EFCC, SEC Collaborate on Local, Foreign Investments

EFCC With Officials Of SEC During A Visit To Commission’s HQs Ibrahim Magu, Acting Chairman of the Economic and Financial Crimes Commission, EFCC, has identified accountability, probity, and transparency as crucial in protecting the investments of local and foreign investors in Nigeria. He made this observation on Thursday, December 15, 2016, while playing host to…

Breaking… Stock Exchange suspends Resort Savings over alleged fraud

The Nigerian Stock Exchange (NSE) will tomorrow place the shares of Resort Savings and Loans Plc on full suspension as capital market regulators continue investigation into allegations of fraud and corporate abuses by the management and board of the mortgage company. A suspension order by the Securities and Exchange Commission (SEC) and reissued by the…

SEC makes N5.2bn revenue projection, realizes N2.9, but spends 80% of it

The Securities and Exchange Commission (SEC) on Wednesday told the House of Representatives that out of its N5.2billion revenue projection for 2016, it was only able to realise N2.9billion, of which 80 per cent has been spent. SEC Director-General, Mr. Munir Gwarzo, who stated this when he appeared before the House Committee on Capital Market…

Court throws out BGL, Okumagba suits against SEC

The hope of Albert Okumagba, and his companies, including BGL Plc to have the courts lift the hammer of the Securities and Exchange Commission (SEC) against them has failed. The three suits they filed against SEC were on Monday thrown out by the Federal High Court sitting in Lagos for lack of competence. According to…

ExxonMobil to divest 60% equity stake in Mobil Nigeria

The American oil giant, ExxonMobil Oil Corporation has reached firm agreement to sell its majority equity stake of 60 per cent in Mobil Oil Nigeria Plc to a Nigerian indigenous firm, Nipco Plc.   In a regulatory the firm filed Wednesday at the Nigerian Stock Exchange (NSE), Mobil Oil Nigeria confirmed that it has received…

EFCC arrests MD of “Lets Partner With You Ltd” Over N4bn Fraud

Following over a hundred petitions from across the country on the nefarious activities of an alleged Wonder bank ,  “Lets Partner With You Ltd”, the Economic and Financial Crimes Commission, EFCC on Thursday September 6, 2016 arrested its Managing Director, Chief. Patrick Shanchi Nwokike at his residence in Enugu,  Enugu state. Petitions from Nigerians across…

SEC warns investors on activities of MMM Nigeria

By Chinenye Anuforo and Chinwendu Obienyi The Securities and Exchange Commission (SEC), has warned the investing public on the activities of some online investment scheme tagged ‘MMM Federal Republic of Nigeria. According to SEC, the promoters of the scheme carry out their business activities via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return…

State exco backs Kekemeke

THE State Executive Committee (SEC) of Ondo State All Progressives Congress (APC yesterday declared its support for the leadership of its Chairman, Isaacs Kekemeke. The SEC, at a news conference addressed by the party’s secretary, Mr. Rotimi Rahman, dissociated the state executives from the purported removal of the chairman by four members of the SEC…

Capital Market Development Fund: Finding Common Use For Unclaimed Dividends

The Securities and Exchange Commission (SEC) has a moral duty—to correct the inadequacies of other regulatory frameworks—if that is what it takes to the development of the capital market. SEC is the government agency mandated to regulate and develop the Nigerian Capital Market. Its activities are currently governed by the Investments and Securities Act (ISA)…