is alleged to have carried out a recruitment exercise where 811 persons were employed, all from Anambra with one from Kano State. “The messages parade the person shown in the video as Ms Mary Uduk, the acting-director general of the commission. “The commission wish...

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24Jun By dthataNo Comments

Politics

FG Inaugurates SEC Board (Full List Of Members)

The Federal Government on Monday inaugurated the Board of the Securities and Exchange Commission (SEC). Buhari had in 2015 dismissed Peter Obi as Chairman of SEC after his appointment by former President Goodluck Jonathan. The investiture which was conducted by the Permanent Secretary of the Federal Ministry of Finance, Alhaji. Mahmoud Isa-Dutse, in Abuja will have Mr. Olufemi Lijadu as Chairman of the Board of the Commission. Olufemi Lijadu, who hails from Ogun state, is a leading commercial lawyer with over thirty years’ experience. Part-time members of the Board are: Mr. Olufemi Dominic Lijadu (Chairman), Mr Okokon Ekanem Udo (Representative of the Federal Ministry of Finance), Mrs Angela Adewumi Sere-Ejembi (Representative of the Central Bank of Nigeria), Mrs Faruk Ladi...

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4Jun By dthataNo Comments

News

Airtel, GLO, 9mobile To List On NSE Soon — NCC

The Nigerian Communications Commission (NCC) on Monday announced that telecommunications providers such Airtel, GLO, and 9mobile would soon be listed on the Nigerian Stock Exchange (NSE). Sunday Dare, Executive Commissioner, Stakeholders Management in NCC, who stated this in Abuja at an interactive session with newsmen, said the processes had earnestly begun for the telecommunications operators to be listed on NSE. He commended the recent official listing of MTN Nigeria on the Nigerian bourse, adding that it was a step in the right direction in the telecommunications industry. It would be recalled that MTN Nigeria recently completed the registration of 20.3 billion ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). It said the successful comple...

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4Jun By dthataNo Comments

News

OANDO: Court Restrains SEC From Removing Wale Tinubu, Omamofe Boyo

A Federal High Court sitting in Lagos, has restrained the Securities and Exchange Commission (SEC) from removing Wale Tinibu as Oando Plc’s Chief Executive Officer, Igbere TV reports. The court also restrained the SEC from removing Omamofe Boyo as the Group Deputy Chief Executive Officer. Igbere TV learnt that Justice Mojisola Olatoregun of the Lagos High Court granted the interim injunction following an application by the embattled CEO and DCEO. The Oando chiefs had applied for enforcement of their fundamental rights, Igbere TV gathered. Ruling further, the court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years. It al...

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31May By dthataNo Comments

News

SEC Concludes Oando Investigation: Bars Group CEO For Five Years

The Securities and Exchange Commission, SEC, has concluded investigation of Oando Plc and directed among others the resignation of the affected Board members, and also barred the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years. The SEC also directed the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors. These among others the SEC stated, are part of measures to address identified violations in the company. According to the SEC, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesbur...

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17May By dthataNo Comments

News

Stay Off ‘Loom Money Nigeria’, SEC Warns

Nigerians have been warned to stay off Loom Money Nigeria by the Securities and Exchange Commission, SEC, who alleged that it is being ran by fraudsters. According to Mary Uduk, acting director-general of the commission, the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi. In a news conference in which she was represented by Efe Ebelo, SEC’s head of media, she stated that Loom Money Nigeria had taken over the social media. She further revealed that those behind the ponzi scheme “carry out their illegitimate activities” via social media platforms like Facebook and WhatsApp, and they lure young Nigerians to invest as low as N1,000 and N13,000 and to get as much as eight times the value of the investment in 48 hours. The SEC who warned Nigerians...

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29Nov By BobbyNo Comments

News

Shareholders Approve CCNN, Kalambaina Cement Merger

  Kalambaina Cement Sokoto on Thursday announced its merger with the Cement Company Of Northern Nigeria (CCNN). Briefing journalists after an extra-ordinary general meeting of the shareholders, the Chairman of the company, Alhaji Abdulsamad Rabiu, who also doubles as the chairman of CCNN, said the deal would involve highly technical and complex infusion of the two companies. To that end, the company has obtained an exparte summons from the Federal High Court. Rabiu added that with the merger, the shareholders have a lot to benefit when the deal is approved by the Securities and Exchange Commission (SEC). According to him, it would give room for the company to expand as well as enhance optimum production and its exportation capacity. He stressed that with Sokoto as a ...

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13Oct By BobbyNo Comments

News

2019: Peter Obi As Atiku Running Mate Will Take PDP No Where -APC UK

The United Kingdom chapter of the All Progressives Congress (APC) has said that the choice of Mr Peter Obi, former Anambra Governor as running mate to Atiku Abubakar, the Peoples’ Democratic Party (PDP) presidential candidate for 2019 presidential election, will take the party nowhere. Mr Ade Omole, leader of the chapter told the News Agency of Nigeria (NAN) on Friday in Abuja, that the choice of the former Anambra governor would not in anyway guarantee votes for the PDP in the South-east. Economy remains on life support, national debt may spiral out of control – Peter Obi This, he said was especially so because Obi failed as a governor and could not deliver democracy dividends to the people of the state. “The paddy paddy anointing of Mr Peter Obi to the gasping ticket of Atiku Abubakar as...

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8Oct By BobbyNo Comments

Politics

Parallel NASS Candidates Emerge In Ondo APC

CONFUSION, over the weekend trailed the primaries of the All Progressives Congress, APC, in Ondo State as parallel National Assembly candidates emerged in the party. This came as a group within the APC in the state has called for the dissolution of the state executive committee for insubordination to the party’s national leadership of the party and anti-party activities. L-R: Chairman, All Progressives Congress (APC) Ekiti State, Chief Jide Awe; Deputy Governorship candidate, APC Ekiti State, Chief Bisi Egbeyemi; Ondo State Governor, Mr Rotimi Akeredolu (SAN); Vice President, Prof Yemi Osinbajo (SAN); Ewi of Ado-Ekiti, Oba Rufus Adejuyigbe; APC Governorship Candidate, Dr Kayode Fayemi; Oluyin of Iyin Ekiti, Oba Ademola Ajakaiye; during the vice President’s meeting with Ekiti State t...

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24Sep By BobbyNo Comments

News

FLOOD: Death Toll Hits 242

IN SPITE of palliative measures, death toll from rampaging flood across the country has risen to 242, according to Vanguard checks and information from government officials. Flood in Jigawa At the weekend, National Emergency Management Agency, NEMA, said the number of deaths from ongoing waves of flood in 12 states of the country was 101. Between January and July 31, this year, Vanguard’s checks showed that no fewer than 141 lives were lost to rainstorm, wind storm and flood disasters across the country with at least 19,369 persons displaced on account of their 5,732 houses and sources of livelihood among others destroyed. So far, no fewer than 327,052 persons have been displaced with about 9,276 houses destroyed. Vanguard’s checks showed that so far, the rainstorm and flood d...

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6Sep By BobbyNo Comments

Politics

Ebonyi APC To Pick Candidates Through Consensus

Abakaliki – The All Progressives Congress (APC) in Ebonyi says it will pick candidates for the 2019 general elections through consensus, as the approach “best suits the state’s peculiarities.’’ This was the resolution reached after an emergency State Executive Committee (SEC) meeting, held on Wednesday night in Abakaliki, with APC leaders, including past members of the national and state assemblies in attendance. Buhari in Ebonyi Chairman of APC in Ebonyi, Chief Eze Nwachukwu, who addressed stakeholders, said the party’s National Working Committee (NWC) had given the state chapters the latitude to choose among consensus, indirect or direct primaries to conduct their primaries. “We are here today following a directive from our national secretariat, which has mandated all state c...

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17Aug By BobbyNo Comments

Politics

PDP Buying PVCS in Yobe for N5,000: APC

Chairman Yobe State Executive Committee (SEC) of the All Progressives Congress (APC), Alhaji Adamu Chilariye has accused the Peoples Democratic Party (PDP) of illegally buying the permanent voter’s card ( PVC) of unsuspecting members of the public. •PDP supporters at the Katsina Rally He made the accusation on Thursday at a press briefing in Damaturu. He stated that the state EXCO of the APC was notified of the development. “The PDP political office holders in Yobe Zone B have been using surrogates to purchase voter’s cards within Potiskum town at the cost of N5000 per PVC” He said the APC has lodged complaints with the security agencies against the illegal act. However, Chilariye advised the general public to be careful not to fall into the politicians’ trap. The chairman di...

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12Apr By ZIHONo Comments

News

SEC: Result Of Oando’s Forensic Audit Out Soon

The Securities and Exchange Commission (SEC) said late on Wednesday night that Nigerians, particularly shareholders of Oando PLC, should expect the release of the primary findings of the forensic audit of the company soon. The statement was coming amid confusion earlier on Wednesday over the sudden lifting of the technical suspension on trading on Oando PLC shares. The Nigerian Stock Exchange (NSE) has already announced that trading on the embattled oil and gas company’s equities would resume on Thursday. The shares of the company were placed on technical suspension on October 23, 2017 following the announcement of a forensic audit in the wake of alleged massive “manipulation of the company’s shareholding structure.” Some petitioners had accused the company of gross misconduct ...

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6Feb By raymonNo Comments

News

SEC DG, Gwarzo Breaks Silence On Administrative Panel’s Report

The embattled Director General of the Securities and Exchange Commission, SEC, Mr. Mounir Gwarzo has faulted the sitting by the Administrative Panel of Inquiry into allegations of violation of Public Service Rules against him.   It will be recalled that an Administrative Panel of Inquiry into allegations of violation of Public Service Rules, recommended last week that Gwarzo be dismissed from public service. Reacting to the recommendation of the panel for his sack, Gwarzo, in a statement, said: “This allegation contained in the administrative panel report was never included in the query issued to me on November 3, 2017, the allegation contained in the suspension letter issued by the Minister dated November 29, 2017 and the invitation letter given to me to appear before t...

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19Dec By raymonNo Comments

News

SEC Urges Civil Servants To Register For E-Dividend

Securities and Exchange Commission has urged civil servants in Lagos State to take advantage of the free e-dividend registration period, which ends on December 31, 2017, to enrol. Meanwhile Dr. Abdul Zubair, the acting Director-General of SEC, made the call in a statement by the management of the commission on Monday in Abuja. The commission stated that Zubair, represented by the Director of External Relations of SEC, Henry Rowlands, made the call at an ongoing sensitisation workshop in Lagos. Zubair told workers that once they registered, they would start receiving unclaimed dividends and future dividends through their bank accounts. According to him, e-dividend registration is one of the initiatives of the commission to restore investors’ confidence, as well as attract retail...

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18Dec By raymonNo Comments

News

No Basis For SEC’s Forensic Audit, Says Oando

Oando Plc has said there is no basis for the institution of a forensic audit of the company by the Securities and Exchange Commission. The company said in a statement on Sunday that it had continued in its legal battle with SEC on the regulator’s alleged findings and sanctions following an investigation into the oil marketing firm, which began in May 2017. The firm stated that it had gone to the Court of Appeal to challenge SEC’s technical suspension of its shares and a forensic audit into its affairs. The company said in addition to the legal action, it had written several petitions to various arms of the government expressing concern at the way SEC, under the leadership of the suspended Director-General, Mounir Gwarzo, managed the investigation.  Group Chief Execu...

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15Dec By ZIHONo Comments

News

Federal Govt To Issue Bonds To Finance Projects

Ms. Patience Oniha, the Director-General, Debt Management Office (DMO), says the Federal Government is planning to issue N10.6 billion green bonds to finance renewable energy projects to protect the environment. Oniha said this in Abuja on Thursday at the Nigeria Green Bond Investors Forum, organised by the Federal Ministries of Environment and Finance, in collaboration with Green Bond Advisory Group. She said that the forum was to educate prospective investors in the Green Bond programme to know the benefits of investing in green bond projects. The director-general said the Federal Government acted to borrow the N10.6 billion, in line with its borrowing agenda contained in the 2017 budget. According to her, more funds will be allocated to finance green bond projects in the sub...

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6Dec By raymonNo Comments

News

OANDO: Intrigues, Power Play Trail SEC DG Suspension As House Confronts Adeosun

The suspension of the Director General of the Securities and Exchange Commission (SEC), Mounir Gwarzo is stirring up a lot of happenings. The House of Representatives on Tuesday delved into the matter on and directed the Minister of Finance, Kemi Adeosun to reinstate the suspended Gwarzo. The motion was unanimously adopted after it was put to a voice vote by the Speaker, Yakubu Dogara. Soon after the news of the DG’s suspension broke, a group, Oando Shareholders Solidarity Group (OSSG) has called for the sack of Kemi Adeosun, the Minister of Finance. OSDG South-South Coordinator, Mr Clement Ebitimi, who made the call on behalf of the group, alleged that the minister gave Gwarzo the boot because he refused to follow her instruction to stop the forensic audit of Oando Plc. It was allege...

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6Dec By ZIHONo Comments

News

Oando To Undergo Forensic Audit

The Securities and Exchange Commission (SEC) has begun the forensic audit of Oando Plc, contrary to reports that the exercise stopped due to the suspension of the Director-General of the Commission, Mr Mounir Gwarzo. A letter obtained by the News Agency of Nigeria (NAN) on Tuesday in Abuja showed that SEC had written to the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, notifying him of its decision to conduct a forensic exercise into the activities of Oando Plc. The letter, signed by the Acting Director-General of SEC, Dr. Abdul Zubair, said the forensic auditors would be at the premises of Oando on Wednesday to undertake the duty. Zubair was appointed by the Federal Government on Nov. 30. The Letter, titled ‘Re: Forensic Audit into the Affairs of Oando Plc’, itemi...

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7Nov By raymonNo Comments

Entertainment

Johnny Depp Slams New Foreclosure Threat In Fight Over His Lost Fortune

Johnny Depp has no plans to move out of the five homes his former business managers are threatening to take away from him. The Murder on the Orient Express star’s former managers at The Management Group (TMG) filed a motion Monday to foreclose on five of his properties in Los Angeles in order to cover a $5 million loan the company says it gave him in 2012. “Today’s improper foreclosure action is the latest of the Mandels’ efforts to intimidate Mr. Depp into dropping his lawsuit,” Depp’s attorney Adam Waldman tells PEOPLE. Asked whether TMG will get Depp’s homes, Waldman added, “Of course not, and they know it. We will move for sanctions for this latest publicity stunt.” TMG claims it took out the loan to cover Depp’s debt and save him from bankruptcy. His former managers also allege th...

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31Oct By ZIHONo Comments

News

SEC To Begin Capital Market Curriculum In Schools By 2018

The Securities and Exchange Commission (SEC) said it would begin capital market curriculum in primary and secondary schools in September 2018. Mr Mounir Gwarzo, the Director-General of SEC, disclosed this at the World Savings Day celebration on Tuesday in Abuja. The theme of the event is “Promoting Awareness on the Importance of Saving”. The event was organised by the SEC, in collaboration with the Rotary International Club, District 9128. It was attended by Rota-Kids from Clarent International School, Asokoro, Interact Club of JSS Durumi, Rotaract Club Zuba and members of SEC. Gwarzo, represented by the Director, Market Development, SEC, Mr Henry Rowland, said the commission had already received the Ministry of Education’s approval to commence the studies. The SEC direct...

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31Oct By ZIHONo Comments

Sport

SportFootball Rangers International FC To Be On Nigerian Stock Exchange Soon

Rangers International Football Club of Enugu will soon be floated on the Nigerian Stock Exchange (NSE), an official of the Administrative Commission of Inquiry on Rangers confirmed on Tuesday. Based on the submissions mate by the commission, the Enugu State Government will likely divest its shares and stakes in Rangers soon. About two months ago the state government had set up the Administrative Commission of Inquiry, which had been looking into the club’s activities. The seven-time league champions who won the 2015/2016 title about 32 years after the last time had a poor outing in the 2016/2017 Nigeria Professional Football League (NPFL) season. A member of the commission, Norbert Okolie, told NAN on Tuesday that putting the club’s shares at the NSE was part of the major recom...

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18Oct By ZIHONo Comments

News

SEC Suspends Sales Of Oando Shares

The Securities and Exchange Commission on Wednesday instructed the Nigerian Stock Exchange to implement a full suspension in the trading of the shares of Oando Plc. It also ordered technical suspension of the company’s shares. “Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, the Nigerian Stock Exchange should implement a full suspension in the trading of the shares of Oando Plc,” SEC said Wednesday. “Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc.” The company has been enmeshed in crisis since its last shareholders meeting with some calling for the exit of its management.

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16Aug By Czar Owolabi MarcusNo Comments

News

SEC In Discussion With MTN Over Listing On NSE – Official

The Securities and Exchange Commission, SEC, has opened discussions with MTN to ensure successful electronic listing of the telecoms company on the Nigerian Stock Exchange (NSE). The Director-General of SEC, Mounir Gwarzo, made the disclosure at the Second Post-Capital Market Committee news conference on Wednesday in Lagos. According to Mr. Gwarzo, the parties have been on the matter since the past two months. He said that the NSE had provided needed ideas to MTN on ways to go about the issue in the interest of retail investors. “MTN Nigeria is back and we are on course as regards its listing on NSE,” Mr. Gwarzo said. The News Agency of Nigeria reports that the telecommunications firm in June said it would list its shares on the NSE this year. Mr. Gwarzo said the applicat...

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26Jul By Czar Owolabi MarcusNo Comments

News

SEC To Sanction Capital Market Operators, Public Limited Companies Over Tax Default

The Securities and Exchange Commission (SEC) has asked all Capital Market Operators (CMOs) and Public Limited Company (PLCs) to strictly comply with a new executive order on Taxpayers on Voluntary Assets and Income Declaration Scheme (VAIDS) or face penalty. The Executive Order on VAID signed by the Acting President Prof. Yemi Osinbajo on June 29, 2017 stated that, taxpayers who are under all relevant Federal and State Tax laws are advised to regularize their tax status by honestly declaring their assets and incomes from sources within and outside Nigeria. “SEC wishes to state that commencing from March 31, 2018, all CMO’s and PLC’s shall be required to show evidence of compliance with VAIDS or a clean tax status as part of their mandatory submissions to the Commission. Failure to co...

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30Jun By Czar Owolabi MarcusNo Comments

News

SEC Adopts Measure To Tackle Multiple Subscriptions

Equities regulator, the Securities and Exchange Commission (SEC) has announced that capital market investors with multiple subscriptions for the same public offer may forfeit their investment. Considering the negative effect of the act to the market, the Commission had constituted a market committee, aimed at reaching a collective decision on how the shares and dividends accrued to such investors through multiple applications should be treated. Multiple subscriptions to public offers occurred during the market boom when investors joggled their names in different forms to enable them purchase more than the permitted units of shares in public offers. According to a statement by the Commission, “The SEC at its last Capital Market Committee meeting (CMC) has approved the report of a m...

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26Jun By Czar Owolabi Marcus1 Comment

News

Shettima Urges Army To End Boko Haram Insurgency In North East

Borno State Governor Kashim Shettima yesterday urged troops of Nigerian Army intensify their efforts end Boko Haram insurgency that has claimed many lives and property in the North-East sub-region of the country. The Governor made the appeals on Sunday, while addressing member of the State Executive Council (SEC) and other top government officials at the Government House, Maiduguri. His words: “Although our troops have recorded tremendous successes against the Boko Haram insurgents, but the recent incessant attacks and bombings in various parts of this state, is very much worrisome to us all. “We have also commended President Muhammadu Buhari and the Army for their efforts in fighting the Boko Haram insurgency and terrorism.” He said in the last two weeks, the troops had tremen...

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11May By Czar Owolabi MarcusNo Comments

News

Charles Eni-Umukoro Remanded In Kuje Prison Over Murder Of Wife, Louisa Eni

Federal High Court in Abuja on Tuesday, May 9, remanded a politician Charles Eni-Umukoro over the murder of his wife, Louisa Eni-Umukoro, who was a director in the Securities and Exchange Commission (SEC). Justice Mary-Anne Aninih ordered the remand of Eni-Umukoro in Kuje Prison, FCT pending the hearing of his bail application. The Inspector General of Police (IGP) in February charged Umukoro with culpable homicide, which is punishable with death under Section 221 of the Penal Code. The defendant however denied the allegation. According to the charge signed by Kenneth Ubanwa of the Legal/Prosecution Section of the Force Headquarters, Umukoro allegedly caused the death of the woman by “hitting her on the head which caused internal haemorrhage with the knowledge that her death wou...

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3May By Czar Owolabi MarcusNo Comments

News

Whistleblower Gets Over $500,000 For Exposing Misconduct In His Company

The United States Securities and Exchange Commission on Tuesday announced that a company insider has earned a whistleblower award of more than $500,000 for reporting information that prompted a SEC investigation into well-hidden misconduct that resulted in a SEC enforcement action. “This company employee saw something wrong and did the right thing by reporting what turned out to be hard-to-detect violations of the securities laws,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Company insiders are in a unique position to provide specific information that allows us to better protect investors and the marketplace. We encourage insiders with information to bring it to our attention.” The whistleblower award is the second announced by the SEC in the past week. ...

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21Mar By Czar Owolabi MarcusNo Comments

News

Finally, AMCON Sells Keystone Bank

The Asset Management Corporation of Nigeria (AMCON) on Monday announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank consortium) as the new investors that have acquired the entire issued and fully paid up ordinary shares of Keystone Bank Limited, formerly BankPHB Plc. This followed the receipt of the necessary regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). AMCON in a statement on Monday explained that the completion of the transaction was subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement (SPA) executed between AMCON and the Sigma Golf-Riverbank consortium.

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24Jan By Czar Owolabi MarcusNo Comments

News

John James Akpan Udoedeghe Expelled From APC

A former Senator and Ex Minister of State for FCT, Senator John James Akpan Udoedeghe was on Monday expelled from the All Progressives Congress (APC) by the State Executive Committee (SEC) of the Party in Akwa Ibom State, bringing an end to a political career marred with controversy upon controversy. In a letter addressed to the APC National Vice Chairman/Zonal Chairman South South, titled, “Expulsion of Senator John James Akpanudoedeghe”.    

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6Jan By Czar Owolabi MarcusNo Comments

News

Securities And Exchange Commis­sion Accused Of Secretly Employing Northerners During Public Holidays

- The Securities and Exchange Commis­sion (SEC) has se­cretly employed 20 mem­bers of staff - Most of them from Kano state and a few states in the North - The new workers were asked to report to work without any induction or training A report by The Authority indicates that the Securities and Exchange Commission (SEC) has secretly employed 20 members of staff. According to the report, most of the new workers are from Kano state and a few states in the North, and they were asked to report to work without any induction or training The interview of the candidates was reportedly carried out on Friday, December 23, 2016 and they were hurriedly asked to report for work on Wednesday, December 27, 2016. The report stated that the workers were engaged when activities in SEC were...

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