A house of representatives panel has asked the Securities and Exchange Commission (SEC) to take over Capital Oil.The sub-committee on capital market and institutions gave the directive at an investigative hearing on Thursday, following its findings on how the company allegedly mismanaged shareholders' funds.Tony Nwulu, chairman of the sub-committee, said the lawmakers discovered that the management of Capital Oil had [...]
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Shareholders of Oando Plc have demanded the sack of Kemi Adeosun, minister of finance, for allegedly interfering with the stock market.In a statement which Trusted Shareholders Association of Nigeria (TSAN) issued in conjunction with the Proactive Shareholders Association (PSA), the stakeholders accused the minister of shielding Oando from being probed by the Securities and Exchange Commission (SEC).They insisted Adeosun was [...]
Kemi Adeosun, minister of finance, has defended the decision to suspend Mounir Gwarzo as director-general of the Security and Exchange Commission (SEC).Adeosun had set up an administrative panel to look into some allegations levelled against Gwarzo.The panel had recommended his suspension, which the minister upheld.But Gwarzo attributed the action to his refusal to stop the forensic audit of Oando in [...]
Munir Gwarzo, suspended director-general of the Securities and Exchange Commission (SEC), has accused Kemi Adeosun minister of finance, of suspending him for his insistence on the probe of Oando Plc.He said prior to his suspension, the minister asked him to resign when he protested her alleged directive that the forensic audit of Oando should be stopped.Adeosun suspended Gwarzo last year [...]
The house of representatives has resolved to probe the suspension of Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC).Kemi Adeosun, minister of finance, suspended Gwarzo over allegations of financial impropriety levelled against him.At its sitting on Tuesday, the house resolved to probe the ongoing conflict between the duo.The resolution followed a motion by Diri Douye, member representing Yenagoa/Kolokuma/Opokuma [...]
The federal government on Sunday announced the appointment of Abdul Zubair as acting director-general, Securities and Exchange Commission (SEC).In a statement made available to NAN, Efe Ebelo of the commission’s corporate communications unit said the appointment was with immediate effect.The appointment followed the suspension of Munir Gwarzo, the commission’s boss.She assured the investing public and stakeholders, both local and international, [...]
The Centre for Anti-Corruption and Open Leadership (CACOL), a human rights group, has written to Yakubu Dogara, speaker of the house of representatives, to demand the probe of Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC).Gwarzo had allegedly collected a severance package of N104 million from the commission shortly after he was named its director-general in 2015.He allegedly paid himself the [...]
Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC), allegedly got a severance package of N104 million from the same commission shortly after he was named DG in 2015.He was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission on May 22, 2015.On assuming office as DG, he allegedly paid himself the [...]
Oando Plc is set to hold its annual general meeting (AGM) on September 11 in Uyo, the Akwa Ibom state capital, after it got a nod from the Securities and Exchange Commission (SEC).Ansbury and Dahiru Mangal, major shareholders of Oando, had submitted a petition to SEC demanding the postponement of the AGM, while objecting the choice of Uyo as the venue, citing [...]
The Securities and Exchange Commission (SEC) on Thursday banned Albert Okumagba, BGL Managing Director and Chibundu Edozie, his deputy, from participating in capital market activities for 20 years. This is contained in a circular posted on the commission's web site titled "SEC Administrative Proceedings Committee (APC) gives its decision on BGL Securities Ltd and 22 Others". The commission also ordered Okumugba's companies to refund [...]
The Securities and Exchange Commission (SEC) says it has revoked the operational licences of 84 Capital Market Operators (CMOs).This is contained in a statement issued by the commission on Saturday in Lagos.The statement said the CMOs’ accounts had remained inactive in spite of the commission's earlier notice to them to rectify their accounts.The affected firms were listed as: IQ Venture [...]
The Securities and Exchange Commission (SEC) has extended the deadline for minimum requirement of all capital market operators to September 30, 2015.The commission initially raised the minimum capital base from N30 million to N100 million and gave operators the deadline of December 31 to recapitalise.SEC insisted on the deadline despite appeal for extension from several quarters.But the board of the [...]
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