Saturday, November 17, 2018

Tag "Securities Exchange Commission"

    SEC board approved N1.7bn severance package, says Gwarzo

SEC board approved N1.7bn severance package, says Gwarzo

Mounir Gwarzo, suspended director-general of the Securities and Exchange Commission (SEC), has given clarifications on why N1.7bn was paid as severance package under a "Golden Handshake" scheme to workers of the commission under his leadership.Gwarzo 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, [...]

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    Sanusi to the rescue as Oando resolves SEC case

Sanusi to the rescue as Oando resolves SEC case

Muhammadu Sanusi II, emir of Kano, has waded into the dispute between the Securities Exchange Commission (SEC) and Oando Plc.Dahiru Mangal, a key shareholder in Oando, had submitted a petition to SEC, which led to the suspension of Oando shares on the Nigerian Stock Exchange and Johannesburg Stock Exchange.SEC had accused the oil company of declaring false profits, vowing to carry out a forensic [...]

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    Oando loses appeal against SEC

Oando loses appeal against SEC

The appeal court has refused to rule that the Securities Exchange Commission (SEC) lift the partial suspension placed on the shares of ) Oando Plc.On Friday, the court threw out the suit filed by the oil company.When contacted, Alero Balogun, Oando's spokesperson, could not immediately comment on the issue but referred TheCable to a statement on the company's website."On Friday, [...]

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    SEC begins forensic audit on Oando

SEC begins forensic audit on Oando

The Securities Exchange Commission (SEC) has begun its forensic audit on Oando, two months after the commission notified the company of a possible audit on October 17.In a letter sent to Wale Tinubu, Oando's group chief executive officer, and seen by TheCable, SEC advised the company to expect auditors any day from Wednesday, December 6.The fiasco started when some shareholders [...]

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    Adeosun suspends SEC DG

Adeosun suspends SEC DG

Kemi Adeosun, minister of finance, has suspended Mounir Gwarzo, director-general of the Securities Exchange Commission (SEC).The minister said his suspension is to allow an unhindered investigation into allegations of financial impropriety levelled against him.Abdulsalam Naif Habu, head of media division, and Anastastia Omozele Braimoh, head of legal department, were also suspended alongside the now suspended SEC boss.TheCable had reported in [...]

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    Oando heads to court, kicks against forensic audit

Oando heads to court, kicks against forensic audit

Oando Plc says it has asked a court to restrain the Nigerian Stock Exchange (NSE) and Security Exchange Commission (SEC) from further suspending its shares.NSE and Johannesburg Stock Exchange had suspended trading of Oando shares, citing an advice from SEC.On Monday, the NSE partially lifted the suspension on the shares, meaning that the shares can be traded but there will be no [...]

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    False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

False financial statements, insider dealing — SEC reveals Oando’s ‘sins’

The Securities Exchange Commission (SEC) says it suspects that the management of Oando Plc declared false financial statements and unrealised profits.The commission made this known in a letter signed by Imoh Anast, head, SEC's legal department, and sent to Wale Tinubu, group chief executive officer of the company, on October 17.According to the letter, Dahiru Mangal, who petitioned the company [...]

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    NSE suspends trading of Oando shares

NSE suspends trading of Oando shares

The Nigerian Stock Exchange (NSE) says it has suspended trading of shares belonging to Oando Plc.In a notice posted on its website on Wednesday, NSE said it acted on the directive of the Securities Exchange Commission (SEC).It read: "Dealing members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the [...]

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    NSE bleeds, sheds N435bn

NSE bleeds, sheds N435bn

For the second consecutive day, the Nigerian Stock Exchange (NSE) closed in the negative losing N435 billion after an initial loss of N294 billion on Tuesday.The market, which had a 35-month high, hitting N13 trillion ended in the red on Friday, to recover on Monday and begin the downward movement on Tuesday.Market capitalisation closed at N12,443,508,048,791 losing N435,608,813,894 as against Tuesday's closing [...]

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    Sarah Alade named new chairman of FMDQ board

Sarah Alade named new chairman of FMDQ board

The deputy governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), Mrs Sarah Alade, has emerged as the new board chairman of the Financial Market Dealers Quotation (FMDQ) OTC Plc.Alade emerged the new chairman on Thursday at the FMDQ's second Annual General Meeting (AGM) in Lagos.She replaces Mr. Aigboje Aig-Imoukhuede, who retires on August 1.Otgoing Aig-Imoukhuede urged the management and shareholders of [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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