The Securities and Exchange Commission has concluded its investigation of Oando Plc and ordered the Group Chief Executive Officer of the company, Mr. Wale Tinubu, and other affected board members to resign.
SEC, in a statement on Friday, also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo, from being directors of public companies for a period of five years.
It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors.
According to the Commission, these, among others, are part of measures to address identified violations in the company.
SEC said, “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 Johannesburg Stock Exchanges).
“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.
“The general public is hereby notified of the conclusion of the investigations of Oando Plc.
“The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor Board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”
The Commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.
It said as required under Section 304 of the Investments and Securities Act (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.
SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.
The apex capital market regulator said, “The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.
“Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws.”
According to the statement, the Commission maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.
Belgian star Eden Hazard is reportedly all set for a move to Real Madrid and will depart Chelsea with praise ringing in his ears after the 4-1 trouncing of Arsenal in the Europa League final.
And if the deal goes through a red carpet welcome awaits the striker already lauded as a legend in Spain following his two-goal strike against hapless Arsenal in Baku on Wednesday.
“It’s Hazta La Vista,” wrote the Sun in characteristic style while The Guardian and The Times settled for ‘Hazard’s golden goodbye’ and the Daily Mail lingered over the player’s post-match ‘goodbye kiss’ to Chelsea fans in the Baku stands.
Speaking after the game Hazard, 28, said “I think it’s a goodbye, but in football, you never know,” unwilling to confirm that his dream to play for Real Madrid would be quickly realised.
But for the media, it’s already a done deal bringing to an end Hazard’s astonishing seven-year stint in the Premier League.
“When Maurizio Sarri allowed him to leave the pitch to a prolonged ovation, the cheering mingled with more than a few sighs,” wrote Oliver Brown in the Daily Telegraph.
“For once the joy of this Europa League triumph subsides, the club can scarcely bear to contemplate what they will be missing.”
The Sun lavished praise on a player it said came to Chelsea as “one of the most promising players in Europe” and departs as the real deal “Chelsea legend.”
The Daily Mirror said the loss of a player of Hazard’s quality would be keenly felt by the Premier League as a whole.
The Daily Mail focused on trouble ahead for Chelsea, whose joy at winning the Europa League would be tempered by Hazard’s impending departure.
“The elephant in the room, of course, is that this was a victory achieved with Eden Hazard, perhaps the last for Chelsea, and it only served to emphasise how much he will be missed,” wrote their chief sports writer Martin Samuel.
– Note of caution –
The Telegraph injected a note of caution amid the lavish praise, saying Hazard “will be paraded (at Real Madrid’s Bernabeu) as a successor to Cristiano Ronaldo,” but pointed out he “has neither the strike-rate nor the precision in his finishing to support such a comparison.”
Spanish sports daily Marca brushed aside negative appraisals, saluting Hazard as pure “Belgian genius,” who was coming to Spain as a “champion.”
The As daily splashed a photo of Hazard with the Europa trophy and said he had delivered a “masterclass of genius” on the Baku turf, scoring two goals and making a third.
Real coach Zinedine Zidane is a huge fan and club president Florentino Perez has spoken of his hope of bringing the Belgian who has won two Premier League titles with Chelsea to Madrid.
“He is 28 and everything points to him becoming the lynchpin of a new Real Madrid under Zidane,” said As, amid reports of an impending 150 million euro deal, making Hazard the most expensive acquisition in the history of the Spanish giants.
A former nominee to the board of the Independent Corrupt Practices and Other Related Offences Commission, Dr. Saad Alanamu and Salman Sulaiman have been sentenced to jail for 24 years for collecting and giving a bribe.
Dr. Alanamu was also a former Chairman of the Governing Council of Kwara State Polytechnic, Ilorin, and Sulaiman is the Chief Executive Director of Namylas Nig. Ltd.
According to a statement on the website of ICPC, the convicts had earlier been arraigned before Honourable Justice Mahmud Abdulgafar of Kwara State High Court 9 sitting in Ilorin on eight counts of bribery.
Part of the statement said, “The offences contravened sections 8 (1) (a), 9 (1) (a), 10 (a) (i), 18 (b), 19 and 22 (1) (a) (i) and punishable under sections 8 (1) (a) (ii), 9 (1) (b), 10 (a) (ii), 18 (d), 19, and 22 (6) of the Corrupt Practices and Other Related Offences Act, 2000 respectively. They had pleaded not guilty to all the charges brought against them.
“Dr. Alanamu who was nominated into the Board of ICPC in 2017 but was later dropped on an allegation of corruption which the Commission was investigating, was charged for collecting N5,000,000:0 million bribe from a contractor friend of his as kickback for the award of a contract.
“Sulaiman, on the other hand, was accused of bribing a government official when he paid the said sum of money into Alanamu’s Guaranty Trust Bank account as a reward for the award of contract to his company.
“Counsel to ICPC had averred that Namylas Nig. Ltd had submitted falsified and doctored documents during the bidding process.
“The court was also informed of how Alanamu ensured that the contract for the construction and furnishing of an auditorium in Kwara State Polytechnic, at the cost of N182,369,625:00,was awarded to a company belonging to his friend when it was not qualified to execute the contract.
“The prosecution, having established very strong evidence of collusion, bid rigging and corrupt practices against the accused, urged the court to mete out appropriate sanctions to them.
“Having considered the totality of evidence adduced by the prosecution in the course of the trial, and recognizing that it had discharged the burden of proof placed upon it by law beyond reasonable doubt, the trial judge in his ruling, found Dr. Alanamu guilty and sentenced him to seven years imprisonment on counts 2 and 3, and five years with hard labour on counts 1, 4, and 5, without an option of fine.
“He was also ordered to pay the sum of N25 million pursuant to Section 20 of the ICPC law which states: “Without prejudice to any sentence of imprisonment imposed under this Act, a Public Officer or other person found guilty of soliciting, offering or receiving gratification shall forfeit the gratification and pay a fine of not less than five times the sum of the value of the gratification which is the subject-matter of the offence…”
“Justice Abdulgafar further found Sulaiman guilty on counts 5 and 6, and sentenced him to five and seven years imprisonment respectively. The third defendant which is the company has been ordered to pay a fine of N1 million.
“All the sentences are to run concurrently.”
A former nominee to the board of the Independent Corrupt Practices and Other Related Offences Commission, Dr. Saad Alanamu and Salman Sulaiman have been sentenced to jail for 24 years for collecting and giving a bribe.
Dr. Alanamu was also a former Chairman of the Governing Council of Kwara State Polytechnic, Ilorin, and Sulaiman is the Chief Executive Director of Namylas Nig. Ltd.
According to a statement on the website of ICPC, the convicts had earlier been arraigned before Honourable Justice Mahmud Abdulgafar of Kwara State High Court 9 sitting in Ilorin on eight counts of bribery.
Part of the statement said, “The offences contravened sections 8 (1) (a), 9 (1) (a), 10 (a) (i), 18 (b), 19 and 22 (1) (a) (i) and punishable under sections 8 (1) (a) (ii), 9 (1) (b), 10 (a) (ii), 18 (d), 19, and 22 (6) of the Corrupt Practices and Other Related Offences Act, 2000 respectively. They had pleaded not guilty to all the charges brought against them.
“Dr. Alanamu who was nominated into the Board of ICPC in 2017 but was later dropped on an allegation of corruption which the Commission was investigating, was charged for collecting N5,000,000:0 million bribe from a contractor friend of his as kickback for the award of a contract.
“Sulaiman, on the other hand, was accused of bribing a government official when he paid the said sum of money into Alanamu’s Guaranty Trust Bank account as a reward for the award of contract to his company.
“Counsel to ICPC had averred that Namylas Nig. Ltd had submitted falsified and doctored documents during the bidding process.
“The court was also informed of how Alanamu ensured that the contract for the construction and furnishing of an auditorium in Kwara State Polytechnic, at the cost of N182,369,625:00,was awarded to a company belonging to his friend when it was not qualified to execute the contract.
“The prosecution, having established very strong evidence of collusion, bid rigging and corrupt practices against the accused, urged the court to mete out appropriate sanctions to them.
“Having considered the totality of evidence adduced by the prosecution in the course of the trial, and recognizing that it had discharged the burden of proof placed upon it by law beyond reasonable doubt, the trial judge in his ruling, found Dr. Alanamu guilty and sentenced him to seven years imprisonment on counts 2 and 3, and five years with hard labour on counts 1, 4, and 5, without an option of fine.
“He was also ordered to pay the sum of N25 million pursuant to Section 20 of the ICPC law which states: “Without prejudice to any sentence of imprisonment imposed under this Act, a Public Officer or other person found guilty of soliciting, offering or receiving gratification shall forfeit the gratification and pay a fine of not less than five times the sum of the value of the gratification which is the subject-matter of the offence…”
“Justice Abdulgafar further found Sulaiman guilty on counts 5 and 6, and sentenced him to five and seven years imprisonment respectively. The third defendant which is the company has been ordered to pay a fine of N1 million.
President Muhammadu Buhari has reacted to the death of the President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Francis Johnson.
In a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President said he received the news with deep sadness.
247NNU had reported that the President of PENGASSAN, Francis Johnson, has died at the wee hours of Friday.
The President said he joins PENGASSAN and all labour unions in the country in mourning the “visionary leader, whose good nature, understanding and forthrightness helped in improving the welfare of workers, and contributed immensely to the stability witnessed in the oil sector.”
Buhari affirmed that “Johnson’s broadmindedness and generosity of spirit by always putting the nation first before all pecuniary gains shaped ease of relationship and smooth operations in the oil sector between employers and workers, recognising his wise and considerate positions in all negotiations.”
He believes the “labour leader’s demise is a collective loss to the family, labour movement and the entire nation,” urging all loved ones to “find solace in the legacy of sacrifice, diligence and patriotism he left behind, especially in speaking up for the voiceless and underprivileged.”
President Buhari prayed that “the Almighty God will accept the soul of the departed, and comfort the family.”
An FCT High Court Maitama on Friday remanded Philomina Chieshe and five other Joint Admission and Matriculation Board officials over their involvement in the missing N35m from sale of JAMB e-cards in Benue.
Philomina was arraigned alongside Samuel Umoru, Yakubu Jekada, Daniel Agbo, Priscilla Ogunsola, and Aliyu Yakubu.
The Economic and Financial Crimes Commission arraigned her and others on eight counts bordering on refusal to account for the Board’s money between 2014 and 2016.
Justice Peter Afen ordered that the defendants be remanded in the custody of EFCC pending the outcome of their bail application.
He then adjourned until Monday June 3, 2019 for the hearing of their bail application.
EFCC alleged that Philomina, a sales clerk with JAMB, told JAMB investigative panel that she could not account for the money she made in previous years before the Board stopped sale of scratch cards.
She reportedly claimed that the money was swallowed by a snake in Makurdi, Benue State.
She said her housemaid had connived with another JAMB employee to, “spiritually,” through a snake, steal the money from the vault in the accounts office.
EFCC said the actions contravened Section 139 (a) of the Penal Code Law.
The accused persons pleaded not guilty to the allegations.
The prosecuting counsel, Mr. Ekene Iheanacho, prayed the court to fix a date for the commencement of trial and to remand the defendants in jail.
Iheanacho also admitted receipt of the bail applications filed by lawyers to defendants, while admitting that he hadn’t read through because he was served on Friday (today).
President Muhammadu Buhari is to spend N1. 001 billion on travels this year. The detailed 2019 budget, which he signed into law early this week, showed that the president would spend N751.296 million traveling around the world and another N250. 021 million locally.
Global businesses spend $3.2tr on innovation, ROI drops 27% in five years.
According to the budget, Vice President Yemi Osinbajo will also spend N217.060 million on foreign travels and another N83. 74 million on local travels. N3.822 billion was earmarked for annual routine maintenance of mechanical/electrical installations in the Villa.
According to the budget, N576. 747 million was set aside for the phased replacement of vehicles, spares and tyres in the presidential CVU, security/police escort and State House operational fleet.
Another N395. 834 million was earmarked for the construction of the Presidential Wing of the State House Clinic, while N395. 834 million would be spent on the construction of office buildings.
The President would spend N164. 176 million on honourarium and sitting allowance, as well as, N25 .652 million on meals and refreshments.
The Office of the Chief Security Officer to the President got the sum of N 433. 457 million for the purchase of security and operational vehicles.
The State House Medical Centre was allocated a total of N798.856 million, with drugs and medicals supplies taking N208. 350 million and N 244.364 million earmarked for the purchase of health and medical equipment.
Conversion/upgrade of Villa Ranch and construction of wildlife conservation capture would take N27. 463 million; while rehabilitation of animal enclosure/procurement of Vet Lab equipment was allocated a separate N11. 865 million.
Meanwhile, the Office of the President would spend N8,580,741 on the purchase of books in the 2019 fiscal year.
Similarly, N26, 432, 346 was provided in the budget for the purchase of newspapers, while N3, 511,909 was set aside for magazines and periodicals.
The Kwara State Governor, Abdulrahman Abdulrazaq, has assured civil servants in the state that he will not witch-hunt anyone for his or her political convictions.
He gave the assurance on Thursday in Ilorin, the state capital, during his maiden meeting with civil servants in the state.
“We would not label anyone. We will carry everybody along and promote a culture of transparency and independence.
“We want Kwara to regain its rightful place, particularly in the North where it used to be the number one in terms of education and so on,” Abdulrazaq said.
The Governor promised to ensure prompt payment of salaries, and also to pay the minimum wage after due consultations with the civil servants and proper assessment of the financial situation of the state.
“We will pay May salary almost immediately. We want to get to a place where there are no backlog of salary and pensions.
“We’ll discuss the minimum wage. The intention is to pay, but we need to sit down and resolve a few issues.
“There has been so much plundering of the state resources, but we will rise above all that.
“We’ll ride on your back to get things done while your welfare is taken care of,” he said.
The governor declared that his government would strive to plug loopholes and reduce overhead costs through prudent management of resources.
He also promised to address the infrastructural deficit in the state and create wealth through private enterprise.
The News Agency of Nigeria (NAN) reports that the meeting was attended by top party leaders led by APC chairman, Mr Bashir Bolarinwa; Head of the Civil Service, Mrs Susan Oluwole; permanent secretaries, directors, and other senior civil servants in the state.
Governor Mala Buni of Yobe State has taken a third wife barely 24hours after his swearing in.
The Governor tied the knot on Thursday with the daughter of his immediate past predecessor, Ibrahim Gaidam.
Buni’s new wife is Ummi Adama Gaidam.
Ummi Adama, who takes the position of Governor’s third wife is currently studying in Saudi Arabia.
Ummi’s marriage to Buni could be to strengthen their political relationship.
Aljazirah reports that there are strong rumours indicating that the new bride will be made the first lady of the State governor.
The low key marriage was solemnized at Mr Gaidam’s residence at Sabon Fegi area Damaturu, the state capital, in the early hours of Thursday.
Aljazira quoted an ally of the Governor, who preferred not to be mentioned, as saying that the marriage was performed secretly to avoid public criticism.
An Islamic scholar, Sheik Abubakar Adam who is also close to the two governors (Gaidam and Mai mala), gave the hand of Fatima Ibrahim Gaidam to Mala Buni.
Shiek Adam, who conducted the wedding called on the couple to fear God in all their dealings in order to have a good family and live a fulfilling life.
Buni was the immediate-past National Secretary of the ruling party, All Progressives Congress, APC, and was anointed by Gaidam to succeeded him as governor.
The new Governor was sworn-in on Wednesday by the state Chief Judge, Justice Garba Na Baruma.
Want to lose money in one of Africa’s biggest markets? Put it to work in Nigeria.
Despite sitting on nearly 40 billion barrels of proven oil reserves and over $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems with big corporate investors as president Muhammadu Buhari readies his second-term after a swearing-in ceremony scheduled for May 29.
Nigeria’s stock index is down 0.4% year-to-date while emerging markets are up 2.3% and the MSCI Frontier Markets 100 is up 10.2%.
As one of the better known, investable African equity markets, anyone who tried their luck with the Global X Nigeria (NGE) exchange-traded fund is down 27.7% over the last 12 months. In five years, the Nigeria ETF has blown up, now down over 74.5%. Frontier and emerging indexes are better than Nigeria. It’s also worse than South Africa, Africa’s largest stock market, and Egypt, Africa’s second largest.
In terms of foreign direct investment, back in 2013 inflows totaled $5.6 billion, most of it in the telecom and energy sectors. Last year, Nigeria’s FDI flattened to $2 billion. Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018. In the last quarter of 2018, there was the first net pullout of equity capital since records began under the current accounting methodology in 2008, according to data compiled by The Economist Intelligence Unit (EIU).
Nigeria is Africa’s largest economy in terms of nominal GDP. South Africa comes in second, even though its GDP per capita is roughly five times that of Nigeria.
It’s Nigeria’s abundant commodity resources that make it so big. But it’s Nigeria’s government that keeps it from getting bigger, and richer.
“Nigeria has never been a particularly business-friendly place,” says David Bruckmeier, a sub-Saharan business intelligence analyst at London-based political risk firm AKE Group. “Outright hostile action against major foreign investors is rare, but bureaucracy, pervasive corruption, an unfavorable tax system and disputes with investors hurt investment,” he says.
