Thursday, December 9

Tag: Securities and Exchange Commission

SEC On Proliferation Of Unregistered Online Investment And Trading Platforms
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)...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
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...
Nigerian Stock Exchange Completes Conversion To Public Company
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...
My Respect For Osinbajo Grew After Comment On Crypto Ban – Rewane
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...
Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban
Politics

Senate Summons CBN Governor, DG SEC Over Cryptocurrency Ban

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Governor of the Central Bank of Nigeria, Godwin Emefiele to brief it on the recent ban on cryptocurrency in the country. The Senate also invited the Director General of the Securities and Exchange Commission (SEC), Lamido Yuguda, to meet with its joint committee on the issue. It explained that the information that would emanate from the briefings from the two regulatory bodies would assist the Senate to “determine the opportunities and threats of the cryptocurrency on the nation’s economy and security.” This resolution of the upper chamber was sequel to its consideration of a motion titled: “CBN’s decision to stop Financial Institu...
Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months
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...
Buhari Asks Senate To Confirm Lamido Yuguda As SEC DG
Politics

Buhari Asks Senate To Confirm Lamido Yuguda As SEC DG

The President, Major General Muhammadu Buhari (retd.), has written the Senate to confirm Lamido Yuguda as the new Director-General of the Securities and Exchange Commission. Ezrel Tabiowo, Special Assistant on Press to Senate President, Ahmed Lawan, announced this in a statement on Tuesday. Tabiowo also said three other nominees were put forward by the President for confirmation as commissioners in SEC. They are Reginald Karawusa, full-time Commissioner; Ibrahim Boyi, full-time Commissioner; and Obisan Joseph, full-time Commissioner. According to him, the President’s letter read in part, “Pursuant to Section 3 and 5(1) of the Investment and Securities Act 2007, I write to request for confirmation by the Senate, the appointment of the following four nominees as Director-Gene...
Airtel Nigeria Files Application For Listing On NSE
News

Airtel Nigeria Files Application For Listing On NSE

Telecommunication giant, Airtel Nigeria has officially filed an application with the Securities and Exchange Commission for the listing of its shares on the Nigerian Stock Exchange. It was revealed by sources at the commission that the telecom company’s application was filed two weeks ago. The Security and Exchange Commission, SEC, was presently examining the application in line with its rules and regulations, the News Agency of Nigeria reported. SEC would continue in its quest to protect the interest of investors in the market in line with its mandate to regulate and develop the capital market, the source said. The application would be given fast consideration if the company met all the requirements for listing on the nation’s bourse . The parent company of the telco, Bharti ...
Airtel, GLO, 9mobile To List On NSE Soon — NCC
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...
OANDO: Court Restrains SEC From Removing Wale Tinubu, Omamofe Boyo
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...
SEC Concludes Oando Investigation: Bars Group CEO For Five Years
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...
Stay Off ‘Loom Money Nigeria’, SEC Warns
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...
Access Bank Plc Signs N15 Billion Green Bond Issuance
News

Access Bank Plc Signs N15 Billion Green Bond Issuance

To formalize the approval of Access Bank’s N15 Billion Green Bond issuance by the Securities and Exchange Commission (SEC), the most respected African Bank held a signing ceremony at its Head Office in Victoria Island on Monday, March 18, 2019. The 5-year Fixed Rate Senior Unsecured Green Bond has been awarded an Aa- rating by Agusto & Co, the underlying framework verified by PwC (UK) and the Bonds certified by the Climate Bonds Initiative as having met the global Climate Bonds Standard. The offer for the Green Bonds was achieved by way of a Book Build which was fully subscribed. The Bonds priced at a coupon of 15.5%, with participation from a wide range of asset managers and pension fund administrators. The management of Access Bank had, in anticipation of the Issuance, la...
SEC: Result Of Oando’s Forensic Audit Out Soon
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 ...
SEC DG, Gwarzo Breaks Silence On Administrative Panel’s Report
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...
SEC Urges Civil Servants To Register For E-Dividend
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...
No Basis For SEC’s Forensic Audit, Says Oando
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...
Federal Govt To Issue Bonds To Finance Projects
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...
OANDO: Intrigues, Power Play Trail SEC DG Suspension As House Confronts Adeosun
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...
Oando To Undergo Forensic Audit
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...
SEC To Begin Capital Market Curriculum In Schools By 2018
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...
SEC In Discussion With MTN Over Listing On NSE – Official
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...
Biafran Group Declares Secession, Names Utomi, Soludo, Gana, Others In ‘Cabinet
News

Biafran Group Declares Secession, Names Utomi, Soludo, Gana, Others In ‘Cabinet

One of the pro-Biafran groups, the Biafra Zionist Federation, on Monday, in Enugu, declared the secession of the ‘Republic of Biafra’ from Nigeria. Biafra takes off as an independent country on Tuesday (today), August 1, 2017, according to BZM leader, Mr. Benjamin Onwuka, who declared himself the ‘Interim President’ of the new nation at a press briefing at the Enugu secretariat of the Nigerian Union of Journalists. He did not name a Vice-President. Onwuka, who was detained, and charged with treason after leading some members of the BZF to invade the studios of the Enugu State Broadcasting Service in a failed bid to announce the secession of Biafra on June 5, 2014, also named ministers and other top government officials of Biafra. Secession: ‘Igbo’ll be greater losers’ The of...
SEC To Sanction Capital Market Operators, Public Limited Companies Over Tax Default
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...
SEC Adopts Measure To Tackle Multiple Subscriptions
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...
Charles Eni-Umukoro Remanded In Kuje Prison Over Murder Of Wife, Louisa Eni
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...
Finally, AMCON Sells Keystone Bank
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.
Breaking: Trump Appoints Nigerian Ogunlesi Member Of His Economic Team
News

Breaking: Trump Appoints Nigerian Ogunlesi Member Of His Economic Team

Nigerian-born Adebayo Ogunlesi, who is the chairman of Global Infrastructure Partners, a private equity firm and one of Fortune 500 companies, has been named a member of an economic advisory forum to US president-elect Donald Trump. The 63 year-old Nigerian is the only African face in the 16-man team, which has Steve Schwarzman, CEO of private-equity giant Blackstone as chairman. “President-elect Donald J. Trump today announced that he is establishing the President’s Strategic and Policy Forum,” said the press release from Blackstone. “The Forum, which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the president frequently to share their specific experience and knowledge as the president implements his plan to ...

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