Connect with us

News

Okereke Indicts CBN Over Capital Market Collapse …Oteh Absent At House Probe Panel

Published

on

Following Monday’s allegations and accusations of financial imprudence made by the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh levelled on former Director-General of the Nigeria Stock Exchange, Prof. Ndi Okereke Onyiuke,  the former DG of NSE appeared before the panel yesterday to defend herself against some of the allegations.

She also provided a way forward for the present administrators of the SEC and NSE.

In her earlier statement, Okereke-Onyuike accused the CBN merger loans of being the main reasons why the capital market was in a state of comatose.

She said, “the merger loans given to most of the commercial banks have cost the present mess faced by the capital market”.

She further said that many of the fictitious private companies registered by the Corporate Affairs Commission saw the capital market as a money making avenue for themselves, and tried to exploit individuals and innocent investors in the market.

However, she highlighted some major points on how the market could get back to its glorious days of market booming.

“I wish to state that some of the ways which the market can get its confidence back in the mind of investors are as follows: appointment of the market makers which must include a public enlightenment because the stock market is the barometer of the economy of any country.

Secondly, merger of stock brokering firms, as this will make them stronger because most of them are too weak to stand alone, thirdly, the e-dividend and e-certificates should be encouraged so that they can be properly kept and protected.

She further said that the setting up of another government’s agency to monitor unclaimed dividends and certificates should be discouraged as this would bring about over-lapping of duties.

Prof.Okereke-Onyiuke also said that the SEC should have developmental functions and not just police offenders but enlighten them while the SEC should be adequately funded by the Federal Government. She concluded by adding that Value Added Tax placed on shareholders should be abolished.

Meanwhile, the Director-General of the Securities and Exchange Commission, Ms Arunma Oteh failed to appear before the panel yesterday, giving a written excuse in which she asked for the permission of the House probe panel to allow her to attend an economic summit being chaired by President Goodluck Jonathan.

But in a swift response, the chairman of the probe panel, Hon. Ibrahim El-Sudi, ordered her to appear before the panel unfailingly by 10am today or the law will be used against her.

Oteh had on Monday at the resumed probe, reeled out series of cases of recklessness in the running of the SEC under the watch of Okereke-Onyuike.

Meanwhile, former Director- General of the Securities and Exchange Commission, Prof. Ndidi Okereke-Onyuike, came under hammer on Monday at the resumed probe into the various malpractices that led to the collapse of the capital market.

D-G of the commission, Mrs. Arunmah Oteh, whose statements culminated in the dissolution of the initial probe panel in the House of Representatives, spilled it all as she left no one in doubt on the various criminal acts that got underway under the nose of the former DG.

In what amounted to a glaring abuse of positions, criminal diversion of funds and extravagant disbursement of funds, Oteh revealed that high-level transactions breached all rules known to the financial sector.

In many of the shady deals involving banks, Oteh accused her predecessor of allowing fraud under her watch.

Oteh said in one of the instances, “”Between August 2006 and December 2008, the Executive team of Finbank engaged six law firms to incorporate 95 companies and transferred more than 425 billion of depositors’ funds to nine of these companies, and purchased 2.8 billion units of its own shares against SEC rules.

“Between June 2007 and December 2008, Intercontinental Bank (now under Access Bank), its directors and principal officers engaged in unlawful share buyback schemes, buying about 3.4 billion units of shares using depositors’ funds. It violated Section 105, 106 and Section 110 of ISA 2007 as well as Section 160 of CAMA and Rule 109b of SEC Rules.

“Then, in 2007, Union Bank borrowed amounts totalling £430.4billion from two foreign investment banks. The funds were transferred to Union Trustees, which in turn transferred the funds to Falcon Securities. In four days in November 2007, Falcon purchased 620.4million units of shares worth $430.8 billion ahead of a public offer/rights issue.

“In 2007, Falcon Securities carried out 181,088 transactions with respect to Union Bank shares. This drove up the share price of Union Bank stocks from a low of $423.30 in January 2007 to £450.33 in November 2007, in other words, a price appreciation of over 110% within 11 months.

Lamenting further, Oteh said, “these were the kinds of financial imprudence that were perpetrated at the NSE.” ”

Narrating how the SEC spent huge funds on wasteful ventures, Oteh accused the Okereke-Onyuike-led SEC of purchasing 165 Rolex watches for N186million which were presented as gifts to awardees.

She disclosed that out of the 165, only 73 were given out while the remaining expensive gifts had remained unaccounted for till date.

At Monday’s sitting, it appeared that Oteh struggled to caution herself against statements that could cause further tension at the new probe panel having forced the House to appoint a new panel after her allegation of bribery against the former one led by Hon. Ihembe.

Continue Reading

News

Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers  …Charges Appointees To Embrace Principles Of Service 

Published

on

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.

 

He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.

 

 

 

This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.

 

 

 

Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.

 

 

 

The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.

 

 

 

Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.

 

 

 

“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.

 

 

 

“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.

 

 

 

The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.

 

 

 

“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.

 

 

 

He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.

 

 

 

Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.

 

 

 

“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.

 

 

 

In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.

 

 

 

“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.

 

 

 

He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.

 

 

 

He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.

 

 

 

The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.

 

 

 

Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.

 

 

 

Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.

 

 

 

Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.

 

 

 

 

 

 

 

 

 

 

Continue Reading

News

Rivers PDP Debunks Sale Of LGA Election Forms

Published

on

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.

 

Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.

 

He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.

 

“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.

 

“However, the party has firmly denied these rumours, stating that they are baseless and untrue.

 

“The party has its own established methods of reaching out to its numerous supporters.

 

“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.

 

“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.

 

Enoch Epelle

 

 

 

 

 

 

 

 

Continue Reading

News

South-South contributes N34trn to Nigeria’s economy in 2024 – Institute

Published

on

Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.

He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.

He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’

Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).

The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.

According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.

“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.

“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”

Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.

He,  however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.

On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.

Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.

“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.

“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.

He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.

Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.

Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.

Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.

He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.

Continue Reading

Trending